Okaloosa County BOCC — September 16, 2014 — reading text

NEIGHBORHOOD Present 35 % One-Unit 0 % 2-4 Unit 10 % Apts. 0 % Condo 40 % Commercial Recreational Facilities Land Use 0 % Industrial 15 % Vacant % Adequacy of Utilities Change in Present Not Likely Likely (*) Taking Place (*) Property Compatibility Land Use (*) From To Protection from Detrimental Conditions Predominant Occupancy Owner Tenant <5 % Vacant Police and Fire Protection One-Unit Price Range $ N/A to $ N/A Predominant Value $ N/A General Appearance of Properties One-Unit Age Range yrs. to yrs. Predominant Age yrs. Appeal to Market Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise) The general neighborhood is the commercial district situated along each side of Lewis Turner Blvd. in the Northwestern sector of FWB. Lewis Turner/State Rd. 189 is one of the major roadways leading to Eglin Air Force Base. This is a very active military facility located in the southern sector of Okaloosa county. Dimensions 113 FF x 200' x 100' x 250'+- less ROW = 0.52+-ac Corner Lot Zoning Classification MU (Mixed Use), FLU-MU Present Improvements Do Do Not Conform to Zoning Regulations Highest and Best Use Present Use Other (specify) Commercial Public Other (Describe) OFF SITE IMPROVEMENTS Topo Natural slope toward front lot line Elec. Street Access Public Private Size .52 acres +/-, based on tax card, subject to survey Gas Surface Asphalt Shape Rectangular (see maps) SITE Water Maintenance Public Private View Typical San. Sewer Storm Sewer Curb/Gutter Drainage Adequate for Normal Rainfall Underground Elect. & Tel. Sidewalk Street Lights Is the property located in a FEMA Special Flood Hazard Area? Yes No Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions) See attached addenda. The undersigned has recited the following recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to or more favorable than the subject property, a minus (–) adjustment is made, thus reducing the indicated value of subject; if a significant item in the comparable is inferior to or less favorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject. ITEM SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address Lewis Turner Blvd. & OddfellowLewis Rd. Turner & Mooney Rd. Lewis Turner & Mooney Rd. Beal Pkwy & Third St. FWB, FL, 35-1S-24 FWB, 26-1S-24 FWB, 26-1S-24 FWB, 13-2S-24 Proximity to Subject 1+-mile North 1.04 miles NE 3.73 miles S Sales Price $ N/A $ 2.68/SF $ 6.60/SF $ 11.50/SF Price $/Sq. Ft. $ $ $ $ MARKET DATA ANALYSIS 70,000 175,000 115,000 Data Source(s) Inspection Bk. 3077 pg. 742,Broker MLS603697 MLS39330, Bk. 3142 pg. 3396 ITEM DESCRIPTION DESCRIPTION +( – )$ Adjust. DESCRIPTION +(– )$ Adjust. DESCRIPTION +( – )$ Adjust. Date of Sale/Time Adj. Current 01/2013 Current Listing 04/2014 Location NW FWB, N. FWB, inferior N. FWB, inferior South FWB, sim. Site/View Est. Site, corner. Wood, corner Wood, corner Est. Site, corner Site Area 0.52 ac +/- .599+-acres .599+-acres 0.23+- ac Road Front Paved, 113+FF Paved, 231+ Paved, 231+ Paved, 60 FF+ Improvement (old bldg.) (None) (None) (old Bldg, sup) (Taylor Holdings) (Taylor Holdings) (Harris) Sales or Financing N/A govt. bid process C/L reduced None, listed @ Concessions N/A from $189,000 $139,900 Net Adj. (Total) + – $ + – $ + – $ Indicated Value of Subject $ 2.68 $ 6.6 $ 11.5 Comments on Market Data The above sales adequately reflect current and past values to be found in the general area. Each sale is similar in one aspect to the subject property. Comps. #1 & #2 are the same property. This tract has a corner influence but irregular shape. Comp #3 contained an older/usable office bldg. and corner influence but similar location ( Beal Pkwy). See next page Comments and Conditions of Appraisal The date of inspection was April 11, 2014. Commercial market trends have been downward over the past several years, which complicates the valuation process. Final Reconciliation My opinion of the "As Is" value, based on the above sales and with knowledge of past & current trends of the RECONCILIATION market, is $10.00 p/SF or total value of $226,510 (22,651+- SF (0.52 acres+/-) @ $10.00 p/SF), say $230,000. A value range of 10% plus or minus is estimated to allow for buyer-seller motivation. I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE SUBJECT PROPERTY AS OF April 11, 2014 TO BE $ 230,000 Appraiser Randy G. Bracewell/Cert. Gen.#RZ589 Supervisory Appraiser (if applicable) Date of Signature and Report April 16, 2014 Date of Signature Title Title State Certification # RZ589 ST FL State Certification # ST Or State License # ST Or State License # ST Expiration Date of State Certification or License 11/30/2014 Expiration Date of State Certification or License Date of Inspection (if applicable) April 11, 2014 Did Did Not Inspect Property Date of Inspection Form LAND — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE 08/11 Packet Pg. 786  Main File No. 14-54 Page #3 ADDITIONAL COMPARABLE SALES File No. 14-54 ITEM SUBJECT PROPERTY COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 Address Lewis Turner Blvd. & OddfellowEglin Rd. Pkwy. 7 McGriff St. Eglin Pkwy. & Kelly Ave. Lewis Turner Blvd. FWB, FL, 35-1S-24 FWB, 13-2S-24 Cinco Bayou FWB, 34-1S-24 Proximity to Subject 3.24 miles SE 3.35 miles SE 0.49 miles SW Sales Price $ N/A $ 23.33/SF $ 16.00/SF $ 7.81/SF Price $/Sq. Ft. $ $ 315,000 $ 340,000