17-3100,3300,7215,6502,Parcel Grp 2 Appraisal.pdf

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

APPRAISAL | BROKERAGE

APPRAISAL REPORT

Assignments 16-21 7215 E 21st Avenue A 4.16 Acre Portfolio of Residential Parcels Parcel 1 – Folio 042111-0000 Parcel 4 – Folio 042422-0000 Parcel 2 – Folio 042067-0300 Parcel 5 – Folio 042429-0000 Parcel 3 – Folio 042421-0000 Parcel 6 – Folio 042448-0000

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(s)

Aerial View of Subject Property(s)

TABLE OF CONTENTS

Introduction 1

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

Site Description 4

Zoning 9

Flood Information 9 Utilities 9 Ownership and Subject Property History 9 Taxes and Assessments 9

Neighborhood Description 9

Economic Drivers 14

COVID-19 15

Highest and Best Use 16

Physically Possible 17 Legally Permissible 19 Financially Feasible/Maximally Productive 19 Market Position of Subject 20

Valuation 22

Sales Comparison Approach 22

Land Sale Write-ups 23

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

“As Is” Market Value via Sales Comparison

Approach 37

“As Is” Market Value via Sales Comparison

Approach 37

“As Is” Market Value via Sales Comparison

Approach 37

“As Is” Market Value via Sales Comparison

Approach 37

“As Is” Market Value via Sales Comparison

Approach 37

“As Is” Market Value via Sales Comparison

Approach 37

Summary and Reconciliation 38

Certification 39

Assumptions 41

Definitions 44

Addenda 47

Subject Photos 47 Area Map 51 Neighborhood Map 52 Plat Map 53 Aerial Map 54 Zoning Map 55 Zoning Map 56 Land Use Map 57 Flood Map 58 Wetland Map 59 Property Appraiser’s Record 60 Engagement Letter 78 Qualifications 81

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: Assignments 16-21 7215 E 21st Avenue A 4.16 Acre Portfolio of Residential Parcels Parcel 1 – Folio 042111-0000 Parcel 4 – Folio 042422-0000 Parcel 2 – Folio 042067-0300 Parcel 5 – Folio 042429-0000 Parcel 3 – Folio 042421-0000 Parcel 6 – Folio 042448-0000

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 consists of six (6) parcels, comprising approximately 4.16 acres of vacant, partially improved, residential land in East Tampa, Hillsborough County. The improvements include existing water, sewer and electric to the lots. Parcel 1 is zoned RDC-12 “Residential Duplex Conventional” 12. Parcels 2-6 are zoned RSC “Residential SF Conventional” 9.

All parcels have an R-12 future land use. Based on the future land use, combined, the parcels include approximately 47 residential lots. The overall 4.16 acre portfolio reflects 49 units (See valuation rollup).

The subject parcels are owned by Hillsborough County.

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 Parcel 1 – 7215 East 21st Avenue, Tampa, Florida 33619 Parcel 2 – 3303 North 66th Street, Tampa, Florida 33619 Parcel 3 – 6516 East 26th Avenue, Tampa, Florida 33619 Parcel 4 – 6512 East 26th Avenue, Tampa, Florida 33619 Parcel 5 – 6502 East 26th Avenue, Tampa, Florida 33619 Parcel 6 – 3100 North 66th Street, Tampa, Florida 33619

Property Tax Identification Number(s) Parcel 1 - U-11-29-19-ZZZ-000001-46240.0 Parcel 2 – U-11-29-19-ZZZ-000001-45890.0 Parcel 3 – U-11-29-19-1N8-000000-00002.0 Parcel 4 – U-11-29-19-1N7-000000-00002.1 Parcel 5 – U-11-29-19-1N8-000000-00004.0 Parcel 6 – U-11-29-19-1NA-000002-00008.0

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 181,179 square feet, 4.16 acres

Zoning Parcel 1 is zoned RDC-12 “Residential Duplex Conventional” by Hillsborough County. Parcels 2-6 are zoned RSC-9 “Residential SF Conventional” by Hillsborough County. The property(s) have a Residential 12 future land use.

Extraordinary Assumptions None

Hypothetical Conditions None

Highest and Best Use Townhome, Duplex, Quadplex, Multifamily.

Est. Exposure Time & Marketing Period 12 months Market Value Conclusions

Assignment 16 Parcel 1

Assignment 17 Parcel 2

Assignment 18 Parcel 3

Assignment 19 Parcel 4

Assignment 20 Parcel 5

Assignment 21 Parcel 6

Cost Approach n/a n/a n/a n/a n/a n/a Sales Comparison Approach

$160,000 $130,000 $160,000 $160,000 $160,000 $505,000

Income Approach n/a n/a n/a n/a n/a n/a Final Value Conclusion*

$160,000 $130,000 $160,000 $160,000 $160,000 $505,000

*Total $1,275,000

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 residential land sites as the subject in which to estimate Market Value.

Site Description

The subject consists of six (6) parcels, comprising approximately 4.16 acres of vacant, partially improved, residential land in East Tampa, Hillsborough County. The improvements include existing water, sewer and electric to the lots.

Parcel 1 is zoned RDC-12 “Residential Duplex Conventional” 12. Parcels 2-6 are zoned RSC “Residential SF Conventional” 9. All parcels have an R-12 future land use. Based on the future land use, combined, the parcels include approximately 48 residential lots. The subject parcels are owned by Hillsborough County.

Parcel 1 is a 100’x200’ lot comprised of 5 homesites of approximately 4,000 SF each. Parcel 2 is a 97’x170’ lot comprised of 4 homesites of approximately 4,123 SF. Parcel 3 is a 76’x265’ lot comprised of 5 homesites of approximately 4,041 SF.

Parcel 4 is a 76’x265’ lot comprised of 5 homesites of approximately 4,041 SF. Parcel 5 is a 76’x265’ lot comprised of 5 homesites of approximately 4,041 SF. Parcel 6 is a 260’x322’ lot comprised of 23 homesites of approximately 3,655 SF.

No survey was provided. According to the Hillsborough County Property Appraiser’s office, the subject site physical details are summarized as follows:

ASSIGNMENTS 16-21

PARCEL DETAIL

Folio Front Depth SF Acre

Parcel 1 042111-0000 100 200 20,000 0.46

Parcel 2 042067-0300 97 170 16,490 0.38

Parcel 3 042421-0000 76 265 20,140 0.46

Parcel 4 042422-0000 76 265 20,140 0.46

Parcel 5 042429-0000 76 265 20,140 0.46

Parcel 6 042448-0000 260 322 83,720 1.92

TOTAL 4.16

Parcel 6, once the site of an FDOT maintenance yard, had a buried 10,000 gallon fuel tank removed and remediated. The following timeline, and sequence of events, have been provided by the County. It is highly recommended that the County confirm the January 2005 ESM, Inc. letter/certificates on the 10,000 underground fuel tank removal.

The 2001 Environmental Protection Commission request for closure documents is provided on Page 7 of the report.

We are not aware of any other ongoing investigations/monitoring wells, by the Environmental Protection Commission of Hillsborough County that would prohibit development to the maximum residential density.

Google Aerial

Zoning

Parcel 1 is zoned RDC-12 “Residential Duplex Conventional” by Hillsborough County. Parcels 2-6 are zoned RSC-9 “Residential SF Conventional” by Hillsborough County. The property(s) have a Residential 12 future land use.

Flood Information

The subject site is generally at road grade. Per FEMA Map No., 12057C0380K dated October 7, 2021, the property(s) are situated in Flood Zone X. Flood hazard insurance is not required for buildings situated in this zone.

Utilities

Water service is provided by 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 Parcel 1 - U-11-29-19-ZZZ-000001-46240.0; Parcel 2 – U-11-29-19-ZZZ-000001-45890.0; Parcel 3 – U-11-29-19-1N8-000000-00002.0; Parcel 4 – U-11-29-19-1N7- 000000-00002.1; Parcel 5 – U-11-29-19-1N8-000000-00004.0; Parcel 6 – U-11-29-19-1NA-000002-00008.0, within section 11, township 29 and range 19.

We are not aware that the subject parcels are either under contract to purchase, or actively listed for sale. No sale of the property was noted in a five year sales search.

Taxes and Assessments

The current just market assessment for the property is $789,592 or $4.35 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 5,345. The median age is 33.2 and the median household income is $40,393. There are 368 businesses and 4,168 employees in the radius. White collar employment is 55.3%, blue collar is 29.9%, and services round out the remaining 14.8%. The unemployment rate in the radius is 6.1%.

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 consists of six (6) parcels, comprising approximately 4.16 acres of vacant, partially improved, residential land in East Tampa, Hillsborough County. The improvements include existing water, sewer and electric to the lots.

Parcel 1 is zoned RDC-12 “Residential Duplex Conventional” 12. Parcels 2-6 are zoned RSC “Residential SF Conventional” 9. All parcels have an R-12 future land use.

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.

Nearby the subject, traffic counts along Orient Road are 13,057 cars per day. Traffic counts along the subject’s frontage road were not available.

Traffic Count Map

Source: STDB

Legally Permissible

Parcel 1 is zoned RDC-12, “Residential, Duplex Conventional”, by Hillsborough County. Uses allowable in this district include single-family, group homes, assisted living, libraries, schools, and daycares. The following summarizes the restrictions of this zone.

RDC-12 Zoning Requirements

Minimum Lot Area 3,500 SF

Minimum Lot Width 60’

Front Yard Building Setback 25’

Side Yard Building Setback 7.5’

Rear Yard Building Setback 20’

Maximum Density 12 Units/Gross Acre

Maximum Floor Area Ratio N/A

Maximum Building Height 35’1 1See 6.01.03, Lots; Dimensional, Access and Related for specifics

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.

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(s) have an R-12 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 CoStar, “Tampa's multifamily vacancy reached a decade high in the first quarter of 2024 at nearly 9%, a rise of roughly 150 basis points over the previous year. Supply and demand have been significantly out of balance over the past 24 months, causing a steady rise in vacancy.

The construction pipeline remains elevated, with 15,000 units under development, and as such, vacancy is likely to remain above 8% for years to come. The imbalance has also negatively impacted asking rents, with submarkets across the region recording negative to limited rent growth.

Roughly 8,200 units delivered in Tampa over the trailing 12-month period, while the market absorbed only 4,400 units. Tampa's imbalance between supply and demand is still less stark than in the nearby Orlando market, where delivered units outpace renter demand at a rate of more than two-to-one, causing vacancy to increase 300 basis points.

New multifamily construction has been a key factor impacting the Tampa market for the past several years. Roughly 8,200 units have delivered over the past year, causing vacancy to increase by 1.4% year over year to 8.9% as of the first quarter of 2024. An additional 15,000 units are under construction, which will put additional supply side pressure on vacancy over the near term.

Moving ahead, however, renter demand is expected to be closer to the pace of new deliveries over the coming quarters, and as such vacancy is expected to hover around in the 8% range for the near term.”

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

• Generally “pad ready” lots with utilities available.

Weaknesses

• The subject reflects noncontiguous parcels.

Opportunities

• The subject is located in an Opportunity Zone.

• Demand for affordable housing in East Tampa.

Threats

• Existing residential competition in the submarket.

• Higher interest rates/inflation factors.

It is our opinion that the highest and best use of the subject property is townhomes, duplexes, quadplexes, or multifamily. A typical buyer would be a local/national homebuilder. 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 residential sites 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 10440 Property Type Residential Address NEC East 21st Avenue & North 65th Street, Tampa, Hillsborough

County, Florida 33619 Location East Tampa Tax ID 042388-0000;042387-0000 Latitude, Longitude N27.971203, W82.382858

Sale Data Grantor Pure Real Builds, LLC Grantee Florida Area Management, LLC Sale Date January, 2024 Deed Book/Page 2024024614 Financing Cash to Seller Verification Dionnig Garcia, Duo Realty, LLC; 813-802-0852, May, 2024;

Confirmed by Alan Mills

Sale Price $400,000 Land Data Zoning RSC-9

Land Size Information Gross Land Size 1.636 Acres or 71,280 SF

Indicators Sale Price/Gross Acre $244,444

Land Sale No. 1 (Cont.)

Sale Price/Gross SF $5.61

Remarks This property is located on the northeast corner of East 21st Avenue & North 65th Street in East Tampa. The property reflects approximately 1.64 gross acres. The transaction included two parcels. The vacant residential lots sold in January 2024 for $400,000 or $5.61 SF. The seller was Pure Real Builds, LLC of Tampa. The buyer was Florida Area Management, LLC of Tampa. No other sale was noted in the past three years.

Land Sale No. 2

Record ID 10439 Property Type Residential Address NEC Old Columbus Drive & North 51st Street, Tampa, Hillsborough County, Florida 33619 Location East Tampa Tax ID 159296-0000 Latitude, Longitude N27.966995, W82.399454

Sale Data Grantor Joseph Cascio Grantee Gaia Homes Florida, LLC Sale Date October, 2023 Deed Book/Page 2023485259 Financing Cash to Seller Verification Kathy Celeiro, Home Express Realty, Inc.; 813-918-2003, May, 2024; Confirmed by Alan Mills

Sale Price $170,000

Land Data Zoning RM-16

Land Size Information Gross Land Size 0.291 Acres or 12,664 SF

Indicators Sale Price/Gross Acre $584,744 Sale Price/Gross SF $13.42

This property is located on the northeast corner of Old Columbus Drive & North 51st Street in East Tampa. The property reflects approximately 0.29 gross acres. The vacant residential lot sold in October 2023 for $170,000 or $13.42 SF. The seller was Joseph Cascio of Tampa. The buyer was Gaia Homes Florida, LLC of Tampa. No other sale was noted in the past three years.

Land Sale No. 3

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

Land Size Information Gross Land Size 0.409 Acres or 17,825 SF

Land Sale No. 3 (Cont.)

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 or $6.73 SF. 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. 4

Record ID 10442 Property Type Residential Address SWQ 24th Avenue South & South 46th Street, Tampa, Hillsborough County, Florida 33619 Location East Tampa Tax ID 046774-0000 Latitude, Longitude N27.925721, W82.407396

Sale Data Grantor Interest Holdings, Inc.

Grantee Edunys Perez Sale Date May, 2023 Deed Book/Page 2023240002 Financing Cash to Seller Verification Heidi Arnold, Demeter Properties, Inc.; 813-830-2832, May, 2024; Confirmed by Alan Mills

Sale Price $60,000

Land Data Zoning RSC-9

Land Sale No. 4 (Cont.)

Gross Land Size 0.270 Acres or 11,779 SF

Indicators Sale Price/Gross Acre $221,886 Sale Price/Gross SF $5.09

This property is located in the southwest quadrant of 24th Avenue South & South 46th Street East Tampa. The property reflects approximately 0.27 gross acres. The vacant residential lot sold in May 2023 for $60,000 or $5.09 SF. The seller was Interest Holdings, Inc. of Tampa. The buyer was Edunys Perez of Tampa. No other sale was noted in the past three years.

Land Sale No. 5

Record ID 10441 Property Type Residential Address NEQ East 25th Avenue & North 56th Street, Tampa, Hillsborough County, Florida 33619 Location East Tampa Tax ID 042345-0000 Latitude, Longitude N27.973244, W82.382572

Sale Data Grantor NJA Development, LLC Grantee TD Properties of Tampa, LLC Sale Date March, 2023 Deed Book/Page 2023135625 Financing Cash to Seller Verification Diane Gosk, Florida Luxury Realty, Inc.; 727-967-1072, May, 2024; Confirmed by Alan Mills

Sale Price $62,500

Land Data Zoning RSC-9

Gross Land Size 0.301 Acres or 13,121 SF

Land Sale No. 5 (Cont.)

Sale Price/Gross Acre $207,492 Sale Price/Gross SF $4.76

This property is located in the northeast quadrant of East 25th Avenue & North 56th Street East Tampa. The property reflects approximately 0.30 gross acres. The vacant residential lots sold in March 2023 for $62,500 or $4.76 SF. The seller was NJA Development, LLC of Valrico. The buyer was TD Properties of Tampa, LLC of Lutz. 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: 7215 East

21st Avenue

NEC East 21st

Avenue & North

65th Street

NEC Old

Columbus Drive

& North 51st

Street

NEQ South 46th

Street & 24th

Avenue South

SWQ 24th

Avenue South &

South 46th

Street

NEQ East 25th

Avenue & North

56th Street

Submarket: East Tampa East Tampa East Tampa Clair Mel Clair Mel East Tampa

O.R. Book/Page: 2024024614 2023485259 2023202260 2023240002 2023135625

Seller: Pure Real

Builds, LLC

Joseph Cascio Sue Ann Valenti Interest

Holdings, Inc.

NJA

Development, LLC

Buyer: Florida Area

Management, LLC

Gaia Homes

Florida, LLC

Jose Ortiz Del

Valle

Edunys Perez TD Properties of Tampa, LLC

Date of Sale: January, 2024 October, 2023 May, 2023 May, 2023 March, 2023

Sale Price: $400,000 $170,000 $120,000 $60,000 $62,500

Site Size (SF) Average: 19,422 71,280 12,664 17,825 11,779 13,121

Unadjusted Price/Sq. Ft: $5.61 $13.42 $6.73 $5.09 $4.76

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/Gross Acre: $244,444 $584,744 $293,251 $221,886 $207,492

Time Adj. Cash Equiv. Price/SF: $5.61 $13.42 $6.73 $5.09 $4.76

Location: Average Similar Superior Inferior Inferior Similar

-25% 10% 10%

Site Size (Acres) Average: 0.45 1.64 0.29 0.41 0.27 0.30

10%

Zoning: RDC-12 RSC-9 RM-16 RSC-9 RSC-9 RSC-9

RSC-9 -10%

Utilities: All Available Similar Similar Similar Similar Similar

Net Adjustments: 10% -35% 10% 10% 0%

Adjusted Price/Sq. Ft.: $6.17 $8.73 $7.41 $5.60 $4.76

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 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 square foot. 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 March, 2023 to January, 2024.

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, a downward adjustment was applied to Comparable 2 due to its superior location as compared to the subject. Conversely, upward adjustments were applied to Comparables 3 and 4 due to their inferior location as compared to the subject. A downward adjustment was applied to Comparable 2 because of its higher allowable density as compared to the subject.

After adjustments, the sales range from $4.76 to $8.73 per square foot, with a mean of $6.42 per square foot. Based on the relative merits of each sale, but placing greater emphasis on Comparables 2 and 2 for the smaller subject lots; we have concluded to value of the subject site at $8.00 per square foot. For the larger subject Parcel 6, we estimated value at $6.00 per square foot. Our valuation is presented on the following page.

Assignment 16 Parcel 1 (Up to 5 Units)

20,000 Square Feet Lot Area x $8.00/SF = $160,000

“As Is” Market Value via Sales Comparison Approach $160,000 ($32,000/Unit)

Assignment 17 Parcel 2 (Up to 4 Units)

16,490 Square Feet x $8.00/SF = $131,920

“As Is” Market Value via Sales Comparison Approach $130,000 ($32,500/Unit)

Assignment 18 Parcel 3 (Up to 5 Units)

20,206 Square Feet x $8.00/SF = $161,648

Assignment 19 Parcel 4 (Up to 5 Units)

Assignment 20 Parcel 5 (Up to 5 Units)

Assignment 21 Parcel 6 (Up to 23 Units)

84,071 Square Feet x $6.00/SF = $504,426

“As Is” Market Value via Sales Comparison Approach $505,000 ($21,956/Unit)

Summary and Reconciliation

Market Value Conclusions

Assignment 16 Parcel 1

Assignment 17 Parcel 2

Assignment 18 Parcel 3

Assignment 19 Parcel 4

Assignment 20 Parcel 5

Assignment 21 Parcel 6

Cost Approach n/a n/a n/a n/a n/a n/a Sales Comparison Approach

$160,000 $130,000 $160,000 $160,000 $160,000 $505,000

Income Approach n/a n/a n/a n/a n/a n/a Final Value Conclusion*

$160,000 $130,000 $160,000 $160,000 $160,000 $505,000

*Total $1,275,000

The subject consists of six (6) parcels, comprising approximately 4.16 acres of vacant, partially improved, residential land in East Tampa, Hillsborough County. The improvements include existing water, sewer and electric to the lots.

Parcel 1 is zoned RDC-12 “Residential Duplex Conventional” 12. Parcels 2-6 are zoned RSC “Residential SF Conventional” 9. All parcels have an R-12 future land use. Based on the future land use, combined, the parcels include approximately 48 residential lots. The subject parcels are owned by Hillsborough County.

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 Parcels 1-6

ONE MILLION TWO HUNDRED SEVENTY FIVE THOUSAND DOLLARS

($1,275,000)

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 Parcels 1-6

ONE MILLION TWO HUNDRED SEVENTY FIVE THOUSAND DOLLARS

($1,275,000)

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…