Fort Walton Beach Council agenda — 08-20-13--surplus properties — reading text

property located at 243 Hollywood Blvd., Fort Walton Beach, FL 32548. Having earned the respect among all the Professionals affecting the Northwest Florida Commercial Real Fstate Industry, we feel very confident in helping you meet your goals within a reasonable amount of time. Please review our listing proposal and Broker' s Opinion to Value to help with your decision on fulfilling your objectives. Keep in mind these are MARKET DRIVEN quotes that will aid in your ability to dispose of the property in a more " timely manner," and that all statements and r proposals are open for further discussions and objective reasoning. The Listing Proposal is as W follows: v OO3T ON2OM toZ c arUEzN i% ack 58  5. 4. b LISTING PROPOSAL FOR SALE The Valuation Method for determining the sales price for the subject property was derived by the Sales Comparison Approach for the like kind properties that have closed in the F WB Market within the last year. Based upon our assessments, we will use the Price Per Square Foot Market Value. When applied to the total approximate 160,301 square feet of usable land, our initial asking price will start at $ 977, 836.00. Please find the list of comparable properties in the attachments for your review. As you will see, the price per foot ranges from $ 7. 17 to $5. 03, thus averaging $6. 10 per foot for similar properties, which we feel establishes and aggressive base line price per foot value for the Subject Property. Without knowing your timelines for disposition, we would like to submit the current market rate for the Subject Property as follows: TOTAL SQFT FOR SUBJECT PROPERTY: 160,301 SQ FT Price Per Foot: Sales Price: Market: $4. 10 per foot Sales Price: $ 657, 234. 10 BEST USE I feel the highest and best use in the current market conditions is to sell the property for commercial development. The commercial market has improved over the last few years but commercial financing is still difficult to acquire. There has been an acre of commercial property for sale by AT &T for over three years located across the street from this parcel. The current asking price is N_ 4. 44 a square foot. We can use this listing comparison as an indicator to the current market M conditions for commercial vacant land. We can expect to start at or below the comparable price of 0 N 4. 44 sq /ft with a sales time period of 1 year plus. METHOD OF DISPOSAL n 00 Using the listing comparison and length of time on the market I would recommend holding this asset for another 12 months. We can discuss the leasing of this property until the market improves. NM03aex mZ ca rE zun  5. 4.b Subject Property: 243 Flolkwood Blvd. NW, Fort Walton Beach, FL 32, 48 Current Use: Vacant Current Coning: MX -2 ( Mixed Case 1 -ligh) Current Future Land Ilse Mt, Nixed Use) Parcel Number: l4- 2S -24- 0000 -0013 -0010 M 0 Acreage: 3. 68 N  5. 4 b Location Map 243 Hollywood Blvd. NW 14- 25 -24- 0000 -0013 -0010 a Tc O City of Fort Walton Beach r; w GIS Division z aO C• aav' O3T 1A 11 A +) v L# n On 4+ hti N ES 5u [ rvea O o -uES asvo vv. -:r S ae y r ¢ VJi4au+R fll. 4Y r Y xe A 0 6 m cs ILO o aoo z Subject Property Scale SAI: nN@CAA pif n51.4{W1GX. In O L NO/. ry Nw flAGi' a n tECCSa A W' E 9 ac ah NN o E ,. NR s wrcanb;. l. n. v oawr OUN P,,, a: he Y m City of Fort Wali Beach w<ooue o., w GIS DJJLSIOO yronu N 9oo eyvos. i N u I Nm ea aver _ w N v - it 0