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

Location Downtown business district. Tax I.D. 17-3N-23-2490-0058-0130 Legal Description: S 19’ of lot 14 & all of 15, Blk.58, Town of Crestview S/D Sale Data: Grantor John D. Carlson Grantee Emerald Coast Medical Consultants, LLC Sale Date 04-01-2015 Deed Book/Page 3191/1986 Property Rights Fee Simple Condition of Sale Buyer/seller connection Financing Cash to sellers Sale History None over past 3-years Verification Public records, MLS705910, confirmed by Mr. Randy Bracewell Sale Price $240,000 40 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 0.14 Acres or 6,160+- SF Front Footage 44FF on N. Wilson. Zoning C-1, General Commercial, Crestview Topography Level, typical Utilities All public Dimensions 44’+- x 140’ Shape Rectangular Fencing None Flood Info Zone X General Physical Data Building Type Single tenant office attached to another bldg. Gross SF 1,864+- SF (based on MLS/tax card) Construction type Painted block & stucco Roof type Metal (good condition) Foundation Concrete HVAC 100% central HVAC Sprinklers No Stories 1 Year built 1967, major upgrade with past 10 years Condition Very Good Income Analysis N/A Potential Gross Income Vacancy Effective Gross Expenses Net Operating Income Indicators Sale Price/Gross SF $128.56 Occupancy at sale Seller Remarks: The building had received some refurbishing after the 2004 sale. The building was purchased by a local doctor for his personal office use. Some additional renovation will be required at an approximate cost of $50,000. This is an older but structurally sound building. 41 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 42 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 LISTING #6 713399 Full Agent Report - Commercial for Sale Retail - Active $239,900 Property Property Type: Commercial Name: for Sale List Price Sqft: Office File <>< 1968 Year Built: #: Building SqFt: 11,959 Address: XXX N. Wilson Street, Lot Frontage: 150 Crestview, FL 32536 Construction Existing County: Okaloosa Status: Area: 25 - Crestview Area Sub Area: 2502 - Crestview Southwest Parcel ID: 17-3N-23-2490-0068- 0010 Directions: From Hwy 85/Ferdon Blvd. turn left onto Beech Ave. Property is the old Piggly Wiggle on the Southeast corner of Beech and N. Wilson. Legal Description: CRESTVIEW LOTS 1 TO 6 INC BLK 68 Remarks: 11,959 SF of space for your new business!! Was used as a grocery store/supermarket/Church. Located in the heart of downtown Crestview and a high traffic area surrounded by other retail businesses! Building needs a new roof and remodeling. The City has street parking in the downtown area.Bring all offers. Agent to Agent Rmrks: Vacant. Call office for the key. Caution Mold. Active Dvlpmnt Order: No Description: Old Piggly Wiggly Lot Dimensions: 143X152 Vacant: Yes # of Units: # of Rooms: Acreage: 0.5 Immediate Occupancy: Yes # of Units: Avg % Occupancy: Lot SqFt: 21,000 Unit SqFt: # of Units: Rail?: Lot Depth: 140 Future Land Use: Commercial # of Units: 1 # Ground Level Doors: Zoning: Commercial Waterfront: Vacancy Rate: # Dock High Doors: Vacancy Rate: Vacancy Rate: Vacancy Rate: # of Floors: Sprinklers?: Scheduled Income: Cash Flow: Expenses/Unit: Actual Gross Income: Cap Rate: Expenses/SqFt: Expenses: Actual Gross Income: Net Operating Income: CAM: CAM Per: Listing Office:RE/MAX Agency One Inc EGFH Agent Ph: 850-682-8309 Sale Type: Listing Member:Your House Team, Your House Office Ph: 850-682-8309 Named Exception: Yes TeamTEGFH1 Co-List Ph: 850-305- List Type:Exclusive Right of Sale Co-listing Office:RE/MAX Agency One Inc 0556 Seller Nm (Lst,Frst):Okaloosa Title and Co-listing Member:P Brett HouseE4340 Cooperative Comp: Abstract Dual/Variable Rate: No 2.4% Seller Phone #: As Is: Yes Limited Service List: No Days On Market: 378 List Date: 08/27/2014 Cumulative DOM: 378 Mortgage Type: Information is deemed to be reliable, but is not guaranteed. © 2015 MLS and FBS. All the listing data, images, or other materials contained in the ecn.flexmls.com site are the copyrighted (©2015 ECARMLS) and confidential material of the Emerald Coast Association of Realtors Multiple Listing Service, Inc. (ECARMLS). Such information cannot be duplicated or distributed in any manner without the express written consent of ECARMLS. Prepared by Randy G Bracewell, Teel & Waters Real Estate Co I on Friday, October 16, 2015 9:38 AM. The information on this sheet has been made available by the MLS and may not be the listing of the provider. $20.06 p/SF (List price/MLS print-out) 43 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  SUMMARY OF IMPROVED SALES Sale Location Date Bldg. Size Sale Price OAR $/SF 1 Main & Pine 12/2012 4,150±SF $360,000 6.6% $ 86.75 (Trail Fitters) 2 Main & Industrial 05/2013 5,600±SF $450,000 $ 80.36 (Flynn Chiropractic) 3 Main Street 03/2014 4,000±SF $100,000 $ 25.00 (Thrift Store) 4 Wilson St. 04/2015 1,864± SF $240,000 $128.76 (Medial Office) 5 Wilson & Pine Ave. 04/2015 5,000±SF $135,000 $ 27.00/ (Casbah Coffee) 2,500±SF $ 54.00 6 Wilson & Beech Ave. C/L 11,959±SF $239,900 $ 20.06 (Subject Property) The above sales adequately reflect the past and current actions of the market. Each sale is similar in one or more aspects to the subject property. These comparables suggest a wide range to value of $25.00 to $129.00 (rounded) per square foot, for actual market. The variation in per square foot values is for differences in size, condition, and land area included in the sale. The value range based on the overall purchase price is $100,000 to $450,000 (rounded). Elements of Comparison: - Following is a brief description of the elements of comparison used in valuing the subject site: Property Rights: - The subject property is appraised in fee simple title, and whereas all sales were of the fee simple interest, no adjustment is indicated for property rights. Financing Terms: - As all sales were determined to be cash or equivalent no adjustment for financing was indicated. 44 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  Conditions of Sale: - All of the sales were arm’s length transactions, and none were made under duress or other adverse conditions, no adjustment is indicated. Market Conditions: – Market activity has changed over the past several years. The residential market has shown an increase in market activity. The commercial activity remains limited and difficult to assess at present time. Comparable #1 a two story building with retail downstairs and upscale office on the 2nd floor. The upstairs area was the seller’s (developer’s) personal office. This comparable was purchased more for investment as opposed to owner-user. Comparable #2 had been completely refurbished and was in good condition at time of sale. This property was also purchased for investment as opposed to owner-user. Comparable #3 is a relatively recent sale of an older retail building fronting Main Street. The overall condition was considered fair to poor. The current owner is in a major refurbishment to this building including new roof and interior. It appears the buyer purchased basically four walls. Comparable #4 had been remodeled into a very good medical office facility. This comparable is located one block southwest of the courthouse in the downtown district of Crestview. This comparable is superior in all physical aspects to the subject property, but is similar in overall location. Comparable #5 is a recent sale of a much