11-Florida Av-Dohring Appraisal.pdf

1110 N. Florida Avenue, Suite 110 Tampa, FL 33602 813.223.9111 DohringAhern.com

APPRAISAL | BROKERAGE

APPRAISAL REPORT

Assignment 7 Florida Ave at 127th Ave A 3.67 Acre Multifamily Development Site 12701 North Florida Avenue Tampa, Florida 33612

Prepared For:

Facilities Management & Real Estate Services Department 601 East Kennedy Boulevard Tampa, Florida 33602

Requested By:

Mr. John Menard Real Estate Appraiser Real Estate Division

As Of:

April 23, 2024

A P P R A I S A L | B R O K E R A G E

Street View of Subject Property

Aerial View of Subject Property

TABLE OF CONTENTS

Introduction 1

Summary of Salient Facts and Conclusions 1 Purpose of the Appraisal 1 Intended Use/Client and Intended User(s) 1 Competency of the Appraisers 2 Interest Appraised 2 Effective Date of Value 2 Date of Report 2 Scope of Work 2 Inspection 3 Methodology 4

Site Description 4

Zoning 6

Flood Information 6 Utilities 6 Ownership and Subject Property History 6 Taxes and Assessments 6

Neighborhood Description 6

Economic Drivers 12

COVID-19 13

Highest and Best Use 14

Physically Possible 15 Legally Permissible 17 Financially Feasible/Maximally Productive 18 Market Position of Subject 20

Valuation 22

Sales Comparison Approach 22

Land Sale Write-ups 33

Land Sales Adjustment Grid 33 Land Comparables Map 34 Land Sales Analysis 35

“As Is” Market Value via Sales Comparison

Approach 36

Summary and Reconciliation 37

Certification 38

Assumptions 40

Definitions 43

Addenda 46

Subject Photos 46 Area Map 50 Neighborhood Map 51 Plat Map 52

Aerial Map 53 Planned Development 54 Zoning Map 55 Land Use Map 56 Flood Map 57 Wetland Map 58 Engagement Letter 68 Qualifications 71

Brenda Dohring Hicks, MAI

CEO |Cert Gen RZ385

Jeff Hicks, MAI

President | Cert Gen RZ754

1110 N. Florida Avenue, Ste 110

Tampa, Florida 33602

813.223.9111

DohringAhern.com

July 9, 2024

Mr. John Menard Real Estate Appraiser Real Estate Division Facilities Management & Real Estate Services Department 601 East Kennedy Boulevard Tampa, Florida 33602

Re: Assignment 7 Florida Ave at 127th Ave A 3.67 Acre Multifamily Development Site 12701 North Florida Avenue

Tampa, Florida 33612 Dear Mr. Menard:

Thank you for the opportunity to provide appraisal services. Based on our agreement with you, we have performed an appraisal and reported our findings in this Appraisal Report format. This report is intended to comply with the reporting requirements under Standards Rule 2.2 of the Uniform Standards of Professional Appraisal Practice (USPAP).

The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated below. Dohring Ahern is not responsible for unauthorized use of this report.

The subject property is located on the northeast corner of North Florida Avenue and East 127th Avenue in Tampa, Hillsborough County. The single parcel valuation, Assignment 7, comprises approximately 3.67 gross acres of vacant, partially developed land.

The subject is located in an Opportunity Zone and the three (3) vertical church structures that were onsite have been razed. The property is zoned PD “Planned Development” with a future land use of OC- 20 “Office/Commercial”. The PD (90-0086) was entitled for 55 multifamily dwellings. The existing structures have been razed. We made a hypothetical condition assuming modification of the PD zoning to allow a maximum future land use density of 20 units per gross acre or 73 units.

In March 2023, Hillsborough County purchased the subject parcel for $1.855 million or $33,727 per residential unit.

This report is the result of the appraiser and client concurring on the appropriate valuation methods based on the subject property specifics resulting in a credible value opinion. The scope of the appraisal is addressed on the following pages, while the definition of Market Value is found at the end of this report.

The following table summarizes our relevant data and value conclusions.

Dohring Ahern

Introduction

Summary of Salient Facts and Conclusions

Property Address 12701 North Florida Avenue Tampa, Florida 33612

Property Tax Identification Number(s) U-12-28-18-0TD-000007-00007.2

Owner(s) of Record Hillsborough County

Date of the Report July 9, 2024

Effective Date of the Appraisal April 23, 2024

Property Rights Appraised Fee Simple Interest

Land Area 3.67 gross acres

Zoning The property is zoned PD “Planned Development” by Hillsborough County. The property has an OC-20 “Office/Commercial 20” future land use.

Extraordinary Assumptions Modification the PD to allow a maximum density of 20 units per gross acre for the future land use.

Hypothetical Conditions None

Highest and Best Use Multifamily Development

Est. Exposure Time & Marketing Period 12 months

“As Is” Market Value Conclusions Assignment 7 73 Units

Cost Approach n/a

Sales Comparison Approach $1,825,000

Income Approach n/a

Final Value Conclusion $1,825,000

Purpose of the Appraisal

The purpose of this appraisal is to estimate the “As Is” Market Value of the fee simple interest of the subject.

Intended Use/Client and Intended User(s)

The intended use of this report is for valuation purposes. It is our understanding that the intended user and client of the report is Hillsborough County, the only intended user of this report. Use of this report by Third-Parties and other unintended users is not permitted.

This report must be used in its entirety. Reliance on any portion of the report independent of others may lead the reader to erroneous conclusions regarding the property values. Dissemination of any or all of the report is strictly prohibited for any marketing efforts, print or any electronic means. The definition of Market Value relied upon is included before the Addenda.

Competency of the Appraisers

The appraisers' specific qualifications are included within this report. These qualifications serve as evidence of their competence for the completion of this appraisal assignment in compliance with the competency provision in USPAP.

The appraisers' knowledge and experience, combined with their professional qualifications, are commensurate with the complexity of this assignment. The appraisers have previously provided consultation and value estimates for properties similar to the subject in Florida.

Interest Appraised

Fee Simple Interest is absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.

Effective Date of Value

April 23, 2024

Date of Report

July 9, 2024

Scope of Work

Scope of work is the most critical decision an appraiser will make in performing an assignment.

Solving an appraisal problem involves three steps:

1. Identifying the problem

2. Determining the solution (or scope of work)

3. Applying the solution

None of the three steps can be omitted, and each must be performed in order. To analyze the problem, the appraiser identifies seven key assignment elements: (1) client, (2) intended users in addition to the client, (3) intended use, (4) objective of the appraisal, or type of value and its definition,

(5) effective date, (6) property characteristics that are relevant to the assignment such as the interest to be valued and physical and legal characteristics), and (7) assignment conditions such as hypothetical conditions, extraordinary assumptions, and other requirements. These elements provide the framework for the assignment and allow the appraiser to identify the problem to be solved.

The second step is to determine the scope of work to solve the problem. Scope of work encompasses all aspects of the valuation process, including which approaches to value will be used; how much data is to be gathered, from what sources, from which geographic area, and over what time period; the extent of the data verification process; and the extent of property inspection, if any.

The scope of work decision is appropriate when it allows the appraiser to arrive at credible assignment results and is consistent with the expectations of similar clients and the work that would be performed by the appraiser’s peers in a similar situation.

Source: Appraisal of Real Estate

Source: Stephanie Coleman, Scope of Work (Chicago: Appraisal Institute)

Inspection

Jeff Hicks has inspected the property and general neighborhood. Dohring Ahern, Inc.'s professionals are not engineers and are not competent to judge matters of an engineering nature, nor has Dohring Ahern, Inc. retained independent structural, mechanical, electrical, or civil engineers in connection with the report. As such, Dohring Ahern, Inc. makes no representations relative to the condition of the improvements, if any exist. Unless otherwise noted in the report, no problems were brought to the attention of Dohring Ahern, Inc.'s professionals by ownership or management.

Unless otherwise noted, Dohring Ahern, Inc.'s professionals inspected less than 100% of the entire interior and exterior portions of the improvements. If questions regarding engineering studies are critical to the decision process of the reader, the advice of competent engineering consultants should be obtained and relied upon.

Data Research

We collected factual information about the subject property and the surrounding market. Our research may include Crexi, LoopNet, MLS and to some degree the Hillsborough County Property Appraiser’s Office. We generally researched three years from the date of our valuation including reviewing any relevant current listings. We confirmed that information with various sources such as buyers, sellers and brokers.

Methodology

In this instance, we have used one of the three traditional approaches to value, the Sales Comparison Approach. The Cost and Income Approaches are not typically used to estimate value for vacant land. The Sales Comparison Approach provided sales of similar multifamily land sites as the subject in which to estimate Market Value.

Site Description

Avenue in Tampa, Hillsborough County. More generally, the parcel is located north of East Fowler Avenue and south of East Fletcher Avenue.

Along the property segment, North Florida Avenue is a four lane, north/south, undivided, arterial road extending the length of Hillsborough County. There is a HART Bus Stop at the western subject boundary along North Florida Avenue.

No survey was provided. Based on the Hillsborough County Property Appraiser, the site comprises approximately 159,772 square feet or 3.67 gross acres. The site has approximately 320’ of frontage along North Florida Avenue and a depth of 500’.

There is currently one access point along North Florida Avenue and another access point along East

127th Avenue. The three (3) church structures have been razed and the cleared site is at grade level.

Google Aerial

Zoning

The property is zoned PD “Planned Development” by Hillsborough County. The property has an OC-20 “Office/Commercial 20” future land use.

Flood Information

The subject site is generally at road grade. Per FEMA Map No., 12057C0204H dated August 28, 2008, the property is situated in Flood Zone X. Flood hazard insurance is not required for buildings situated in this zone.

Utilities

Water service is provided by the city of Tampa. Sewer service is provided by the city of Tampa.

Phone service to the general area is provided by Frontier Communications. Police and fire services are provided by Hillsborough County. Electricity service is provided by Tampa Electric.

Ownership and Subject Property History

According to the Hillsborough County Property Appraiser’s Office, the current owner of record is Hillsborough County. The property is identified as U-12-28-18-0TD-000007-00007.2, within section 12, township 28 and range 18.

In March 2023, Hillsborough County purchased the subject parcel for $1.855 million or $33,727 per residential unit. No other sale of the property was noted in a five-year sales search.

Taxes and Assessments

The current just market assessment for the property is $2,216,964 or $40,290 per unit. Hillsborough County is exempt from real estate taxes.

Neighborhood Description

The neighborhood analysis provides the link between factors which influence the area as a whole and those which influence a particular property. The reason we analyze the neighborhood in the appraisal process is to determine how the four forces affecting value; social, economic, government and environmental, influence property values in the specific area in which the subject is located.

The stages of a neighborhood are generally described as follows.

➢ Growth - A period in which the neighborhood gains public favor and acceptance;

➢ Stability - A period of equilibrium without market gains or losses;

➢ Decline - A period of diminishing demand;

➢ Revitalization - A period of renewal, modernization and increasing demand.

Zip Code Boundaries

Source: STDB

The subject neighborhood is generally defined as south of Fletcher Avenue, east of Armenia Avenue, north of Waters Avenue and west of Bruce B. Downs Boulevard. The development character along Busch Boulevard is commercial with retail and office as the primary uses. One noticeable trend in the area is the conversion of single-family homes to office use, primarily owner-occupied.

The subject neighborhood is largely built out with commercial development along the main arterials, such as Busch Boulevard, Nebraska, Fowler and Fletcher avenues with supporting residential development.

Single-family homes in the area generally range from 1,200 to 1,700 square feet, excluding extremes.

The table on the following page provides demographics and key facts in a one-mile radius of the subject property. Population within the radius is 13,458. The median age is 37.6 and the median household income is $36,874. There are 879 businesses and 7,060 employees in the radius. White collar employment is 48.5%, blue collar is 31.5%, and services round out the remaining 20.0%. The unemployment rate in the radius is 3.6%.

Fowler Avenue reflects mixed commercial, having the majority of the national retailers including University Square Mall located at the northwest quadrant of Fowler Avenue and Bruce B Downs Boulevard. University Mall was purchased by RD Management for $29.5 million in 2014. The site comprises a total of 96 acres.

Construction began in early 2016 redeveloping the west side of the mall, dividing the former JCPenney space between three new anchor tenants on two floors. Dillard’s will also be moving from its current location in the mall to the vacant former Macy’s space. Two free-standing restaurants outparcels are planned along Fowler Avenue.

Ne re-use includes Diamond View launched Vū, a 10,000 square foot virtual production studio in a former anchor space at the mall. The new studio has LED Volume or curved LED screens to replace green screens.

The former Sears site was purchased by a Chicago developer Core Spaces who plans a $60 million student housing project to be known as Hub Tampa. The 4.5 acre site was purchased for $6.17 million with plans for373 units, 887 bed student housing development.

Fowler Avenue is the main access to MOSI. It also provides secondary access to the USF campus, and the area’s major hospitals. Fletcher Avenue reflects mixed commercial, and is the main access to the major hospitals and the USF campus. There is a 12,000 square foot Pepin Heart Hospital & Research Institute that was developed on the USF campus by University Community Hospital.

US Highway 41/Nebraska Avenue reflects mixed commercial and industrial uses. There are numerous unanchored retail buildings along Nebraska Avenue, many built in the 1960s and 1970s. Auto repair shops and neighborhood used car lots are also a prevalent use in the subject neighborhood.

Bruce B Downs Boulevard reflects mostly general commercial uses, and is a major north/south connector the east/west corridors and the neighborhoods supporting uses.

It is likely that the neighborhood will continue to facilitate commercial growth along these corridors.

To a larger extent, the subject neighborhood is impacted by USF. With an enrollment of approximately 60,000 at its four campuses, USF trails only the University of Florida, located in Gainesville, in number of students.

The school offers a full curriculum, including several doctoral programs and, second to the University of Florida, has the largest medical school program in the state. Because the school has a large commuter population and due to the variety of programs offered, the neighborhood has become more diverse than typical university areas. The school is expected to continue to expand, especially in the medical-related fields. This should continue to have a positive impact on the neighborhood and surrounding area.

There are few developable commercial sites along the areas corridors. The university has ample developable land on-site, but none which would be sold off. The university has recently built a new research center and upgraded their entrance to the campus. A $10-million, 45,000 square foot Chester H.

Ferguson Hall was developed on the campus by the USF College of Business Administration. There is a research office park on the south side of Fowler Avenue south of the university. This space is considered R&D, or service center space.

Newer development in this area includes the 234,000 square foot USF-Carter Research Park, developed by USF and Carter Development, which will be two buildings on 22 acres on Spectrum Boulevard. H. Lee Moffitt Cancer Center has developed a $9-million, 71,000 square foot facility on Magnolia Drive.

Busch Gardens is the state's fifth largest tourist attraction, with reported attendance in excess of 2.0 million per year. The park including Adventure Island was purchased in October 2009 by Blackstone Group for $2.3 billion (including Sea World) from Anheuser-Busch InBev.

There are two relatively new student housing projects, the Province and Sterling North, located on the west and east side of N. 42nd Street, north of Fletcher Avenue just north of USF. These properties reflected 1970s vintage apartments, Campus Walk Townhomes a 296 unit project and Springwood Apartments which comprised 57 units. The combined sites comprised 23.19 acres. The buyer was Dinerstein Companies from Houston. These improvements were razed to make way for Sterling North Campus a student housing project. The project includes five-bedroom townhomes and 1-4 bedroom apartments. This LEED certified project comprises 206 units with 704 beds.

The subject neighborhood is considered to be stable with some signs of redevelopment. No significant expansion or decline is evident. The outlook for the neighborhood is expected to remain positive in the foreseeable future.

Our neighborhood description, also called an area of influence, is defined as a group of complimentary land uses. Districts are a type of market area characterized by homogeneous property uses. In broader terms, the market area can encompass one or more neighborhoods and districts or both. A market area reflects similar properties that effectively compete with the subject property. The foregoing residential sales trends and demographic data provide a snapshot of the neighborhood.

Please refer to the Highest and Best Use section of this report for subject-specific market trends.

Economic Drivers

Per Q2 2024 National Economic Outlook prepared by PNC: “The U.S. economy added a strong 275,000 jobs in February, according to a survey of employers from the Bureau of Labor Statistics.

However, there were big downward revisions to job growth in January and February of a combined 167,000. Over the past three months job growth has averaged 265,000, well above the pre-pandemic pace. The private sector added 223,000 jobs in February, up from 177,000 in January.

The unemployment rate rose to 3.9% in February from 3.7% in the previous three months. The unemployment rate has been below 4% for more than two straight years, the longest-such stretch since the late 1960s. Average hourly earnings rose just 0.1% in February from January, and wage growth in January was revised lower, to 0.5% from 0.6%; there was also a downward revision to wage growth in December. On a year-over-year basis average hourly earnings were up 4.3% in February, down from 4.4% in January (after revisions). Softening wage growth is contributing to a slowing in inflation.

In late 2022 PNC incorporated a near-term recession into its baseline US economic forecast. This recession call was based on an aggressive tightening in monetary policy in 2022 and into 2023 as the Federal Reserve raised the fed funds rate in an effort to slow economic growth and push back against the highest inflation in 40 years. But instead of recession the economy strengthened in the second half of 2023, and real GDP ended last year up 3.1% from the end of 2022. The labor market was also very strong, with average monthly job growth of 250,000 in 2023, well above the pre-pandemic pace, and an unemployment rate of below 4%. And inflation slowed throughout 2023 even as economic growth accelerated, although it remains somewhat above the Federal Reserve’s 2% objective.

Job growth will slow somewhat this year as economic growth softens, and the unemployment rate will gradually increase to above 4% by the end of this year. But this is still historically low, and the US economy should avoid recession. With softer wage growth as the unemployment rate rises and weaker growth in rents, inflation should slow to the Federal Reserve’s 2% objective by early 2025.

Tampa Bay ranks well with other cities in Florida relative to composite Index, grocery items, housing, utilities, transportation, health care and goods and services. Moreover, the Tampa market continues to be competitive in a MSA comparison and relatively affordable from a cost of living index perspective.”

COVID-19

A highly virulent pandemic of respiratory disease caused by the novel Coronavirus (abbreviated COVID-19) evolved into a global presence in Q1 2020. COVID-19 can cause mild to severe illness with persons 65 and older most severely impacted. Florida single vaccination rate is 69.15%, slightly less than the US in general.

With the vaccine and boosters available nationwide for some time, a more hopeful attitude is emerging. Offices, restaurants and general socializing have generally normalized. More recently, subsequent variants have resulted in increased infections but not deaths. Hospitalizations continue with the unvaccinated. Schools are open with masking rules in Florida gone.

The majority of the market data in this report took place after the start of pandemic. Therefore, the impact of COVID on the subject, if any, is inherently addressed by the market data.

Highest and Best Use

According to the Dictionary of Real Estate Appraisal, highest and best use is defined as: The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible and that results in the highest value. The four criteria the highest and best use must meet are physically possible, legally permissible, financially feasible and maximally productive.

Alternatively, the probable use of land or improved property, specific with respect to the user and timing of the use, that is adequately supported and results in the highest present value.

Source: The Appraisal of Real Estate 15th Edition

When a site is improved, we must recognize that the highest and best use may differ from the existing use; however, the existing use will continue, unless and until, land value (at its highest and best use) exceeds the total value of the property in its present use. The definition of highest and best use recognizes the contribution of a specific use to the community or to individual property owners.

The determination of highest and best use results from the appraiser's judgment and analytical skill;

i.e., determination of highest and best use is an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use is the premise upon which value is based. In the context of investment value, "most profitable use" is another alternative term but the degree of risk must be considered.

The highest and best use concept requires an analysis of the subject as if it were vacant and also as improved to determine if the land is more valuable as vacant than the property as improved. There are four criteria that must be met. The highest and best use must be 1) physically possible; 2) legally permissible; 3) financially feasible; and, 4) maximally productive. These criteria are generally considered sequentially and the analysis may indicate more than one use.

Source: Stephanie Coleman, Scope of Work (Chicago: Appraisal Institute)

Physically Possible

Avenue in Tampa, Hillsborough County. More generally, the parcel is located north of East Fowler Avenue and south of East Fletcher Avenue. The rectangular subject site comprises 3.67 gross acres.

The subject site, given its size and configuration, is well suited for a variety of development. All utilities are available to the property, further promoting its potential.

Average daily traffic is the total volume passing a point or segment of a roadway facility, in both directions, during a 24-hour period. A reported 20,800 cars per day pass along North Florida Avenue nearby the subject. A traffic count map of the submarket is presented on the following page.

Traffic Count Map

Source: STDB

Legally Permissible

The subject is zoned PD, “Planned Development”, by Hillsborough County. PD zoning is approved on a site specific basis. The following amended final conditions of approval dated December 2000 are shown below. A maximum of fifty five (55) dwelling units shall be allowed for residential. This equates to a density of approximately 15 units per acre. These improvements have since been razed.

The property has an OC-20 “Office/Commercial 20” future land use.

We made a hypothetical condition assuming modification of the PD zoning to allow a maximum future land use density of 20 units per gross acre or 73 units.

Financially Feasible/Maximally Productive

Those uses which are financially feasible and that use which is maximally productive are generally closely related. Any use that results in a net return to the land after satisfying the return to the improvements is considered to be financially feasible; however, that use which returns the maximum dollars to the land is considered the use which is maximally productive.

Based on a Q1 2024 multifamily report by Marcus and Millichap, “Delivery volume slated to peak.

Responding to a strong inflow of new residents that reduced metro vacancy to the low-2 percent range, developers broke ground on a host of apartments in Pasco County and Tampa proper during 2021 and 2022. Approximately 7,900 of those units will come to fruition this year, capping off a historic run that began in 2018.

Fortunately, Tampa’s Class A vacancy rate was on par with its long-term average at the end of last year, and recent in-migration trends are expected to continue through 2024, translating to demand for new units. A high-2 percent unemployment rate will play a role in supporting the latter dynamic, as it will require growing firms and those that have recently relocated to the area to hire from outside the market with increased frequency.

Further brightening the outlook for soon-to-be delivered units, a pullback in starts appears underway, partially driven by rising local insurance costs. With only a handful of projects slated for 2025 delivery at the onset of this year, incoming inventory should be absorbed over time.

Various investment strategies can be readily executed. Contrasting other major markets nationally, Tampa registered a relatively equal share of Class A/B transactions and Class C trades last year. This trend suggests opportunities to acquire 100-plus-unit assets, and smaller properties should be comparable in 2024.

The dynamic, along with the metro’s encouraging growth prospects, will appeal to both private and institutional capital, preserving a diverse buyer pool. Those seeking larger assets will scour Tampa proper, where newer properties and older garden-style communities remained available below $300,000 and $200,000 per unit, respectively, last year.

Private buyers with an eye for smaller Class C complexes may look to Pinellas County, where some of the metro’s highest rents generate strong demand for the area’s stock of lower cost apartments.”

Source: Marcus and Millichap

The following charts reflect influencers on the multifamily market including employment trends, supply and demand and rent trends. Demand for housing continues to be relatively strong in the Tampa Bay market, particularly for affordable housing. Increases in interest rates have increase the barrier to entry to home ownership for many. Similarly, inflationary pressures have exacerbated this trend.

Source: Marcus and Millichap

Market Position of Subject

To determine the market position of the subject, we have conducted a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats). Identifying aspects of the subject under these four categories provides qualitative insights on the market position of the subject relative to its competitive set and provides additional context for the selection of comparables and adjustments.

Strengths

• Good urban infill location along North Florida Avenue.

• Proximity to Interstate 275.

• HART Line bus stop.

Weaknesses

• Traditional lending underwriting scrutiny is starting to increase for multifamily product.

Opportunities

• Strong demand for affordable housing within the submarket.

Threats

• Existing/established multifamily product within the submarket.

It is our opinion that the highest and best use of the subject property is multifamily development. A typical buyer would be a local or regional multifamily developer. With the highest and best use identified, we can proceed with our valuation.

Valuation

Sales Comparison Approach

Direct Sales Comparison is a valuation technique in which the value estimate is predicated on prices paid in actual market transactions. In this process, comparison is made between properties having a satisfactory degree of similarity to the subject.

We have presented transactions involving similar multifamily sites on the following pages. A land adjustment grid and comparable map are presented thereafter.

Land Listing No. 1

Property Identification Record ID 10435 Property Type Multifamily Address NWC North Himes Avenue & West Paris Street, Tampa, Hillsborough County, Florida 33614 Location Egypt Lake Tax ID 029221-0000 Latitude, Longitude N28.004630, W82.501331

Sale Data Grantor Seminole Presbyterian Church, Inc.

Survey Date May, 2024 Financing Cash to Seller Verification Bill Besselieu, Andretta Properties; 813-263-4833, May, 2024;

Confirmed by Alan Mills

Listing Price $1,995,000 Land Data Zoning RMC-20

Land Size Information Gross Land Size 2.430 Acres or 105,850 SF Units 48

Indicators Sale Price/Gross Acre $820,994 Sale Price/Gross SF $18.85

Land Listing No. 1 (Cont.)

Sale Price/ Unit $41,563

Remarks This property is located on the northwest corner of North Himes Avenue & West Paris Street in Tampa. The site reflects approximately 2.43 gross acres. The parcel is zoned RMC 20 and proposes 48 multifamily units. The listing price is $1,995,000 or $41,562 per unit. The seller is the Seminole Presbyterian Church of Tampa. No other sale was noted in the past three years.

Land Sale No. 2

Record ID 10371 Property Type Multifamily Address NEC Bryan Road & Estevez Lane, Tampa, Hillsborough County, Florida 33610 Location East Tampa Tax ID 065036-0000 Latitude, Longitude N27.986176, W82.322343

Sale Data Grantor Florida Area Management, LLC Grantee Bert's Properties California, LLC Sale Date June, 2023 Deed Book/Page 2023260782 Financing Cash to Seller Verification Michael Braccia, BayStreet Commercial; 813-254-6756, November, 2023; Confirmed by Alan Mills

Sale Price $1,500,000

Land Data Zoning AR

Land Sale No. 2 (Cont.)

Land Size Information Gross Land Size 3.170 Acres or 138,085 SF Planned Units 60

Indicators Sale Price/Gross Acre $473,187 Sale Price/Gross SF $10.86 Sale Price/Planned Unit $25,000

The property is located on the northeast corner of Bryan Road & Estevez Lane in Tampa. The regular site comprises approximately 3.17 acres and was zoned AR, “Agricultural Rural” by Hillsborough County. The future land use is UMU-20 "Urban Mixed Use 20". A 60 unit multifamily development is proposed. The seller was Florida Area Management, LLC of Tampa.

The buyer was Bert's Properties California, LLC of Newport Beach, CA. The parcel was purchased in June 2023 for $1.5 million or $25,000 per unit. In January 2021, the parcel was purchased for $240,000. No other sale of the property was noted in a three-year sale search.

Land Sale No. 3

Record ID 10340 Property Type Multifamily Address NWQ Busch Blvd & Nebraska Ave, Tampa, Hillsborough County, Florida 33612 Location North Tampa Tax ID 098889-0022, 098889-0024, 098889-0026 & 098889-0028 Latitude, Longitude N28.033910, W82.452550

Sale Data Grantor Euro Tampa LLC Grantee Blue Tampa I, LLC Sale Date September, 2022 Deed Book/Page 2022453099 Financing Cash to seller Verification Kari Lynn Grimald, Grimaldi Commercial Realty Corp.; 813-882-

0884, August, 2023; Confirmed by Jeff Hicks

Sale Price $2,850,000

Zoning CI/PD

Land Sale No. 3 (Cont.)

Gross Land Size 4.650 Acres or 202,554 SF Planned Units 128

Indicators Sale Price/Gross Acre $612,903 Sale Price/Gross SF $14.07 Sale Price/Planned Unit $22,266

The property is located at the northwest quadrant of E. Busch Boulevard and N Nebraska Avenue in North Tampa. The irregular site comprises 4.65 acres and was zoned CI, “Commercial Intensive” and PD, Planned Development”. Formally an exterior corridor hotel, the improvements have been raised to make way for a proposed 128 affordable housing project known as The Adderley. The seller was Faustino Benjamin Marcos of Euro Tampa, LLC from Doral Florida. The buyer was Shawn Wilson of Blue Tampa 1 LLC from Tampa. Blue Sky Communities is developing the project. We noted various recorded corrective deeds associated with the declaration of condominium of Nikola Tampa Condominium Parcel including entities Uptown Tampa Smart Units LLC, 820 E. Tampa Hotel LLC and Nikola Residences LLC. The property was purchased in September 2022 for $2.85 million, $14.07 per square foot or $22,266 per unit. No other sale of the property was noted in a three-year sale search.

Land Sale No. 4

Record ID 9953 Property Type Multifamily Address East side of N. Nebraska between Fletcher and Bearss Avenue, Tampa, Hillsborough County, Florida 33613 Location North Tampa Tax ID 017737-0000 Latitude, Longitude N28.077360, W82.452900

Sale Data Grantor Grand Prix Tampa LLC Grantee BDG MacDill LLC, Cayboa LLC and Ganboa LLC Sale Date December, 2021 Deed Book/Page 2021661178 Financing Cash to seller Verification Carlos Yepes, BDG MacDill LLC, buyer; 727-463-8686, December, 2021; Confirmed by Jeff Hicks

Sale Price $8,200,000

Land Sale No. 4 (Cont.)

Zoning PD

Land Size Information Gross Land Size 14.330 Acres or 624,215 SF Allowable Units 500

Indicators Sale Price/Gross Acre $572,226 Sale Price/Gross SF $13.14 Sale Price/Allowable Unit $16,400

The property is located on the east side of N. Nebraska Avenue between Fletcher and Bearss avenues in North Tampa. The property is known as Grand Prix Tampa, an amusement park originally developed in 1978. The property reflects miniature golf, video arcade, go-cart track and baseball cages. The property was purchased in December 2021 by Carlos Yepes, an experienced developer in the Tampa Bay market. The sale price was $8.2 million with a quick 30 day close. This equates to $16,400 per unit based on the 500 unit scenario. Mr. Yepes indicated that the asking price was $11.5 million and the property was on the market for six months. Per Mr. Yepes, a much higher $15 million offer by others was made due to contingencies and was not accepted by the seller. Mr. Yepes anticipates an interim use of the amusement park for a few months. He has projected 14 months to develop 500 units with permits in hand. No sale of the property was noted in a three-year sale search.

Land Sale No. 5

Record ID 10079 Property Type Multifamily Address SEQ of W. Hanna Avenue and N. Grady Avenue, Tampa, Hillsborough County, Florida 33614 Location Egypt Lake Tax ID U-33-28-18-ZZZ-000001-04680.1 Latitude, Longitude N28.003172, W82.508768

Sale Data Grantor The Kurdi Family Trust Grantee Nemesis Holdings LLC Sale Date October, 2021 Deed Book/Page 2021558590 Financing Cash to seller Verification Tina Marie Eloian, Broker; 813-997-4321, March, 2022;

Confirmed by Matt Spratley

Sale Price $625,000

Zoning PD

Land Sale No. 5 (Cont.)

Gross Land Size 1.615 Acres or 70,349 SF Allowable Units 26

Indicators Sale Price/Gross Acre $386,999 Sale Price/Gross SF $8.88 Sale Price/Allowable Unit $24,038

This property is located at the southeast quadrant of W. Hanna Avenue and N. Grady Avenue in Egypt Lake area of northwest Tampa. The property site reflects 1.62 acres. The property has been approved for 26 townhomes or an assisted living facility. The property sold in October 2021 for $625,000 or $24,038 per unit. The seller was The Kurdi Family Trust and the buyer was Nemesis Holdings LLC. No other sale was noted in the past three years.

Land Sale Write-ups

Land Sales Summary and Adjustment Grid Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5

Location: 12701 North

Florida

Avenue

NWC North Himes

Avenue & West

Paris Street

NEC Bryan Road

& Estevez Lane

NWQ Busch Blvd

& Nebraska Ave

East side of N.

Nebraska between Fletcher

SEQ of W.

Hanna Avenue and N. Grady Submarket: North Tampa Egypt Lake East Tampa North Tampa North Tampa Egypt Lake

O.R. Book/Page: n/a 2023260782 2022453099 2021661178 2021558590

Seller: Seminole

Presbyterian

Church, Inc.

Florida Area

Management, LLC

Euro Tampa LLC Grand Prix

Tampa LLC

The Kurdi

Family Trust

Buyer: n/a Bert's Properties

California, LLC

Blue Tampa I, LLC

BDG MacDill LLC, Cayboa LLC and

Ganboa LLC

Nemesis

Holdings LLC

Date of Sale: May, 2024 June, 2023 September, 2022 December, 2021 October, 2021

Sale Price: $1,995,000 $1,500,000 $2,850,000 $8,200,000 $625,000

No of Units: 73 48 60 128 500 26

Density: 20.00 19.75 18.93 27.53 34.89 16.10

Site Size (Acres): 3.67 2.43 3.17 4.65 14.33 1.61

Unadjusted Price/Unit: $41,563 $25,000 $22,266 $16,400 $24,038

Adjustments

Rights Transferred: Fee simple Fee simple Fee simple Fee simple Fee simple

Financial Considerations: Market Market Market Market Market

Conditions of Sale: Listing Arm's Length Arm's Length Arm's Length Arm's Length

-10%

Market Conditions - Time: Stable Stable Stable Inferior Inferior

15% 15%

Time Adj. Cash Equiv. Price/Unit: $37,406 $25,000 $22,266 $18,860 $27,644

Location: Average Similar Inferior Similar Similar Superior

5% -5%

Site Size (Gross Acres): 3.67 2.43 3.17 4.65 14.33 1.62

25%

Zoning: PD RMC-20 AR CI/PD PD PD

FLU OC-20 10%

Utilities: All Available Similar Similar Similar Similar Similar

Net Adjustments: 0% 15% 0% 25% -5%

Adjusted Price/Unit: $37,406 $28,750 $22,266 $23,575 $26,262

Land Sales Adjustment Grid

Land Comparables Map

Land Sales Analysis

The preceding sales were confirmed to offer the best indication of value of the subject site via the Sales Comparison Approach. A number of sales were examined, and in the final analysis they were narrowed to the five most comparable transactions. We have researched sales specifically multifamily sites in the general subject market area.

There are several units of comparison generally employed in the analysis of multifamily land. In this instance, the market dictates the most appropriate index is price per unit. The adjustment categories include location, site size, zoning and utilities.

All of the transactions were financed at market terms by third party financial institutions; hence, no adjustments for financing were required. If atypical financing were involved in the transaction, the appraiser would determine if those terms had a quantifiable effect on the sale price necessitating an adjustment.

Each transaction was confirmed to be arm's length between willing buyers and sellers; therefore, no adjustments for abnormal conditions of sale were necessary. However, if a listing is included in the analysis, a downward adjustment is considered to reflect a typical cushion for negotiations.

Nonetheless, the amount of adjustment, if any, would depend on the asking price as it relates to the market at that time. Some transactions might include a bank sale sometimes referred to as "short sale".

An adjustment will be made if warranted based on confirmation of that transaction.

Adjustments for time and price trends attempt to quantify changes in market conditions between the date of each sale and the date of the appraisal, based on current market conditions and available properties. All of the transactions are relatively timely, taking place from October, 2021 to May, 2024, the latter of which is a listing. Adjustment for this category would be based on any quantifiable appreciation or depreciation, typically identified through paired sales analysis.

Adjustments for location typically are associated with the general demographics of the area and property specific influences such as traffic counts, ingress/egress, proximity to linkages such as interstates and overall characteristics of an area.

Site size is an adjustment in which comparables site size is compared to the subject. Depending on the market segment, variation in site size can have effect up to a point on the price per square foot index.

Typically, if a comparable site is larger than the subject site, an upward adjustment is applied to reflect economies of scale. Conversely, if a comparable site is smaller than the subject site, a downward adjustment was applied. This category can also include adjustments for parcels that may have off-site retention and reflect a fully buildable lot.

Zoning is an important consideration in land sales analysis as it specifies the development potential of a given parcel. In this category, the comparables’ zoning classification relative to allowable uses, building setbacks and other restrictions are compared to the subject. Generally speaking, zoning classifications that allow more uses and flexible development are superior.

The availability of municipal services, specifically water and sewer, is an important attribute to a typical site. The adjustment would be applied if the comparable has a different availability of municipal services as the subject. This is especially true for parcels that may need to have municipal lines extended to the property at a cost.

In this instance, an upward adjustments were applied to Comparables 1 and 2 due to their inferior location as compared to the subject. Conversely, downward adjustments were applied to Comparable 5 because of its superior location as compared to the subject.

An upward adjustment was applied to Comparables 4 due to its larger site size as compared to the subject. An upward adjustment was applied to Comparable 2 because of its agricultural zoning at the time of sale.

After adjustments, the sales range from $22,266 to $37,406 per unit, with a mean of $27,652 per unit.

Based on the relative merits of each sale, but placing greater emphasis on the most recent closed sales Comparables 2 and 3; we have concluded to value of the subject site at $25,000 per unit. Our math is as follows:

73 Potential Multifamily Units x $25,000/Unit = $1,825,000

“As Is” Market Value via Sales Comparison Approach $1,825,000

Summary and Reconciliation

“As Is” Market Value Conclusions Assignment 7 73 Units

Cost Approach n/a

Sales Comparison Approach $1,825,000

Income Approach n/a

Final Value Conclusion $1,825,000

Avenue in Tampa, Hillsborough County. The single parcel valuation, Assignment 7, comprises approximately 3.67 gross acres of vacant, partially developed land.

The subject is located in an Opportunity Zone and the three (3) vertical church structures that were onsite have been razed. The property is zoned PD “Planned Development” with a future land use of OC- 20 “Office/Commercial”. The PD (90-0086) was entitled for 55 multifamily dwellings. The existing structures have been razed. We made a hypothetical condition assuming modification of the PD zoning to allow a maximum future land use density of 20 units per gross acre or 73 units.

In March 2023, Hillsborough County purchased the subject parcel for $1.855 million or $25,411 per potential unit.

In conclusion, all emphasis has been placed on the Sales Comparison Approach to value. Therefore, we have determined the following value opinion as of April 23, 2024 as follows:

“As Is” Fee Simple Interest Market Value

ONE MILLION EIGHT HUNDRED TWENTY FIVE THOUSAND DOLLARS

($1,825,000)

Following is the Certification, Assumptions, subject photographs and other information related to the appraisal. The above value opinion is based on a 12-month marketing and exposure period. We appreciate the opportunity to provide this appraisal service. Should you have any questions about the appraisal report or the methodology applied, please feel free to give us a call.

Respectfully submitted, DOHRING AHERN, INC.

President Cert Gen RZ754

Certification

We certify that, to the best of our knowledge and belief:

The statements of fact contained in this report are true and correct.

The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions.

We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.

We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

Our engagement in this assignment was not contingent upon developing or reporting predetermined results.

The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan.

The signatories of this appraisal report nor Dohring Ahern have been sued by a regulatory agency or financial Institution for fraud or negligence involving an appraisal report.

Compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.

Jeff Hicks has made a personal inspection of the property that is the subject of this report.

No one provided significant real property appraisal assistance to the persons signing this certification.

Our analyses, opinions, and conclusions have been developed, and this report has been prepared, in compliance with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by the Appraisal Standards Board of The Appraisal Foundation, and in accordance with the appraisal-related mandates within Title XI of the Federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). This report was also prepared in conformance with the State of Florida Standards for Certified General Real Estate Appraisers.

We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value.

It is our opinion that the subject does not include any enhancement in value as a result of any natural, cultural, recreational or scientific influences retrospective or prospective.

We have extensive experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP.

The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

As of the date of this report, Jeff Hicks, MAI and Brenda Dohring Hicks, MAI have completed the continuing education program for Designated Members of the Appraisal Institute.

We have not relied on the work of others if we have a reasonable doubt that the work is credible.

We have performed no services as an appraiser, or in any capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

The market value of the property described herein, as of April 23, 2024, is certified to be the following:

“As Is” Fee Simple Interest Market Value

ONE MILLION EIGHT HUNDRED TWENTY FIVE THOUSAND DOLLARS

($1,825,000)

Certified by, DOHRING AHERN, INC.

President Cert Gen RZ754

Assumptions

1. This is an appraisal report presented in an Appraisal Report format which is intended to comply with the reporting requirements set forth under Standard Rule 2-2 of the Uniform Standards of Professional Appraisal Practice. It is understood between the parties that the scope of the assignment is limited and we relied on information obtained from the Public Records of Hillsborough County, published data sources and discussions with market professionals such as investors and brokers relative to the subject’s income performance and physical composition. Dohring Ahern is not responsible for unauthorized use of this report.

2. Unless otherwise specifically noted in the body of the report, it is assumed that title to the property or properties which are identified as the subject of the report, are clear and marketable and there are no recorded or unrecorded matters or exceptions to title that would adversely affect…