15-Waikiki Way Appraisal.pdf

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

APPRAISAL | BROKERAGE

APPRAISAL REPORT

Assignment 9 1311 Waikiki Way A 0.17 Acre Vacant Residential Lot 1311 Waikiki Way Tampa, Florida 33619

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 1 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 11

COVID-19 12

Highest and Best Use 13

Physically Possible 14 Legally Permissible 16 Financially Feasible/Maximally Productive 16 Market Position of Subject 18

Valuation 19

Sales Comparison Approach 19

Land Sale Write-ups 20

Land Sales Adjustment Grid 30 Land Comparables Map 31 Land Sales Analysis 32

“As Is” Market Value via Sales Comparison

Approach 33

Summary and Reconciliation 34

Certification 34

Assumptions 37

Definitions 40

Addenda 43

Subject Photos 43 Area Map 45 Neighborhood Map 46 Plat Map 47

Aerial Map 48 Zoning Map 49 Land Use Map 50 Flood Map 51 Wetland Map 52 Property Appraiser’s Record 53 Tax Roll 54 Engagement Letter 61 Qualifications 64

Brenda Dohring Hicks, MAI

CEO |Cert Gen RZ385

Jeff Hicks, MAI

President | Cert Gen RZ754

1110 N. Florida Avenue, Ste 110

813.223.9111

DohringAhern.com

June 18, 2024

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

Re: Assignment 9

A 0.17 Acre Vacant Residential Lot

Tampa, Florida 33619

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 south of Rideout Road and north of Ridein Road along the west side of Waikiki Way in Tampa, Hillsborough County. The subject reflects a 67’ x 108’ (0.17 acre) rectangular vacant residential lot. There is existing water, sewer and electric to the subject site.

The property is zoned RSC 9 “Residential Single Family Conventional by Hillsborough County with a future land use of Residential 4.

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.

This appraisal does not include any extraordinary assumptions or hypothetical conditions. The following table summarizes our relevant data and value conclusions.

Dohring Ahern

Introduction

Summary of Salient Facts and Conclusions

Property Address 1311 Waikiki Way Tampa, Florida 33619

Property Tax Identification Number(s) U-25-29-19-1P1-000020-00006.0

Owner(s) of Record Hillsborough County

Date of the Report June 18, 2024

Effective Date of the Appraisal April 23, 2024

Property Rights Appraised Fee Simple Interest

Land Area 7,236 square feet, 0.17 acres

Zoning The property is zoned RSC 9 “Residential Single Family Conventional by Hillsborough County. The property has a Residential 4 future land use.

Extraordinary Assumptions None

Hypothetical Conditions None

Highest and Best Use Single family homesite

Est. Exposure Time & Marketing Period 12 months

“As Is” Market Value Conclusions Assignment 9

0.17 Acre Homesite

Cost Approach n/a

Sales Comparison Approach $80,000

Income Approach n/a

Final Value Conclusion $80,000

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

June 18, 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 single family residential land as the subject in which to estimate Market Value.

Site Description

The subject property is located south of Rideout Road and north of Ridein Road along the west side of Waikiki Way in Tampa, Hillsborough County.

Along the property segment, Waikiki Way is a two lane, undivided, neighborhood feeder road.

There is one access point along Waikiki Way. The site has been cleared, at grade level, with approximately 67’ of frontage along Waikiki Way and a depth of 108’. At the rear of the subject segment, there is a drainage and utility Right of Way (ROW).

No survey was provided. Based on the Hillsborough County Property Appraiser’s office, the rectangular subject lot comprises approximately 0.17 gross acres. The site has 67’ on Waikiki Way and a depth of 108’.

The vacant lot has existing water, sewer and electric to the subject site. The site is largely cleared with a fenced in grassy area.

Google Aerial

Zoning

The property is zoned RSC 9 “Residential Single Family Conventional 9 by Hillsborough County. The property has a Residential 4 future land use.

Flood Information

The subject site is generally at road grade. Per FEMA Map No., 12057C0386K dated October 7, 2021, 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 Hillsborough County. Sewer service is provided by Hillsborough County. 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-25-29-19-1P1-000020-00006.0, within section 25, township 29 and range 19.

We are not aware that the subject is either under contract to purchase, or actively listed for sale.

No sale of the property was noted in any five year sales search.

Taxes and Assessments

The current just market assessment for the property is $57,888 or $8.00 per square foot.

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.

The boundary of the zip code generally mirrors that of the delineated subject neighborhood. The subject neighborhood is generally defined as west of U.S. Highway 301, south of State Road 60, east of the Port of Tampa and north of Bloomingdale Avenue.

Zip Code Boundaries

Source: STDB

The table on the following page summarizes demographics in a one-mile radius of the subject property. Population within the radius is 10,542. The median age is 37.0 and the median household income is $50,704. There are 432 businesses and 4,503 employees in the radius. White collar employment is 48.0%, blue collar is 33.6%, and services round out the remaining 18.4%. The unemployment rate in the radius is 5.0%.

Access to the neighborhood is good via I-75, U.S. Highway 301, I-4, The Lee Roy Selmon Expressway and Adamo Drive which provides convenient access to all parts of the county. According to the Florida Department of Transportation, I-4 west of 14th Street and east to 50th Street reflects a widening from four to eight lanes.

This road construction ties into the downtown Tampa interchange improvement project, which began in October 2002, completed in 2006. This project section affects 3.2 miles and cost about $156.5 million. The start date of this section of I-4 improvement was February 2004 and has been completed.

The center of the widened I-4 has a grassy median for future travel lanes, possibly a high occupancy rail. The access at 21st/22nd Streets remains the same, though a new auxiliary road was built to facilitate local traffic between 14th/15th Street and 21st/22nd Street intersections. 19th Street is now permanently closed, and interstate access at 40th Street was relocated to 50th Street. Columbus Drive at 50th Street was permanently realigned to the south between 45th and 53rd Streets.

A notable road improvement project is the Falkenburg Road extension. For many years, Falkenburg Road terminated at State Road 60 to the north. However, this road over the past few years has been extended south through the subject neighborhood, including the Oak Creek development to its terminus at Riverview Drive.

Construction is completed on the Selmon Expressway Connector, a limited-access, elevated toll road that connects the Lee Roy Selmon Expressway to I-4. Part of the impetus for this new connector is redirect truck cargo traffic from Ybor City in the port of Tampa. This one-mile interstate cost $395 million and was completed in the Fall 2013.

The subject neighborhood is largely industrial uses, some within organized business parks. 50th Street, also known as U.S. Highway 41, reflects numerous industrial and auto-related businesses. The Port of Tampa impacts the subject neighborhood with shipping and related industry.

The Port of Tampa is Florida’s largest deepwater seaport, comprising about 5,000 acres. The Port of Tampa includes 160 miles of shoreline with 82 berths and terminals. There was 10.7 million net tons of total dry bulk cargo, 22.4 million net tons of liquid bulk cargo, 1.9 million net tons of general cargo.

Therefore the total bulk and general cargo total 35.0 million net tons.

Cruise companies include Carnival, Royal Caribbean, Holland America and more recently Norwegian Cruise line. The terminal facilities include container, bulk, break bulk, cruise passengers, project cargoes and dockside cold storage.

Business is in the Port Sutton berths, which is situated in the Port of Tampa managed by the Tampa Port Authority includes Kinder Morgan Dry Bulk Terminals, Yara North America, Holcim, Smorgon Steel Recycling and Pasco Terminals.

Source: Port Tampa Bay

The dynamics of the subject neighborhood are considered to be stable. Industrial uses are generally the most prevalent in the general subject neighborhood proximate to Port Sutton. Most of the new growth is currently occurring to the south of State Road 60, both east and west of Falkenburg Drive.

Recent improvements to the Crosstown Expressway and I-4 have facilitated general access to the area.

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

The subject property is located south of Rideout Road and north of Ridein Road along the west side of Waikiki Way in Tampa, Hillsborough County. The rectangular subject site comprises approximately

0.17 gross acres (67’ x 108’) with existing water, sewer and electric to the subject site.

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 22,179 cars per day pass along South 78th Street nearby the subject. A detailed traffic count map of the trade area is presented on the following page.

Traffic Count Map

Source: STDB

Legally Permissible

The site is zoned RSC-9, “Residential Single-family”, by Hillsborough County. Uses allowable in this district include single-family, schools, daycares and churches. The following summarizes the restrictions of this zone. The subject parcel meets the zoning requirements of the district. The zoning would allow one single family home.

RSC-9 Residential Single Family Conventional Zoning Requirements

Minimum Lot Area 5,000

Minimum Lot Width 50’

Front Yard Building Setback 20’

Side Building Setback 5’

Rear Yard Setbacks 20’

Maximum Floor Area Ratio NA

Maximum Building Height 35’

Maximum Density Units/Acre 9

Maximum Building Coverage 40%

Maximum Impervious Surface NA

The property has a Residential 4 future land use.

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.

According to a March 2024 single family survey by Florida Realtors, there were 1,272 closed sales in March 2024 reflecting a 17.8% decrease from March 2023. The median sale price increased 4.3% to $427,748. The total dollar volume of single family sales in Hillsborough County decreased 8.9% to $715.2 million.

The median time to contract decreased to 29 days as did the median time to sale of 69 days. There are 1,512 new pending sales representing an 8.0% decrease and 1,806 new listings reflecting a 7.7% increase. The pending inventory reflects 2,029 homes with a 3,419 home inventory of active listings.

There is a 2.7 month supply of single family inventory.

Source: GTAR

Source: GTAR

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

• Lot backs up to conservation area (ROW). No neighbors to the rear of property.

Weaknesses

• Few newer homes in the immediate trade area.

Opportunities

• Demand for affordable housing in Clair Mel City.

Threats

• Existing/affordable housing within the submarket.

It is our opinion that the highest and best use of the subject property is single family residential. A typical buyer would be an end user or local home builder. 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 single family homesites on the following pages. A land adjustment grid and comparable map are presented thereafter.

Land Sale Write-ups

Land Sale No. 1

Property Identification Record ID 10422 Property Type Residential Address SWQ 33rd Avenue South & South 76th Street, Tampa, Hillsborough County, Florida 33619 Location Clair Mel Tax ID 047492-5000 Latitude, Longitude N27.918204, W82.371493

Sale Data Grantor Invidia Holdings, LLC Grantee Moda Real Estate Holdings, LLC Sale Date December, 2023 Deed Book/Page 2023552391 Financing Cash to Seller Verification Joe Bennet, Flagency Realty; 813-381-5232, April, 2024;

Confirmed by Alan Mills

Sale Price $140,000

Land Data Zoning RSC-9

Land Sale No. 1 (Cont.)

Land Size Information Gross Land Size 0.230 Acres or 10,000 SF

Indicators Sale Price/Gross Acre $609,840 Sale Price/Gross SF $14.00

Remarks This property is located in the southwest quadrant of 33rd Avenue South & South 76th Street in Tampa. The property reflects approximately 0.23 gross acres. The vacant residential lot sold in December 2023 for $140,000. The seller was Invidia Holdings, LLC of Dover, DE. The buyer was Moda Real Estate Holdings, LLC of Tampa. No other sale was noted in the past three years

Land Sale No. 2

Record ID 10421 Property Type Residential Address SEC Maydell Drive & 16th Avenue South, Tampa, Hillsborough

County, Florida 33619 Location Clair Mel Tax ID 045367-0005 Latitude, Longitude N27.933177, W82.384770

Sale Data Grantor Heydi Hernandez Diaz Grantee Mayra Martin Sale Date November, 2023 Deed Book/Page 2023525507 Financing Cash to Seller Verification Arlette Soler, Milestone Realty; 813-513-9848, May, 2024;

Confirmed by Alan Mills

Sale Price $100,000

Land Data Zoning RSC-6

Gross Land Size 0.202 Acres or 8,810 SF

Land Sale No. 2 (Cont.)

Indicators Sale Price/Gross Acre $494,438 Sale Price/Gross SF $11.35

This property is located in the southeast quadrant of Maydell Drive & 16th Avenue South in Tampa. The property reflects approximately 0.20 gross acres. The vacant residential lot sold in November 2023 for $100,000. The seller was Heydi Hernandez Diaz of Tampa. The buyer was Mayra Martin of Tampa. No other sale was noted in the past three years.

Land Sale No. 3

Record ID 10419 Property Type Residential Address 8228 Gumwood Avenue, Tampa, Hillsborough County, Florida

33619 Location Clair Mel Tax ID 048703-0000

Sale Data Grantor Ervis R. Baez Grantee 8228 Gumwood Avenue, LLC Sale Date July, 2023 Deed Book/Page 2023323012 Financing Cash to Seller Verification Arlette Soler, Milestone Realty; 813-513-9848, April, 2024;

Confirmed by Alan Mills Sale Price $85,000

Land Data Zoning RSC-9

Land Size Information Gross Land Size 0.160 Acres or 6,958 SF

Indicators Sale Price/Gross Acre $532,136 Sale Price/Gross SF $12.22

Land Sale No. 3 (Cont.)

This property is located in the northeast quadrant of Gumwood Avenue and Fir Drive in Tampa.

The property reflects approximately 0.16 gross acres. The vacant residential lot sold in July 2023 for $85,000. The seller was Ervis R. Baez of Seffner. The buyer was 8228 Gumwood Avenue, LLC of Tampa. No other sale was noted in the past three years.

Land Sale No. 4

Record ID 10423 Property Type Residential Address NEQ South 46th Street & 24th Avenue South, Tampa, Hillsborough County, Florida 33619 Location Clair Mel Tax ID 046547-0300 Latitude, Longitude N27.926750, W82.406149

Sale Data Grantor Sue Ann Valenti Grantee Jose Ortiz Del Valle Sale Date May, 2023 Deed Book/Page 2023202260 Financing Cash to Seller Verification Cheryl Leiman, Coldwell Banker; 813-681-8428, April, 2024;

Confirmed by Alan Mills

Sale Price $120,000

Land Data Zoning RSC-9

Gross Land Size 0.409 Acres or 17,825 SF

Land Sale No. 4 (Cont.)

Indicators Sale Price/Gross Acre $293,251 Sale Price/Gross SF $6.73

This property is located in the northeast quadrant of South 46th Street & 24th Avenue South in Tampa. The property reflects approximately 0.41 gross acres. The vacant residential lot sold in May 2023 for $120,000. The seller was Sue Ann Valenti of Tampa. The buyer was Jose Ortiz Del Valle of Tampa. No other sale was noted in the past three years

Land Sale No. 5

Record ID 10420 Property Type Residential Address 3508 South 75th Street, Tampa, Hillsborough County, Florida

33619 Location Clair Mel Tax ID 047447-0000

Sale Data Grantor Luis Escobar Grantee Tadesse Zerihun Sale Date January, 2023 Deed Book/Page 2023021215 Financing Cash to Seller Verification Kathie Wellington, Wellington Realty; 813-554-1285, April, 2024; Confirmed by Alan Mills

Sale Price $82,000

Land Data Zoning RSC-9

Land Size Information Gross Land Size 0.172 Acres or 7,500 SF

Indicators Sale Price/Gross Acre $476,256 Sale Price/Gross SF $10.93

Land Sale No. 5 (Cont.)

This property is located in the northeast quadrant of 36th Avenue South and South75th Street in Tampa. The property reflects approximately 0.17 gross acres. The vacant residential lot sold in January 2023 for $82,000. The seller was Luis Escobar of Tampa. The buyer was Tadesse Zerihun of Riverview. No other sale was noted in the past three years.

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

Location: 1311 Waikiki

Way

SWQ 33rd Avenue

South & South

76th Street

SEC Maydell

Drive & 16th

Avenue South

8228 Gumwood

Avenue

NEQ South 46th

Street & 24th

Avenue South

3508 South

75th Street

Submarket: Clair Mel Clair Mel Clair Mel Clair Mel Clair Mel Clair Mel

O.R. Book/Page: 2023552391 2023525507 2023323012 2023202260 2023021215

Seller: Invidia Holdings, LLC

Heydi

Hernandez Diaz

Ervis R. Baez Sue Ann Valenti Luis Escobar

Buyer: Moda Real Estate

Holdings, LLC

Mayra Martin 8228 Gumwood

Avenue, LLC

Jose Ortiz Del

Valle

Tadesse

Zerihun

Date of Sale: December, 2023 November, 2023 July, 2023 May, 2023 January, 2023

Sale Price: $140,000 $100,000 $85,000 $120,000 $82,000

Site Size (Acres): 0.17 0.23 0.20 0.16 0.41 0.17

Unadjusted Price/Lot: $140,000 $100,000 $85,000 $120,000 $82,000

Adjustments

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

Financial Considerations: Market Market Market Market Market

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

Market Conditions - Time: Stable Stable Stable Stable Stable

Time Adj. Cash Equiv. Price/Lot: $140,000 $100,000 $85,000 $120,000 $82,000

Location: Average Superior Superior Superior Superior Superior

-25% -20% -20% -25% -10%

Site Size (Gross Acres): 0.17 0.23 (2 Lots) 0.20 0.16 0.41 (2 lots) 0.17

1 Lot -10% -10%

Zoning: RSC-9 RSC-9 RSC-6 RSC-9 RSC-9 RSC-9

Utilities: All Available Similar Similar Similar Similar Similar

Net Adjustments: -35% -20% -20% -35% -10%

Adjusted Price/Lot: $91,000 $80,000 $68,000 $78,000 $73,800

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 residential land sites in the general subject market area.

There are several units of comparison generally employed in the analysis of residential land. In this instance, the market dictates the most appropriate index is price per lot. 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 January, 2023 to December, 2023. 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, downward adjustments were applied to all comparables due to their superior locations as compared to the subject. Downward adjustments were applied to Comparables 1 and 4 due to their larger lot size (two lot potential) as compared to the subject.

After adjustments, the sales range from $68,000 to $91,000 per residential lot, with a mean of $78,160 per residential lot. Based on the relative merits of each sale, but placing greater emphasis on the more recent transactions with the fewest net adjustments (Comparable 2), we have concluded to value of the subject site at $80,000 per residential lot.

As a general cross check the value, a lot typically represents 25% of the total package (home and lot).

Based on our estimated lot value, equates to a package price of $320,000, supported by sales in the subject market area. Our math is as follows:

1 Single Family Residential Lot x $80,000/Lot = $80,000

“As Is” Market Value via Sales Comparison Approach $80,000

Summary and Reconciliation

“As Is” Market Value Conclusions Assignment 9

0.17 Acre Homesite

Cost Approach n/a

Sales Comparison Approach $80,000

Income Approach n/a

Final Value Conclusion $80,000

The subject property is located south of Rideout Road and north of Ridein Road along the west side of Waikiki Way in Tampa, Hillsborough County. The subject reflects a 67’ x 108’ (0.17 acre) rectangular vacant residential lot. There is existing water, sewer and electric to the subject site.

The property is zoned RSC 9 “Residential Single Family Conventional by Hillsborough County with a future land use of Residential 4.

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

EIGHTY THOUSAND DOLLARS

($80,000)

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

EIGHTY THOUSAND DOLLARS

($80,000)

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 marketability or value including but not limited to liens, easements, restrictions, and encumbrances. Dohring Ahern, Inc. has not examined title and makes no representations relative to the condition thereof.

3. Unless otherwise specifically noted in the body of the report, the legal description furnished is assumed to be correct. Any abbreviations or discrepancies relative to the legal would be identified.

4. It is assumed that surveys and/or plats furnished to, or acquired by, the appraiser and used in the making of this report are correct. Dohring Ahern, Inc. has not made a land survey or caused one to be made unless identified in the report and therefore, assumes no responsibility for accuracy of same.

5. It is assumed any improvements have been, or will be, constructed according to approved architectural plans and specifications in conformance with recommendations contained in or based on any soil report(s). Unless otherwise noted, Dohring Ahern, Inc. has not retained independent engineer(s) or architect(s) in connection with the report and therefore, makes no representations relative to conformance with approved architectural plans, specifications, or recommendations contained in or based on any soil(s) report.

6. It is assumed that all factual data furnished by the client, property owner, owner's representative, or persons designated by the client or owner are accurate and correct unless otherwise specifically noted in the report. I do not guarantee the correctness of such data, although as far as is reasonably possible, the data has been checked and is believed to be correct.

Information and data referred to in this paragraph may include but is not limited to information relative to the subject of the report regarding numerical street addresses, lot and block numbers, assessor’s parcel numbers, land dimensions, square footage area of land, dimensions of the improvements, gross building areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, budgets, historic operating expenses, and related data. Information obtained regarding demographics, comparable verification, and data of a general sense is assumed factual as confirmed and the source(s) reliable. Any material error in the gathered data could have substantial impact on the conclusions reported; as a result, Dohring Ahern, Inc. reserves a right to amend conclusions reported if made aware of such an error.

7. Unless otherwise noted in the body of the report, it is assumed that there are no mineral or sub-surface rights of value involved in the report and there are no other development rights of value that may be transferred. Subsurface rights, minerals and oils, were not considered in making this report unless otherwise stated.

8. Any riparian and/or littoral rights identified by survey or plat are assumed to go with the property unless easements and/or deeds of record were found by the appraiser to the contrary.

9. It is assumed that there is full compliance with all federal, state, and local environmental regulations and laws, unless non-compliance is stated, defined, and considered in the report.

10. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless the non-conformity has been stated, defined, and considered in the report. Unless otherwise noted, it is assumed that no changes in the present zoning ordinances or regulations governing use, density, or shape, are being considered.

11. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization has been, or can be, obtained or renewed for any use on which the value estimate contained in the report is based.

12. Unless otherwise stated in the report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraisers. The appraisers have no knowledge of the existence of such material on or in the property. The appraisers, however, are not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated ground water, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated upon the assumption that there is no such material on or in the property that would cause loss in value or affect its marketability. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field if desired.

13. The soil of the area which is the subject of the report appears to be firm and solid. Unless otherwise stated, subsidence in the area is unknown or uncommon, but Dohring Ahern, Inc. does not warrant against this condition and/or occurrence.

14. It is assumed that the utilization of the land and improvements is within the boundaries or property lines as described in the report, and there is no encroachment or trespass, unless noted.

15. The date of value of which the opinions in the report apply is set forth in the body of the report. Dohring Ahern, Inc. assumes no responsibility for economic or physical factors occurring at some later date which may affect the opinions stated in the report.

16. Unless specifically noted in the body of this report, it is assumed that the property or properties described are structurally sound, seismically safe, and that all building systems (mechanical, electrical, HVAC, elevator, plumbing, etc.) are, or will be upon completion, in good working order with no major deferred maintenance or repair required; that the roof and exterior are in good condition and free from intrusion from the elements; that the property or properties have been engineered in such a manner that it/they will withstand any known elements such as wind storm, flooding, or similar natural occurrences;

and that the improvements as currently constituted conform to all applicable local, state, and federal building codes and ordinances. 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.