Okaloosa County BOCC — April 5, 2016 — Okaloosa County-old Piggly Wiggly Bldg Appraisal Oct 2015 — reading text

TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON – AC - 850-243-5511 ∙ 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC – 850-682-6156  APPRAISAL REPORT OF Commercial Bldg. (Old Piggly-Wiggly Bldg.) N. Wilson Street Crestview, FL P.O. 21600047 APPRAISAL FOR Okaloosa County Road Department Mr. Jeff Henderson 1759-A S. Ferdon Blvd. Crestview, Florida 32539 2 TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON – AC - 850-243-5511 ∙ 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC – 850-682-6156 October 16, 2015 CLIENT: Okaloosa County Road Department Mr. Jeff Henderson 1759-A S. Ferdon Blvd. Crestview, Florida 32539 APPRAISER: Randy G. Bracewell, GRI State-Certified General Real Estate Appraiser #RZ589 SUBJECT: Commercial Bldg. (Old Piggly-Wiggly Bldg.) N. Wilson Street, Crestview, FL P.O. 21600047 Mr. Henderson: As you requested, I have personally inspected the property referenced above and legally described in this report. The purpose of this appraisal is to provide an opinion of the present market value of this property, as of the effective date. Market Value is defined as the most probable price that a property will bring in a competitive market under all conditions requisite to a fair sale, which would result from negotiations between a buyer and seller, each acting prudently, with knowledge, and without undue stimulus. This value assumes normal financing available in the market at the time of appraisement or its cash equivalent if no such financing is normal at the appraisement time. The property was appraised as a whole, owned in fee simple. This appraisal is subject to the limiting conditions and contingent conditions outlined in this report that you should specifically review. Okaloosa County is my client in this appraisal assignment and it is understood they will use this report to assist them in making a financial decision regarding possible purchase price. No other use of this report by any other entity or person is authorized. 3 TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON – AC - 850-243-5511 ∙ 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC – 850-682-6156 Okaloosa County Road Department October 16, 2015 Page Two This APPRAISAL REPORT is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated below. The appraiser is not responsible for unauthorized use of this report. It is my opinion that the present market value of this property as of the effective date is: Final Value Opinion TWO HUNDRED TEN THOUSAND DOLLARS $210,000 Extraordinary Assumptions: This appraisal assumes and subject to the subject property having mold remediation and the property will continue to be usable. The exposure time linked to the opinion of market value is a range over 12 months based on market trends/sales of similar properties and limited site area. The exposure period assumes and is subject to the property being aggressively marketed at/near market value by professionals. The marketing period is estimated to be over 12 months. The attached report reflects the method of valuation and basis upon which the value opinion was determined. Although appraising is not an exact science, this analysis represents our opinion of value as of the valuation date. The appraisal conforms to the Uniform Standards of Professional Appraisal Practice (USPAP). The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. Our employment was not conditioned upon producing a specific value or a value within a given range. Respectfully, Randy G. Bracewell State Certified General Real Estate Appraiser RZ589 4 TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON – AC - 850-243-5511 ∙ 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC – 850-682-6156  EXECUTIVE SUMMARY Property Type: Commercial bldg. (original use was grocery store) Location: Corner of Wilson & Beech Ave. in the downtown Business sector of Crestview, Florida Date of Report: October 15, 2015 Effective Date of Value: October 16, 2015 Property Rights Appraised: Fee Simple Land Size: 0.048± acres, (150 FF x 140’+-, per plat) Building Size: 12,000±SF (Gross Bldg. area) Highest & Best Use: Current Use Land Value Estimate: N/A (Per agreement with client) Cost Approach: N/A (Per agreement with client) Income Approach: N/A (Per agreement with client) Market (Sales) Approach: $210,000 ************************************************************* Final Value Opinion $210,000 ************************************************************* Estimated Marketing Period: Over 12 months “Extraordinary Assumptions: This appraisal assumes and subject to the subject property having mold remediation and the property will continue to be usable.” 5 TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON – AC - 850-243-5511 ∙ 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC – 850-682-6156 1. Street view looking northwest. 2. Front/street view. 6 TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON – AC - 850-243-5511 ∙ 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC – 850-682-6156 3. Side/rear view. 4. Street/side view. 7 TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON – AC - 850-243-5511 ∙ 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC – 850-682-6156 5. Rear/side view. 6. Street/side view (along Wilson). 8 TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON – AC - 850-243-5511 ∙ 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC – 850-682-6156 7. Interior view. 8. Interior view. 9 TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON – AC - 850-243-5511 ∙ 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC – 850-682-6156 9. Interior view. 10. Interior view. 10 TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON – AC - 850-243-5511 ∙ 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC – 850-682-6156 11. Interior view. 11 TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON – AC - 850-243-5511 ∙ 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC – 850-682-6156 PURPOSE OF THE APPRAISAL: The purpose of this appraisal is to provide an opinion of the market value of the subject property according to the limiting conditions and assumptions specified in this report. DEFINITION OF MARKET VALUE Market value is defined by the federal financial institutions regulatory agencies as follows: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated. 2. Both parties are well informed or well advised, and each acting in what he considers his own best interest. 3. A reasonable time is allowed for exposure in the open market. 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. (Source: Office of the Comptroller of the Currency under 12 CFR, Part 34, Subpart C-Appraisals, 34.42 Definitions [f].) INTENDED USE OF REPORT: This appraisal is intended to assist the clients in making a financial decision regarding possible purchase price on the subject property. INTEREST VALUED: The subject is appraised as a Fee simple estate-“absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of the taxation, eminent domain, police power and escheat”. DATE OF APPRAISAL The effective date of the appraisal is October 15, 2015, the most recent date of inspection. 12 TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON – AC - 850-243-5511 ∙ 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC – 850-682-6156 Scope of Work The scope of the assignment relates to the extent and manner in which research is conducted, data is gathered and analysis is applied, all based upon the following problem-identifying factors stated elsewhere in this report: • Client • Intended use • Intended user • Type of opinion • Effective date of opinion • Relevant characteristics about the subject • Assignment conditions This appraisal report is intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of the USPAP. That is, this report incorporates, to the fullest extent possible, practical explanations of the data, reasoning and analysis that were used to develop the