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

2 Year built 1936, renovated in 2004-05 Condition Fair Income Analysis Potential Gross Income $34,000 (contract rent) Vacancy Effective Gross Expenses Net Operating Income $23,800 (est.) Indicators Sale Price/Gross SF $86.75 Occupancy at sale Tenants GIM 10.59 Overall or Cap. Rate 6.6% Remarks: A two story building located across the street from the courthouse. The downstairs was finished retail space. The upstairs was a combination of finished office and storage. Access was by stairway only. Mr. Jernigan was able to lease both stories prior to the sale to investors. A new roof had been installed due to prior leakage/runoff from adjoining property. 29 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  LOCATION MAP 30 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  IMPROVED COMPARABLE SALE #2 Property Identification Property Type Professional/medical Office Property Name Chiropractic Office Address 102 Main St, Crestview, Okaloosa County Florida, 32536 Location Main St. & Industrial, next to railroad tracks Tax I.D. 17-3N-23-2490-0008-048F Legal Description: S. 35’ 3 inches of lot 48, Blk.8, Town of Crestview S/D Sale Data: Grantor Timothy Flynn Grantee Sprinkles Realty, LLC Sale Date May 17, 2013 Deed Book/Page 3097/4690 Property Rights Fee Simple Condition of Sale Buyer/seller connection Financing Seller financing Sale History None over 3 yrs. Verification P/R, MLS585146, confirmed by Mr. Randy Bracewell Sale Price $450,000 31 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 Land Data: Land Size 0.32 Acres or 14,000 SF Front Footage 35 FF on Main, 100 FF on Industrial Zoning C-1, General Commercial, Crestview Topography Level, typical Utilities All public Dimensions 35’3” x 100’ Shape Rectangular Fencing None Flood Info Zone X General Physical Data Building Type two tenant office/retail Gross SF 5,600± SF, 2,800+-SF per floor Construction type Brick veneer & stucco Roof type Built-up/slanted Foundation Concrete & wood HVAC 100% central HVAC Sprinklers No Stories 2 Year built 1990 effective, (1925 actual) Condition Good due to prior refurbishing Income Analysis Potential Gross Income Vacancy Effective Gross Expenses Net Operating Income Indicators Sale Price/Gross SF $80.36 overall Occupancy at sale Seller & vacant GIM Overall or Cap. Rate Remarks: The seller had completely refurnished the building into a chiropractic office and upstairs. The upstairs had some renovation. The building is listed on the National Register of Historical Places. 32 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  LOCATION MAP 33 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  IMPROVED COMPARABLE SALE #3 Property Identification Property Type Commercial/Retail/office Property Name Former Thrift Store Address 113 Main St., Crestview, Florida Tax ID# 17-3N-23-2490-0009-052B Location Main St, North of Railroad Tracks. Legal Description: Lot 52, less & except, Town of Crestview Sale Data Grantor Baker Commercial Property 1, LLC Grantee Kathy J. Ellis Sale Date 03/21/2014 Deed Book/Page 3140 page 3954 Property Rights Fee Simple Conditions of Sale Arm’s Length Financing Cash to Seller, Highest & Best Use Current use Sales History: None over past three years Verification Public records, Alan Paul, Confirmed by Randy Bracewell Sale Price $100,000 34 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 Land Data Land Size 0.10+- acres, 4,500+-SF Front Footage 50+- ft. on Main St. Zoning C-1 Commercial Topography Level Utilities All city utilities Dimensions 50 FF x 90’ (based on tax card) Shape Rectangular Landscaping None General Physical Data Building Name Former Foster Care Thrift Store Building Type Single Gross SF 4,000+-SF (per tax card) Units 2 Construction Type Brick veneer & other Roof Type Old (new roof required) Foundation concrete Electrical Poor HVAC CH/A Sprinklers No Stories One Year Built 1938 Condition Fair Income Analysis N/A Indicators Sale price p/Gross SF $25.00 Occupancy at Sale Vacant/buyer Comments: An older building fronting Main Street in downtown Crestview. The overall building was two connected buildings in fair shape. The new owner is currently refurbishing the building including a new roof and complete interior. The purchase price basically equates to the purchase of 4 walls. 35 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  LOCATION 36 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  IMPROVED COMPARABLE SALE #4 Property Identification Property Type Commercial Office/retail/apartment Property Name Casbah Coffee/old Harvest Bldg. Address 196 Pine Ave., Crestview, Okaloosa County Florida, 32536 Location Corner of Wilson & Pine Ave, downtown business district. Tax I.D. 17-3N-23-2490-0050-00H0 Legal Description: 50’ x 50’ in Blk.50, Town of Crestview S/D Sale Data: Grantor Harvest Vineyard Mission Church, Inc. Grantee Casbah Coffee Company, LLC Sale Date 04-24-2015 Deed Book/Page 3198/71 Property Rights Fee Simple Condition of Sale Buyer/seller connection Financing Cash to sellers, new mtg. Sale History None over past 3-years Verification Public records, MLS611348, appraisal file, confirmed by Mr. Randy Bracewell Sale Price $135,000 37 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 Land Data: Land Size 0.057 Acres or 2,500+- SF Front Footage 50FF on N. Wilson. & Pine Ave. Zoning C-1, General Commercial, Crestview Topography Level, typical Utilities All public Dimensions 50’+- x 50’ Shape Square Fencing None Flood Info Zone X General Physical Data Building Type Mixed tenant. Gross SF 5,000+- SF Bldg. breakdown: 2,500+- SF downstairs office 2,500+- SF upstairs apartments Construction type Brick veneer Roof type Metal (good condition) Foundation Concrete & wood HVAC 100% central HVAC Sprinklers No Stories 2 Year built 1936, major upgrade with past 10 years Condition Good to Fair Income Analysis N/A Potential Gross Income Vacancy Effective Gross Expenses Net Operating Income Indicators Sale Price/Gross SF $27.00/$54.00 Occupancy at sale Seller/vacant Remarks: An older two story building located in downtown business district. The downstairs was refurbished commercial in fair/average condition. The upstairs was old apartment use with a sub- standard ceiling height. 38 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  LOCATION MAP 39 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  IMPROVED COMPARABLE SALE #5 Property Identification Property Type Medical/Commercial Office Property Name Dr. Carlson former medical Office Address 492 N. Wilson St, Crestview, Okaloosa County Florida, 32536