18-75167507Connecticut,3111 75th, Parcel Grp 1 Appraisal.pdf

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

APPRAISAL | BROKERAGE

APPRAISAL REPORT

Assignments 12-15 7516 Connecticut Drive A 0.78 Acre Portfolio of Residential Lots (5 Parcels) Parcel 1 – Folio 042676-0000 Parcel 4 – Folio 042569-5010 Parcel 2 – Folio 042675-0000 Parcel 5 – Folio 042592-0000 Parcel 3 – Folio 042552-0000

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) 1 Competency of the Appraisers 2 Interest Appraised 2 Effective Date of Value 2 Date of Report 2 Scope of Work 2 Inspection 3 Methodology 4

Site Description 4

Zoning 7

Flood Information 7 Utilities 7 Ownership and Subject Property History 7 Taxes and Assessments 7

Neighborhood Description 7

Economic Drivers 12

COVID-19 13

Highest and Best Use 14

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

Valuation 20

Sales Comparison Approach 20

Land Sale Write-ups 20

Land Sales Adjustment Grid 31 Land Comparables Map 32 Land Sales Analysis 33

“As Is” Market Value via Sales Comparison

Approach 34

“As Is” Market Value via Sales Comparison

Approach 34

“As Is” Market Value via Sales Comparison

Approach 34

“As Is” Market Value via Sales Comparison

Approach 34

“As Is” Market Value via Sales Comparison

Approach 34

Summary and Reconciliation 35

Certification 36

Assumptions 38

Definitions 41

Addenda 44

Subject Photos 44 Area Map 47 Neighborhood Map 48 Plat Map 49 Aerial Map 50 Zoning Map 51 Land Use Map 52 Flood Map 53 Wetland Map 54 Engagement Letter 71 Qualifications 74

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 12-15 7516 Connecticut Drive A 0.78 Acre Portfolio of Residential Lots (5 Parcels) Parcel 1 – Folio 042676-0000 Parcel 4 – Folio 042569-5010 Parcel 2 – Folio 042675-0000 Parcel 5 – Folio 042592-0000 Parcel 3 – Folio 042552-0000

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 five (5) parcels, comprising approximately 0.78 acres of vacant, partially improved, residential land in East Tampa, Hillsborough County. The improvements include existing water, sewer and electric to the lots.

The vacant lots are zoned RDC 12 “Residential Duplex Conventional” 12 units/acre. The lots have an R- 12 future land use. Based on the future land use, combined, the overall density based on the entire portfolio acreage results in 9 units. However, when you calculate density based on individual parcel acreage specific, then add density of all parcels, it equates the lower density of 8 units. 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 – No Site Address Parcel 2 – No Site Address Parcel 3 – 7516 Connecticut Drive, Tampa, Florida 33619 Parcel 4 – 7507 Connecticut Drive, Tampa, Florida 33619 Parcel 5 – 3111 North 75th Street, Tampa, Florida 33619

Property Tax Identification Number(s) Parcel 1 – U-11-29-19-1ND-000046-00009.0 Parcel 2 – U-11-29-19-1ND-000046-00002.0 Parcel 3 – U-11-29-19-1ND-000019-00001.0 Parcel 4 – U-11-29-19-1ND-000023-00011.0 Parcel 5 – U-11-29-19-1ND-000027-00019.0

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 34,161 square feet, 0.78 acres

Zoning The property(s) are zoned RDC 12 “Residential Duplex Conventional 12” units/acre by Hillsborough County. The property has an R-12 future land use.

Extraordinary Assumptions None

Hypothetical Conditions None

Highest and Best Use Single Family Residential, Townhome, Duplex.

Est. Exposure Time & Marketing Period 12 months

“As Is” Market Value Conclusions

Assignment 12 Parcels 1 & 2

Assignment 13 Parcel 3

Assignment 14 Parcel 4

Assignment 15 Parcel 5

Cost Approach n/a n/a n/a n/a

Sales Comparison Approach $260,000 $120,000 $70,000 $80,000

Income Approach n/a n/a n/a n/a

Final Value Conclusion* $260,000 $120,000 $70,000 $80,000

**Total $530,000

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 five (5) parcels, comprising approximately 0.78 acres of vacant, partially improved, residential land in East Tampa, Hillsborough County. The improvements include existing water, sewer and electric to the lots.

The vacant lots are zoned RDC 12 “Residential Duplex Conventional” 12 units/acre by Hillsborough County. The lots have an R-12 future land use. Combined, the parcels include 9 (nine) residential lots.

Parcels 1 and 2 are adjacent and the property addresses have yet to be assigned. Along the subject segment, Illinois Drive and East 21st Avenue dead end at North 76th Street. As a result, the streets/utilities will need to be extended. We noted that the property owner to the north has some fenced-in improvements situated on the potential Illinois Drive extension.

No survey was provided. Based on the Hillsborough County Property Appraiser’s office, Parcel 1 is a 157’ x 80’ lot comprised of 3 single family homesites of approximately 4,178 square feet each. Parcel 2 is a 115’ x 40’ lot comprised of 1 single family homesite of approximately 4,600 square feet.

Parcel 3 is a 100’ x 80’ lot comprised of 2 single family homesites of approximately 4,000 square feet each. Parcel 4 is a 40’ x 115’ lot comprised of 1 single family homesite of approximately 4,600 square feet. Finally, Parcel 5 is a 65’ x 80’ lot comprised of 1 single family homesite of approximately 5,200 square feet. The subject site physical details are summarized as follows:

ASSIGNMENTS 12-15

PARCEL DETAIL

Folio Front Depth SF Acre

Parcel 1 042676-0000 157 80 12,600 0.29

Parcel 2 042675-0000 115 40 4,600 0.11

Parcel 3 042552-0000 100 80 8,000 0.18

Parcel 4 042569-5010 40 115 4,600 0.11

Parcel 5 042592-0000 65 80 5,200 0.12

TOTAL 0.80

Google Aerial

Zoning

The property(s) are zoned RDC 12 “Residential Duplex Conventional 12” units/acre by Hillsborough County. The property(s) have an R-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(s) are identified as Parcel 1 – U-11-29-19-1ND-000046-00009.0;

Parcel 2 – U-11-29-19-1ND-000046-00002.0; Parcel 3 – U-11-29-19-1ND-000019-00001.0; Parcel 4 – U-11- 29-19-1ND-000023-00011.0; Parcel 5 – U-11-29-19-1ND-000027-00019.0, within section 11, township 29 and range 19.

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

Taxes and Assessments

The current just market assessment for the property is $266,490 or $7.80 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 5,864. The median age is 35.5 and the median household income is $48,616. There are 447 businesses and 5,996 employees in the radius. White collar employment is 53.9%, blue collar is 31.2% and services round out the remaining 14.8%. The unemployment rate in the radius is 6.2%.

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 five (5) parcels, comprising approximately 0.78 acres of vacant, partially improved, residential land in East Tampa, Hillsborough County. The improvements include existing water, sewer and electric to the lots.

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 13,057 cars per day pass along Orient Road nearby the subject. A traffic count map of the submarket is presented on the following page.

Traffic Count Map

Source: STDB

Legally Permissible

The site 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 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 non-contiguous parcels.

Opportunities

• Demand for affordable housing in East Tampa.

• The subject is not located within an Opportunity Zone

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 single family residential, townhomes and duplexes. 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 land sales 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 10429 Property Type Residential Address 9513 Six Mile Creek Road, Tampa, Hillsborough County, Florida

33619 Location East Tampa Tax ID 065352-0210

Sale Data Grantor Christopher Haun Grantee Ziobel Ortiz Sale Date April, 2024 Deed Book/Page 2024143651 Financing Cash to Seller Verification Diana Kurtz, Tomlin & Associates; 813-748-2165, May, 2024;

Confirmed by Alan Mills

Sale Price $90,000

Land Data Zoning RSC-6

Land Size Information Gross Land Size 0.213 Acres or 9,300 SF

Indicators Sale Price/Gross Acre $421,548

Land Sale No. 1 (Cont.)

Sale Price/Gross SF $9.68

Remarks This property is located in the southwest quadrant of Six Mile Creek Road and Sherwick Drive in Tampa. The property reflects approximately 0.21 gross acres. The vacant residential lot (mobile home not included) sold in April 2024 for $90,000. The seller was Christopher Haun of Mango. The buyer was Ziobel Ortiz of Tampa. No other sale was noted in the past three years.

Land Sale No. 2

Record ID 10430 Property Type Residential Address NEQ North Whittier Street & East 28th Avenue, Tampa, Hillsborough County, Florida 33619 Location East Tampa Tax ID 158995-0010 Latitude, Longitude N27.976495, W82.398514

Sale Data Grantor Jimmy L. Aldridge Grantee Gala Homes Florida, LLC Sale Date September, 2023 Deed Book/Page 2023397687 Financing Cash to Seller Verification Larriovnna Singer, Flourishing Foundations Realty; 813-440-

0482, May, 2024; Confirmed by Alan Mills

Sale Price $82,000

Land Data Zoning RM-16

Land Size Information Gross Land Size 0.123 Acres or 5,350 SF

Sale Price/Gross Acre $667,649

Land Sale No. 2 (Cont.)

Sale Price/Gross SF $15.33

This property is located in the northeast quadrant of North Whittier Street & East 28th Avenue in Tampa. The property reflects approximately 0.12 gross acres. The vacant residential lot sold in September 2023 for $82,000. The seller was Jimmy L. Aldridge of Dover. The buyer was Gala Homes Florida, LLC of Tampa. No other sale was noted in the past three years.

Land Sale No. 3

Record ID 10431 Property Type Residential Address 2517 North 55th Street, Tampa, Hillsborough County, Florida

33619 Location East Tampa Tax ID 2023533803

Sale Data Grantor David & Nydia Collins Grantee NCC, Construction, Inc.

Sale Date November, 2023 Deed Book/Page 2023533803 Financing Cash to Seller Verification Tina Garrison, Re/Max Realty; 813-477-4842, May, 2024;

Confirmed by Alan Mills

Sale Price $72,500

Land Data Zoning RM-16

Land Size Information Gross Land Size 0.117 Acres or 5,100 SF

Land Sale No. 3 (Cont.)

Sale Price/Gross Acre $619,235 Sale Price/Gross SF $14.22

This property is located in the southeast quadrant of East Columbus Drive and North 55th Street in Tampa. The property reflects approximately 0.12 gross acres. The vacant residential lot sold in November 2023 for $72,500. The seller was David & Nydia Collins of Brooksville. The buyer was NCC, Construction, Inc. of Tampa. No other sale was noted in the past three years.

Land Sale No. 4

Record ID 10432 Property Type Residential Address 4007 North 69th Street, Tampa, Hillsborough County, Florida

33619 Location East Tampa Tax ID 041578-0000

Sale Data Grantor Morgan Commercial Air Conditioning, LLC Grantee Felix E. Arroya Sale Date May, 2023 Deed Book/Page 2023238898 Financing Cash to Seller Verification Maritza Morales, Re-Max Realty; 813-477-8116, May, 2023;

Confirmed by Alan Mills

Sale Price $62,000

Land Data Zoning RSC-6

Gross Land Size 0.143 Acres or 6,222 SF

Land Sale No. 4 (Cont.)

Sale Price/Gross Acre $434,060 Sale Price/Gross SF $9.96

This property is located on the northeast corner of North 69th Street and East Ida Street in Tampa. The property reflects approximately 0.14 gross acres. The vacant residential lot sold in May 2023 for $62,000. The seller was Morgan Commercial Air Conditioning, LLC of Tampa. The buyer was Felix E. Arroya of Tampa. No other sale was noted in the past three years.

Land Sale No. 5

Record ID 10433 Property Type Residential Address SWQ East 23rd Avenue & North 65th Street, Tampa, Hillsborough County, Florida Location East Tampa Tax ID 042391-0000 Latitude, Longitude N27.972075, W82.430392

Sale Data Grantor Solid Ground Sales, LLC Grantee Crespo Construction, LLC Sale Date April, 2023 Deed Book/Page 2023224577 Financing Cash to Seller Verification Zach Hilferding, New Alliance Realty; 941-504-9829, May, 2024;

Confirmed by Alan Mills

Sale Price $57,000

Land Data Zoning RSC-9

Gross Land Size 0.328 Acres or 14,280 SF

Land Sale No. 5 (Cont.)

Sale Price/Gross Acre $173,874 Sale Price/Gross SF $3.99

This property is located in the southwest quadrant of East 23rd Avenue & North 65th Street in Tampa. The property reflects approximately 0.33 gross acres. The vacant residential lot sold in April 2023 for $57,000. The seller was Solid Ground Sales, LLC of Tampa. The buyer was Crespo Construction, LLC of Tampa. 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: 3005 North

76th Street -

5 Parcels

9513 Six Mile

Creek Road

NEQ North

Whittier Street &

East 28th

Avenue

2517 North 55th

Street

4007 North

69th Street

SWQ East 23rd

Avenue & North

65th Street

Submarket: East Tampa East Tampa East Tampa East Tampa East Tampa East Tampa

O.R. Book/Page: 2024143651 2023397687 2023533803 2023238898 2023224577

Seller: Christopher

Haun

Jimmy L.

Aldridge

David & Nydia

Collins

Morgan

Commercial AC, LLC

Solid Ground

Sales, LLC

Buyer: Ziobel Ortiz Gala Homes

Florida, LLC

NCC,

Construction, Inc.

Felix E. Arroya Crespo

Construction, LLC

Date of Sale: April, 2024 September, 2023 November, 2023 May, 2023 April, 2023

Sale Price: $90,000 $82,000 $72,500 $62,000 $57,000

Lot Size (SF) Average: 6,832 9,300 5,350 5,100 6,222 14,280

Lot Size (Acres) Average: 0.16 0.21 0.12 0.12 0.14 0.33

Unadjusted Price/Sq. Ft: $9.68 $15.33 $14.22 $9.96 $3.99

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/SF: $9.68 $15.33 $14.22 $9.96 $3.99

Location: Average Similar Similar Similar Similar Similar

Site Size (Gross Acres): 0.16 0.21 0.12 0.12 0.14 0.33

20%

Zoning: RDC-12 RSC-6 RM-16 RM-16 RSC-6 RSC-9

10% 10% 5%

Utilities: All Available Similar Similar Similar Similar Similar

Net Adjustments: 10% 0% 0% 10% 25%

Adjusted Price/Sq. Ft.: $10.65 $15.33 $14.22 $10.96 $4.99

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 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 April, 2023 to April, 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, an upward adjustment was placed on Comparable 5 due to its larger lot size as compared to the subjects. Upward adjustments were made to Comparables 1, 4 and 5 because of their lower density as compared to the subject.

After adjustments, the sales range from $4.99 to $15.33 per square foot, with a mean of $11.23 per square foot. Based on the relative merits of each sale, but placing greater emphasis on the more recent transactions with the fewest net adjustments (Comparables 2 and 3), we have concluded to value of the subjects site at $15.00 per square foot. We applied this value index to all of the subject lots. Our math is as follows:

Assignment 12 Parcel 1 (Up to 3 Units)

12,600 Square Feet Lot Area x $15.00/SF = $189,000

“As Is” Market Value via Sales Comparison Approach $190,000 ($63,000/Unit)

Assignment 12 Parcel 2 (1 Unit)

4,600 Square Feet x $15.00/SF = $69,000

“As Is” Market Value via Sales Comparison Approach $70,000 ($70,000/Unit)

Assignment 13 Parcel 3 (Up to 2 Units)

8,000 Square Feet x $15.00/SF = $120,000

“As Is” Market Value via Sales Comparison Approach $120,000 ($60,000/Unit)

Assignment 14 Parcel 4 (1 Unit)

4,600 Square Feet x $15.00/SF = $69,000

“As Is” Market Value via Sales Comparison Approach $70,000 ($70,000/Unit)

Assignment 15 Parcel 5 (1 Unit)

5,200 Square Feet x $15.00/SF = $78,000

“As Is” Market Value via Sales Comparison Approach $80,000 ($80,000/Unit)

Summary and Reconciliation

Market Value Conclusions Assignment 12 Parcels 1 & 2

Assignment 13 Parcel 3

Assignment 14 Parcel 4

Assignment 15 Parcel 5

Cost Approach n/a n/a n/a n/a

Sales Comparison Approach $260,000 $120,000 $70,000 $80,000

Income Approach n/a n/a n/a n/a

Final Value Conclusion* $260,000 $120,000 $70,000 $80,000

*Total $530,000

The subject consists of five (5) parcels, comprising approximately 0.78 acres of vacant, partially improved, residential land in East Tampa, Hillsborough County. The improvements include existing water, sewer and electric to the lots.

The vacant lots are zoned RDC 12 “Residential Duplex Conventional” 12 units/acre. The lots have an R- 12 future land use. Based on the future land use, combined, the overall density based on the entire portfolio acreage results in 9 units. However, when you calculate density based on individual parcel acreage specific, then add density of all parcels, it equates the lower density of 8 units. 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

FIVE HUNDRED THIRTY THOUSAND DOLLARS

($530,000)

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

FIVE HUNDRED THIRTY THOUSAND DOLLARS

($530,000)

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…