South_Carpenter_Ave_Parcels_Appraisal.pdf

Appraisal Report of

C & S Homes, Inc. Property

Lots 10-16, Block C; Lots 1-8 & 10-16, Block D Magnolia Park 2nd Addition

Map Book 23, Page 114

And

Lot 19, Block 30, Assessor’s Subdivision of Orange City Map Book 3, Page 86

Orange City, Volusia County, Florida

Our Project No. 23-06

For

Ms. Taryn “TJ” Gilmore-Laverriere Administrative Specialist, County of Volusia

Facility Management 3811 Tiger Bay Road

Daytona Beach, Florida 32124-1063

Prepared by

Bullard, Hall & Adams, Inc.

1144 Pelican Bay Drive

Daytona Beach, Florida 32119

100 CERTIFICATE OF VALUE

Project: East Side of South Carpenter Rd, South of West Ohio Ave County: Volusia Owner: C & S Homes, Inc.

I certify to the best of my knowledge and belief, that:

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

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

3. I have no present or prospective interest in the property or bias with respect to the property that is the subject of this report, and I have no per-sonal interest or bias with respect to the parties involved. My engagement in this assignment was not contingent upon developing or reporting predetermined results.

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

5. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined 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.

6. My analyses, opinions, or conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Profes-sional Appraisal Practice, and the provisions of Chapter 475, Part II, Florida Statutes.

7. I have made a personal inspection of the property that is the subject of this report. I have also made a personal field inspection of the compa-rable sales relied upon in making this appraisal. The subject and the comparable sales relied upon in making this appraisal were as represented by the photographs contained in this appraisal.

8. No persons other than those named herein provided significant real property appraisal assistance to the person signing this certification.

9. I understand that this appraisal is to be used in connection with the negotiations by Volusia County.

10. I have not revealed the findings or results of this appraisal to anyone other than the proper officials of Volusia County and I will not do so until I am required by due process of law, or until I am released from this obligation by having publicly testified as to such findings.

11. Regardless of any stated limiting condition or assumption, I acknowledge that this appraisal report and all maps, data, summaries, charts and other exhibits collected or prepared under this agreement shall become the property of Volusia County without restriction or limitation on their use.

12. Statements supplemental to this certification required by membership or candidacy in a professional appraisal organization, are described on an addendum to this certificate and, by reference, are made a part hereof.

Based upon my independent appraisal and the exercise of my professional judgment, my opinion of the market value of the fee simple interest of the subject property as of the 25th day of May , 20 23 , is: SIX HUNDRED SIXTY-EIGHT THOUSAND DOLLARS ($668,000)

LAND AREA: (Ac/SF) 6.68 Ac.

Land Use (HABU as vacant): Multifamily Residential

June 6, 2023

DATE DAVID K. HALL, ASA

State-Certified General Real Estate Appraiser RZ1314

South Carpenter Avenue Parcels Orange City, Florida

ADDENDUM TO CERTIFICATE

• I hereby certify that, to the best of my knowledge and belief, the statements of fact contained in this report are true and correct. This report was prepared in conformity with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation, and the Principles of Appraisal Practice and Code of Ethics of the American Society of Appraisers.

• The American Society of Appraisers has a mandatory re-certification program for all of its Senior Members. Mr. Hall is in compliance with that program.

• The following individual provided significant professional assistance to the under-signed real estate appraiser.

Craig S. Adams, State-Certified General Real Estate Appraiser RZ665.

Mr. Adams assisted the appraiser in field inspections of the subject and comparable properties, collection and analysis of comparable sales and rentals, data verification, valuation analysis and report writing.

Date David K. Hall, ASA State-Certified General Real Estate Appraiser RZ1314

BULLARD, HALL & ADAMS, INC.

Appraisers – Consultants

DAVID K. HALL, ASA

President, State-Certified General Real Estate Appraiser RZ1314

CRAIG S. ADAMS

Vice-President, State-Certified General Real Estate Appraiser RZ665

1144 Pelican Bay Drive Daytona Beach, Florida 32119

386/788-3770

FAX: 386/788-7995

E-Mail: Info@BHAFL.com

Administrative Specialist, County of Volusia Facility Management 3811 Tiger Bay Road Daytona Beach, Florida 32124-1063

RE: Appraisal of Lots 10-16, Block C; Lots 1-8 & 10-16, Block D, Magnolia Park 2nd

Addition, Map Book 23, Page 114 And Lot 19, Block 30, Assessor’s Subdivision of Orange City, Map Book 3, Page 86; Orange City, Volusia County, Florida;

Owner – C & S Homes, Inc.; Our Project No. 23-06.

Ms. Gilmore-Laverriere:

In accordance with your request, I have appraised the above-referenced parcel for the purpose of rendering an opinion of the market value of the fee simple interest of the subject property. It is my understanding that the function and intended use of this appraisal will be for purchase negotiations.

This Appraisal Report as requested by Volusia County is intended to comply with the reporting requirements set forth under Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice.

It is my opinion that the market value of the fee simple interest of the subject prop-erties, as of May 25, 2023, was:

SIX HUNDRED SIXTY-EIGHT THOUSAND DOLLARS

($668,000)

The legal description and valuation discussions are included in the report. The report also includes the definition of market value, underlying assumptions and limiting condi-tions, and qualifications of the appraisers.

mailto:Info@BHAFL.com

I trust that this report is sufficient for your purposes. If I can furnish additional infor-mation, please contact me.

Yours very truly, David K. Hall, ASA State-Certified General Real Estate Appraiser RZ1314

DKH/jaj

Attachment: Appraisal Report

110 TABLE OF CONTENTS

Page #

100 CERTIFICATE OF VALUE

LETTER OF TRANSMITTAL

110 TABLE OF CONTENTS

115 QUALIFYING AND LIMITING CONDITIONS

120 SUMMARY OF SALIENT FACTS AND CONCLUSIONS

130 TYPE OF REPORT FORMAT

140 PURPOSE, INTENDED USE, INTENDED USER OF THE APPRAISAL

150 DEFINITION OF MARKET VALUE

160 PROPERTY RIGHTS (INTEREST) APPRAISED

175 SCOPE (EXTENT OF PROCESS OF COLLECTING, CONFIRMING AND

REPORTING DATA)

180 APPRAISAL PROBLEM

200 IDENTIFICATION OF PROPERTY AND LEGAL DESCRIPTION

220 DESCRIPTION OF AREA AND NEIGHBORHOOD

230 DESCRIPTION OF PROPERTY, PHOTOGRAPHS AND SKETCHES

PHOTOGRAPHS

PARCEL SKETCH

PHOTO ARROW SKETCH

AERIAL MAP

SUBJECT LOCATION MAP

240 ZONING, LAND USE PLAN, CONCURRENCY

250 ASSESSED VALUE, TAXES, & SPECIAL ASSESSMENTS

260 HISTORY OF PROPERTY

270 EXPOSURE TIME

280 PUBLIC AND PRIVATE RESTRICTIONS

300 HIGHEST AND BEST USE ANALYSES

302 Highest and Best Use Conclusion

305 APPROACHES TO VALUE USED AND EXCLUDED

310 LAND VALUATION

315 THE COST APPROACH

335 SALES COMPARISON APPROACH

360 THE INCOME CAPITALIZATION APPROACH

390 RECONCILIATION OF VALUE INDICATIONS AND FINAL VALUE

OPINION

395 ALLOCATION OF LAND, SITE IMPROVEMENTS, STRUCTURES, &

OTHER IMPROVEMENTS

A D D E N D U M

GENERAL AREA DATA

LAST DEEDS OF RECORD

VACANT SALES LOCATION MAP

SALES DATA SHEETS

FLOOD MAP

ZONING ORDINANCE

APPRAISERS’ QUALIFICATIONS

ASSUMPTIONS AND LIMITING CONDITIONS

115 QUALIFYING AND LIMITING CONDITIONS

A survey of the subject was not provided. The size of the parent tract is from the listing information furnished. If a survey is provided at a later date, the size should be revised to reflect the updated information.

There are no other qualifying and limiting conditions that will affect the analyses, opinions, and conclusions. The general assumptions and limiting conditions can be found in the Ad-dendum of this report.

120 SUMMARY OF SALIENT FACTS AND CONCLUSIONS

OWNER OF RECORD: C & S Homes, Inc.

710 West New York Avenue DeLand, Florida 32720

PROPERTY LOCATION: East side of South Carpenter Avenue, south of Ohio

Avenue, Orange City, Volusia County, Florida

INSPECTION DATE(S): May 25, 2023

EXTENT OF INSPECTION: The land was inspected from the interior and exterior.

SIZE OF LAND: 6.68 Acres (290,981 Square Feet)

DATE OF VALUE: May 25, 2023

ZONING: R-2, Medium Density Residential, and R-3, High

Density Residential (Orange City)

PRESENT USE: Vacant land

HIGHEST AND BEST USE: As Vacant – Multifamily residential development As Improved – N/A

RIGHTS OR INTERESTS

APPRAISED: Market value of the fee simple interest for the subject property

CLIENT/INTENDED USERS OF

THE APPRAISAL REPORT: Volusia County (the client) and other agents of the

County

130 TYPE OF REPORT FORMAT

This Appraisal Report, as requested by Volusia County, complies with the reporting require-ments set forth under Standard Rule 2-2(a) of the Uniform Standards of Professional Ap-praisal Practice.

140 PURPOSE, INTENDED USE, INTENDED USER OF THE APPRAISAL

The purpose of the appraisal is to develop and report an opinion of market value. The in-tended use of the appraisal is for Volusia County to use as a basis for establishing purchase negotiations for the property. The intended user of the appraisal is Volusia County.

150 DEFINITION OF MARKET VALUE

“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 rea-sonable 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 assum-ing that neither is under undue duress.”

The preceding market value definition is found in The Appraisal of Real Estate, 14th ed.

(Chicago: Appraisal Institute, 2013, 58-60.

Inherent in the willing buyer-seller test of the fair market value are the following:

1. A fair sale resulting from fair negotiations.

2. Neither party acting under compulsion of necessity (this eliminates forced liquidation or sale at auction). Economic pressure may be enough to preclude a sales use.

3. Both parties having knowledge of all relevant facts.

4. A sale without peculiar or special circumstances.

5. A reasonable time to find a buyer.

160 PROPERTY RIGHTS (INTEREST) APPRAISED

This appraisal renders an opinion of the market value of the fee simple interest for the subject property.

There are no non-realty items appraised.

175 SCOPE (EXTENT OF PROCESS OF COLLECTING, CONFIRMING AND

REPORTING DATA)

The appraisal process is an orderly program in which the data used in the valuation of the subject property is gathered, analyzed, and presented in report form. The scope of the ap-praisal is the extent of the process of collecting, confirming, and reporting data. The extent to which the market is researched is contingent upon the type of property included in the appraisal assignment.

The parent tract is a vacant, 6.68 acre property made up of 23 individual lots (10 Volusia County parcel identification numbers), on 3 separate blocks, and divided by 2 platted but undeveloped streets.

In arriving at the conclusions of highest and best use, the appraisers considered the neigh-borhood improvements and researched the future land use plan, as well as the zoning code for Volusia County.

The market search was restricted to Volusia County because the value of real estate is local in nature and sales from other areas would not be applicable. The information contained in the General Area and Neighborhood Discussions was furnished from sources thought to be reliable.

The opinion of value of the land is developed using the Sales Comparison Approach. To apply this appraisal technique, I investigated the real estate market and searched for sale properties comparable to the subject. During this process, I became familiar with the real estate market and market conditions as of the effective date of valuation.

I inspected the subject property and studied maps and photographs depicting the property.

The sales used in direct comparison were inspected by David K. Hall. The sales were ver-ified and analyzed. This information was compiled to prepare the appraisal report.

180 APPRAISAL PROBLEM

The appraisal problem is to provide an opinion of the market value for the fee simple interest of the subject project.

The parent tract is a vacant, 6.68 acre property made up of 23 individual lots (10 Volusia County parcel identification numbers), on 3 separate blocks, and divided by 2 platted but undeveloped streets.

200 IDENTIFICATION OF PROPERTY AND LEGAL DESCRIPTION

The parent tract is on the east side of South Carpenter Avenue, one-half block south of Ohio Avenue, Orange City, Volusia County, Florida.

The parent tract is vacant land with no known street address.

The legal description for the parent tract can be found in the Last Deeds of Conveyance (O.R.

Book 4061, Page 4503; O.R. Book 4115, Page 3625; and O.R. Book 5789, Page 3193) in the Addendum of this report.

220 DESCRIPTION OF AREA AND NEIGHBORHOOD

GENERAL AREA DATA

A lengthy description of the area can be found in the Addendum of this report.

NEIGHBORHOOD DISCUSSION

The neighborhood is the city of Orange City and the surrounding unincorporated area. The neighborhood boundaries can be further described as I-4 to the east, the city of DeBary to the south, the St. Johns River to the west, and Orange/Camp Road/McGregor Road to the north. Within the neighborhood, there are three I-4 interchanges; Orange Camp Road along the north line, SR-472 in the central portion, and Saxon Boulevard to the south.

The main north/south roads from east to west include I-4, Martin Luther King Beltway, and US-17/92. The main east/west roads from south to north are Saxon boulevard, Graves Ave-nue, SR-472, and Orange Camp Road/McGregor Road.

NEIGHBORHOOD MAP

Subject

230 DESCRIPTION OF PROPERTY, PHOTOGRAPHS AND SKETCHES

Property Type

Multifamily

Existing Use

Vacant land

Land

Area, Shape, Dimensions

The parent tract is divided into three parts, separated by platted, but unimproved, roads. The subject consists of portions of Blocks C and D within Magnolia Park 2nd Addition and a portion of Lot 19, Block 30 within Assessor’s Subdivision of Orange City.

According to the Plat Map of Magnolia Park 2nd Addition, Lots 10-16, Block C measures 525 feet along the north and south lines and 138 feet along the east and west lines. It contains

1.660 acres, more or less, with no frontage on an improved road.

The Plat Map of Magnolia Park 2nd Addition, Lots 1-8 and 10-16, Block D measures 135 feet of frontage along South Carpenter Avenue, 606.18 feet along the north line, 270 feet along the east line, and 525 feet along the south line. It contains 3.520 acres more or less.

The south portion of the parent tract is a portion of Lot 19 on Block 30 of the Assessor’s Subdivision of Orange City. It is “L” shaped and measures 120± feet along the north line, 330± feet along the west line, and 330 feet along the south line. The Volusia County Property Appraiser’s office estimates the size at 1.500 acres, more or less.

The parent tract contains a total of 6.68 acres, more or less. Please see the Parcel Sketch for dimensions and orientation.

Ingress/Egress

There is no improved access to the parent tract.

Topography

The topography is relatively level and near road grade.

Floodplain, Drainage

The Flood Insurance Rate Map (FIRM) #12127C0610J, dated February 19, 2014, indicates that the parent tract is in Zone X, areas of minimal flood hazard. Drainage appears ade-quate.

Utilities On Site

Electricity and telephone are available to the site. This vacant parcel does not currently have water and sewer.

Utilities Available

Electricity is available from Duke Energy. Telephone service is available from numerous service providers. There is an existing water main on the east side of South Carpenter Av-enue. The closest sewer available is at South Carpenter Avenue and Rhode Island Avenue (approximately 1,500 feet).

Site Improvements

There are no site improvements of value on the subject property.

Easements, Encroachments, or Restrictions

There are no known easements, encroachments, or restrictions that have a negative impact on the subject.

Building Improvements

There are no building improvements of value on the subject property.

Other Pertinent Features

None observed

PHOTOGRAPHS OF SUBJECT

Photographs Taken By:

David K. Hall May 25, 2023

1. LOOKING SOUTH AT THE FRONTAGE ALONG

SOUTH CARPENTER AVENUE

2. LOOKING SOUTHEAST AT THE SUBJECT

PHOTOGRAPHS OF SUBJECT

Photographs Taken By:

David K. Hall May 25, 2023

3. LOOKING EAST TOWARDS THE PLATTED, BUT

UNIMPROVED, STREET AT THE SOUTH END

4. LOOKING NORTHEAST AT THE SUBJECT

PARCEL SKETCH

±210’

±1 25 ’

FOR VISUAL AID

NOT TO SCALE

±3

±330’

±120’

8’

0’

525’

606.18’

525’

5’

Ohio Avenue

S C ar pe nt er

A ve nu e

±2

PHOTO ARROW SKETCH

±210’

±1 25 ’

FOR VISUAL AID

NOT TO SCALE

±3

±330’

±120’

0’

606.18’

525’

5’

Ohio Avenue

S C ar pe nt er

A ve nu e

±2

AERIAL MAP

SUBJECT LOCATION MAP

SUBJECT

240 ZONING, LAND USE PLAN, CONCURRENCY

The parent tract is zoned a combination of R-2, Medium Density Residential, and R-3, High Density Residential, by Orange City.

“Intent. The R-2 district provides for residential development of medium density up to eight dwelling units per acre in older areas of the city consistent with the RM future land use designation of the comprehensive plan.”1

“Intent. The R-3 district provides for high density residential developments near major streets and in older areas having adequate urban services with densities up to 12 dwelling units per acre consistent with the RH future land use designation of the comprehensive plan.”2

Copies of the R-2 and R-3 zoning ordinances showing the dimensional standards and re-quirements are in the Addendum. There are no current plans to change the zoning.

The future land use plan for Orange City designates the parent tract as RM, Residential Medium, up to 8 dwelling units per acre; and RH, Residential High, up to 12 dwelling units per acre. The zoning and future land use plan are consistent.

The concurrency review process considers the impact a proposed use will have on the lev-els of service for roadways, schools, water, sewer, solid waste, drainage, parks and recrea-tion, etc. The subject is vacant land and concurrency is not a factor.

250 ASSESSED VALUE, TAXES, & SPECIAL ASSESSMENTS

Parcel ID No.: 18-30-11-08-30-0190 Year: 2022 Land: $15,597 Authority: Volusia County Improvement Value: $0 Taxes: $116.60 Just Value: $15,597 (Paid 11/30/22) Non-School Assd: $2,444 Exemptions: $0 Taxable: $2,444

1 Orange City, Florida – Code of Ordinances / Appendix A – Land Development Code / Chapter 8 – Zoning Regulations; Section 8.6.

– District Regulations; 8.6.5. Medium Density Residential (R-2).

2 Orange City, Florida – Code of Ordinances / Appendix A – Land Development Code / Chapter 8 – Zoning Regulations; Section 8.6.

– District Regulations; 8.6.6. High Density Residential (R-3).

Parcel ID No.: 18-30-10-17-04-0030 Year: 2022 Land: $15,288 Authority: Volusia County Improvement Value: $0 Taxes: $127.83 Just Value: $15,288 (Paid 11/30/22) Non-School Assd: $3,354

Taxable: $3,354

Parcel ID No.: 18-30-10-17-04-0050 Year: 2022 Land: $16,464 Authority: Volusia County Improvement Value: $0 Taxes: $134.03 Just Value: $16,464 (Paid 11/30/22) Non-School Assd: $3,354

Taxable: $3,354

Parcel ID No.: 18-30-10-17-04-0070 Year: 2022 Land: $6,615 Authority: Volusia County Improvement Value: $0 Taxes: $48.64 Just Value: $6,615 (Paid 11/30/22) Non-School Assd: $979

Taxable: $979

Parcel ID No.: 18-30-10-17-04-0080 Year: 2022 Land: $25,272 Authority: Volusia County Improvement Value: $0 Taxes: $363.24 Just Value: $25,272 (Paid 11/30/22) Non-School Assd: $16,299

Taxable: $16,299

Parcel ID No.: 18-30-10-17-04-0100 Year: 2022 Land: $6,615 Authority: Volusia County Improvement Value: $0 Taxes: $48.64 Just Value: $6,615 (Paid 11/30/22) Non-School Assd: $979

Taxable: $979

Parcel ID No.: 18-30-10-17-03-0100 Year: 2022 Land: $20,081 Authority: Volusia County Improvement Value: $0 Taxes: $144.92 Just Value: $20,081 (Paid 11/30/22) Non-School Assd: $2,368

Taxable: $2,368

Parcel ID No.: 18-30-10-17-03-0130 Year: 2022 Land: $12,495 Authority: Volusia County Improvement Value: $0 Taxes: $93.98 Just Value: $12,495 (Paid 11/30/22) Non-School Assd: $1,999

Taxable: $1,999

Parcel ID No.: 18-30-10-17-03-0150 Year: 2022 Land: $11,603 Authority: Volusia County Improvement Value: $0 Taxes: $89.28 Just Value: $11,603 (Paid 11/30/22) Non-School Assd: $1,999

Taxable: $1,999

Parcel ID No.: 18-30-10-17-04-0010 Year: 2022 Land: $14,112 Authority: Volusia County Improvement Value: $0 Taxes: $121.65 Just Value: $14,112 (Paid 11/30/22) Non-School Assd: $3,354 Exemptions: $0 Taxable: $3,354

The Ad-Valorum assessments are based upon mass appraisal techniques, whereas this is an individual appraisal assignment.

260 HISTORY OF PROPERTY

Subject property has sold within the last 5 years Yes [ ] No [ X ]

Last deed of record:

Grantor:

Grantee:

Date:

OR Book/Page:

Consideration:

Confirmation:

Type of Instrument:

Condition of Sale:

Comments:

Judith Gabbai a/k/a Judy Gabbai, as Personal Representative C & S Homes, Inc.

December 6, 1995 4061-4503 Minimum documentary stamps Public records Personal Representative’s Deed Unknown This sale is remote in time and not applicable to the appraisal analysis.

Grantor:

Grantee:

Date:

OR Book/Page:

Consideration:

Confirmation:

Type of Instrument:

Lloyd E. Lamb, as Trustee

June 11, 1996 4115-3625 Minimum documentary stamps Public records Warranty Deed Unknown

Grantor:

Grantee:

Date:

OR Book/Page:

Consideration:

Confirmation:

Type of Instrument:

Kelli J. Caves and Rebecca J. Campbell

March 6, 2006 5789-3193 $12,000 Public records Warranty Deed Unknown

270 EXPOSURE TIME

Exposure time precedes the effective date of the appraisal. USPAP 2020-2023 Edition de-fines exposure time as follows:

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

The value for the parent tract is based on a reasonable exposure time of 12 months.

280 PUBLIC AND PRIVATE RESTRICTIONS

There are no known easements, encroachments, or restrictions that have a negative impact on the subject.

The only known governmental restrictions are those of zoning, land use, and concurrency.

No private restrictions were noted.

300 HIGHEST AND BEST USE ANALYSES

Is same as [ ], different from [ X ] present use

PRESENT USE: Vacant land

ZONING: R-2, Medium Density Residential, and

R-3, High Density Residential (Orange City)

HIGHEST AND BEST USE: Land vacant – Multifamily residential development As Improved – N/A

In the 6th Edition of The Dictionary of Real Estate Appraisal, the Appraisal Institute defines highest and best use as:

"The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity."

The highest and best use of both land, as vacant, and the property, as improved, must meet four criteria. The highest and best use must be: 1) Physically possible, 2) Legally permis-sible, 3) Financially feasible, and 4) Maximally productive. These criteria are usually con-sidered sequentially so that the uses considered for each item must have conformed to the preceding requirement.

The highest and best use of the land, as vacant, considers what use should be made of the land, what type of improvements should be constructed, and when. The purpose of deter-mining the highest and best use of land, as vacant, is to identify a site's potential use, which governs its value.

The purpose of determining the highest and best use of property as improved is to identify the use that is expected to produce the greatest overall return on the capital investments, and to help the appraiser select comparable properties. The highest and best use of the property as improved must conform to the same criteria as the value of the land as vacant.

The Four Criteria are as follows:

Physically Possible

The size, shape, terrain, soil conditions, topography, and access affect the physical utility and adaptability of the land and improvements.

Legally Permissible

The legal restraints of zoning, deed restrictions, easements, building codes, and environ-mental regulations affect the value and utility of the land and improvements.

Financially Feasible

One or more of the uses that meet the first two criteria are the most financially feasible.

These uses should produce returns that exceed the income required to satisfy operating expenses and debt service. The most financially feasible use to the real estate is generally the long term use that would produce the greatest return on equity and repay the capital outlay.

Maximally Productive

The use that produces the highest price, or value, consistent with the rate of return war-ranted by the market is the maximally productive use.

APPLICATION TO THE SUBJECT

The parent tract is a vacant, 6.68 acre property made up of 23 individual lots (10 Volusia County parcel identification numbers), on 3 separate blocks, and divided by 2 platted but undeveloped streets.

The parent tract has the potential to close all or portions of the two-street right of ways that divide the subject into three parts. This would increase the size and the development poten-tial.

Land As Vacant

Physically Possible

The parent tract is a vacant, 6.68 acre property made up of 23 individual lots (10 Volusia County parcel identification numbers), on 3 separate blocks, and divided by 2 platted but undeveloped streets. The platted, but unimproved, streets would need to be vacated prior to development. Conversations with Orange City officials indicate that there are no plans to improve these streets, and therefore, vacating these streets is feasible. Sewer would have to be extended north approximately 1,500 feet before multifamily development could occur.

Multifamily residential development of the land is physically possible.

Legally Permissible

The land is zoned a combination of R-2, Medium Density Residential (up to 5 units per acre), and R-3 High Density Residential (up to 12 units per acre), by Orange City. The future land use plan for Orange City designates the site as Residential Medium and Resi-dential High. The zoning and the future land use plan are consistent and allow a variety of residential uses. Multifamily residential development of the land, as vacant, is legally per-missible.

Financially Feasible

The parent tract is west of commercial properties and a mobile home park on US-17/92 (South Volusia Avenue) and single family residences and cemeteries to the north, south, and west of the property. Multifamily residential development of the land, as vacant, is financially feasible.

Maximally Productive

The prior discussions indicate that the maximally productive and highest and best use of the land, as vacant, is for multifamily residential development.

Property As Improved

The parent tract is vacant land and the highest and best use, as improved, is not applicable.

302 Highest and Best Use Conclusion

The maximally productive and highest and best use of the parent tract, as vacant, is for multifamily residential development.

The maximally productive and highest and best use of the subject, as improved, is not applicable.

305 APPROACHES TO VALUE USED AND EXCLUDED

Approaches Excluded:

[ ] Sales Comparison, [ X ] Cost, [ X ] Income Capitalization

The Cost, Sales Comparison (as improved), and Income Capitalization Approaches are not applicable since only land is being valued.

The Sales Comparison Approach is used to render an opinion of the value of the land, as vacant.

310 LAND VALUATION

The land value analysis utilizes the Sales Comparison Approach. The Sales Comparison (Land Valuation) is based upon the Principle of Substitution. The premise is that an in-formed purchaser would pay no more for a property than the cost to purchase another of equal utility. In the Sales Comparison Approach, sales of similar or comparable properties are analyzed and compared to the subject taking into consideration differences and simi-larities in the date of sale, age, location, physical characteristics, conditions influencing the sale, etc. After giving consideration to the differences between each sale and the subject, a value range is indicated and correlated into the total opinion of value by this approach.

There are three basic steps to the Sales Comparison Approach which are shown as follows:

1. Locate comparable properties that have recently sold.

2. Analyze and compare each to the subject, taking into consideration any dissim-ilarity between them and the subject.

3. Provide an opinion of value for the subject based on the sale’s relative similari-ties, dissimilarities, and analyses thereof.

The parent tract is a vacant, 6.68 acre property made up of 23 individual lots (10 Volusia County parcel identification numbers), on 3 separate blocks, and divided by 2 platted but undeveloped streets.

A diligent search was made in the project area and general area for vacant land sales that are similar to the property being appraised. This investigation disclosed three sales of prop-erties similar to the subject. Each of the sales utilized in direct comparison would be an alternative for the subject property to a potential buyer. The following tabulation contains the pertinent data obtained from each sale. Detailed sale data sheets, photographs, and deeds describing each transaction have been included in the Addendum.

Sale 8123-2124 occurred on September 17, 2021, and is on the west side of South Volusia Avenue (US-17/92), south of Shady Lane, Orange City, Volusia County, Florida. This

2.462 acre site sold for $340,000 or $138,099 per acre. The site was vacant at the time of my inspection. The site is zoned MX, Mixed Use, by Orange City.

Sale 8270-4226 occurred on June 3, 2022, and is at the northeast corner of East New York Avenue (SR-44) and North Hill Avenue, DeLand, Volusia County, Florida. This 2.51 acre site sold for $259,000 or $103,187 per acre. The site was vacant at the time of my inspec-tion. The site is zoned PD, Planned Development, by DeLand. The land is a portion of The Lofts PD, a townhouse project. The parcel to the north was improved with the first phase of this project in 1987. All the plans and permits for the remainder of this project have expired.

Sale 8278-3646 occurred on June 28, 2022, and is at the southwest corner of East Ohio Avenue and South Leavitt Avenue, Orange City, Volusia County, Florida. This 9.09 acre site sold for $1,075,000 or $118,262 per acre. The site was vacant at the time of my inspec-tion. The site is zoned RS-3, High Density Residential, by Orange City. The grantee plans to construct a 109-unit apartment complex on the site.

The normal items of comparison are discussed following the chart.

SALES COMPARISON APPROACH

Sale 8123-2124

Sale 8270-4226

Sale 8278-3646

Sale Date 9/17/21 6/3/22 6/28/22 Acre Size 6.68 2.462 2.51 9.09

Sale Price $340,000 $259,000 $1,075,000 Price/Acre $138,099 $103,187 $118,262

Zoning R-2 & R-3 MX PD R-3 Road Frontage S Carpenter Ave US-17/92 SR-44 (New York

Ave) & Hill Ave E Ohio Ave & Leavitt Ave

Cash Equiv. Adj.

Cash Equiv. Price

$138,099

$103,187

$118,262

Condition of Sale Condition Adj. Price

$138,099

$103,187

$118,262

Market Conditions Adjustment Market Conditions Adjusted Price

$138,099

$103,187

$118,262

Other Adjustments Size - - - Location -10% - - Topography - + 5% - Zoning - 5% - - Shape/Depth - 5% - 5% - 5% Utilities -10% -10% -10% Unit Price Net Adjustment

$138,099 -30%

$103,187 -10%

$118,262 -15%

Adjusted Price $ 96,669 $ 92,868 $100,523

Adjustments

It is desirable to support adjustments for normal items of comparison with sale-on-sale/re-sale comparisons. A diligent search did not reveal a sufficient number of sales in the market to prove or disprove such adjustments. Realtors, developers, appraisers, and other persons knowledgeable in the real estate field are aware that the market recognizes differences (usually minor) between parcels even though they cannot be proven mathematically/statis-tically. Adjustments should be made for these differences even though they cannot be proven. These differences will be discussed briefly with a logical explanation for the minor adjustments.

Cash Equivalency

All of the sales were purchased cash to the seller. There were no other funding vehicles found that would indicate an advantage to the buyer or seller.

Condition of Sale Discussion

There were no extraordinary conditions of sales for any of the sales and no adjustments are indicated.

Market Conditions Discussion

The sales occurred between September 2021 and June 2022 and are relatively recent. An intracomparison of the sales does not indicate a measurable adjustment over this period for market conditions.

Size Discussion

It is generally accepted in the real estate profession that smaller parcels sell for a higher unit price than larger parcels, all other things being equal. The parent tract contains 6.68 acres.

The sales contain 2.462 acres, 2.510 acres, and 9.090 acres respectively and are considered similar to the subject for size. No adjustments to the sales are indicated.

Location Discussion

The parent tract is on the east side of South Carpenter Avenue, south of West Ohio Avenue, and west of US-17/92 in Orange City. Sale 8270-4226 is at the northeast corner of East New York Avenue (SR-44) and North Hill Avenue in DeLand. This is a mixed use area east of downtown and is similar to the subject for location. Sale 8278-3646 is at the corner of East Ohio Avenue and South Leavitt Avenue, east of US-17/92 in Orange City. This sale is in close proximity to the subject and is similar for location. No adjustment are indi-cated.

Sale 8123-2124 is on South Volusia Avenue (US-17/92), south of Shady Lane in Orange City. This is a mixed use area with more commercial influences than the subject and is superior to the parent tract for location. The market would recognize a downward 10 per-cent adjustment to this sale as reasonable.

Topography Discussion

The parent tract and the sales, except Sale 8270-4226, have rolling topography but no wet-lands. They are similar in topography and no adjustments are indicated.

Sale 8270-4226 has a depressed area in the northeast corner that is encumbered with a drainage easement. This sale is inferior to the parent tract for topography and an upward 5 percent adjustment is reasonable.

Zoning Discussion

The parent tract and the sales, except Sale 8123-2124, are zoned for multifamily use and are similar for zoning. No adjustments are indicated.

Sale 8123-2124 is zoned for mixed use development and is superior to the subject. A down-ward 5 percent adjustment for zoning would be supported by the market.

Shape/Depth Discussion

The parent tract is divided by platted, but unimproved, streets that would need to be vacated prior to development. The sales are all regularly shaped and are superior to the subject. A downward 5 percent adjustment to each of the sales for shape is reasonable.

Utilities Discussion

The subject has water available but sewer is approximately 1,500 feet to the south and would require an extension prior to development. The sales all have electricity, telephone, public water, and sewer available and are superior for utilities. A downward 10 percent adjustment to each of the sales would be supported by the market.

Reconciliation

The sales indicate adjusted unit prices of $96,699, $92,868, and $100,523 per acre. After consideration of the above discussions and other sales in the area, it is my opinion that the market value of the parent tract, as of the date of value, is $100,000 per acre. Land value calculations are as follows.

Land Classification Area Unit Value Total Value

Multifamily Residential 6.68 Acres @

$100,000/Acre =

$668,000

TOTAL FOR LAND $668,000

Building and Site Improvements

There are no building or site improvements of value on the subject property.

315 THE COST APPROACH

The Cost Approach is not applicable since only land is being valued.

335 SALES COMPARISON APPROACH

The Sales Comparison Approach (as improved) is not applicable since only land is being valued.

360 THE INCOME CAPITALIZATION APPROACH

The Income Capitalization Approach is not applicable since only land is being valued.

390 RECONCILIATION OF VALUE INDICATIONS AND FINAL VALUE OPINION

Cost Approach N/A

Sales Comparison Approach $668,000

Income Capitalization Approach N/A

The Cost, Sales Comparison (as improved), and Income Capitalization Approaches are not applicable since only land is being valued.

The Sales Comparison Approach (land) is used to render an opinion of the value of the land, as vacant.

395 ALLOCATION OF LAND, SITE IMPROVEMENTS, STRUCTURES, &

OTHER IMPROVEMENTS

It is my opinion that the market value of the land, at the date of value, was:

SIX HUNDRED SIXTY-EIGHT THOUSAND DOLLARS

($668,000)

A D D E N D U M

GENERAL AREA DATA

Central Florida

The Central Florida area consists of Osceola, Seminole, Orange, Brevard, Volusia, and Lake Counties. In the chart below, the 2000 and 2010 population estimates are from the U.S. Census via CensusViewer, the 2018 and 2020 population estimates are from the Uni-versity of Florida Bureau of Economic and Business Research, and the 2022 population estimates are from the Florida Legislature Office of Economic and Demographic Research.

2000 2010 2018 2020 2022

Osceola 172,493 268,685 352,496 387,055 424,946

Seminole 365,196 422,719 463,560 476,727 484,054

Orange 896,344 1,145,958 1,349,597 1,415,260 1,481,321

Brevard 476,230 543,376 583,562 606,671 627,544

Volusia 443,343 494,593 531,062 551,588 572,815

Lake 210,528 297,052 342,917 366,742 403,857

Totals 2,564,134 3,172,383* 3,623,194** 3,804,043*** 3,994,537

* 23.7% Increase Between 2000 and 2010 ** 14.2% Increase Between 2010 and 2018 *** 19.9% Increase Between 2010 and 2020 **** 5.00% Increase Between 2020 and 2022

Metropolitan Orlando is the economic and cultural core of the Central Florida area and consists of Orange, Seminole, Osceola, and Lake Counties.

The highway accessibility is excellent. Interstate 4 runs northeast/southwest through the mid section of the area and connects with I-95 at Daytona Beach and I-75 near Tampa. The Florida Turnpike runs in a general northwest/southeast direction and connects with Miami to the southeast and I-75 to the northwest. There are numerous federal highways, state highways, and local arteries that provide convenient access to specific points within the area. The Central Florida Expressway Authority and the FDOT Turnpike District combine with a number of expressway toll roads that provide more convenient intra-area accessibil-ity.

Sunrail provides service from DeBary in Volusia County through Downtown Orlando to Poinciana in Osceola County. Lynx and Votran bus systems also service the various Sunrail stations and the Greater Orlando Area.

Rail transportation is by CSX Railroad and Amtrak. Bus transportation is available via Greyhound. There are more than 25 common carrier truck lines.

Global air transportation is available from the Orlando International Airport in Orange County and the Orlando Sanford International Airport in Seminole County. The Orlando Executive Airport, near downtown Orlando, is popular for corporate and private aircraft.

The average temperature is approximately 72 degrees, and the climate is characterized by warm summers and mild winters. The theme park attractions (including Walt Disney World, Disney’s Hollywood Studios, Universal Studios, Sea World, and others) combined with the favorable weather, make the Orlando Metropolitan Area a favorite worldwide tourist destination.

The public education system is excellent. High schools in Orange and Seminole Counties have achieved top ten ratings in the United States on several occasions. The population expansion in the Central Florida area has caused many new schools to be constructed in a relatively short time. State supported education includes several state colleges (formerly community colleges) and the University of Central Florida in the area. Private universities include Rollins College in Winter Park and Stetson University in nearby DeLand.

The economic base of the area has changed over the years. Historically, the area was known for its prime citrus groves and cattle grazing. The defense industry giant, Martin Marietta, and other smaller plants contributed to the employment base. The reduction in defense spending has caused this industry to downsize and convert to other efforts. The opening of Walt Disney World in 1971 was the impetus for the change to a more diversified economy where tourism is a major force.

Orlando is famous worldwide as the home of Disney World, Universal and Disney’s Hollywood Studios, Sea World, and other major attractions, which have spawned other minor attractions and tourist accommodations. The tremendous benefit from all of these jobs has resulted in a great demand for housing and related commercial/industrial activities.

The unemployment rate is generally below the state average.

Lake, Osceola, and Seminole Counties are governed by county commissions with members elected in a countywide election. Orange County has a mayor elected countywide and six single member districts for council seats. The cities typically have a mayor/council form of government. These forms of government have been successful and are generally ac-cepted by the local populace.

The local governments in the Orlando MSA have various zoning ordinances and land use plans. Future land use guidelines are enacted with the consent of the state to oversee future growth. The governing bodies within the area have a variety of impact and developmental fees. New development requires a concurrency review to measure its impact on all services including sewer, water, transportation, and schools before permits can be issued. The con-currency review is intended to help contain urban sprawl.

The Orlando Business Journal (June 4, 2020) compiles numerous rankings for local area business. This is the source for the “Top Employers,” the “Top Publicly Traded Compa-nies,” and the “Golden 100: Top Privately Held Companies” shown on following pages.

LAST DEEDS OF RECORD

VACANT SALES LOCATION MAP

8123-2124

8278-3636

8270-4226

SALE NO.: 8123-2124

USE CODE: 10

SALES DATA SHEET

VOLUSIA COUNTY, FLORIDA

SALE NUMBER: 8123-2124

(A) RECORDING DATA: COUNTY O.R. BOOK/PAGE: 79-8123-2124

(B) GRANTOR: Aladdin Shivji and Yvonne Shivji, husband and wife

(C) GRANTEE: Amaning Real LLC

(D) DATE OF TRANSACTION: September 17, 2021

(E) DATE INSPECTED: May 25, 2023

(F) SIZE/TOPOGRAPHY/FLOODPLAIN/WETLAND INFORMATION:

Land Dimensions: 165’ x 650’ Total Land Area: 2.462 acres (107,250 square feet)

(G) CONSIDERATION: $340,000

(H) UNIT PRICE: $138,099/acre

(I) TYPE OF INSTRUMENT: Warranty Deed

(J) TAX IDENTIFICATION/FOLIO NO.: 8015-10-04-0030 (Volusia County)

(K) PROPERTY LOCATION: 2525 South Volusia Avenue, south of Shady Lane, Orange City, Volusia County, Florida

(L) ZONING: MX, Mixed Use (Orange City)

(M) PRESENT USE: Vacant land

(N) HIGHEST AND BEST USE AT TIME OF TRANSACTION: Mixed Use

(O) CONDITION OF TRANSACTION: Arm’s length

(P) FINANCING: Cash to seller

(Q) ENCUMBRANCES: None known that would affect the overall value of the property.

(R) TYPE OF IMPROVEMENTS: Vacant land

(S) UTILITIES, OR DISTANCE TO UTILITIES: Electricity, telephone, public water, and sewer are available to the site.

(T) VERIFIED WITH:

NAME: Mike Palombi DATE: 6/1/23 RELATIONSHIP: Listing Agent By: David K. Hall

(U) PERTINENT SALES INFORMATION: The financing had no effect on the sale price.

(V) REMARKS:

This is the sale of a vacant, 2.462 acre parcel at 2525 South Volusia Avenue. The site has a rolling topography and is near road grade overall. The land was zoned for mixed use and was purchased as an investment. The zoning allows retail, professional office, mini-storage, churches, day care, adult living facilities, etc. This is a mixed use area with retail, office, churches, and multifamily units.

Lake Toho-pekaliga

SALE NO. 79-8123-2124

FOR VISUAL AID SALE NO. 79-8123-2124

NOT TO SCALE

Photo Taken on 5/25/23 by David K. Hall

Shady Lane

East Lake Tohopekaliga

SALE NO.: 8270-4226

USE CODE: 0

SALE NUMBER: 8270-4226

(A) RECORDING DATA: COUNTY O.R. BOOK/PAGE: 79-8270-4226

(B) GRANTOR: Maforte Investment LLC

(C) GRANTEE: Protcap, LLC and Trw Usa LLC

(D) DATE OF TRANSACTION: June 3, 2022

(E) DATE INSPECTED: May 25, 2023

(F) SIZE/TOPOGRAPHY/FLOODPLAIN/WETLAND INFORMATION:

Land Dimensions: See sketch; (from legal and old PD) Total Land Area: 2.51 acres (109,460 square feet)

(G) CONSIDERATION: $259,000

(H) UNIT PRICE: $103,187/acre

(I) TYPE OF INSTRUMENT: Special Warranty Deed

(J) TAX IDENTIFICATION/FOLIO NO.: 7010-00-00-0260 (Volusia County)

(K) PROPERTY LOCATION: 1107 East New York Avenue; at the northeast corner of East New York Avenue (SR-44) and

North Hill Avenue, DeLand, Volusia County, Florida

(L) ZONING: PD, Planned Development (DeLand)

(M) PRESENT USE: Vacant land

(N) HIGHEST AND BEST USE AT TIME OF TRANSACTION: Multifamily development

(O) CONDITION OF TRANSACTION: Arm’s length

(P) FINANCING: Cash to seller

(Q) ENCUMBRANCES: None known that would affect the overall value of the property.

(R) TYPE OF IMPROVEMENTS: Vacant land

(S) UTILITIES, OR DISTANCE TO UTILITIES: Electricity, telephone, public water, and sewer are available to the site.

(T) VERIFIED WITH:

NAME: Robert Greene DATE: 5/31/23 RELATIONSHIP: Listing Agent By: David K. Hall

SALE NUMBER: 8270-4226 – Continued Page Two

SALE NO.: 8270-4226

This is the sale of a vacant, 2.51 acre parcel at 1107 East New York Avenue. The site was rolling with a depressional area in the northeast corner of the site. The land was originally a part of the Lofts Planned Development, a 42-unit townhouse development approved in 1987. Thirteen townhomes were developed on the adjoining parcel to the north. The depressional area was utilized as a green area and drainage for the overall development. The 2.51 acres of land were not developed and all permits and plans approved expired years ago. The listing agent indicated that the original owner, Eileen S. Molylet was motivated to sell and agreed to a sale price of $200,000 to Maforte Invest-ment, LLC. The buyer had the property under contract for an extended period for due diligence. Prior to closing, the buyer negotiated a simultaneous closing with a group of investors from Brazil for $259,000. The listing agent indi-cated that the original contract ($200,000) was below market.

SALE NO. 79-8270-4226

FOR VISUAL AID SALE NO. 79-8270-4226

55.15’

8.

1.

311.66’

45’

102’

135’

E New York Ave

N

H ill

A ve

15’

SALE NO.: 8278-3646

SALE NUMBER: 8278-3646

(A) RECORDING DATA: COUNTY O.R. BOOK/PAGE: 79-8278-3646

(B) GRANTOR: Ya Tung Chin, Trustee of the Nina Chin 1998 Revocable Trust

(C) GRANTEE: Le Parc Holdings LLC

(D) DATE OF TRANSACTION: June 28, 2022

(E) DATE INSPECTED: May 25, 2023

(F) SIZE/TOPOGRAPHY/FLOODPLAIN/WETLAND INFORMATION:

Land Dimensions: 618.5’ x ±640’ (Volusia County Property Appraiser’s office) Total Land Area: 9.09 acres (395,840 square feet)

(G) CONSIDERATION: $1,075,000

(H) UNIT PRICE: $118,262/acre

(I) TYPE OF INSTRUMENT: Special Warranty Deed

(J) TAX IDENTIFICATION/FOLIO NO.: 8011-08-29-0150 (Volusia County)

(K) PROPERTY LOCATION: Southwest corner of East Ohio Avenue and South Leavitt Avenue, Orange City, Volusia

County, Florida

(L) ZONING: R-3, High Density Residential (Orange City)

(M) PRESENT USE: Vacant land

(N) HIGHEST AND BEST USE AT TIME OF TRANSACTION: Multifamily development

(O) CONDITION OF TRANSACTION: Arm’s length

(P) FINANCING: Cash to seller

(Q) ENCUMBRANCES: None known that would affect the overall value of the property.

(R) TYPE OF IMPROVEMENTS: Vacant land

(S) UTILITIES, OR DISTANCE TO UTILITIES: Electricity, telephone, public water, and sewer are available to the site.

(T) VERIFIED WITH:

NAME: Nick Stockholm DATE: 5/25/23 RELATIONSHIP: Grantee Company By: David K. Hall

This is the sale of a vacant, 9.09 acre parcel. The site had a rolling topography but no wetlands. The land was zoned for multifamily development and was purchased for development with a 109-unit apartment complex. A preliminary site plan is in the approval process with Orange County.

SALE NO. 79-8278-3646

FOR VISUAL AID SALE NO. 79-8278-3646

E Ohio Ave S

L ea vi tt

A ve

East Lake Tohopekaliga

FLOOD MAP

ZONING ORDINANCE

QUALIFICATIONS OF THE APPRAISER

David K. Hall, ASA 1144 Pelican Bay Drive

MEMBERSHIP:

- Accredited Senior Appraiser (ASA) designation, American Society of

Appraisers

EDUCATION:

- Graduated from New Smyrna Beach High School, New Smyrna Beach, Florida, 1978.

- Received Bachelor of Science Degree in Business Administration, major in Real Estate, Florida State University, December 1981.

LICENSE:

- State-Certified General Real Estate Appraiser RZ1314

- Licensed Real Estate Broker - State of Florida

EXPERIENCE:

- President, Bullard, Hall & Adams, Inc., Daytona Beach, Florida, October 1998 to present

- Staff Appraiser, Bullard & Associates, Inc., Daytona Beach, Florida, March 1984 to

October 1998

- J.E. Tumblin Realty, New Smyrna Beach, Florida, 1983 to March 1984

A PARTIAL LIST OF CLIENTS INCLUDE:

Florida Department of Transportation Orange County Central Florida Expressway Authority (formerly Orlando/Orange County Expressway Authority) Volusia County Department of Public Works…