2-Bulldog Dr APPRAISAL.pdf

APPRAISAL REPORT

of 20 Parcels Located Along Bulldog Drive in Palm Coast, Flagler County, Florida

Prepared By: Lampe, Roy & Associates, Inc.

1912 Hamilton Street Suite 204 Jacksonville, Florida 32210

For: Virginia Smith, MMC, CP, ACP Land Management Administrator City of Palm Coast 160 Lake Avenue Palm Coast, Florida 32164 vsmith@palmcoastgov.com

Date of Value:

December 10, 2025

Date of Report:

December 15, 2025

TABLE OF CONTENTS

LAMPE, ROY & ASSOCIATES, INC.

SUMMARY OF SALIENT FACTS AND CONCLUSIONS ............................................... i EXTRAORDINARY ASSUMPTIONS ................................................................................ i HYPOTHETICAL CONDITIONS ........................................................................................ i

IDENTIFICATION OF SUBJECT PROPERTY

SCOPE OF THIS APPRAISAL

PURPOSE OF THIS APPRAISAL

EXTRAORDINARY ASSUMPTIONS

HYPOTHETICAL CONDITIONS

CLIENT'S NAME AND INTENDED USE

PROPERTY RIGHTS APPRAISED

DATE OF VALUE ESTIMATE

DATE OF REPORT

THREE YEAR SALES HISTORY

EXPOSURE TIME

MARKET AREA MAP

MARKET AREA ANALYSIS

Conclusions

LOCATION MAP

SUBJECT AERIAL

FLOOD ZONE MAP

SUBJECT PHOTOS

LEGAL DESCRIPTION

DESCRIPTION OF SUBJECT SITE

ENVIRONMENTAL CONSIDERATIONS

ZONING/LAND USE DISTRICT

IMPACT FEES

UTILITIES

ASSESSED VALUATION AND REAL ESTATE TAXES

HIGHEST AND BEST USE ANALYSIS

MOST PROBABLE PURCHASER

VALUATION PREMISE

SALES COMPARISON APPROACH

Land Sales Land Sales Summary Chart Land Sales Location Map Elements of Comparison Transactional Elements Physical Elements Correlation

ADDENDUM

Assumptions and Limiting Conditions

TABLE OF CONTENTS

Appraiser's Qualifications Certification i

SUMMARY OF SALIENT FACTS AND CONCLUSIONS

Owner of Record - City of Palm Coast

Subject Location - East side of Bulldog Drive, north of State Road 100.

Land Area - 7.793 Acres (339,446 Square Feet)

Improvement Description - None

Zoning Classification - Commercial-1 (Comm-1)

Land Use Designation - Mixed Use (MU)

Interest Appraised - Fee Simple Estate

Date of Value - December 10, 2025

Highest and Best Use - Commercial

Market Value Indications -

Cost Approach - N/A Income Approach - N/A Sales Comparison Approach - $1,697,000

Reconciled Value Estimate - $1,697,000

Exposure Time - Six to 12 Months

EXTRAORDINARY ASSUMPTIONS

USPAP defines an Extraordinary Assumption as “an assignment-specific assumption, as of the effective date regarding uncertain information used in an analysis which, if found to be false could alter the appraiser’s opinions or conclusions.” For this report, no Extraordinary Assumptions have been incorporated in this analysis.

HYPOTHETICAL CONDITIONS

USPAP defines a Hypothetical Condition as “a condition directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis.” For this report, no Hypothetical Conditions have been incorporated in this analysis.

IDENTIFICATION OF SUBJECT PROPERTY

The subject of this appraisal is a rectangular shaped site situated along the easterly side of Bulldog Drive north of State Road 100 in Palm Coast. A more complete description of the subject will be provided in later sections of this report.

SCOPE OF THIS APPRAISAL

Standard 1 (Real Property Appraisal Development) of the Uniform Standards of Professional Appraisal Practice 2024 states that:

In developing a real property appraisal, an appraiser must identify the problem to be solved, determine the scope of work necessary to solve the problem, and correctly complete research and analyses necessary to produce a credible appraisal.

According to the Uniform Standards of Professional Appraisal Practice 2024, the scope of work is defined as follows:

The type and extent of research and analyses in an appraisal or appraisal review assignment.

This has historically included, but is not limited to:

the extent to which the property is identified;

the extent to which tangible property is inspected;

the type and extent of data researched; and the type and extent of analyses applied to arrive at opinions or conclusions.

The Scope of Services as it relates to this assignment included, but is not limited to:

1. Inspecting the subject.

2. Inspecting the surrounding neighborhood and the subject’s competitive market area.

3. Gathering information concerning recent development trends that may influence the subject.

4. Researching information concerning the subject, i.e. zoning, the availability of utilities, assessed value and taxes, etc.

5. Formulating an opinion of the subject’s Highest and Best Use.

6. Gathering market data including, but not limited to land sales, rents, income and expense comparables, construction costs, improved sales, absorptions studies, turnover ratios, etc.

7. Preparing an appraisal and providing other real estate-related services as requested.

Inasmuch as the subject consists of a vacant site and no development plans have been provided, the Income and Cost Approaches are not considered necessary in order to arrive at a credible indication of value.

The Sales Comparison Approach is based on the Principle of Substitution which presumes that the prudent investor would not pay more for a parcel that he would have to pay for a competitive site offering the same utility. This approach is considered to be a good indication of the actions and reactions of buyers and sellers. In developing this approach, data was gathered from various sources including the Flagler County Property Appraiser’s office, Flagler County public records, and sales services including CoStar, Metro Market Trends (MMT) and the local MLS. This located numerous sales, three of which were considered to be the most comparable to the subject and will be presented in later sections of this report.

In addition to inspecting the subject, its surrounding area was also analyzed in order to gather information relating to various trends which could impact the subject’s market value.

This information will be presented in later sections of this report.

This report has been developed as an Appraisal Report as defined in Standards Rule 2-2(a) in the Uniform Standards of Professional Appraisal Practice 2024.

PURPOSE OF THIS APPRAISAL

The purpose of this appraisal is to estimate the Market Value of the subject as of the date of value. Market Value, as utilized within this report, is defined as follows:

"The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress."

The preceding definition was taken from the Dictionary of Real Estate Appraisal, Seventh Edition, as published by the Appraisal Institute.

EXTRAORDINARY ASSUMPTIONS

USPAP defines an Extraordinary Assumption as “an assignment-specific assumption, as of the effective date regarding uncertain information used in an analysis which, if found to be false could alter the appraiser’s opinions or conclusions.” For this report, no Extraordinary Assumptions have been incorporated in this analysis.

HYPOTHETICAL CONDITIONS

USPAP defines a Hypothetical Condition as “a condition directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis.” For this report, no Hypothetical Conditions have been incorporated in this analysis.

CLIENT'S NAME AND INTENDED USE

This report is intended for use by the client, the City of Palm Coast. Use of this report by others is not intended by the appraiser. It is my understanding that the client intends to use this appraisal to assist it in conjunction with the potential sale of the property. This report is not intended for any other use.

PROPERTY RIGHTS APPRAISED

The property rights appraised herein are those associated with a Fee Simple Estate, which is defined as follows:

"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."

Edition, as published by the Appraisal Institute.

DATE OF VALUE ESTIMATE

It should be specifically understood that the Date of Value associated with this appraisal is December 10, 2025.

DATE OF REPORT

The date of this report is December 15, 2025.

THREE YEAR SALES HISTORY

A full and complete title search was not provided in conjunction with this analysis.

However, a cursory review of public records indicates that there are no sales of the subject within the past three years. Conversation with the client indicates that the property has not been actively listed for sale and although conversations have been held with potential purchasers, no firm negotiations have taken place.

EXPOSURE TIME

Exposure Time is defined as follows:

“An opinion, based on supporting market data, of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.

The preceding definition was taken from the Uniform Standards of Professional Appraisal Practice 2024.

Based on a study of the length of time the sales analyzed in conjunction with this report were on the market, the apparent supply and demand for this type of property as well as discussion with brokers familiar with this market, an exposure time of six to 12 months is considered appropriate.

MARKET AREA MAP

MARKET AREA ANALYSIS

A property's market area is generally considered to be the area in which a prospective purchaser would search for alternative properties. This varies by property type. An analysis of this area includes such items as recent development activity, demographic characteristics, public infrastructure, i.e., roads, utilities, school system, parks, etc., as well as future private and government sector projects.

The subject is located within the City of Palm Coast in the eastern portion of Flagler County.

Established in 1999, the city has experienced rapid growth which is expected to continue into the near future as summarized in the following table.

Population Summary 2010 Total Population 75,215 2020 Total Population 89,283 2025 Total Population 101,365 2030 Total Population 116,211

2025-2030 Annual Rate 2.77% 2025 Total Daytime Population 86,825

Workers 24,921 Residents 61,904

Capturing on the City’s geographic location the increasing population has led to an increase in the median age as more retirees move into the area. This is summarized as follows.

Median Age 2010 45.1 2020 51.6 2025 51.5 2030 51.6

As might be expected with the increase in population, the median and average home values are also expected to continue to increase as a result of new construction. This is illustrated as follows.

2025 2030 Median Value $365,454 $434,860 Average Value $410,828 $495,921

A breakdown of the housing unit by owner occupied, renter occupied, or vacant is provided in the following table.

Housing Unit Summary 2000 Housing Units 14,952

Owner Occupied Housing Units 78.4% Renter Occupied Housing Units 12.9% Vacant Housing Units 8.7%

2010 Housing Units 35,069

Owner Occupied Housing Units 64.5% Renter Occupied Housing Units 20.6% Vacant Housing Units 15.0%

2020 Housing Units 39,767

Owner Occupied Housing Units 70.4% Renter Occupied Housing Units 20.8% Vacant Housing Units 8.8%

2025 Housing Units 46,546

Owner Occupied Housing Units 72.3% Renter Occupied Housing Units 18.9% Vacant Housing Units 8.8%

2030 Housing Units 54,339

Owner Occupied Housing Units 74.4% Renter Occupied Housing Units 17.1% Vacant Housing Units 8.5%

This table indicates that the percentage of owner-occupied houses declined 2000 to 2010 and has been gradually increasing since then. This growth is expected to continue into the near future.

The population growth has been aided by Palm Coast’s transportation network with the major roadways including:

1. Palm Coast Parkway (East-West): This central artery runs east-west through the city, linking residential neighborhoods to commercial hubs and the beach.

Along Palm Coast Parkway, property types include shopping centers, medical offices, apartment complexes, and single-family homes.

2. Belle Terre Parkway (North-South): Extending from north to south, Belle Terre Parkway passes through densely populated residential zones, public schools, and recreational parks. The corridor is characterized by suburban housing developments, schools, and a few small businesses.

3. State Road 100 (East-West): SR 100 is a major state highway that serves as a gateway to Palm Coast, connecting it with nearby Flagler Beach and Bunnell.

The road features a mix of commercial properties, such as car dealerships, restaurants, and shopping plazas, as well as industrial parks towards the western edge.

4. Old Kings Road (North-South): This historic route runs parallel to the Intracoastal Waterway and is lined with a combination of residential communities, golf courses, and light commercial developments.

5. Matanzas Woods Parkway (East-West): Located in the northern part of the city, this parkway links neighborhoods to schools and parks, with property types including single-family homes, townhouses, and community centers.

Palm Coast’s economy is anchored by a diverse mix of public and private sector employers.

The top five major employers in the city include:

1. AdventHealth Palm Coast: The largest healthcare provider in the area, AdventHealth employs over 1,200 workers, including medical, administrative, and support staff. The hospital is a regional hub for acute care and specialty medicine.

2. Flagler County School District: With several elementary, middle, and high schools in Palm Coast, the district employs nearly 1,000 teachers, administrators, and support staff, making it a cornerstone of the local workforce.

3. City of Palm Coast Government: The municipal government is responsible for city operations, public works, safety, and community programs, employing approximately 600 people in various roles.

4. Publix Super Markets: The largest grocery chain in the region, Publix operates multiple stores in Palm Coast and employs over 400 workers in retail, management, and logistics.

5. Walmart Supercenter: As a major retailer, Walmart provides jobs for more than 350 local residents in sales, management, and distribution.

AdventHealth Palm Coast is the city’s premier hospital and medical center. As of 2025, the main campus features:

1. Number of Beds: 158 beds, with an additional 100 beds set to open upon completion of the new hospital tower expansion in mid-2026.

2. Medical Specialties: The hospital offers comprehensive specialties, including emergency medicine, cardiology, oncology, orthopedics, neurology, obstetrics and gynecology, pediatrics, general surgery, and intensive care.

3. Number of Doctors: Over 200 physicians, supported by advanced practice providers and nursing staff.

AdventHealth Palm Coast recently completed a state-of-the-art cardiac care center and is currently constructing a new patient tower to expand capacity and introduce advanced surgical facilities. The expansion will enhance emergency services, add specialty clinics, and increase capacity for inpatient and outpatient care.

As noted above, the AdventHealth Palm Coast hospital is a major economic engine for Palm Coast. Inasmuch as the subject is located in proximity to this facility, it has seen a dramatic increase in development including several retail facilities, automobile dealerships and service buildings, professional office, and multifamily development. In fact, there are numerous apartment complexes located within a one-mile radius that are either existing or under construction. A summary of these facilities is provided as follows:

1. Palm Coast Landing Apartments

Address: 470 Bulldog Drive, Palm Coast, FL 32164 Number of Units: 168 Unit Composition: 1-bedroom, 2-bedroom, and 3-bedroom apartments Year Completed: 2010 Amenities: Swimming pool, fitness center, clubhouse, playground, on-site management, laundry facilities.

2. Flagler Station Apartments (Under Construction) Address: 495 Bulldog Drive, Palm Coast, FL 32164 Number of Units: 92 Unit Composition: 1-bedroom and 2-bedroom apartments Expected Completion: 2026 Amenities: Community room, fitness center, business center, outdoor recreation area.

3. The Reserve at Palm Coast Address: 1600 Reserve Blvd, Palm Coast, FL 32164 Number of Units: 216 Unit Composition: 1-bedroom, 2-bedroom, and 3-bedroom apartments Year Completed: 2007 Amenities: Resort-style pool, fitness center, dog park, business center, gated entry, outdoor grilling stations.

4. The Park at Palm Coast Address: 1000 Park Place, Palm Coast, FL 32164 Number of Units: 180 Unit Composition: 1-bedroom and 2-bedroom apartments Year Completed: 2015 Amenities: Swimming pool, clubhouse, fitness center, business lounge, outdoor playground.

5. Madison Green Apartments (Planned) Address: 1100 Madison Green Blvd, Palm Coast, FL 32164 Number of Units: 124 Unit Composition: 1-bedroom, 2-bedroom, 3-bedroom apartments Completion: 2020 Amenities: Community clubhouse, pool, fitness center, walking trails, pet-friendly facilities

6. The Promenade (Under Construction)

Address: The Promenade, Palm Coast, FL Number of Units: Approximately 204 units Unit Composition: Studio One-, two-bedroom apartments Expected/Completed Date: Early 2026 Amenities Discussion: Resort style amenities including a pool, yoga studio, fitness center, private workspaces, rooftop lounges, gathering and event spaces.

On-premise shopping, restaurants, coffee shops, outdoor gathering spaces, walking, biking and jogging trails and access to Central Park and lake immediately across the street.

7. Central Landings

Address: 1465 Central Ave, Palm Coast, FL 32164 Number of Units: 150 Unit Composition: 1-bedroom and 2-bedroom apartments Expected Completion: 2020 Amenities: Community clubhouse, resort-style pool, fitness center, walking trails, pet-friendly facilities, business center, bocce ball court, dog park, Amazon hub package center

8. Pointe Grand (Under construction)

Address: 1746 Town Center Blvd. Palm Coast, FL 32164 Number of Units: 150 Unit Composition: 2-bedroom, 2-bath apartments Expected Completion: 2025-26

Amenities: Community clubhouse, resort style pool, fitness center, cabanas with refrigerators, leash-free bark park with agility equipment, garages available, business center with conference room, EV charging stations, pet spaw, valet trash service, free Wi-Fi in common areas.

The area also includes several parks, recreational facilities, and natural attractions. Key sites include:

1. Washington Oaks Gardens State Park: Famous for its formal gardens, ancient oak trees, and unique shoreline of coquina rock formations. This park is a favorite for nature lovers, photographers, and families.

2. Linear Park: A greenway renowned for its walking and biking trails, Linear Park provides scenic views and connects several neighborhoods, offering opportunities for outdoor recreation.

3. European Village: A mixed-use complex featuring restaurants, shops, and entertainment venues, European Village is a popular destination for dining, shopping, and cultural events.

4. Palm Coast Marina: Located on the Intracoastal Waterway, the marina offers boat slips, fishing, and water sports, attracting both residents and visitors.

5. Golf Courses: Palm Coast boasts several championship golf courses, including Palm Harbor Golf Club and Cypress Knoll Golf & Country Club, which host tournaments and attract golf enthusiasts year-round.

Conclusions

Based on the preceding information and recognizing the amount of development ongoing, the area’s transportation system and employment sources, it is my opinion that the outlook for this area is for continued growth for the foreseeable future. This continued growth will positively impact both the residential market but also supporting properties.

LOCATION MAP

(For Illustrative Purposes Only)

SUBJECT AERIAL

(For Illustrative Purposes Only)

FLOOD ZONE MAP

SUBJECT PHOTOS

Camera facing northeasterly showing subject.

Camera facing easterly showing interior of subject.

Camera facing northerly showing interior of subject.

Camera facing easterly showing retention pond on north end of subject.

Camera facing northerly along Bulldog Drive, subject on right.

Camera facing southerly along Bulldog Drive, subject on left.

Camera facing southwesterly showing Flagler Palm Coast High School across from subject.

Camera facing westerly showing Flagler Palm Coast High School football field across from subject.

LEGAL DESCRIPTION

According to information provided to the appraiser, the subject consists of 20 tax parcels along with a section of right-of-way for Midway Drive. A summary of the various tax parcels is provided as follows:

Parcel ID 08-12-31-4300-00000-0060 08-12-31-4300-00000-0070 08-12-31-4300-00000-0080 08-12-31-4300-00000-0100 08-12-31-4300-00000-0130 08-12-31-4300-00000-0260 08-12-31-4300-00000-0290 08-12-31-4300-00000-0291 08-12-31-4350-00000-0280 08-12-31-4350-00000-0300 08-12-31-4350-00000-0320 08-12-31-4350-00000-0330 08-12-31-4350-00000-0420 08-12-31-4350-00000-0430 08-12-31-4350-00000-0460 08-12-31-4350-00000-0470 08-12-31-4350-00000-0480 08-12-31-4350-00000-0490 08-12-31-4350-00000-0510 08-12-31-4350-00000-0540

DESCRIPTION OF SUBJECT SITE

Based upon a physical inspection of the subject as well as a survey and other public records, the following is a description of this property:

Area - 7.793 Acres

Shape - Rectangular

Dimensions - 960’± x 350’±

Ingress/Egress - Although the property currently has frontage on Bulldog Drive and Midway Drive, the right-of-way for Midway Drive will be located and added to the subject.

Topography - Relatively level.

Flood Plain Data - Flood Map 12035C0230E, Zone X

Drainage - Appears adequate.

Soil Characteristics - According to the USDA Web Soil Survey, the subject’s predominant soil is Valkaria fine sand, 0-2% slopes. This is consistent with the surrounding properties.

Site Improvements - None

ENVIRONMENTAL CONSIDERATIONS

Unless otherwise stated in this report, the existence of hazardous substances, including, without limitations, asbestos, polychlorinated biphenyls, petroleum leakage or agricultural chemicals which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test such substances or conditions. If the presence of such substances such as asbestos, urea formaldehyde foam insulation or other hazardous substances or environmental conditions may affect the value of the property, the value estimate is predicated on the assumption that there are no such conditions on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them.

No archaeological or cultural resource surveys have been provided to the appraiser. The appraiser is not qualified to conduct such a survey. In the event that the presence of archaeologically significant findings is determined, the appraiser reserves the right to revise this appraisal accordingly.

In addition, it is noted that no wetland or wildlife studies relating to the subject were provided to the appraisers. For this reason, we have assumed that any such studies would not reveal any conditions which would negatively impact the use of the subject in conjunction with its estimated Highest and Best Use.

ZONING/LAND USE DISTRICT

As indicated on the accompanying Zoning Map, the subject is currently zoned Master Planned Development District (MPD). This was accomplished by Ordinance 2018-8 recorded in OR Book 2315, Page 310. The purpose of this type of zoning is to provide areas where a variety of uses are mixed together in master planned developments and communities. This district utilizes cohesive architectural themes and emphasizes accessibility for pedestrians and bicyclists. Regulations for this district are intended to promote flexibility and creative land use planning and design concepts.

According to the above-mentioned ordinance, a 9.09-acre± tract that includes the subject, was previously zoned

General Commercial (COM-2) and Public/Semi-Public (PSP) Zonings, which was changed to Master Plan Development (MPD). Based on this, it appears that the portion of the subject that is still listed as PSP zoning is a scrivener’s error.

The project was approved for two phases with the first expected to include an approximately 6,000 square-foot convenience store/gas station (appears to be the Wawa) with the second phase to include up to 36,000 square feet of retail/commercial development. A Special Exception shall be approved in accordance with the standards in Section 2.07 of the LDC.

A request for a Special Exception shall not be deemed an amendment to this Development Agreement or a change in zoning, but the Special Exception approval will become part of this Development Agreement.

As part of this agreement, a portion of Midway Drive was to be abandoned. It is unclear whether this occurred but conversations with the client indicate that this area has been included in the total size of the subject.

The Project shall meet the dimensional standards and other standards for COM-2 zoned property unless stated otherwise in this Development Agreement.

The subject is also in the Gateway Overlay which establishes provisions that enable development of the City’s State Road 100 Community Redevelopment Area. This Overlay reduces the building height to 45 feet. It also imposes other design standards.

The subject is located in a Mixed-Use Land Use District and, as such, the current zoning is consistent with the intended future uses in this area.

IMPACT FEES

The City of Palm Coast has a variety of impact fees depending upon the intended use and the size of the structure. Since no plans have been provided in conjunction with this analysis, it is not possible to estimate the potential impact fees associated with developing the site.

UTILITIES

Sewer and water are provided by the City of Palm Coast, while electricity is provided by Florida Power and Light. Telephone service is provided by a number of providers.

ASSESSED VALUATION AND REAL ESTATE TAXES

According to the Flagler County Property Appraiser’s office, the subject is referred to as 20 tax parcels. Since it is owned by a government entity, no taxes are due. The following is a summary of the land value, just market value and assessed value. The millage rate for 2025 was 18.1746 mills. Utilizing the assessed value and the current millage rate, the indicated taxes are summarized as follows:

Parcel # Land Val Just Market Val Assessed Val 08-12-31-4300-00000-0060 $20,709 $20,709 $20,709 08-12-31-4300-00000-0070 $266 $266 $266 08-12-31-4300-00000-0080 $533 $533 $533 08-12-31-4300-00000-0100 $60,489 $60,489 $60,489 08-12-31-4300-00000-0130 $90,475 $90,475 $82,575 08-12-31-4300-00000-0260 $60,200 $60,200 $54,944 08-12-31-4300-00000-0290 $20,124 $20,124 $20,124 08-12-31-4300-00000-0291 $32,292 $32,292 $32,292 08-12-31-4350-00000-0280 $80,613 $80,613 $80,613 08-12-31-4350-00000-0300 $40,248 $40,248 $40,248 08-12-31-4350-00000-0320 $40,248 $40,248 $40,248 08-12-31-4350-00000-0330 $142,272 $142,272 $142,272 08-12-31-4350-00000-0420 $20,124 $20,124 $20,124 08-12-31-4350-00000-0430 $20,124 $20,124 $20,124 08-12-31-4350-00000-0460 $20,709 $20,709 $20,709 08-12-31-4350-00000-0470 $20,709 $20,709 $20,709 08-12-31-4350-00000-0480 $20,709 $20,709 $20,709 08-12-31-4350-00000-0490 $41,535 $41,535 $41,535 08-12-31-4350-00000-0510 $20,709 $20,709 $20,709 08-12-31-4350-00000-0540 $16,614 $16,614 $16,614

Total Assessed Value $756,546 Millage Rate 18.1746 Indicated Taxes $13,749.92

This estimate does not include the value of the vacated right-of-way associated with Midway Drive and assumes that the assessed values would remain unchanged.

HIGHEST AND BEST USE ANALYSIS

Highest and Best Use, as utilized in this report, is defined as follows:

"The reasonably probable use of property that results in the highest value.

The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility and maximum profitability."

Edition, as published by the Appraisal Institute. The criteria items should be considered sequentially, in that it makes no difference that a project is financially feasible to develop if it is physically impossible to construct. It is also noted that this definition is an economic concept and, as such, does not take into consideration any social benefits to the community or surrounding area generated by one use of a property versus another. In estimating the Highest and Best Use for the subject property, each of these criteria will be analyzed as of the date of value.

Legally Permissible

As discussed earlier in the Zoning section, the subject is currently zoned commercially, which permits a wide variety of retail and office uses. This zoning is also consistent with the Future Land Use for the area and thus, retail or commercial utilization is considered to be legally permissible.

Physically Possible

It is recognized that no soil or subsoil condition reports were provided in conjunction with this analysis. A physical inspection of the subject did not reveal any obvious adverse topographic features which would limit its development potential. However, these conclusions are subject to the provision of appropriate engineering studies.

The subject’s physical shape and size are considered adequate to allow for commercial development. The property’s location on a secondary road has the effect of lowering the probable intensity of its utilization.

Financially Feasible

In estimating the financially feasible use of the subject, a study of the surrounding land uses was undertaken. This revealed that properties located on secondary roads were utilized for commercial development including professional offices, neighborhood-oriented retail, automobile service facilities, etc. These properties appear to be enjoying good occupancies and thus, the demand is considered to be adequate for similar use of the subject. This presumes typical construction and prudent management.

Maximally Productive

An analysis of the market data available as of the date of this appraisal indicates that retail/commercial use of the subject would produce the maximum value and thus, is considered to be its maximally productive use.

Conclusions

Based upon an analysis of the preceding information, it is my opinion that the highest and best use for the subject as of the date of value is for retail/commercial development which would be oriented to providing support services to the nearby residential development.

MOST PROBABLE PURCHASER

Considering the size and development potential of the subject, the most probable purchaser is estimated to be an investor who would develop the site commercially for either rental income or owner use.

VALUATION PREMISE

The premise under which the subject property is being appraised is that of market value.

This assumes the property is exposed to the open market for a reasonable length of time to facilitate the meeting of a knowledgeable buyer and seller, thus acting without duress in their own best interest and each knowing the uses to which the property is best suited. This premise also assumes financing for the sale is typical for this type of property and locale.

For this report, no Extraordinary Assumptions or Hypothetical Conditions have been incorporated in this analysis.

SALES COMPARISON APPROACH

In developing this approach for the subject, a search was undertaken for vacant commercial site sales that fronted on secondary roads and had commercial potential. This located numerous sales which were analyzed with three being considered the most comparable.

Individual sales sheets for each of these transactions will be provided on the following pages. This will be followed by a sales summary chart which will compare these properties to the subject as well as a location map.

Land Sales

LAND SALE NO. 1

Property Identification Record ID 4849 Property Type Commercial Property Name TJ's 100 Properties site Address 6453 State Road 100 E., Palm Coast, Flagler County, Florida 32137 Location North side of SR 100 E, 400 feet west of Colbert Lane.

Tax ID 11-12-31-0650-00080-0081 and 85 Type Deed Warranty Deed HBU Commercial MSA Palm Coast Market Type Commercial

Sale Data Grantor MMLJ Holdings, LLC Grantee TJ's 100 Properties LLC Sale Date October 06, 2025 Deed Book/Page 2997/869 Recorded Plat 1-1 Property Rights Fee Simple Estate Marketing Time N/A

LAND SALE 1 (Cont’d.)

Conditions of Sale Arm's Length Transaction Financing Cash to seller, verified as having no effect.

Sale History No sale within preceding three years.

Verification Tony Lulgjuraj (Grantee); December 09, 2025; Other sources: Public records, Confirmed by Michael C. Roy, MAI, SRA.

Sale Price $2,300,000

Land Data Zoning COM-3, Commercial-3 Topography Relatively level.

Utilities All utilities readily available.

Dimensions Multiple Shape Irregular Flood Info Flood Maps 12035C0231E and 120035C0232 EE, Zone X.

Photo Info Google Earth aerial Retention On-site Encumbrances Easements of record, estimated have no effect.

Land Size Information Gross Land Size 8.967 Acres or 390,599 SF Useable Land Size 8.967 Acres or 390,599 SF, 100.00% Front Footage 475 ft SR 100 E

Indicators Sale Price/Gross SF $5.89

Legal Description Detail meets and bounds describing a portion of Tract 8, Block B, and Tract 5, Block C, map of Bunnell Development Company's Land, Section 11, Township 12 South, Range 31 East, more particularly described in OR Book 2997, Page 869, in the current public records of Flagler County, Florida.

Remarks This consists of an irregularly shaped site situated along the north side of State Route 100 (Moody Boulevard), East of I-95, and approximately 400 feet west of Colbert Lane. At the time of the transaction, the property was vacant and unimproved. Verification revealed that there were no wetlands on the site and that the grantee had no specific plans for it, as it was purchased as an investment.

LAND SALE NO. 1 (Cont’d.)

Pulte Homes acquired a 287-acre site just west of this property for the construction of a single-family subdivision.

LAND SALE NO. 2

Record ID 4850 Property Type Commercial, Office Property Name Palm Coast Medical Center Sites Address 6, 7, 10, 12 Medical Court, Palm Coast, Flagler

County, Florida 32164 Location On west and south sides of Medical Court.

Tax ID 08-12-31-4965-00000-0010, 0030, 0040, 0050 Type Deed Warranty Deed HBU Office MSA Palm Coast Market Type Office sites

Sale Data Grantor Palm Coast Medical Specialists, LLC Grantee Palm Coast Medical Center, LLC, Sale Date April 29, 2024 Deed Book/Page 2871/807

LAND SALE 2 (Cont’d.)

Recorded Plat 37-21 Property Rights Fee Simple Estate Marketing Time Less than three months.

Conditions of Sale Arm's Length Transaction Financing Cash to seller, verified as having no effect.

Sale History No sale within preceding three years.

Verification Lisa Smith (Brokers); (386)931-1903, December 09, 2025; Other sources: CoStar, public records, Confirmed by Michael C. Roy, MAI, SRA.

Sale Price $1,400,000

Land Data Zoning MPD, Mixed Planned Development Topography Relatively level.

Utilities All utilities available.

Dimensions Multiple Shape Irregular Flood Info Flood Map 12035C0230E, Zone X Photo Info Google Earth Aerial Retention Off-site Encumbrances Covenants, restrictions, easements of record, no effect

Land Size Information Gross Land Size 6.598 Acres or 287,398 SF Useable Land Size 6.598 Acres or 287,398 SF, 100.00% Front Footage Medical Court; Medical Way Actual/Planned Building SF 18,000

Indicators Sale Price/Gross SF $4.87

Legal Description Lots 1, 3, 4, and 5 Palm Coast Medical, according to the map or plat thereof as recorded in Plat Book 37, Page 21, Public Recorded in Flagler County, Florida.

Remarks This consisted of four vacant lots located between The Windsor of Palm Coast Assisted Living facility and Town Center Medical office complex. Verification revealed that the properties were vacant at the time of sale. Development rights for 37,200 square feet of

LAND SALE NO. 2 (Cont’d.)

office and assisted living/lodging units were assigned as part of the transaction.

Verification revealed that although the properties are within the CDD they would still be required to pay impact fees.

Subsequently, the grantees acquired development rights for an additional 50,000 square feet of office space and 5,000 square feet of non-retail commercial.

LAND SALE NO. 3

Record ID 4851 Property Type Commercial, Mini Golf site Property Name Serenity Falls Mini Golf Site Address 1208 Central Avenue, Palm Coast, Flagler County, Florida 32164 Location On south side of Central Avenue across from Epic

Theater.

Tax ID 08-12-31-5825-00000-0151 Type Deed General Warranty Deed HBU Commercial MSA Palm Coast Market Type Commercial

LAND SALE 3 (Cont’d.)

Sale Data Grantor Florida Landmark Communities, LLC Grantee Serenity Falls Mini Golf, LLC, Sale Date April 22, 2025 Deed Book/Page 2955/632 Recorded Plat 35-63 Property Rights Fee Simple Estate Marketing Time N/A Conditions of Sale Arm's Length Transaction Financing Cash to seller, verified as having no effect.

Sale History No sale within preceding three years.

Verification Other sources: Public records, Confirmed by

Michael C. Roy, MAI, SRA.

Sale Price $523,000

Land Data Zoning MPD, Mixed Planned Development Topography Relatively level Utilities All utilities available.

Dimensions Multiple Shape Irregular Flood Info Flood Map 12035C0230E, Zone X Photo Info Google Earth Aerial Retention Off-site Encumbrances Covenants, restrictions, easements of record, no effect.

Land Size Information Gross Land Size 2.038 Acres or 88,775 SF Useable Land Size 2.038 Acres or 88,775 SF, 100.00% Front Footage 200 ft Central Ave Actual/Planned Building SF 18,000

Indicators Sale Price/Gross SF $5.89

Legal Description A parcel of land being a portion of Lot 15, of Town Center Phase 2, according to the plat thereof recorded in Map Book 35, Pages 63-68, Public Records of Flagler County, Florida; being in Section 8, Township 12 South, Range 31 East, City Of Palm Coast, LAND SALE NO. 3 (Cont’d.)

Flagler County Florida, more particularly described in OR Book 2955, page 632.

Remarks This consists of a vacant lot located on the south side of Central Avenue across from the Epic Theater. The property was acquired to construct a mini golf course. The north portion of the site was cleared, while the south portion is heavily wooded.

Land Sales Summary Chart

Sale # Subject 1 2 3 OR Book-Page

2997-869 2871-807 2955-632

Date of Sale 10/06/25 04/29/24 04/22/25 Grantor

MMLJ Holdings Palm Coast Med Spec Fla Landmark Comm.

Grantee

TJ's 100 Properties Palm Coast Med Ctr Serenity Falls Mini Golf Location SR 100 Medical Ct Central Ave Sale Price $2,300,000 $1,400,000 $523,000 Square Feet 339,446 390,599 287,398 88,775 Zoning MPD Com-3 MPD MPD Utilities Yes Yes Yes Yes

Elements of Comparison:

Property Rights

0% 0% 0% Financing

Conditions of Sale

Expenditures After Sale

$0 $0 $0

Market Conditions

Total Adjustment

$0 $0 $0

Adjusted Sales Price

$2,300,000 $1,400,000 $523,000

Unit of Comparison

$/Gross Sq. Ft. $5.89 $4.87 $5.89

Adjustments for:

Location -20% 0% -10% Size 0% 0% 0% Shape 10% 0% 0% Utilities 0% 0% 0% Zoning 0% 0% 0% Total % -10% 0% -10% Total $/Sq. Ft.

($0.59) $0.00 ($0.59)

Adjusted $/Sq. Ft.

$5.30 $4.87 $5.30

Land Sales Location Map

Elements of Comparison

The elements of comparison are the characteristics or attributes of properties in transactions that cause prices of real property to vary. The elements of comparison can be further broken down into adjustments for transactional items, location, physical attributes, economic characteristics and non-realty components of value. Each of these elements of comparisons will be discussed as follows.

Transactional Elements

Property Rights

Each of these sales transferred Fee Simple Estate and, thus, are similar to the subject and no adjustment is required.

Financing

These sales were all financed with cash to the seller, which was estimated to have no effect upon the sales price. Therefore, no adjustment is required.

Conditions of Sale

These sales were all considered to be Arm’s Length Transactions and, thus, no adjustment is required.

Expenditures After Sale

These are expenditures that the purchaser considers to be necessary that impacted the sales price. These may include items such as:

1. Deferred maintenance

2. Costs to demolish and/or renovate the building

3. Environmental contamination remediation

The adjustment is based on the cost that was anticipated by both parties at the time of the transaction. Investigation did not reveal any such expenditures and, thus, no adjustment is applied.

Market Condition Adjustment

These transactions are considered to be reflective of the current market. For this reason, no market condition adjustment has been applied.

Physical Elements

Location

The subject is located on a secondary road which the Florida Department of Transportation indicates has a traffic count of 1,300 per day. Sale 1 is located on State Road 100 in an area that has between 18,000 and 23,649 vehicles per day. However, this property is also located in a sparsely developed portion of State Road 100. Comparing this transaction to Sale 2, which is estimated to be similar to the subject in the traffic count, a -17% adjustment is indicated. Based on this, a -20% adjustment will be applied to Sale 1.

The traffic differentiation between Sales 1 and 3 is such that a -10% location adjustment is considered warranted.

Sale 2 is located on a low traffic volume road and, thus, is considered similar to the subject and requires no adjustment.

Size

A comparison of Sales 1 and 3 indicates that the size difference between them does not warrant a size adjustment. For this reason, no adjustment has been made to these three sales.

Shape

Sales 2 and 3 are considered similar to the subject and, thus, no adjustment is required. Sale 1 has a narrow strip on the east as there is an exception in the southeast corner of the site.

For this reason, this is considered to be inferior to the subject, and a +10% shape adjustment has been applied.

Utilities

Each of these sales is considered similar to the subject in this regard and thus, no adjustment is required.

Zoning

The sales all have similar zonings and, thus, no adjustment is required.

Correlation

The preceding sales indicate an adjusted range from a low of $4.87 to a high of $5.30 per square foot. The upper limit is established by Sales 1 and 3, both of which have more intense commercial potential than the subject and, thus, are estimated to indicate higher values.

Sale 2 is similar to the subject in that its most probable development will be for professional office. However, the subject does have the potential for retail space and, thus its value is estimated to be greater than that indicated by this transaction.

It is recognized that the subject is located on Bulldog Drive which is one of the primary access points for the Flagler Palm Coast High School. As such, periodic traffic congestion may impact access to the site at certain times.

Based in the preceding information, it is my opinion that the subject has a market value of $5.00 per square foot. Thus, the value of the subject is estimated as follows:

Subject Land Area 339,446 Square Feet Unit Value $5.00

$1,697,230 Rounded to

Subject's Market Value $1,697,000

ADDENDUM

ASSUMPTIONS AND LIMITING CONDITIONS

This appraisal is made subject to the following:

Legal description and maps, as furnished to appraiser and as shown in this report, are assumed to be correct.

Property is assumed to be marketable, free and clear, under responsible ownership and competent management.

Any sketch or photo is approximate and merely intended to assist the client in visualizing the premises.

No obligation is assumed for accuracy of tax data and similar information supplied by others.

This report may be used only by the client and solely for purposes stated herein.

Survey exception: Any statement of facts an accurate survey might show.

Appraiser does not agree to give testimony in court relating to this appraisal except by previous arrangements.

All information provided the appraisers in relation to this assignment is true and accurate.

The subject property will, at all times, be under proper and professional management, aggressively marketed and adequately maintained.

Appraiser has no present or contemplated interest in subject property.

This report is not contingent upon any predetermined value or findings.

Valuation is made in conformity with rules and ethics of professional organizations, of which appraiser is a member.

No responsibility is assumed for matters which are legal in character, nor is any opinion rendered as to title, which is assumed to be good and marketable. All existing liens have been disregarded, and the property is appraised as free and clear under competent management.

Possession of this report, or a copy thereof, does not carry with it the right of publication, nor may it be used for any purpose by anyone but the recipient without written consent of the appraiser.

(Continued)

The distribution of the total valuation between land and improvements, as shown in this report, applies only under the existing program of utilization. The separate valuation for the land and building must not be used in conjunction with any other appraisal and are invalid if so used. The appraiser assumes there are no hidden conditions of the property, soil or structure, which would render it more or less valuable.

The Market Value estimates reflected herein are forecasted based upon specific conditions and estimated events occurring during the near-term future. These value estimates are based upon current market conditions, past market activity, anticipated short-term economic supply and demand factors, as well as a continued reasonably stable economy. These forecasts are, therefore, subject to changes in future conditions, which cannot be accurately predicted or forecasted by the appraisers. It should also be noted that any changes in our forecasts, which are beyond the control of the appraisers, could dramatically affect our Market Value estimates and would, therefore, require reanalysis should they occur.

Unless otherwise stated in this report, the existence of hazardous substances including, without limitation, asbestos, polychlorinated biphenyls, petroleum leakage or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of, nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test such substances or conditions. The presence of such substances, such as asbestos, urea formaldehyde foam insulation or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there are no such conditions on or in the property, or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them.

EXTRAORDINARY ASSUMPTIONS

USPAP defines an Extraordinary Assumption as “an assignment-specific assumption, as of the effective date regarding uncertain information used in an analysis which, if found to be false could alter the appraiser’s opinions or conclusions.” For this report, no Extraordinary Assumptions have been incorporated in this analysis.

HYPOTHETICAL CONDITIONS

USPAP defines a Hypothetical Condition “as a condition directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis.” For this report, no Hypothetical Conditions have been incorporated in this analysis.

QUALIFICATIONS OF MICHAEL C. ROY, MAI, SRA

EDUCATION: B.S.B.A. Majors in Economics & Finance University of Central Florida

PROFESSIONAL

AFFILIATIONS: Board Member, FL Real Estate Appraisal Board (2014-2021) Board Chairman, FL Real Estate Appraisal Board (2018) Member, Appraisal Institute (MAI) Appraisal Institute Nat’l Bd of Directors 1999-2001; 2003-2005 Current on Voluntary Education for Appraisal Institute State-Certified General Real Estate Appraiser, State of Florida - License No. RZ140 Associate, Jacksonville Board of Realtors Certified General Real Property Appraiser State of Georgia - License No. 215382

PROFESSIONAL

EDUCATION:

Seminars and Webinars 2017-2025 Florida Law 2025 Business Ethics 2025 Impact of Short-Term Rentals 2025 Uniform Appraisal Standards of Federal Land Acquisitions:

Practical Applications 2025 Practical Application of Fundamental Analysis 2024 Florida Law 2024 7-Hour Nat’l USPAP Update Course 2024 Complex Valuation 2023 Business Practices and Ethics 2022 FL Law and USPAP National Update 2022 What’s Up in Technology for Real Estate Appraisers 2022 Review Theory – General 2021 Unconscious Bias Virtual Session for the Appraisal Profession 2021 Conservation Easement Webinar 2020 Aerial Inspection 2020 Evaluating Retail Investment Sales: Market Conditions & Trends 2020 Trial Components 2020 Florida Core Law 2020 How Tenants Create and Destroy Value 2020 7-Hour Nat’l USPAP Update Course 2020 Ignorance Is not Bliss: Understanding an Investigation by a State Appraiser Regulatory Board or Agency 2018…