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02-09-2016 Workshop MeetingCity of Delray Beach 100 NW 1st Avenue - Delray Beach, Florida 33444 Phone: (561) 243-7000 - Fax: (561) 243-3774 www.mydelraybeach.com Workshop Meeting Workshop Tuesday, February 9, 2016 Public Hearings 7:00 p.m. Commission Chambers Delray Beach City Hall City Commission Mayor Cary Glickstein Vice -Mayor Shelly Petrolia Deputy Vice Mayor Al Jacquet Commissioner Jordana Jarjura Commissioner Mitchell Katz RULES FOR PUBLIC PARTICIPATION PUBLIC COMMENT: City Commission meetings are business meetings and the right to limit discussion rests with the Commission. Generally, remarks by an individual will be limited to three minutes or less. The Mayor, presiding officer or a consensus of the City Commission has discretion to adjust the amount of time allocated. Public comment shall be allowed as follows: A. Comments and Inquiries on Non -Agenda and Agenda Items (excluding public hearing or quasi-judicial hearing items) from the Public: Any citizen is entitled to be heard concerning any matter within the scope of jurisdiction of the Commission under this section. The Commission may withhold comment or direct the City Manager to take action on requests or comments. B. Public Hearings/Quasi-Judicial Hearings: Any citizen is entitled to speak on items under these sections at the time these items are heard by the Commission. C. All persons desiring to do a presentation on agenda or non -agenda items that are on a portable flash drive device or a CD/DVD, must provide their media to the City Clerk no later than 12:00 p.m. one day prior to the meeting where they wish to present. SIGN IN SHEET: Prior to the start of the Commission Meeting, individuals wishing to address the Commission should sign in on the sheet located on the right side of the dais. If you are not able to do so prior to the start of the meeting, you may still address the Commission. The primary purpose of the sign -in sheet is to assist staff with record keeping. Therefore, when you come up to the to speak, please complete the sign -in sheet if you have not already done so. ADDRESSING THE COMMISSION: At the appropriate time, please step up to the lectern and state your name and address for the record. All comments must be addressed to the Commission as a body and not to individuals. Any person making impertinent or slanderous remarks or who becomes boisterous while addressing the Commission shall be barred by the presiding officer from speaking further, unless permission to continue or again address the Commission is granted by a majority vote of the Commission members present. APPELLATE PROCEDURES Please be advised that if a person decides to appeal any decision made by the City Commission with respect to any matter considered at this meeting, such person will need to ensure that a verbatim record includes the testimony and evidence upon which the appeal is based. The City neither provides nor prepares such record. City Commission Workshop Meeting February 9, 2016 WS.1 PRESENTATION BY THE CARING KITCHEN Title: PRESENTATION BY THE CARING KITCHEN Sponsors: City Clerk Department Attachments: Caring Kitchen Presentation WS.2 DELRAY BEACH CENTER FOR THE ARTS Title: DELRAY BEACH CENTER FOR THE ARTS Attachments: Old School Square Presentation WS.3 FACILITIES STUDY PRESENTATION Title: FACILITIES STUDY PRESENTATION Attachments: City of BD RE Valuation - Delray Final Draft 12 18 City of Delray Beach RE Valuation - Executive Summary VF 12.15.15 Sponsors: City Clerk Department and Wright Please be advised that if a person decides to appeal any decision made by the City Commission with respect to any matter considered at this meeting, such person will need to ensure that a verbatim record includes the testimony and evidence upon which the appeal is based. The City neither provides nor prepares such record. City of Delray Beach Page 6 Printed on 2/3/2016 CITY COMMISSION . CITY OF DELRAY BEACH, FLORIDA WORKSHOP MEETING -TUESDAY, FEBRUARY 9, 2016 6:00 PM DELRAY BEACH CITY HALL Mayor Cary Glickstein Vice -Mayor Shelly Petrolia Deputy Vice Mayor Al Jacquet Commissioner Jordana Jarjura Commissioner Mitchell Katz WSA WS.2 Workshop PRESENTATION BY THE CARING KITCHEN Title: PRESENTATION BY THE CARING KITCHEN Sponsors: City Clerk Department Attachments: Caring Kitchen Presentation DELRAY BEACH CENTER FOR THE ARTS Title: DELRAY BEACH CENTER FOR THE ARTS Attachments: Old School Square Presentation Please be advised that if a person decides to appeal any decision made by the City Commission with respect to any matter considered at this meeting, such person will need to ensure that a verbatim record includes the testimony and evidence upon which the appeal is based. The City neither provides nor prepares such record. City of Delray Beach Page 1 Printed on 2/3/2016 City Commission Workshop Meeting February 9, 2016 WS.3 FACILITIES STUDY PRESENTATION Title: FACILITIES STUDY PRESENTATION Attachments: City of BD RE Valuation - Delray Final Draft 12 18 City of Delray Beach RE Valuation - Executive Summary VF 12.15.15 Sponsors: City Clerk Department and Wright Please be advised that if a person decides to appeal any decision made by the City Commission with respect to any matter considered at this meeting, such person will need to ensure that a verbatim record includes the testimony and evidence upon which the appeal is based. The City neither provides nor prepares such record. City of Delray Beach Page 2 Printed on 2/3/2016 File #: 16-166, Version: 1 City of Delray Beach Legislation Text TO: Mayor and Commissioners FROM: City Manager THROUGH: Donald B. Cooper, City Manager DATE: February 9, 2016 PRESENTATION BY THE CARING KITCHEN 100 N.W. 1 st Avenue Delray Beach, FL 33444 City of Delray Beach Page 1 of 1 Printed on 2/3/2016 powered by LegistarTM CARING KITCHEN AERIAL PHOTO OF EXISTING SITE ITIF w f ,a C13 5 �''' rn vIbL 4, a -s `• Lk --iii Y � � � •. Y17ErM - A 9 ,• ,� wA � � T e 1 architecture, inc. i SEABOARD COASTLINE RAILROAD SEABOARD COASTLINE RAILROAD sPxuv r.vc i IL -- „ PARCEL t I .PARCEL 2 X " PARCEL 1 E J9B.B4• I °"�"""" 5 13;3 Y13`1E F=541.90' exi �e 36'00" W 16 �° •c 548.9]' T PARCEL 3 �9 00'3(YQQ E3.fi0''�� F wk PARCEL "9" MnCKiNOl1—E5 — —RAI (P.B. 43. PG. 13E, P,B C. E.) EXISTING COVERED EXISTING UNDER AIR SPACE EXISTING MEWROART• 755 SQ. FT(EXISTING COVERED SPACE TO BE ENCLOSED) 3,109 SQ. FT. EXISTING DEPOT (WAREHOUSE SPACE) 165 SQ. FT. CARING KITCHEN LISTED LOCAL REGISTER CARING KITCHEN SITE PHOTOS CARING KITCHEN SITE PHOTOS CARING KITCHEN SITE PHOTOS CARING KITCHEN SITE PHOTOS File #: 16-187, Version: 2 City of Delray Beach Legislation Text TO: Mayor and Commissioners FROM: City Manager THROUGH: Donald B. Cooper, City Manager DATE: Februaru 9, 2016 DELRAY BEACH CENTER FOR THE ARTS 100 N.W. 1 st Avenue Delray Beach, FL 33444 City of Delray Beach Page 1 of 1 Printed on 2/3/2016 powered by LegistarTM OLD SCHOOL OLD SCHOOL SCJUARE CREST THEATRE OLD SCHOOL S ,-J UARE .,-HELL . _ - OLD SCHOOL SHARE FIELOHOUSE OLD SCHOOL SQUARE PAVILIO f' OLD SCHOOL SQUARE CREATIVE ARTS SCHOOL OLD SCHOOL SQUARE -ARTS &ENTERTAINMENT PARK STAGED MAINTENANCE AND ENHANCEMENT CONCEPT "Taking Care of the Square" Rationale for timely repairs, maintenance, and enhancement of the Old School Square Park Old School Square Park is a strategic and aesthetic asset of Delray Beach A historic preservation achievement A key community gathering place ➢ A point of pride for Delray Beach citizens The "gateway" to the Central Business District The largest "greenspace" in downtown Delray Beach ➢ Host to over 580,000 guests annually ➢ Home to dozens of major events and festivals ➢ A vital green space with mature native trees and other plantings Home to the Green Market The park is continually active with programming at the Crest Theatre, Outdoor Pavilion, Cornell Museum, Fieldhouse, and the School for the Creative Arts An oasis in a busy downtown business district "Taking Care of the Square" Rationale for timely repairs, maintenance, and enhancement of the Old School Square Park Situation Analysis Fresh set of eyes and ears Delray Beach identity as a "happening" South Florida beach town is based on momentum and is indeed fragile ➢ City property — City Commission, CRA, OSS and others can collaboratively Take Care of the Square City of Delray Beach, CRA, Citizens of Delray Beach, OSS, DBMC, DDA, DB Chamber of Commerce, Delray Beach Art League, and a host of other are anxious to see the park properly maintained and improved to better serve the community ➢ Town "green" is not green — extreme compaction conditions — expensive and short lived sod replacement program in place ➢ Park grounds have been fatigued by 25 years of heavy use ➢ Park is not "clean and safe" and does not bespeak the quality of the Delray Beach community ➢ Park is not as inviting, accessible, or navigable as it should be ➢ Confusion was caused by premature launch of OSS Park concept First phase of the Park project will include very little or no new construction — some demolition (concession stand) ➢ Paradigm shift in communications —timely exchange of all concepts, costs, and decisions is necessary OSS Park ROI is exceptional - OSS Park has economic development and quality of life relevancy "Taking Care of the Square" Rationale for timely repairs, maintenance, and enhancement of the Old School Square Park Framework to move forward Establish open and dynamic project leadership and communications to advance the project in a timely fashion - Reverse engineer the park to accommodate current and future demands — plan for community consensus and high citizen census Garner public, corporate, foundational, and private funding for park improvements Create a landmark "win" for the community— evolve to be an "Arts & Entertainment Park" Phase 1: "Create a true 'Park' atmosphere with curb appeal" Repairs and maintenance—turf, walk -ways Serviceability and sustainability— design grounds to accommodate periods of heavy use Accessibility— convenient, inviting, and safe access— 3600- crosswalks Safety Lighting Limit overnight refuge areas Signage — appropriate, efficient, shared, aesthetically pleasing Demolish concession stand to improve sightlines and extend pavilion theatre capacity Landscape beautification — (artificial grass in high traffic areas?) Picnic tables, benches, bike racks, ? Team Delray Oasis — possible feature: kiosks, benches, wifi hotspot, discrete charging stations, water feature Successful completion of Phase 1 will position OSS Park to secure corporate and private investment for ensuing phases "Taking Care of the Square" Rationale for timely repairs, maintenance, and enhancement of the Old School Square Park Framework to move forward Phase 2: "Enhance the functionality of the park through the addition of prioritized features" Relocate Christmas tree foundation to Green Market area Permanent Green Market features Fountain feature Public art features Retractable fabric roof system for Green Market Phase 3: "Enhance the functionality of the pavilion stage space" Aesthetic event containment features Efficient outdoor seating equipment and systems 'Pop-up elevated seating platforms Retractable fabric roof system for Pavilion Theatre viyym 6.1 m 1.4 Vj 1-1 -r ti. 1AA i -�- A . .: WHALEY PARK d` ��xs:fe�an�clexh+�se6iuEilG�,esk. � .,;,,e.._. � 7Fui� am ------- ... wk, --.Ns Al PINIOPIP, .":. ,. � � — Ewe• 4 Mir At AM owl k ,q 4 n i.Al✓ :- + �l e opt-, CREST THEATRE I r -3. CREST THEATRE e OLDSCHOOL SOUARE 17 2 FIELDHOUSE B It qMnasium Aug.- ;;Opow FPO-' AO 0 ;W, 1 STA P El r '0' File #: 16-188, Version: 2 City of Delray Beach Legislation Text TO: Mayor and Commissioners FROM: City Manager THROUGH: Donald B. Cooper, City Manager DATE: February 9, 2016 FACILITIES STUDY PRESENTATION 100 N.W. 1 st Avenue Delray Beach, FL 33444 City of Delray Beach Page 1 of 1 Printed on 2/3/2016 powered by LegistarTM VALUATION REPORT Real Estate Appraisal On Certain Properties Owned by the City of Delray Beach RFP No. 2015-50 As of October 15, 2015 PREPARED FOR Holly Vath Chief Purchasing Officer City of Delray Beach 100 N.W. 1St Avenue Delray Beach, Florida 33444 PREPARED BY kT) VCP Valuation Consulting Partners 15 Ashley Place Wilmington, DE 19804 Phone: 302.250.5541 Valuation Consulting Partners kT) 15 Ashley Place Wilmington, DE 19804 VCP Phone: 302.250.5541 December 18, 2015 Holly Vath Chief Purchasing Officer City of Delray Beach 100 N.W. 1St Avenue Delray Beach, Florida 33444 Re: Real Estate Valuation Project Under RFP No. 2015--50 Dear Ms. Vath: At your request, Valuation Consulting Partners has prepared an appraisal for properties included in the above referenced ("Request for Proposal") RFP. The collection of assets appraised as part of this RFP consisted of 75 properties owned by the City of Delray Beach. A detailed list and description of the properties appraised is included in this report under Addenda A, Schedule 1. The purpose of this appraisal is to estimate the 'as is' market value of the 75 subject properties assuming their highest and best use as of the date of valuation of October 15, 2015. In order to value the assets, VCP has grouped the properties into four subsets we have identified as Tier 1- 4. These tiers are categorized by the development potential. In each Tier the properties have been further divided by Highest and Best Use ("HABU") so that we can collect the most appropriate sales data. The intended use of this appraisal is to provide valuation information to the City of Delray Beach as part of an overall City analysis of certain owned real estate assets. The scope of work involved preparing an Appraisal Report as defined by USPAP which takes background information on the 75 subject properties and consolidates it into a single report with multiple sections. A summary of important facts and conclusions section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology are presented in the report to follow. This appraisal report is intended to comply with the reporting requirements set forth under Standards Rule 2-2 of the Uniform Standards of Professional Appraisal Practice (USPAP) as a "Restricted Appraisal Report". The report is considered a Restricted Appraisal Report due the large number of properties valued at the same time. The client did not need or want individual reports for each of the 75 properties some of the reporting is generalized to address the collection of properties as a whole. This report is intended to accompany the complete list of properties and their respective values. Individual values should not be segregated from this report. In the event that an individual value is needed, an individual Appraisal Report will need to be issued. The analysis presented in this report summarizes the process of solving the appraisal problem and is presented in sufficient detail for a review by persons knowledgeable in this field and familiar with the assets. We have considered the intended use and user of this report and selected the most Valuation Consulting Partners, LLC k1r) Wilmington, Delaware Baltimore, Maryland VCP appropriate reporting format. As a result, we will present detailed discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the opinion of value in a consolidated and summary format. This appraisal report was prepared for the exclusive use of the client who has been further identified in this report. Use of this report by others is not intended by the appraiser. The intended use of the appraisal report is to determine the market value of the subject properties for the purpose of internal planning. This report is not intended for any other use and is not be relied upon or shown to any other party. Neither the report nor any of its contents, nor any reference to Valuation Consulting Partners (VCP) or signatory(ies) of this report, may be included or quoted in any document, offering circular, registration statement, prospectus, sales brochure, other appraisal, loan, electronic communication or offering or other agreement without VCP's prior written approval. If you should have any questions or comments please call us directly at 302-250-5541. Respectfully submitted, Valuation Consulting Partners, LLC By James Rostocki Florida Certified General Appraiser License #RZ3452 Valuation Consulting Partners, LLC k'f) Wilmington, Delaware Baltimore, Maryland VCP TABLE OF CONTENTS Summaryof Findings.....................................................................................................................................1 Scopeof Work................................................................................................................................................8 EconomicAnalysis.......................................................................................................................................1 l NationalEconomic Analysis................................................................................................................11 MiamiMSA.........................................................................................................................................15 DelrayBeach, Florida..........................................................................................................................21 NeighborhoodAnalysis........................................................................................................................31 Zoning..........................................................................................................................................................32 Highestand Best Use Analysis....................................................................................................................34 ValuationMethodology...............................................................................................................................44 ValuationProcedures...................................................................................................................................46 Sales Comparison Approach — Buildings............................................................................................47 SalesComparison Approach — Land....................................................................................................50 Valuation of Excess Land Parcels................................................................................................................53 FinalReconciliation.....................................................................................................................................56 Summaryof Findings...................................................................................................................................56 Standard Assumptions and Limiting Conditions.........................................................................................58 Extraordinary Assumptions and Hypothetical Conditions...........................................................................62 Definitions....................................................................................................................................................65 Qualifications...............................................................................................................................................69 Exhibitsand Addenda..................................................................................................................................75 Valuation Consulting Partners, LLC k'f) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 1 I P a g e Summary of Findings The collection of assets appraised as part of this RFP consisted of 75 properties owned by the City of Delray Beach. A detailed list and description of the properties appraised is included in this report under Addenda A, Schedule 1. A brief summary of values is listed below: Tier 1 Properties Commercial Development Industrial Assemblage Mixed Use Development Mixed Use Development Assemblage Residential Development Tier 1 Properties Total Tier 2 Properties Continued Use until surplus Parkine Lot Number of Size Value Properties AC $4,750,000 5 8.17 $382,000 3 1.94 $45,960,000 6 13.47 $7,605,000 7 2.13 $36,928,750 19 286.72 $95,625,750 40 312.42 $20,750,000 2 4.58 $750,000 1 0.41 Tier 2 Properties Total $21,500,000 3 4.99 Tier 3 Properties Continued Use Community $7,470,000 5 4.72 Continued Use Single Family $185,000 2 0.42 Tier 3 Properties Total 'ANIL $7,655,000 7 5.15 Tier 4 Properties Buffer/Util P $107,530 25 3.82 Tier 4 Properties Total : $107,530 25 3.82 Grand Total $124,888,280 75 326.38 ****** Properties labeled as assemblage and all golf properties were valued together as an assemblage and not separately. • Tier 1 Properties • Strong demand in terms of market potential and new highest and best use • Could be sold within 6 to 12 months • Ready to seek community engagement on impacts • Examples (Community Center, City Hall, City Atty. Office, Parking Lots) • Tier 2 Properties • Well located properties which would yield strong demand w/ interim HABU • Not quite ready for next steps but could be brought to community in 12 to 24 months for consideration • Examples (Parking Garage, Parking Lot by Marriott & Police Station) • Tier 3 Properties • Highest and best use is continued usage • Core uses such as ROW'S, Fire Stations (except Linton), parks • Tier 4 Properties • Rights of way, shoreline buffers, • Remain in Excess in perpetuity Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 2 1 P a g e MAP Address Current Use Concluded Rounded ,bier Highest and Best Use Parcel Description 7 small grass covered medians too 1 Tropic Isles Dr Buffer $75 4 Buffer/Utility small for any use along S. federal Hwy and Tropic Isle Dr. Parking lot next to an apartment NE 12th St and 3rd Residential complex, on the corner of NE3rd 3 Ave Parking Lot $105,000 1 Development Ave & NE 12th Ave along Old Dixie Highway Surrounded by residential properties 4 4652 133RD RD S Vacant $690,000 1 Residential Vacant parcel along 133rd St. Development surrounded by residential properties Continued Vacant lot with new single family 6 108 NW 12TH AVE Single Family $45,000 1 Use Single house under construction NW 12th Family Ave surrounded by residential properties Small triangular buffer (too narrow for development) on the comer of 8 NE 2ND AVE Buffer $1,077 1 Buffer/Utility NE 2nd Ave & NE5th St. and Fern Ct. surrounded by residential properties POSSIBLE PARCEL Buffer parcels (too narrow for 9 DEDICATED TO Buffer $62 1 Buffer/Utility development) Two along South PUBLIC PB 27 PG Military Trail and one along Dover 161 Rd 10 1015 MANGO DR Vacant Lot $45,000 1 Residential Vacant parcel surrounded by Development residential properties Small parking area next to hotel, 30 11 Marriott Parking Lot $0,000 1 Parking Lot parking spaces. Development possibility unknown but parking lot appears to be only possible use. Triangular shaped paved parcel OLD Continued along Old Germantown Rd front of 12 GERMANTOWN RD Fire Station $150,000 1 Use 400 Old Germantown Rd Fire Community station surrounded by commercial and residential properties Small square parcel (too small for development) along SE 3rd St on 14 NW 3RD ST Buffer $3 1 Buffer/Utility corner of food processing plant surrounded by commercial and residential properties Fire station (no longer HBU due to Commercial age & location) along W Linton 17 651 LINTON BLVD Fire Station $750,000 1 Development Blvd. surrounded by residential properties. Next to a condo complex Occupies an entire block between 18 200 NW 1 STAVE City Attorney $8,300,000 1 Mixed Use NW 1 st and 2nd Avenue Building Development surrounded by residential properties and next to City Hall Valuation Consulting Partners, LLC k1r) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 3 1 P a g e MAP Address Current Use Concluded T1QY Highest and Parcel Description Rounded Best Use Mixed Use Parking lot on the West Side of SE 20 Ace Hardware Parking Lot $725,000 1 Development 6th Ave surrounded by commercial Assemblage properties Small triangular median (too small 21 Andrews Ave and Buffer $3,500 1 Buffer/Utility for development) on N Vista Del Vista Del Mar Mar and Andrews Ave... surrounded by residential properties Mixed Use Parking lot on the east side of SE 26 SE 6TH AVE Parking Lot $2,300,000 1 Development 6th Ave. surrounded by commercial properties Occupies an entire block between 31 100 NW 1ST AVE City Hall $17,250,000 1 Mixed Use NW 1 st and 2nd Avenue Development surrounded by residential properties and next to City Attorney bldg. Parking Continued Parking garage between SE 1 st Ave 34 22 SE 1 ST AVE Garage $4,750,000 1 Use until & S Swinton Ave surrounded by surplus commercial properties 35 DOVER RD Golf Course $52,500 1 Residential Paved lot that's within the Lakeview Development Golf Course along Dover Rd 37 Pahn Ter Vacant Lot $2,775,000 1 Residential Vacant wooded land between Palm Development Trail and the waterway Mixed Use Parking lot between NE 3rd Ave & 38 11 NE 3RD AVE Parking Lot $575,000 1 Development NE 2nd Ave surrounded by Assemblage commercial properties 39 ALLEY Parking Area $42,500 1 Buffer/Utility Small buffer/utility too narrow for development Small triangular shaped parcel (too narrow for development) on 44 WALLACE DR Buffer $365 1 Buffer/Utility Wallace Dr. surrounded by industrial bldgs. In the warehouse district Mixed Use Rectangular lot between SW 4th & 45 SW 4TH AVE Parking Lot $375,000 1 Development 5th Ave. surrounded by commercial properties Small buffer strip (too narrow for 47 NW 9TH AVE Buffer $230 1 Buffer/Utility development) between NE 9th Ave & Palm Trail situated between Palm Trail Plaza and an office building Mixed Use Parking lot between SE 5th & 6th 48 S FEDERAL HWY Parking Lot $850,000 1 Development Ave. surrounded by commercial Assemblage properties Continued Fire station at comer of Barwick Rd 49 4321 LAKE IDA RD Fire Station $1,500,000 1 Use and Lake Ida Rd surrounded by Community residential properties Fire Station on Andrews Ave west of Ocean Blvd and the Atlantic Ocean surrounded by condos and Continued beach front motels. 50 35 ANDREWS AVE Fire Station $2,500,000 1 Use Community Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 4 1 P a g c MAP Address Current Use Concluded T1QY Highest and Parcel Description Rounded Best Use Large triangular corner parcel (too 435 N SWINTON irregular for development) between 51 AVE Buffer $22,500 1 Buffer/Utility N Dixie Blvd and N Swinton Ave surrounded mainly by residential properties and some commercial 3 separate pieces of land under one Mixed Use parcel # consisting of two parking 52 40 NE 4TH AVE Parking Lot $3,325,000 1 Development lots and one small strip of land Assemblage along NE 1 st St. The lots are between 3rd; 4th & 2nd Ave. 54 Palm Ter Vacant Lot $1,675,000 1 Residential Vacant wooded land between Palm Development Trail and the waterway Buffer parcel along I-95 just north 56 SW 3RD ST Buffer $11,000 1 Buffer/Utility of SW 3rd St. Located behind residential properties Commercial Building along NW 5th Ave 62 154 NW 5TH AVE Building $695,000 1 Development between 5th & 6th Ave. surrounded by commercial properties Small paved rd. along Seacrest 63 NE 22ND LN Buffer $65 1 Buffer/Utility Blvd. Situated between a school and residential properties Occupies an entire block between 64 50 NW 1ST AVE Community $17,500,000 1 Mixed Use NW 1st St. & W. Atlantic Ave. Ctr Development across from the police station and next to the county court Large parcel containing a 72 2350 JAEGER DR Tennis $3,500,000 1 Residential clubhouse and tennis courts along Development Jaeger Dr. surrounded by residential properties 75 SW 4TH AVE Buffer $5,225 1 Buffer/Utility Landlocked parcel Vacant parcel between SW 5th & 76 ZEDER AVE Buffer $1,750 1 Buffer/Utility 4th Ave. surrounded by residential properties Mixed Use Parking lot between NW5th & 6th 78 114 NW 5TH AVE Parking Lot $235,000 1 Development Ave. surrounded by commercial properties 4000 OLD Continued Fire station on Old Germantown 79 GERMANTOWN RD Fire Station $870,000 1 Use Rd. surrounded by residential Community properties Buffer of land between NW 7th & 80 29 R NW 8th Ave Buffer $1,800 1 Buffer/Utility NW 8th between vacant parcels and residential properties 81 Depot Ave Vacant Lot $78,000 1 Industrial Assemblage Land near former train depot Detached building currently used as 83 196 NW 8TH AVE Building $225,000 2 Commercial the rotary club on corner of NW Development 2nd St. & NW8th Ave. surrounded by residential properties 87 W ATLANTIC AVE Golf Course $5,400,000 2 Residential Development Delray Golf Course Valuation Consulting Partners, LLC k1r) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 5 1 P a g e MAP Address Current Use Concluded Tier Highest and Parcel Description Rounded Best Use Small buffer (too narrow for 89 NW 3RD ST Buffer $2,250 2 Buffer/Utility development) between mostly residential properties Mixed Use Parking lot between NE 1 st Ave 93 NE 2ND ST Parking Lot $1,000,000 3 Development and N. Swinton Ave. next to a Assemblage multi -unit property Mixed Use Parking lot between NE 1 st Ave 94 NE 2ND ST Parking Lot $630,000 3 Development and N. Swinton Ave. next to a Assemblage multi -unit property NE 10th St Parking Residential Parking lot on NE 12th St. 96 Lot -223 NE 12TH ST Parking Lot $105,000 3 Development surrounded by residential properties and apartment units 97 2200 HIGHLAND Golf Course $8,850,000 3 Residential Delray Golf Course AVE Development Residential Parking lot on NE 3rd Ave 100 906 NE 3RD AVE Parking Lot $105,000 3 Development surrounded by residential properties and mutli-unit apartments DEEDED FROM PBC Buffer parcel on the corner of SW 102 ORB 26684 - 0711 - Buffer $2,800 3 Buffer/Utility 6th Avenue SW 1 st St. surrounded ALLEY by residential properties Mixed Use Parking lot on NE 3rd Ave 106 25 NE 3RD AVE Parking Lot $500,000 3 Development surrounded by mainly commercial Assemblage properties 107 126 NW 2ND AVE House $1,375,000 4 Residential Small apt bldg. along NW 2nd Ave. Development across from City Hall Continued Single family home between NW 108 232 NW 8th Ave House $140,000 4 Use Single 8th & 9th Ave surrounded by Family residential properties 300 W ATLANTIC Continued Police station occupying an entire 110 AVE Police Station $16,000,000 4 Use until block between W Atlantic Ave and surplus SW lst St. next to the County Court Vacant parcel situated between 111 1105 R SW 7TH AVE Buffer $1,050 4 Buffer/Utility residential properties along SWI Ith St. & SW 7th St Commercial building rented as adult day care on the comer of N. 114 850 N CONGRESS Building $2,850,000 4 Commercial Congress Ave. & Lake Ida Rd. just AVE Development west of I-95 with residential properties to the west and commercial properties to the east 115 SW 5TH AVE Buffer $500 4 Buffer/Utility Small vacant parcel assumed too small for development Vacant lot between two commercial 116 353 NE 3RD AVE Parking Lot $230,000 4 Commercial properties in the warehouse district Development surrounded by commercial and industrial property Residential Vacant parcel along Old 117 Germantown Rd Vacant Lot $50,000 4 Development Germantown Rd surrounded by residential properties Valuation Consulting Partners, LLC k1r) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 6 1 P a g e MAP Address Current Use Concluded T1QY Highest and Parcel Description Rounded Best Use 120 Pahn Ter Vacant Lot $1,650,000 4 Residential Vacant wooded land between Palm Development Trail and the waterway 123 FDOT QUITCLAIM Buffer $1,500 4 Buffer/Utility Small buffer (too narrow for ORB 19386 - 721 development) near I-95 127 S CONGRESS AVE Golf Course $160,000 4 Residential Development Delray Golf Course 129 2000 DOVER RD Golf Course $3,450,000 4 Residential Development Delray Golf Course 131 2200 HIGHLAND Golf CourseResidential $6,850,000 4 Lakeview Golf Course AVE Development 132 ALLEN AVE Buffer $1,300 4 Buffer/Utility Small buffer (too narrow for development) 501 W ATLANTIC Fire station (New) between NW 5th AVE Continued &6th Avealong W Atlantic Ave. Fire Station $2,450,000 4 use Same block as police station and community county court surrounded by residential properties 135 Buffer (too narrow for future 138 NW 5th Ave Buffer $1,500 4 Buffer/Utility development) between 5th & 6th Ave between residential properties and parking lots 141 DOUGLAS AVE Buffer $5,450 4 Buffer/Utility Vacant parcel along lucky Lane surrounded by residential properties 143 S CONGRESS AVE Golf Course $36,250 4 Residential Development Delray Golf Course Small buffer (too narrow for development) between residential 144 306 SE 5TH ST Buffer $785 4 Buffer/Utility properties between SE 3rd & 4th Ave surrounded by residential properties POSSIBLE PARCEL Buffer parcels (too narrow for 146 DEDICATED TO Buffer $223 4 Buffer/Utility development). Two along South PUBLIC PB 26 PG Military Trail and one along Dover 187 Rd 147 NW 2ND ST Vacant Lot $4,000 4 Industrial Small triangular shaped parcel next Assemblage to the train terminal Strip of land near an old train 148 80 DEPOT AVE Building $300,000 4 Industrial terminal in the warehouse district. Assemblage Along Depot Ave just west of 1-95. surrounded by industrial properties Small strip of land (too narrow for 150 Eve Street Buffer $22 4 Buffer/Utility development) between Delray Place and Spanish Trail. Surrounded by residential properties 152 COMMERCE DR Golf Course $55,000 4 Residential Warehouse on a parcel that is part Development of the Delray Golf Course Valuation Consulting Partners, LLC k1r) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 7 1 P a g e Extraordinary Assumptions An extraordinary assumption is defined as "an assumption directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis." This appraisal is subject to the following extraordinary assumptions: Since the scope of this valuation assignment includes the analysis of 75 properties owned by the City of Delray Beach, we have assumed that the properties appraised do not have any restrictions or limitations to use which could impact our valuation approach. If there is subsequent information which becomes available which affects the marketability of any of the 75 properties, we reserve the right to modify the value conclusions contained herein. 2. The City of Delray Beach has enacted recent zoning and planning changes which are just in the initial stages of market and developer reaction. Interpretation of these changes within our valuation is subject to further refinement as any zoning changes or LDR's continue to evolve. Current market activity on properties known as Atlantic Crossing, Wic, and others includes numerous news articles and now litigation on the Atlantic Crossing project. Our valuation assumes that current zoning regulations and litigation do not impact the legally possible uses or developability of the appraised properties. Hypothetical Conditions A hypothetical condition is defined as "that which is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis". This appraisal is subject to the following hypothetical conditions: 1. The valuation was performed assuming that current zoning or lack of zoning was not applicable and the properties would be rezoned from their current code to a code more consistent with surrounding uses. The use of the extraordinary/special assumption might have affected the assignment results/opinions/conclusions. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Scope of Work 81Page According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser's responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: • The client and intended users; • The intended use of the report; • The type and definition of value; • The effective date of value; • Assignment conditions; • Typical client expectations; and • Typical appraisal work by peers for similar assignments. Extent to Which Property Is Identified The subject property has been identified in this appraisal report by the physical address and the assessor's parcel number. PROPERTY IDENTIFICATION Property Name: 75 Parcels owned by the City of Delray Beach Address: See Addenda A Tax Identification: See Addenda A The subject property consists of 75 tax parcels which are a mixture of many different uses. In Addenda A, we present individual data on each property. There is a separate Executive Summary document which was also created (and is incorporated into this document by reference) that will help the City review our results in the most concise and effective way by having both documents for use. Type and Extent of Data Researched VCP relied upon various sources for the data included in this report which included public databases, subscription data bases, data provided by the client and/or their representatives, appraiser files and interviews with market participants. The subscription databases included but were not limited to; Costar, Loopnet, PWC and Trend MLS. Public databases included but were not limited to the local governmental property tax database and parcel information, local governmental zoning codes and local recorder of deeds. Extent to Which Property is Inspected A complete interior and exterior inspection of the improved properties has been made, and photographs taken. The interior inspection included all areas that were readily accessible at the time of inspection. This inspection was not a complete inspection of the entire property but an inspection of all areas that were considered to be an accurate representation of the design, condition, utility and quality of the subject property. An exterior inspection of all readily accessible areas of the land parcels has been conducted. Current Ownership and Sales History A limited number of properties listed in Addenda A have offered for sale or purchased in the past three years. These are identified in Schedule A. An analysis of the recent sale history was performed and each of the properties note has been owned by the city for the past three years. The current owner of all of the subject properties is the City of Delray Beach. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 9 1 P a g e Purpose of Appraisal The problem to be solved and the purpose of the appraisal is to estimate the 'as is' market value of the 75 City parcels, also known as our subject property. Market Value means 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 acting in what they consider their 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. This definition of market value is as defined by the Office of the Comptroller of Currency (OCC) under 12 CFR, Part 34, Subpart C -Appraisals, 34.42 Definitions, the Board of Governors of the Federal Reserve System (FRS) and the Federal Deposit Insurance Corporation in compliance with Title XI of FIRREA, as well as by the Uniform Standards of Appraisal Practice as promulgated by the Appraisal Foundation. Intended Use The intended use of the appraisal report is to determine the market value of the subject property for internal planning. This report is not intended for any other use and is not to be relied upon or shown to any other party. Intended User The intended user is the person (or entity) who the appraiser intends will use the results of the appraisal. The client may provide the appraiser with information about other potential users of the appraisal, but the appraiser ultimately determines who the appropriate users are given the appraisal problem to be solved. Identifying the intended users is necessary so that the appraiser can report the opinions and conclusions developed in the appraisal in a manner that is clear and understandable to the intended users. Parties who receive or might receive a copy of the appraisal are not necessarily intended users. The appraiser's responsibility is to the intended users identified in the report, not to all readers of the appraisal report. Client The party who engaged the appraiser for this assignment is The City of Delray Beach (the "Client"). This appraisal report was prepared for the exclusive use of the Client and use of this report by others is not intended by the appraiser. Date of Appraisal The effective date of this appraisal is October 15, 2015, the date upon which the subject property was physically inspected. The date of this appraisal report is December 18, 2015. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Prior Services 101Page The appraiser has not performed any prior services regarding the subject properties within the previous three years prior to the effective date of the included engagement letter. Report Type This appraisal report is intended to comply with the reporting requirements set forth under Standards Rule 2-2 of the Uniform Standards of Professional Appraisal Practice (USPAP) as a "Restricted Appraisal Report". The report is considered a Restricted Appraisal Report due the large number of properties valued at the same time. The client did not need or want individual reports for each of the 75 properties some of the reporting is generalized to address the collection of properties as a whole. This report is intended to accompany the complete list of properties and their respective values. Individual values should not be segregated from this report. In the event that an individual value is needed, an individual Appraisal Report will need to be issued. The analysis presented in this report summarizes the process of solving the appraisal problem and is presented in sufficient detail for a review by persons knowledgeable in this field and familiar with the assets. We have considered the intended use and user of this report and selected the most appropriate reporting format. As a result, we will present detailed discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the opinion of value in a consolidated and summary format. Market Area and Analysis of Market Conditions A comprehensive analysis of market conditions has been made. The appraiser maintains and has access to public records and databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis An "as vacant" and "as improved" highest and best use analysis for each of the subject properties has been made. The concluded Highest and Best Use summary is presented in a summary format with the property valuation summary in the Addenda to this report. Physically possible, legally permissible and financially feasible uses were considered, and the maximally productive use was concluded for each property along with a tiering analysis which will be presented in the following sections. Valuation Analyses Cost Approach: A cost approach was only applied to properties which are improved with significant buildings under a continued highest and best use. Sales Comparison Approach: A sales approach was applied to most of the properties and there was adequate data to develop this approach. Income Capitalization An income capitalization approach was developed for the Approach: properties which qualify as an income producing property and there was adequate data to develop a value estimate. Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Economic Analysis National Economic Analysis 111Page The U.S. market has continued in its overall improvement through the second quarter of 2015. The unemployment rate dropped to 5.3 percent in June 2015 with job growth occurring in professional and business services, health care, retail, financial activities, and transportation and warehousing. This is a decrease of 0.8 percent from the prior year's unemployment rate. Monthly employment gains average 250,000 people over the past twelve months. The increase in employment, recovering housing market, record -low interest rates, and decrease in gasoline prices have aided in the on-going recovery of consumer confidence and thus, the overall economy. In the retail market, job growth was very strong throughout 2014, making it the best year for job growth since 2000. As of the first quarter of 2015, improvement in the U.S. retail market "stalled". Demand for space is still less than previous recoveries and the availability rate stayed flat quarter over quarter at 11.5 percent. Construction completions are still lower than usual (just 1.7 million square feet of neighborhood, community, and strip center space in Q1 2015), however, development activity is increasing. Completions are expected to remain low in 2015, but will increase dramatically in 2016. Net absorption, while still positive, decreased to 2.5 million square feet with rents increasing only 0.9 percent over the prior year's level. Average retail rents now stand just 1.3 percent higher than the bottom reached in Q2 2013 and are 12.8 percent lower than the peak reached in Q1 2008. Investment in U.S. retail assets has increased dramatically over the past two years with a full year investment volume of $78 billion (24% higher than the previous year.) With all of these factors in play, the outlook for the retail market remains positive. Demand for retail space is expected to begin to grow rapidly in 2015 while new supply is expected to reach an all- time low. CBRE predicts that through 2018, demand will outpace supply and we will see above-average rent growth because of it. NEtAWr*n aFdCampldims{MSO Nit kwrpriiin (1) (i) A,ahhil-:4-e(R:I dwlkh7rde PAtR l%l 100 14 •20 •40 2N10 21101 21A2 2003 2#104 2005 20k 20D3 2008 21109 2010 2011 2012 2013 2014 2015 2016 2017 2018 201 ¢ 2020 Sawa. CB RE Emmmndrk A 41,201§_ 12 10 The U.S. office market continued in its expansion in Q2 2015 with high demand and 21 million square feet of positive net absorption. This is much higher than the previous quarter and the highest total since Q2 2007. New supply in the second quarter is up 80 percent from the previous year and ended at 7.2 million square feet. However, development activity is concentrated in metro areas with five markets accounting for more than 56 percent of completions during the quarter. Vacancy rates decreased by 40 basis points in the since Q1 2015 and ended the second quarter at 13.5 percent. Average asking rents increased in Q2 by 1.1 Valuation Consulting Partners, LLC k1r) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 12 1 P a g e percent over the previous quarter and 3.6 percent year over year. This was the 16th consecutive quarterly increase in rents. CBRE predicts that in the near term, net office absorption is expected to be above its long- term average but below the pace seen in 2014 with an average of 42.6 million square feet per year through 2017. Vacancy is also expected to continue in its decline and bottom out around 12.2 percent in 2018. Asking rents are expected to increase over the next five years until supply catches up with demand. Figure l: U -S. Moro Office Supply old Demarxl Completions arid NerAbseiptiaa (MS1 Comoelioas() No Absoiptian (L) YatarKV Rate (R) Vamnty We (%) 'K U 20 15 10 5 0 -5 -10 -15 -20 -25 OF UP cz� C7 Ur OF OF UP� C7 M OF Source: CARE Econometric Adwisars, 02.2015. caC -r 4— ell E -r rr a res cv ca ca v OF OF ca C7 ca 7 O C7 ea ca su s Q 16 14 12 10 8 6 4 2 0 The U.S. industrial market expanded for the 21St consecutive quarter with an increase in net absorption of 33 percent from the Q 12015. All but two markets (tracked by CBRE) saw positive demand for industrial space leading to the 67.1 million square feet of positive net absorption this quarter. New supply totaled 36.5 million square feet in just the second quarter with many secondary and tertiary markets delivering over 1 million square feet in the quarter. The availability rate continued its decline and dropped by 30 basis points to reach 9.8 percent, just 10 basis points above the previous cycle low in 2007. Average asking rents increased along with demand to reach $6.04 (an increase of 3.4 percent year over year). It is predicted that economic trends will continue to support demand for industrial space due to inventory levels growing as a result of growth in business and consumer confidence. Construction is expected to increase as well, but it will not reach pre -recession levels. CBRE also predicts that light industrial properties will soon become the main focus of investors. ik'f) Valuation Consulting Partners, LLC Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation FiguTe 1: U.S. Intel Sunh mind [}emend Comp,l�rians.and 4el rErsarplin 100 40 20 a =29 -40 .6p -0I •1NI '2 '2 4 131Pag n(ASO Cacn*inns(Q Wel 'hsa$plion(Q Aw+ailahi1�.�F B(R) dseilnhilitaRale (�6) 13 Suite= (ERE EfDiwdiieirk kms# D2 31115_ The multifamily market continued to grow in supply in Q 12015 although this quarter saw a decline in the completions rate. The four -quarter completions rate declined by 6 percent quarter over quarter to 169,000 units, but the rate remains well above it 2011 recessionary low and is expected to rise to 213,000 units by the end of the year. Multifamily acquisitions continue to be appealing to investors with a sales volume of $30 billion in Q1 2015. Multifamily acquisitions represented 28 percent of the total $108 billion U.S. commercial real estate investment in Q 12015. Despite the increase in new multifamily units, Q 12015 saw a growth in rents by 5.9 percent year over year. Net absorption declined slightly from Q4 2014 but remains positive at 210,406 units. Vacancy rates remain below 5 percent for the fourth consecutive quarter and dropped 30 basis points year over year to 4.8 percent. The increase in demand is, in part, attributable to the trend towards renting homes rather than owning. The national homeownership rate declined for the sixth consecutive quarter to 63.7 percent in Q1 2015. This marks the lowest homeowner rate since 1993 and in the past year alone it has declined by more than 100 basis points. Developers have been responding to the built-up demand for multifamily housing since 2012 and completions are expected to peak in 2016. The outlook for the multifamily market remains positive, but the pace of expansion and rental rate growth is expected to slow over the next 18 months. There is a significant amount of new supply that is expected to be delivered in 2015 and 2016 that will cause rent growth to slow and vacancy rates to rise. CBRE predicts that even with increases, the vacancy rate will remain below the 5.2 percent historical average over the next two years. Valuation Consulting Partners, LLC k1r) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 14 1 P a g c Figure 1i U.S. M uhifnmily Supply And Uemond aulloak Compieflunsand filetAb5o un NnK Uig Wnpkam(Q Hey AbsuF•bn (R "Ocax N womnry Role SDO 8 Fare= 4M 300 2a7 1DO 301 S*ura! Emrmmeirkhhbois 012015. National Employment The United States added on average 186,000 net jobs per month in 2012; 194,000 jobs per month in 2013 and an average of 224,000 jobs per month in 2014. Total nonfarm payroll employment in June 2015 increased by 223,000 and the unemployment rate declined to 5.3 percent. The prior twelve months saw an average of monthly gain of 250,000 jobs. The majority of the new positions occurred in professional and business services (64,000), followed by education and healthcare (50,000), retail (33,000), leisure and hospitality (22,000), and financial activities (20,000). The mining and logging industry has seen a decline in employment of 4,000 in June and 71,000 since reaching a peak in December 2014. The U.S. jobless rate was a seasonally adjusted 5.3 percent in June 2015, showing a decline over the month of 20 basis points and significantly lower than the 6.1 percent reported in June 2014. The current unemployment rate is the lowest unemployment for the country since 2008, and it is significantly lower than the ten year average of 6.9 percent. Conclusion The outlook of the U.S. economy is strong but will continue to depend upon consistent employment growth and favorable and expanding capital markets. Mortgage interest rates have declined to the lowest rates seen since May 2013 and the expectation is that interest rates can only begin to rise. There is optimism among businesses and manufacturers. Economists seem confident in a positive outlook for the U.S. for 2015. The economy is expected to grow more than 3 percent for the first time since 2005 and it will be driven by increased job creation, low fuel prices, and increased consumer confidence. This could also cause an increase in employee wages but, on the down side, may cause interest rates to increase. It is also predicted that the improvement in business confidence will help to push investment growth back up as companies are encouraged to invest more to meet demand through 2015. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Miami MSA 151Page The Miami metropolitan statistical area, commonly referred to as `South Florida' by local residence, is the MSA where the subject lies. The three most populous counties in Florida make up its area — Miami -Dade, Broward, and Palm Beach — along with the more major cities of Miami, Fort Lauderdale, Pompano Beach, West Palm Beach, and Boca Raton. It is the 8th most populous metropolitan statistical area in the country, with a land area of 6,137 square miles, giving it a population density of 966 persons per square mile. A visual depiction of its area can be in the map below. , moeorda lades 12085 Y 2043 1 12015 i a wi sig a rct PmIm Beach C�n� Cerr,_3 Lee Palm Beach t Hendry12099 oynkgc 9Oa ch 12071 4 12051 ..� oer Raton ornpano Beach '' Collier + Broward ort Lauderdale 1201 12021 liar~[ Miami -Dade 12088 Her si onroe 12087 45 mi � Population As of the 2010 Census (or most updated), the Miami metropolitan area had a population of 5,564,635, and in 2014 it was estimated that the population was 5,929,819. From 2000 to 2010, the population in the statistical area increased by 11.1 percent. The State of Florida's population in 2014 was estimated as being 19,893,297, which would made it the third most populated state in the nation at the time. Miami MSA is projected to have a population of 7.4 million by 2030. Transportation Major Highways — The major highways that service the Miami MSA: Interstates 95, 75, 195, 395, and 595; Florida's Turnpike; State Roads 924, 874, 878, 869, and 826. Airways- The major airports in this statistical area include the Miami International Airport, Fort Lauderdale — Hollywood International Airport, and the Palm Beach International Airport. There are also 11 smaller Valuation Consulting Partners, LLC k'f) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 16 1 P a g e airports including the Miami Executive Airport, Pompano Beach Airpark, and Palm Beach County Park Airport. Public Transportation — Forms of public transportation include the Metrorail, Metromover, Metrobus, and the Tri -Rail commuter rail. Waterways — Transportation via waterway is possible for Port Everglades, Port of Palm Beach, and the Miami River. Land Use According to the most updates Census, the Miami MSA had 2.3 million housing units. 13 percent of those were reported as being vacant. Single -unit structures took up 52 percent of the units. 45 percent were multi- unit structures, and 3 percent were mobile homes. Also, 25 percent of the housing units were built since 1990. Employment The Miami MSA added 7 1, 100 jobs from June 2014 to June 2015, marking their total employment up to 2,467,000. The MSA increased their construction sector by 4.9 percent (18,802 jobs), their leisure and hospitality sector by 4.5 percent (17,267 jobs), and their professional and business services sector by 4.3 percent (16,500 jobs). The only three job sectors in the Miami MSA that had lesser rate of increase than that of the U.S.'s average was in manufacturing (0.6% increase), information (0.2% increase), and the government sector that had a decrease in employment of 0.4 percent. Income According to the U.S. Department of Commerce, in 2013 the Miami -Fort Lauderdale -West Palm Beach MSA had a per capita personal income of $45,377, which was $5,636 less than Florida's average and $612 greater than the U.S. average. The change in per capita personal income for the MSA, from 2012 to 2013, was a 1.3 percent increase. The state experienced a 1.9 percent increase during this span, while the nation experienced a 1.3 percent increase. The chart below shows a comparison between the Miami -Fort Lauderdale -West Palm Beach, FL (MSA) and the United States in 2013. 50,000- 40,000- 1030,000- Z03x0,000 20,000 10,000 0 - Miami -Fort Lauderdale -West United States Palm Beach, FL (MSA) Palm Beach County Area Analysis Palm Beach County is a county located on the eastern coast of the state of Florida and is included in the Miami -Fort -Lauderdale -West Palm Beach, Florida metropolitan area. Palm Beach is the third most Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 17 1 P a g e populace county in Florida with a population of roughly 1,397,710 residents (according to 2014 estimates). Palm Beach County has a total area of 2,383 square miles, of which 1,970 is land and it is the second largest county in Florida by land area (third largest by total area). The county is adjacent to Martin County to the north, Broward County to the south, Hendry County to the west and the Atlantic Ocean to the east. Palm Beach also extends into Lake Okeechobee in the northwest where it borders Okeechobee County and Glades County in a point in the lake. Palm Beach has many natural areas that include wildlife refuges, preserves, and protected areas as well as coral reef along its coastline. Palm Beach County's Location on State Map Transportation Major Highways - The major highways serving Palm Beach County are as follows; Interstate 95 and the Florida Turnpike, US Routes 1, 441, and 98, and State Routes 5, 805, 7, 80, and 700. There are also a number of smaller highways that service the area such as Ocean Boulevard, Congress Avenue, Military Trail, and Bee Line Highway. Public Transportation — Palm Tran provides bus services throughout Palm Beach County. Regional Rail — TriRail runs along eastern Palm Beach County and adjacent to I-95 for most of its length. It has stops in Boca Raton, Delray Beach, Boynton Beach, Lake Worth, West Palm Beach, and Magnolia Park. Airports — Palm Beach International Airport is located within the county as is the Palm Beach County Park Airport, North Palm Beach County General Aviation Airport, Boca Raton Airport, Belle Glade State Airport, and Palm Beach County Glades Airport. Population According to the U.S. Census Bureau, Florida was estimated to end 2014 with a population of 19,893,297. The population of Palm Beach County was estimated at 1,397,710 people for 2014. Palm Beach County is Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 18 1 P a g e the third most populous in Florida and the twenty-eighth most populous county in the United States. Based on 2015 estimates and projections, the Palm Beach County Planning Zoning & Building Department expect the county's population to grow by nearly 22 percent from 2015 through 2035. The table below shows Palm Beach County most recent population statistics. People QuickFacts Population. 2014 estimate Population, 2013 estimate Population, 2010 (April t) estimates base Population, percent change - April 1, 2010 to ,July 1, 2014 Population, percent change - April 1, 2010 to July 1, 2013 Population, 2010 Persons under 5 years. percent. 2013 Persons under 18 years, percent, 2013 Persons 65 years and over, percent. 2013 Female persons, percent, 2013 Palm Beach County Florida 1.397,710 19.893,297 1,376,199 19,640,311 1, 320,134 18,8D4,623 5.9% 58% 4.2% 42% 1,320,134 18,801,310 5.2°% 5.5% 197% 206% 22.5% 18.7% 51.6% 51.1% Employment The table on the following page shows the unemployment trend for the U.S., Florida and Palm Beach County from 2000 — June 2015. Note the steep increase of unemployment due to the Great Recession starting in late 2007, early 2008 with a recovery period starting in mid -2010 into 2011. Palm Beach County's unemployment seems to fluctuate much more on a month to month basis than either Florida or the Nation. Currently, the unemployment rate in Palm Beach County is 5.2, which is lower than the state and national rate. Unemployment Trends 2000 — 2015 FREDUnemployment Rate in Palm Beach County, FL Unemployment Rate in Florida Civilian Unemployment Rate 1 11 10 g c 8 a u 7 6 5 4 3 2000 2002 2004 2006 2008 2010 2012 2014 Shaded areas indicate U5 recessions - 2015 research.stlouisfed,org Total nonfarm employment for the Miami -Fort -Lauderdale- West Palm Beach MSA stood at 2,467,000 in June 2015. This is an increase of 3 percent or 71,100 jobs over the year. All of the three metropolitan Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 19 1 P a g e divisions saw employment increases over the year. The largest of the three divisions, Miami -Miami Beach - Kendall, with 43 percent of the area's employment, gained 27,900 jobs since last June. The Fort Lauderdale - Pompano Beach -Deerfield Beach Division, with 32 percent of Miami's employment, added 27,300 jobs over the last 12 months. The West Palm Beach -Boca Raton -Delray Beach Metropolitan Division, which made up the remainder of local employment, added 15,900 jobs over the year. Professional and Business Services had the largest gains, growing by 16,500 jobs or 4.3 percent from June one year ago; Trade, transportation, and utilities saw the second biggest gains increasing employment by 13,700 or 2.4 percent. Leisure and hospitality added 13,300 jobs in June 2015, an increase of 4.5 percent over the year and education and health services also added 12,100 jobs locally, and increase of 3.4 percent from one year ago. Chart 2. Total nonfarm and selected industry supersector employment, over -the -year percent change, United States and the Miami metropolitan area, June 2015 Percent change 6.0 4.0 2.0 0.0 -210 -4.0 _0 -ao Total nonfarm Prntessional Trade, Leisure and Education Financial Otherservices Co-nstrucbm Manufacturing Information Mining and Government and business transportation, hospitality and health activities lagging services and utilities services Source: U.S. Bureau of Labor Statistics. Top 10 Employers The list below is the top 10 employers in Palm Beach County as of September 2014 according to the Palm Beach County Clerk's 2014 Financial Report. 1. Palm Beach County School Board, 21,449 2. Palm Beach County Government, 11,626 3. Tenet Healthcare Corp, 6,100 4. NextEra Energy, 3,804 5. G4S, 3,000 6. Florida Atlantic University, 2,980 7. Hospital Corporation of America, 2,714 8. Veterans Health Administration, 2,700 9. Bethesda Memorial Hospital, 2,643 10.Boca Raton Regional Hospital 2,250 Valuation Consulting Partners, LLC k, F) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 20 1 P a g e Income According to the Federal Reserve Bank of St. Louis, estimated per capita personal income for the County was $57,985 as of 2013, the most recent data available. This figure represents an increase of 1.28% from the prior year or $733 but a decrease from the peak of $59,139 in 2008. Per capita personal income growth from 1969 to 2013 is shown in the chart below FRED— Per Capita Personal Income in Palm Beach County, FL 60,000 ,50,000 40,000 30,000 20,000 10,000 0 1070 1980 1990 2000 2010 Source; US. Bureau of Economic Analysis Shaded areas indicate US recessions - 2015 research,stlouisFed,org Conclusion In general, business plans have started to become optimistic while vacancy rates decline, firms are continuing to add jobs to the economy, and the unemployment rate is slowly dropping. According to some reports this year, the commercial sectors in Palm Beach County have recovered to near pre -recession levels. New buildings are in development both under construction and in the planning stages. New construction to this extent is a positive sign for the county. Now that the recession is over, the outlook for Palm Beach County is for continued growth, with increasing optimism. Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 211 P a g e Delray Beach, Florida Located in the Miami metropolitan area, the coastal city of Delray Beach has a total land area of 15.37 square miles. Bordering the east side is three miles of beachfront (Atlantic Ocean), the cities of Boca Raton and Highland Beach to the south and southeast, and the towns of Boynton Beach and Gulf Stream to the north and northeast. To the west of Delray Beach is High Point, Kings Point, Villages of Oriole and the Loxahatchee National Wildlife Refuge. The downtown area of Delray Beach has expanded over the years, particularly east and west. Population According to the 2010 Census, the population of Delray Beach was 60,522. In 2014 it was estimated that its population grew to approximately 65,055 which represents a population density of 4,100 persons per square mile. From 2000 to 2010, the city experienced a population increase of only 0.8 percent while Palm Beach County (the county it's located in) had a population growth of 16.7 percent during that same span. Research provided by the site "mydelraybeach.com" shows population projections for 2020 being 77,097, and 78,143 for 2025. Transportation Major Highways — The major highways that service Delray Beach include the Florida State Roads AIA and 806, U.S. Route 1, U.S. Highway 441 Interstate 95, Florida's Turnpike, Atlantic Avenue, Linton Boulevard, and George Bush Boulevard. Railways — Railways serving the subject area include the Tri -Rail commuter system and Amtrak. Bus — Palm Tran is the local bus service. Valuation Consulting Partners, LLC k'f) Wilmington, Delaware Baltimore, Maryland VCP z - h LA, LP�70Rd a _ —,. Delray Bea BObj �m W Ave - = Ehd L— lnlm Blvd.. F = Vi.. � _ m Population According to the 2010 Census, the population of Delray Beach was 60,522. In 2014 it was estimated that its population grew to approximately 65,055 which represents a population density of 4,100 persons per square mile. From 2000 to 2010, the city experienced a population increase of only 0.8 percent while Palm Beach County (the county it's located in) had a population growth of 16.7 percent during that same span. Research provided by the site "mydelraybeach.com" shows population projections for 2020 being 77,097, and 78,143 for 2025. Transportation Major Highways — The major highways that service Delray Beach include the Florida State Roads AIA and 806, U.S. Route 1, U.S. Highway 441 Interstate 95, Florida's Turnpike, Atlantic Avenue, Linton Boulevard, and George Bush Boulevard. Railways — Railways serving the subject area include the Tri -Rail commuter system and Amtrak. Bus — Palm Tran is the local bus service. Valuation Consulting Partners, LLC k'f) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 22 1 P a g e Waterways — Waterway transportation includes the use of The Intracoastal Waterway and yacht cruises that depart at the Atlantic Avenue crossing. Shuttles — The Downtown Roundabout and The Downtowner are free local shuttles. Land Use As of 2010, according to the Census, there were 34,156 households in Delray Beach, of which 20.4 percent (or 6,968) were reported as vacant. In the Future Land Use Element report, on Delray Beach's official website, different land usage by acreage is identified — shown in the table below. TABLE L-1 EXISTING LAND USE INVENTORY LAND USE ACRES PERCENT RESIDENTIAL 6,826 67.2% COMMERCIAL 1,004 9.9% INDUSTRIAL 411 4% VACANT & AGRICULTURE 108 1.1% RECREATION. OPEN SPACE. AND CONSERVATION 1,321 13% EDUCATION AND PUBLIC FACILITIES 492 4.8% TOTALS 10,162 100% Employment According to the U.S. Bureau of Labor Statistics, the West Palm Beach -Boca Raton -Delray Beach Metropolitan Division (Delray Beach's division) increased its number of jobs by 23 percent (or 15,900) from June 2014 to June 2015. Its professional and business services industry sector increased in number of jobs by 6.6 percent (6,700 jobs), the leisure and hospitality sector increased by 4.1 percent (3,200 jobs), and the other services sector increased by 6 percent (1,800 jobs). The only industry sectors that experienced a decline in employment were the information by 3.8 percent (400 jobs), and the government sector by 0.7 percent (400 jobs). Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Income 231Page According to the most updated Census for Delray Beach, its median household income from 2009 to 2013 was $49,123, while the State of Florida's was $46,956. As of 2013, the per capita income of the area was $35,049, $8,813 greater than that of Florida's at the time. According to "city -datacom", from 2000 to 2013, household income increased by 15 percent. During that same span, per capita income increased by 21 percent. The chart below shows the number of families that fall within different ranges of household income. Conclusion A 0 There are a number of factors that bode well for the future economic stability and growth for the city of Delray Beach. With nearly all of their industry sectors increasing in the number of jobs, along with the fact that both their median household income and per capita income are above Florida's average, a greater rate of increase in population should be expected in the coming years. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Residential Market Analysis 241Page National Market Analysis Nationally, the market for both upper-income housing and moderate -income housing are being scored well by analysts. A major factor that supports this claim is the fact that the national unemployment rate has decreased every quarter since the third quarter of 2014, and also the nation's Real GDP as of the second quarter of 2015 is up by 3.7 percent from the year before. Nationally according to Urban Land Institute (ULI), the housing market had its ups and downs in recent years, but the consensus for 2015 is only looking UP. According to realtor. org, as of the second quarter of 2015 housing starts are reported to be at 1.155 million, or an almostl5.6 percent increase from the first quarter of 2015. According to the Census, from July 2015 to August 2015, single-family housing starts rose by 9.5 percent (to 739,000), and single-family permits were up 1.7 percent, representing a total of approximately 699,000 authorizations. Existing home sales increased slightly to approximately 5.3 million from quarter one to quarter two in 2015, representing an increase of 6.58 percent. New single-family sales were reported to be at 503,000, representing a 19.4 percent increase from the second quarter a year before. The median home price for existing homes as of the second quarter of 2015, according realtor.org, is $228,000, representing a 7.6 percent increase from what it was in the previous year. The median home price for new homes is $284,700, which represents an increase of 0.9 percent from the year before. Multifamily building unit starts rose to 341,000 units by the end of 2014. This is 50,000 units higher than the average during the time period of 1995-2007, according to Freddie Mac. Not seasonally adjusted existing condo sales in August 2015 was 59,000, which represented a 7.3 percent increase from August 2014. The average sales price for condos in August 2015 was $265,200 (not seasonally adjusted). This represents a 1.7 percent increase from the year before. Home mortgage rates (30 -year fixed) decreased from 4.1 percent in the third quarter of 2014, to 3.8 percent in the second quarter of 2015. For the total 2015 year, the average home mortgage rate is forecasted to be 3.9 percent, and then rise to a 4.6 percent average in 2016. According to the Census Bureau, residential units authorized by building permits rose in 2014 from the year before for New Jersey, Pennsylvania, Delaware, and the nation as a whole. Residential unit authorizations totaled 28,155 in New Jersey (16.29 percent increase from 2013), 25,059 in Pennsylvania (15.75 percent increase), 5,194 in Delaware (7.6 percent increase), and 1,046,363 in all of the U.S. (5.61 percent increase). Overall, since 2010, the U.S. number of housing permits has stayed relatively stable, with increases seen recently. All data and statistics in this section are from the 2nd Quarter of 2015, unless otherwise specified. According to the U.S. Department of Housing and Urban Development, the average national selling price for condos was $450,000, which represents an increase of more than 5 percent from the previous quarter, and more than 41 percent from the year before. Condo sales 623,000, representing an almost 11 percent increase from the 1 st Quarter of the year. Vacancy rates for multi -family rentals decreased by 0.8 percent since 2nd Quarter 2014, to 7.3 percent. The number of multi -family housing permits approved totaled 529,000, a 33.59 percent increase from the previous quarter; new construction began for 433,000 multi- family buildings, a 33.64 percent quarterly increase; and a total of 326,000 construction projects were Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 25 1 P a g e completed for multi -family buildings during the 2nd Quarter, a 33 percent increase from the total in the 1 st quarter. Local Residential Market Analysis The Revitalization of Delray Beach The real estate market in Delray Beach is in the midst of a complete revitalization. Much of the growth that is happening in Delray can be attributed to their Community Redevelopment Agency's (CRA) focused strategy of creating a welcoming area to both residents, and businesses. Of the $14,047,991 that they obtained in revenues, with most of it coming from the City of Delray Beach and the County, the CRA allocated over 40 percent of it to their Area Wide and Neighborhood Plans, and over 29 percent of it to their initiative of Community Improvement and Economic Development. Some of the notable expenditures that Delray's CRA implemented during 2014 include: the Fairfield Inn hotel; the beautification of the SW 2nd Street and NE 1St Avenue areas; the Reverend J.W.H. Thomas, Jr. Park; and the $35 million dollar project (with Equity Enterprises USA) that was comprised of 49,795 square feet of retail space, 47,600 square feet of Class A office space, and 132 apartments. The CRA also has a number of projects that will continue through this year (2015) that includes: redevelopment of the Artists District ($700,000 2015 investment), a warehouse within the Artists District ($750,000 2015 investment), the Osceola Business Area ($800,000 2015 investment), as well as improvements for the Federal Highway ($420,149 2015 investment) from SE 10th Street to George Bush Boulevard which involves implementing biking/walking paths and landscape nodes, among other features — lining all the way down the corridor. With this strategic focus to revamp the real estate market and overall quality of life in Delray Beach, it's no wonder why more and more people are looking to stay there. For instance, the 2 Quarter 2015 median sales price for a condominium unit in Delray Beach's MSA was $156,300, representing a 7.1 percent increase from Quarter 2 in the previous year. This past September, according to Delray Beach Real Estate's website, there were 183 condos sold with an average selling price of $143,000, and were on the market for an average of 59 days. Although the average sales price was lower than it was in August ($170,000), this is more than likely just a result of slightly less desirable condos being available on the market. The month of September still accounted for 16 more condo sales which only shows that people want to buy in Delray Beach. According to their site, the "hot spot" as of right now is East Delray. According to realtor.com, the average home's price per square foot in Delray Beach is $176, which is $61 more than the state of Florida's and $64 more than the U.S.'s. According to Delray Beach's Community Redevelopment Agency rents on Atlantic Avenue fall within the range of $70 to $100 a square foot, and that just five years ago the rent for these locations were right around just $40. Just as an additional quick note, the George Buildings (2 adjacent buildings totaling approximately 20,000 square feet) on Atlantic Avenue (Southeast 4th Street at 326 and 400 East Atlantic Avenue) sold for $1,274 a square foot. Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Active Single Family Projects 261Page Delray Beach Seven Bridges- Luxury 742 home community with amenities including fitness center, tennis courts, pool, game room, card salons, and party pavilion. Clubhouse is 27,646 square feet. Nearly all lots have water view. Models start at $686,900 for 2,450 square foot single family home and range up to a base price of $786,900 for 4,265 square foot home. From their opening in March of 2014, they sold 150 units through January, 2015. The Bridges -Within the same development project as Seven Bridges. The homes range from $671,900 for a 2,450 square foot model to $771,900 for a 4,265 square foot model. Opened in 2012 with a total of 591 home sites, through February 2014 they sold 500 homes. The site is now sold out. Developer GL Homes bought this 412 acre tract off Lyons road, and has now done two separate projects with an implied 3.23 units per acre for these two communities combined. Tuscany -Offering single family homes starting at $374,000 base for two bedroom 1,505 square feet. Models range up to $459,000 and 2,765 square feet. Opened in spring, 2014. 454 lots total in this community. As of March, 2015 they had sold 180 homes. As of June 2015 they had sold 250 homes. These 454 lots were built on a total of 128 acres (roughly 3.55 units per acre.) Boca Raton Royal Palm Polo- Toll Brothers - Pricing begins at $1.48 million for 4,800 square foot model and ranges up to $1.73 million for a 6,852 square foot model. The community has a total of four phases; Current phase includes 59 home sites of which 10 have sold, since their opening December, 2014. 223 units total on 121 acres (1.84 units per acre). Land was purchased for $80m. Boynton Beach Aspen Glen 45 lots, broke ground September, 2013. (Sold Out in early 2015). Offering single family homes priced from $350,000 and up. Floor plans start at 2,014 square feet and range up to 3,130 square feet. Construction by Lennar Builders. The community sold 45 home sites. Conclusion With all the redevelopment that is happening in Delray Beach, along with the fact that their median household income is more than 23 percent higher than Florida's average, the quality of life is on the rise. Consequently, the number of those interested in living there will continue to increase into its sustainable future. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Commercial Development Delray Beach. 271Page Uptown Delray Uptown Delray is going to be in the center of Delray's business district, just two blocks south of Atlantic Avenue at the corner of Federal Highway and S.E. 2nd Street. This $26 million, 338,000 square foot building is expected to be completed in September 2016, and will be comprised of 146 units. The units will have either 1- or 2 -bedrooms, 2 -bathrooms. There will also be some lofts available. Each unit will have wood cabinetry, stainless steel appliances, and granite tops. Amenities for the building will include a third floor pool, a deck, and a clubroom that opens to an outdoor entertaining area that will include refreshment seating, grilling areas, a water wall fountain, tropical gardens and private terraces. Also, the project includes a gym, gaming room, coffee bar, cyber cafe, conference meeting room, retail and gated parking. 111 First Delray This 1.12 acre site was bought for $9 million in April 2015. The building is going to consist of 70 condominium units. Pre -sales for these units were planned to begin in August/September 2015. Sales prices are expected to range from roughly $400 per square foot, to the upper $500s per square foot. Average unit size is 1,000 square feet, while there are units that offer one-, two-, and three -bedrooms. Amenities include summer kitchens, private balconies, fitness center, and pool deck. Uptown Atlantic This development project is located at the South side of West Atlantic Avenue, between SW 6th Avenue and SW 9th Avenue. It has 112 dwelling units, 17,200 square feet of office space, 6,250 square feet of restaurant, and 44,841 square feet of retail. Also will include a recreational facility that includes a parking lot, tot lot, community pool, public pocket park, and dog walking area. There are going to be 15 efficiency units ranging from 400 to 411 square feet, 18 one -bedroom units ranging from 635 to 707 square feet, 75 two-bedroom units ranging from 900 to 1,102 square feet, and 4 three-bedroom units at 1,269 square feet each. The Strand This project consists of the construction of two buildings, having a total combined size of 264,794 square feet, will be separated by SE 1 st street. The north lot has an area of 0.79 acres and the south lot has an area of 2.34 acres. The four-story building on the north lot will include 43 residential units throughout its top three floors with the ground floor being a covered parking garage. The five -story building on the south lot is expected to have 155 residential units throughout the top four floors, with the ground floor being a covered parking garage. The unit offerings will include studios, 1 -bedroom, and 2 -bedroom spaces, and the size of the units will range from 500 to 1,200 square feet. Each building will have its own pool, fitness center, and clubhouse. The buildings will also include a charging station for electric vehicles, a "green wall" system, and solar panels. This project is expected to be completed by the end of 2016. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 28 1 P a g e Aloft Hotel Plat This development project is at 202 SE 5th Avenue, and consists of 122 hotel rooms and 35 condominium units. It also includes 6,280 square feet of retail space, structured parking, and amenities such as a restaurant/lounge and meeting rooms. This building is going to be opening in November of 2017. The Metropolitan This up -scale condominium building is being built at the northeast corner of Southeast Third Avenue and Southeast First Street. It will consist of 48 units (24 being single bedroom units) that range from 920 square feet to 1,700 square feet, with many of the units having their own private deck. Amenities include 24-hour concierge service, a fitness center, and a rooftop deck. The building is supposed to have a height of 57 -feet. SOFA Buildings 1&2 Building 1 (196,582 square feet) is to be located on the east side of SE Yd Avenue, between SE 1St Street and SE 2nd Street, and will consist of 117 units. Building 2 (92,252 square feet) is to be located on the west side of SE 2nd Avenue, just south of SE 1 st Street, and will consist of 55 units. Rents for these units will range from $1,000 to $4,000 dollars. SOFA District Offices and Lofts This project is located on SE Yd Avenue between SE Pt and 2nd Streets, and is expected to open during the first quarter of 2016. The project is going to have a total cost of $20 million, and will consist of two buildings that total to 100,000 square feet in size. There will be 76 condo units, 4,000 square feet of retail space, and 20,000 square feet of office/mixed-use space. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 291Page Palm Beach County Golf Course Market The golf business should not be understated when examining the local Palm Beach County economy. The Palm Beach County area is known as the Golf Capital of the World, with over 160 golf courses. It is considered the most attractive location in the country for golf courses due to the weather, topography and the area is home to more professional golfers than any other area in the US. According to the Palm Beach Post, "The Medalist Golf Club in Hobe Sound is the home course of Tiger Woods, Rickie Fowler and 22 PGA and LPGA members. The Bear's Club is home to Rory McIlroy, Ernie Els, Luke Donald and 17 other pros. The Dye Preserve in Jupiter has another 8-10." The most recently available Palm Beach County Golf Economy Report cites the Counties golf industry as being directly responsible for an economic impact of $1.8 billion dollars, supporting 21,000 jobs and wage income of $600 million in 2007. It is known that the golf industry statistics have declined since this time; however the importance of the golf industry to the local economy still carries the same weight. When looking at the local trends in the golf course market, it is also critical to look at broader national level trends. The golf course industry felt the impacts of the great recession just as most Americans did. A number of publications cite the impacts of the recession; the below citation from a recent Bloomberg Business article cites the impacts of the bust and goes onto discuss the current positive market sentiment for golf courses as an investment: "In 2005 and 2006, at the end of the housing boom, many developers used loans to develop residential communities with golf courses... but these developers didn't know how to run a golf course... So not just did they struggle with a tapering demand for houses, but they also had the burden of running a business they knew nothing about. The `gross overbuilding" of golf courses by residential developers is still being worked through, said Ekovich of Marcus & Millichap. In 2012, 141 more courses closed than opened, down from 154 a year earlier, he said. There were about 144 net closings last year. There is still an excess supply of courses due to the golf construction boom, which was largely fueled by residential real estate development... Net course closures should remain over 100 courses per year for the foreseeable future. " Despite the grim national outlook of the above citations from Bloomberg Business, the same article goes onto cite that a recovery is well underway with investors swooping in to grab up excess supply: "In 2013, CBRE Group Inc. 's Golf & Resort Properties division brokered the most sales of 18 -hole, standalone golf courses in eight years. It sold 15 courses for an average price of $4.59 million, compared with an eight-year low of $1.18 million in 2011. After bottoming out in 2012, the golf -course sales market looks to be recovering and stabilizing, Ekovich said. Bank financing is slowly returning, the average sales price is rebounding, there are fewer foreclosures and bank repossessions, and more courses are back to producing positive cash flow. " Positive investor sentiment will continue to be driven by the increase in the national figures for the number of golf rounds played, "In 2012, there were 489.5 million rounds of golf played in the U.S., according to the National Golf Foundation. That's a slight rebound from 2011's 463.1 million rounds, but a far cry from the more than 518 million rounds that were played in 2000." In putting this this national level investor sentiment into perspective with the local Palm Beach County market, it is easy to see the same trend occurring on the local level. A golf course was once viewed by Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 30 1 P a g e some as a necessary component to any new residential housing development. Developers have now steered away from this trend, citing high costs to build and maintain the courses being an unattractive feature to home buyers. Rick Covell of Kolter Homes is quoted in a Palm Beach Post article from September, 2015 saying that, "a lot of buyers want to be in a community where they don't have to be part of a golf club." COO Marcie DePlaza of GL Homes, the builder/developer of Delray subdivisions; Tuscany, The Bridges, and Seven Bridges cites that, "many of our new buyers are looking at leaving the country club life. Residents can play at the nearest public courses." She highlights the trend in residential development on the most local level away from building golf course inclusive communities, where residents incur the costs of the course, and more towards developments which offer some sort of membership package to other local courses at the residents' choice. The local trends highlight the importance of golf courses to the area while also defining the tolerance for residential market participants to incur the cost of such courses. The oversupply of courses built in the lead up to the peak market in 2008 is slowly being absorbed by the market. While this oversupply exists, developers are moving towards building developments with other amenities such as club houses, pools and tennis courts, and allowing the members to choose from amongst a number of local golf courses. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 311 P a g e Neighborhood Analysis The following describes the City of Delray Beach boundaries: North - Directly to the north, the city is bordered by Boynton Beach. To the north and northeast, the city is bordered by the town of Gulf Stream on the barrier island and along a section of mainland east of U.S. Route 1. East - The city's eastern boundary includes 3 miles (4.8 km) of beachfront along the Atlantic Ocean. Directly to the south, the city is bordered by Boca Raton. South - To the south and southeast, the city is bordered by Highland Beach on the same barrier island east of the Intracoastal Waterway. West - To the west, an urbanized area that includes High Point, Kings Point, Villages of Oriole, and several gated communities extends beyond the city's western boundary to the Loxahatchee National Wildlife Refuge portion of the Everglades. Many residences and businesses within this suburban corridor of unincorporated Palm Beach County possess a Delray Beach postal address despite technically lying outside the city limits. This area is often referred to collectively and informally as "West Delray". Valuation Consulting Partners, LLC k'f) Wilmington, Delaware Baltimore, Maryland VCP c Pipers Z _ �4'ra 1��.4ay - 5 L. ko R,7 LakB be Rei Delray Bea L"J tic Ave _p r 4A1 Lr4on Blvd L� - r6.. ca Valuation Consulting Partners, LLC k'f) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 321Page Zoning The City of Delray Beach has recently updated their Land Development Regulations (LDR) via several ordinances over recent months. These new LDR's are substantially different from the previous LDR's and are much more restrictive than the previous LDR's. Like many other municipal zoning codes the Delray Beach LDR's regulate the following: Building Height Building Setbacks Parking Requirements Open Space Requirements Storm water Management Architectural Design Use Restrictions The Land Development Regulations start with a base zoning and have a variety of overlay districts that further restrict development within the base zoning requirements. The base zoning within the City of Delray Beach are as follows: Agricultural Zone District Rural Residential Zone District Single Family Residential Districts Mobile Home District Low Density Residential District Medium Density Residential District Planned Residential Development District General Commercial District Automotive Commercial District Neighborhood Commercial District Planned Commercial District Central Business District Resort Tourism District Planned Office Center District Professional and Office District Residential Office District Planned Commerce Center District Mixed Industrial and Commercial District Industrial District Community Facilities District Open Space District Conservation District Old School Square Historic Arts District Special Activities District Light Industrial District Open Space and Recreation District Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Central Business District Railroad Corridor Mixed Residential Office and Commercial District 331Page In addition to the base zoning districts, there are 40 historic districts that overlay the base zoning and have additional required development regulations. All of the properties that the City of Delray Beach identified as part of this appraisal exercise had an existing zoning regulation stipulated, however many the properties had a zoning regulation that limited future development and future use to some form of community use. Properties with a restrictive community zoning or open space zoning category have a very limited pool of potential uses and potential users, thus the value of properties with a community zoning is a fraction of what it would be if private development were a possibility. Recognizing that revenue could be generated by rezoning and selling surplus properties, we were instructed by the City of Delray Beach to appraise the subject properties as if they were zoned similar to surrounding privately held properties. Recognizing that the City Government has the ability to rezone its own properties to allow a variety of uses that would enhance the value of the property, the rezoning still needs to be consistent with the identified long range planning goals of the city and consistent with the surrounding uses. Rezoning its own properties to allow densities and uses that are inconsistent with surrounding uses and contrary to variances denied by private property owners would inevitably result in litigation. A personal inspection was made of each property and of the surrounding area as part of this assignment. Based on our observations during the inspection process we have concluded to individual hypothetical potential uses and zoning categories that would maximize the value of the property while still being consistent with the surrounding property types. For example, if the subject property was surrounded by all multifamily properties we assumed that the property appraised could be rezoned to accommodate a multifamily use of similar design and density. While it is sometimes not uncommon for the city to grant a variance that would allow a higher density or different use for a proposed development that is inconsistent with the surrounding uses, we did not consider that the subject properties would be developed with an intensity superior to surrounding properties. The subject properties primarily fell into four main zones within the City of Delray Beach; the Central Business District (CBD), medium density residential between I-95 and Florida Turnpike, commercial corridors and infill residential lots. For the properties located with the CBD we interviewed Mr. Mark Stivers from the City of Delray Beach planning office to determine the maximum development potential. For CBD properties we have assumed that the properties would be zoned to allow a mix of commercial and residential uses with a building height not to exceed 4 stories, residential units not to exceed 30 units per acre and total building area not to exceed 30,000 sf of building area per acre. For the existing golf courses we have assumed that the density did not exceed 3 units per acre. The remaining commercial corridor and infill lots, we assumed a density consistent with surrounding properties. The valuation was based on an extraordinary assumption that the properties could have their zoning modified from the existing zoning to allow the aforementioned increased density and change in use, if it is found that any of the properties were not able to be developed with a density consistent with the surrounding properties we reserve the right to change our valuation. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 34 1 P a g e Highest and Best Use Analysis The highest and best use analysis is the basis upon which the valuation of the subject property is derived. The results of this analysis will dictate which approaches to value will result in the most credible assignment results, what property types are most comparable to the subject and subsequently the most appropriate estimate of value. The previous sections of this report contain both analysis and conclusions concerning National, Regional and Local economies affecting the subject property. Additionally we have summarized details of each parcel, reported the property characteristics related to the site description, and improvement description. Lastly we have included an analysis and conclusion related to the overall economic conditions of the local market affecting each property type. The Highest and best use may be defined as: The reasonably probable and legal use of vacant land or improved property, that is physically possible, appropriately supported, financially feasible, and that results in the highest value. I To answer the question of the highest and best use, any potential use must pass a series of four tests. The exact definition of highest and best use varies, but generally the use must be the following: 1. Legally Permissible: What uses are permitted by zoning and other legal restrictions? 2. Physically Possible: To what use is the site physically adaptable? 3. Financially Feasible: Which possible and permissible use will produce any net return to the owner of the site? 4. Maximally Productive. Among the feasible uses which use will produce the highest net return, (i.e., the highest present worth)? Each property is individually analyzed for a conclusion of highest and best use. For each vacant tract that is considered developable the conclusion is based upon all four elements of highest and best use. For the improved properties VCP has conducted an analysis of all four criteria but took into account the contributory value of the improvements if the determination was made to change the highest and best use to a new development. Legally permitted — the most important restriction governing land use is the local zoning ordinance. Other public restrictions include building codes, historic preservation regulations, environmental controls, and private or contractual restrictions found in deeds or long-term leases. It is important to investigate these restrictions as they typically preclude the potential use of land. As a condition of the appraisal, the client has asked us to consider the possibilities of obtaining the most advantageous zoning classification. Since many of the parcels are not zoned we have considered the surrounding uses and most probable classification when assigning a future use. We have further assumed that there are no easements or deed restrictions that would limit the use and full build -out of the assumed zoning classification. This is also detailed in the hypothetical conditions and extraordinary assumptions. Physically possible the physical possibility of a use is estimated by characteristics such as size, shape, location, utility, and availability of utilities, topography and any other physical aspects of the site that would restrict or prevent any of the legal uses of the site. Size, shape and terrain of the parcel of land affect the uses to which it can be developed. The utility of the parcel may depend on its frontage and depth. Also 1 The Dictionary of Real Estate Appraisal 5' Edition, Page 93, Appraisal Institute Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 35 1 P a g e considered are the capacity and availability of public utilities. When a site's topography or subsoil conditions make development restrictive or costly, its potential use is adversely affected. In general, the larger the site, the greater the potential for achieving economies of scale or flexibility in development. The topography and soil conditions for most of the parcels do not limit development. The City of Delray Beach is a mature, densely developed urban area. Many of the existing projects are tear -downs and redevelopment of existing structures. There are few remaining unimproved parcels in the most desirable parts of the city. Public utilities are generally available in all part of the city, thus no limitations exist for this criteria. The size and the shape, defined as the overall utility of the parcel will be the most significant limiting factors. The stratification of the 75 parcels takes this into account. Tiers 1-3 are considered the most developable parcels and the value reflects the overall utility for future development. A large number of parcels in Tier 4 have limitations on Size and shape. These parcels deemed "excess" are separately discounted for the limiting physical characteristics in the approaches to vales. Financially feasible the uses that meet the first two criteria (legally permissible and physically possible) are analyzed further to estimate which are likely to produce an income or return equal to or greater than the amount needed to satisfy operating expenses, financial obligations and capital amortization. All uses that are expected to produce a positive return are regarded as financially feasible. Individual specific conclusions for the highest and best use by parcel are detailed in the following chart. The primary criteria was matching the immediate subject neighborhood to the proposed use. The second criteria was examining the fundamentals of the property type and concluding on the feasibility. This process for the few improved parcels was more difficult. In this conclusion we considered the value of the existing improvements and the feasibility of replacing the use in another location in the city. The improved parcels on the following list that show a change in the highest and best use had a raw land value in excess of the value as improved. Maximally productive — of the financially feasible uses, the use that produces the highest price, or value, consistent with the rate of return warranted by the market for that use is the highest and best use. To estimate the highest and best use of land as though vacant, the same rate of return is often used to capitalize income streams from different uses into their respective values. This procedure is appropriate if all competing uses have similar risk characteristics. If not, different rates of return would be required. The use that produces the highest value is the highest and best use. The use that represents maximum profitability is the financially feasible use that will produce the highest net return. Since we are only concluding to a general use, for example residential of multifamily, we did not make specific density estimates. A summary of the property tiers is presented on the following page. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 36 1 P a Q • Tier 1 Properties • Strong demand in terms of market potential and new highest and best use • Could be sold within 6 to 12 months • Ready to seek community engagement on impacts • Examples (Community Center, City Hall, City Atty. Office, Parking Lots) • Tier 2 Properties • Well located properties which would yield strong demand w/ interim HABU • Not quite ready for next steps but could be brought to community in 12 to 24 months for consideration • Examples (Parking Garage, Parking Lot by Marriott & Police Station) • Tier 3 Properties • Highest and best use is continued usage • Core uses such as ROW's, Fire Stations (except Linton), parks • Tier 4 Properties • Rights of way, shoreline buffers, • Remain in Excess in perpetuity Valuation Consulting Partners, LLC kv) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 371Pagc MAP Address PCN Current Use MostLikely Use Acres Parcel Description 7 small grass covered medians too 1 Tropic Isles Dr 12434632100000730 Buffer Buffer/Utility 0.25 small for any use along S. federal Hwy and Tropic Isle Dr. Parking lot next to an apartment NE 12th St and 3rd Residential complex, on the corner of NE3rd Ave 3 Ave 12434609280050011 Parking Lot Development 0.15 & NE 12th Ave along Old Dixie Highway Surrounded by residential properties 4 4652 133RD RD S 12424612000003200 Vacant Residential 3.18 Vacant parcel along 133rd St. Development surrounded by residential properties Continued Vacant lot with new single family 6 108 NW 12TH 12434617420020021 Single Family Use Single 0.17 house under construction NW 12th AVE Family Ave surrounded by residential ro erties Small triangular buffer (too narrow 8 NE 2ND AVE 12434609290140010 Buffer Buffer/Utility 0.10 for development) on the comer of NE 2nd Ave & NE5th St. and Fern Ct. surrounded by residential properties POSSIBLE Buffer parcels (too narrow for PARCEL development) Two along South 9 DEDICATED TO 12424624020000000 Buffer Buffer/Utility 0.20 Military Trail and one along Dover PUBLIC PB 27 PG Rd 161 10 1015 MANGO DR 12434620160000510 Vacant Lot Residential 0.12 Vacant parcel surrounded by Development residential properties Small parking area next to hotel, 30 11 Marriott 12434616E30010000 Parking Lot Parking Lot 0.41 parking spaces. Development possibility unknown but parking lot appears to be only possible use. Triangular shaped paved parcel along OLD Continued Old Germantown Rd front of 400 Old 12 GERMANTOWN 12424625000001120 Fire Station Use 0.35 Germantown Rd Fire station RD Community surrounded by commercial and residential properties Small square parcel (too small for development) along SE 3rd St on 14 NW 3RD ST 124346161380800012 Buffer Buffer/Utility 0.01 comer of food processing plant surrounded by commercial and residential properties Fire station (no longer HBU due to 17 651 LINTON 12434620010080030 Fire Station Commercial 0.95 age & location) along W Linton Blvd. BLVD Development surrounded by residential properties. Next to a condo complex Occupies an entire block between 18 200 NW 1 STAVE 12434617490500010 City Attorney Mixed Use 4.02 NW 1 st and 2nd Avenue surrounded Building Development by residential properties and next to City Hall Mixed Use Parking lot on the West Side of SE 20 Ace Hardware 12434616011090160 Parking Lot Development 0.21 6th Ave surrounded by commercial Assemblage properties Small triangular median (too small for 21 Andrews Ave and 12434616180000500 Buffer Buffer/Utility 0.02 development) on N Vista Del Mar and Vista Del Mar Andrews Ave. surrounded by residential properties Mixed Use Parking lot on the east side of SE 6th 26 SE 6TH AVE 12434616011170061 Parking Lot Development 0.67 Ave. surrounded by commercial properties Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 381Pagc MAP Address PCN Current Use Most Likely Acres Parcel Description Use Occupies an entire block between 31 100 NW 1 STAVE 12434616010510010 City Hall Mixed Use 4.20 NW 1 st and 2nd Avenue surrounded Development by residential properties and next to City Attorney bldg. Continued Parking garage between SE 1 st Ave & 34 22 SE 1 ST AVE 12434616J30010000 Parking Garage Use until 0.45 S Swinton Ave surrounded by surplus commercial properties 35 DOVER RD 12424624000005000 Golf Course Residential 0.69 Paved lot that's within the Lakeview Development Golf Course along Dover Rd 37 Palm Ter 12434609080020320 Vacant Lot Residential 0.75 Vacant wooded land between Palm Development Trail and the waterway Mixed Use Parking lot between NE 3rd Ave & 38 11 NE 3RD AVE 12434616010920080 Parking Lot Development 0.15 NE 2nd Ave surrounded by Assemblage commercial properties 39 ALLEY 12434616010690000 Parking Area Buffer/Utility 0.04 Small buffer/utility too narrow for development Small triangular shaped parcel (too 44 WALLACE DR 12434620230040082 Buffer Buffer/Utility 0.01 narrow for development) on Wallace Dr. surrounded by industrial bldgs. In the warehouse district Mixed Use Rectangular lot between SW 4th & 45 SW 4TH AVE 12434617060290121 Parking Lot Development 0.12 5th Ave. surrounded by commercial properties Small buffer strip (too narrow for 47 NW 9TH AVE 12434609160050031 Buffer Buffer/Utility 0.01 development) between NE 9th Ave & Palm Trail situated between Palm Trail Plaza and an office building Mixed Use Parking lot between SE 5th & 6th 48 S FEDERAL HWY 12434616011090080 Parking Lot Development 0.25 Ave. surrounded by commercial Assemblage properties 4321 LAKE IDA Continued Fire station at comer of Barwick Rd 49 RD 12424612000005020 Fire Station Use 0.66 and Lake Ida Rd surrounded by Community residential properties Continued Fire Station on Andrews Ave west of 50 35 ANDREWS 12434616E30020000 Fire Station Use 0.46 Ocean Blvd and the Atlantic Ocean AVE Community surrounded by condos and beach front motels Large triangular corner parcel (too 435 N SWINTON irregular for development) between N 51 AVE 12434609290040130 Buffer Buffer/Utility 0.30 Dixie Blvd and N Swinton Ave surrounded mainly by residential properties and some commercial 3 separate pieces of land under one Mixed Use parcel # consisting of two parking lots 52 40 NE 4TH AVE 12434616010920110 Parking Lot Development 0.95 and one small strip of land along NE Assemblage I st St. The lots are between 3rd; 4th & 2nd Ave. 54 Palm Ter 12434609080020340 Vacant Lot Residential 0.45 Vacant wooded land between Palm Development Trail and the waterway Buffer parcel along I-95 just north of SW 3rd St. Located behind 56 SW 3RD ST 12434617420070010 Buffer Buffer/Utility 0.63 residential properties Valuation Consulting Partners, LLC k1r) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 391Pagc MAP Address PCN Current Use Most Likely Acres Parcel Description Use Commercial Building along NW 5th Ave between 62 154 NW 5TH AVE 12434617500000071 Building Development 0.16 5th & 6th Ave. surrounded by commercial properties Small paved rd. along Seacrest Blvd. 63 NE 22ND LN 12434604000007191 Buffer Buffer/Utility 0.21 Situated between a school and residential properties Occupies an entire block between 64 50 NW 1ST AVE 12434616010520010 Community Ctr Mixed Use 4.25 NW 1st St. & W. Atlantic Ave. across Development from the police station and next to the county court Residential Large parcel containing a clubhouse 72 2350 JAEGER DR 12434629090010010 Tennis Development 5.50 and tennis courts along Jaeger Dr. surrounded by residential properties 75 SW 4TH AVE 12434616010320220 Buffer Buffer/Utility 0.23 Landlocked parcel Vacant parcel between SW 5th & 4th 76 ZEDER AVE 12434620130130140 Buffer Buffer/Utility 0.07 Ave. surrounded by residential properties Mixed Use Parking lot between NW5th & 6th 78 114 NW 5TH AVE 12434616010190200 Parking Lot Development 0.22 Ave. surrounded by commercial properties 4000 OLD Continued Fire station on Old Germantown Rd. 79 GERMANTOWN 12424625000001130 Fire Station Use 1.08 surrounded by residential properties RD Community Buffer of land between NW 7th & 80 29 R NW 8th Ave 12434617010040260 Buffer Buffer/Utility 0.10 NW 8th between vacant parcels and residential properties 81 Depot Ave 12434618670010000 Vacant Lot Industrial 0.53 Land near former train depot Assemblage Detached building currently used as 83 196 NW 8TH AVE 12434617260020230 Building Commercial 0.36 the rotary club on corner of NW 2nd Development St. & NW8th Ave. surrounded by residential properties 87 W ATLANTIC 12434618000007060 Golf Course Residential 55.29 Delray Golf Course AVE Development NW 3RD ST Small buffer (too narrow for 12434616010160170 Buffer Buffer/Utility development) between mostly 89 0.11 residential properties Mixed Use Parking lot between NE 1 st Ave and 93 NE 2ND ST 12434616610000020 Parking Lot Development 0.19 N. Swinton Ave. next to a multi -unit Assemblage property Mixed Use Parking lot between NE 1 st Ave and 94 NE 2ND ST 12434616610000010 Parking Lot Development 0.26 N. Swinton Ave. next to a multi -unit Assemblage property NE 10th St Parking Residential Parking lot on NE 12th St. surrounded 96 Lot -223 NE 12TH 12434609280040250 Parking Lot Development 0.16 by residential properties and ST apartment units 97 2200 HIGHLAND 12434619000001010 Golf Course Residential 90.35 Delray Golf Course AVE Development Residential Parking lot on NE 3rd Ave 100 906 NE 3RD AVE 12434609280090310 Parking Lot Development 0.17 surrounded by residential properties and muth-unit apartments DEEDED FROM Buffer parcel on the corner of SW 6th 102 PBC ORB 26684 - 12434616010130200 Buffer Buffer/Utility 0.16 Avenue SW 1 st St. surrounded by 0711 - ALLEY residential properties Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 401Pagc MAP Address PCN Current Use Most Likely Acres Parcel Description Use Mixed Use Parking lot on NE 3rd Ave 106 25 NE 3RD AVE 12434616010920100 Parking Lot Development 0.13 surrounded by mainly commercial Assemblage properties 107 126 NW 2ND AVE 12434616010430101 House Residential 0.49 Small apt bldg. along NW 2nd Ave. Development across from City Hall Continued Single family home between NW 8th 108 232 NW 8th Ave 12434617250020250 House Use Single 0.25 & 9th Ave surrounded by residential Family properties 300 W ATLANTIC Continued Police station occupying an entire 110 AVE 12434617450010000 Police Station Use until 4.13 block between W Atlantic Ave and surplus SW 1st St. next to the County Court 1105 R SW 7TH Vacant parcel situated between 111 AVE 12434620200040022 Buffer Buffer/Utility 0.06 residential properties along SWI Ith St. & SW 7th St Commercial building rented as adult 850 N CONGRESS Commercial day care on the corner of N. Congress 114 AVE 12434607000005000 Building Development 6.58 Ave. & Lake Ida Rd. just west of I-95 with residential properties to the west and commercial properties to the east 115 SW 5TH AVE 12434616010210020 Buffer Buffer/Utility 0.02 Small vacant parcel assumed too small for development Vacant lot between two commercial 116 353 NE 3RD AVE 12434616010890080 Parking Lot Commercial 0.12 properties in the warehouse district Development surrounded by commercial and industrial property Residential Vacant parcel along Old Germantown 117 Germantown Rd 12434630160100000 Vacant Lot Development 0.45 Rd surrounded by residential properties 120 Palm Ter 12434609080020350 Vacant Lot Residential 0.45 Vacant wooded land between Palm Development Trail and the waterway FDOT Small buffer (too narrow for 123 QUITCLAIM ORB 12434617410010300 Buffer Buffer/Utility 0.06 development) near I-95 19386-721 27 S CONGRESS 12434619000003030 Golf Course Residential 1.64 Delray Golf Course AVE Development 129 2000 DOVER RD 12424624040000010 Golf Course Residential 35.28 Delray Golf Course Development 131 2200 HIGHLAND 12434619000001010 Golf Course Residential 90.35 Lakeview Golf Course AVE Development 132 ALLEN AVE 12434609150020280 Buffer Buffer/Utility 0.05 Small buffer (too narrow for development) Fire station (New) between NW 5th 501 W ATLANTIC Continued &6th Avealong W Atlantic Ave. 135 AVE 12434616010200010 Fire Station use 2.18 Same block as police station and community county court surrounded by residential properties Buffer (too narrow for future 138 NW 5th Ave 12434616010190170 Buffer Buffer/Utility 0.08 development) between 5th & 6th Ave between residential properties and parking lots 141 DOUGLAS AVE 12434620130070050 Buffer Buffer/Utility 0.24 Vacant parcel along lucky Lane surrounded by residential properties S CONGRESS Residential Delray Golf Course 143 AVE 12434619000001120 Golf Course Development 0.37 Valuation Consulting Partners, LLC k1r) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 411Pagc MAP Address PCN Current Use Most Likely Acres Parcel Description Use Small buffer (too narrow for 144 306 SE 5TH ST Buffer Buffer/Utility 0.04 development) between residential properties between SE 3rd & 4th Ave 12434621010050021 surrounded by residential properties POSSIBLE Buffer parcels (too narrow for PARCEL development). Two along South 146 DEDICATED TO 12424624010000000 Buffer Buffer/Utility 0.72 Military Trail and one along Dover PUBLIC PB 26 PG Rd 187 147 NW 2ND ST 12434618000001290 Vacant Lot Industrial 0.02 Small triangular shaped parcel next to Assemblage the train terminal Strip of land near an old train terminal 148 80 DEPOT AVE 12434618000001440 Building Industrial 1.39 in the warehouse district. Along Assemblage Depot Ave just west of I-95. surrounded by industrial properties Small strip of land (too narrow for 150 Eve Street 12434628010030000 Buffer Buffer/Utility 0.07 development) between Delray Place and Spanish Trail. Surrounded by residential properties 152 COMMERCE DR 12434618420050000 Golf Course Residential 0.87 Warehouse on a parcel that is part of Development the Delray Golf Course Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP f ,1 .. ' � .. •.n Y �AP y n,' TT�� :. � �—mn r . f Y!J � , e' � C$ -'S ttii ° ir Y ol T r , i. 14 M1 --�� _• �. � Y,i ' Yui. ' • AM- 2F l Yt. 1 - Delray Beach Valuation Property Map PDFs 431Page I _ a 1� 1JI'S Valuation Consulting Partners, LLC k'f) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 441Page Valuation Methodology In valuing the subject Assets, VCP considered all three generally accepted valuation approaches to arrive at an estimate of market value. They are: 1. The Sales Comparison Approach 2. The Income Approach 3. The Cost Approach Sales Comparison Approach The Sales Comparison Approach arrives at an indication of value by comparing the asset being valued to assets that have been recently acquired in arm's-length transactions. A benefit of the Sales Comparison Approach is its simple application when comparable transactions are available. This situation is most commonly found when the acquired asset is widely marketed to third parties. Under these circumstances, the Sales Comparison Approach method represents the most appropriate method for determining the market value of the asset. The primary drawback of the market approach is often the scarcity of data regarding comparable transactions within a recent date upon which to establish market value. The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach; The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. The most pertinent data is further analyzed and the quality of the transaction is determined. The most meaningful unit of value for the subject property is determined. Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Income Capitalization Approach This approach to value is based on the present worth of the future rights to income. This type of analysis considers the property from an investor's point of view, the basic premise being that the amount and quality of the income stream are the basis for value of the property. This is the approach that a typical market participant would employ to develop a market value for the subject property. Direct Capitalization Anal The steps involved in capitalizing the subject's net operating income are as follows: Develop the subject's Potential Gross Income (PGI) through analysis of the subject's actual historic income and an analysis of competitive current market income rates. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 451Page Estimate and deduct vacancy and collection losses to develop the Effective Gross Income (EGI). Develop and subtract operating expenses to derive the Net Operating Income (NOI). Develop the appropriate capitalization rate (Ro). Divide the net operating income by the capitalization rate for an estimate of value through the income capitalization approach. Cost Approach The cost approach is based on the assumption that a prudent investor would pay no more for an asset than the amount for which he could replace or re-create it. Historical costs are often used to estimate the current cost of replacing the asset valued. In doing so, adjustments for physical '2 functional3 and economic4 depreciation are taken into account. Replacement cost new is typically estimated using one of two approaches: indirect or direct. The indirect approach applies specific indices to the historical cost of an asset to estimate current replacement cost, which is often referred to as the reproduction cost new. The direct approach involves using published sources, cost estimating techniques, and input from market participants to estimate replacement cost new. The Cost Approach is summarized as follows: Cost New — Depreciation + Land Value = Value Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. Different properties require different means of analysis and lend themselves to one approach over the others. z Physical deterioration is defined as the loss in value of an asset due to age, typical wear and tear, physical stress, exposure to various elements and loss not prevented by everyday maintenance. 3 Functional obsolescence is defined as the loss in value of an asset due to the lack of desirability or loss of utility caused by design inadequacies or inefficiencies resulting from technological innovations. a Economic obsolescence is defined as the loss in value of an asset due to external factors, including environmental or governmental regulations, increased cost of raw materials or labor or reduced market demand for the product. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Valuation Procedures 461Pagc VCP conducted the following procedures related to the subject property: Interviews with local market real estate brokers and other market participants; Analysis of comparable sales in the local marketplace; Analysis of unimproved sales data including active listings; Analysis of both national and local economic conditions affecting not only real estate but the economy as a whole; Considered the history and operations of the real property; Analyzed legal and descriptive documents and other information provided by the Client, which outline the characteristics of certain real property; Performed research of public sources such as assessor records, aerial or satellite photography and other data sources regarding the physical attributes of the real property; Interviewed and corresponded with the Client and consultants in order to gain knowledge of the real property assets, including its history, the nature of its businesses, factors affecting it, and prospects for the future. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 47 1 P a g e Sales Comparison Approach — Buildings We have relied upon the sales comparison approach to value properties where the building improvements were identified to have a contributory in excess of the underlying land value. The sales comparison approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. Comparable sales data was researched using CoStar and also by contacting several local active real estate brokers. We used the following search parameters to identify potential comparable building sales: Location: An initial search for comparables was conducted by first delineating a neighborhood boundary for the subject property and then searching for comparables sales within the subject neighborhood. If the initial search for comparable properties did not yield enough transactions to produce a credible value, additional searches were conducted for sales within similar neighborhoods that would be considered equivalent by market participants. Transaction Date: Within four years of valuation date (October 2015) Property Characteristics: Comparables were utilized that were similar to the subject in building area, design and current use. After identifying several prospective sale transactions, we analyzed each of the sale transactions and chose various sales that we considered most comparable to the subject properties. The reconciliation to the value of the subject properties involves making positive and negative adjustments to the comparable sales based upon judgments of their superiority and/or inferiority compared to the subject properties. We have considered the following physical attributes of the comparable properties for our comparable sale adjustments. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 48 1 P a g e Description of Adjustments The above sales have been analyzed and compared with the subject property. We have considered the following adjustments in the areas of: Property Rights The transaction price is always predicated on the real property interest conveyed. The real property interest for the subject property was Fee Simple. Financing Terms Each sale was reportedly all cash to sellers and reflective of market value, therefore no adjustment for financing terms was warranted. Conditions of Sale All sales were reported as arm's-length sales without any special motivations or atypical conditions of sale; therefore, no adjustments were required. Date of Sale/Time & Market Trends The time elapsed since the date of sale of a comparable and the effective date of the appraisal, usually reflects the degree of change in the marketplace. Special consideration is given to the time frame of each sale and the economic condition prevailing at that time. Adjustment for time differences are abstracted from the observe market activity. If and when an adjustment is justified for this factor, careful analysis is made to quantify the percent of difference indicated for each sale relative to the effective date of valuation. All the sales were considered current sales that reflect existing market conditions thus no adjustments were required for time. Other adjustments were also made to the comparable sales namely for physical characteristics. Those sales judged inferior were adjusted upwards to account for the differences in the unit of comparison between the comparables and the subject property. We have limited our adjustments to physical characteristics only in the sales comparison approach. Location An adjustment for location may be required if the location characteristics of a comparable are significantly different than those of the subject. This factor considered the time/distance relationship between the subject site and important destinations. A variety of location influences can affect value. Some influences affect the neighborhood and others affect the subject site. Adjustments are calculated based on a percentage that reflects the market tendency over the location factor. Those locations that have been judged inferior were adjusted upwards and superior were adjusted downwards. Gross Building Area (GBA) GBA adjustments recognize that larger buildings sell for a lesser unit square foot price than smaller buildings due to economies of scale and higher initial buildings costs, with all other things considered constant. The discount applied is extracted from our observations of same in the marketplace. Generally, properties with smaller Gross Building Areas sell for a higher price per square foot. Those locations that have been judged inferior were adjusted upwards and superior were adjusted downwards. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 49 1 P a g e Year Built The effective age of improvements typically will account for a major portion of total value loss. This is measured by applying a square foot adjustment for each year of age differential that considers typical physical condition. Those locations that have been judged inferior were adjusted upwards and superior were adjusted downwards. ('nnrlitinn Any specific curable deferred maintenance problem or condition, beyond the typical expected for a given age, with the subject or comparable is reflected here. We also add or deduct for differences in overall steps of condition. A "good condition" is one step above a "fair to good condition", requiring an adjustment. The comparable sales with conditions that have been judged inferior were adjusted upwards and superior were adjusted downwards. Land to Building Ratio Properties with higher Land to Building Ratio tend to sell for higher prices. This is based upon the fact that larger land areas offer room for expansion and better overall utility. Those locations that have been judged inferior were adjusted upwards and superior were adjusted downwards. Zoning Zoning restrictions impose limitations to the subject property that, when compared to other properties with different zoning, could indicate some positive or negative influence in the site's utility and, therefore, its value. Special attention is placed on the permitted uses, density and setbacks. Potential changes in current and future land uses also indicate changes in the market's behavior, thus affecting the subject's value. Those locations that have been judged inferior were adjusted upwards and superior were adjusted downwards. Utilities The availability or lack of utilities and basic public services are influential to the growth or stagnation of an area. The quality and cost of the utilities can determine the feasibility of an industrial development and entire growth or impose constraints. The adjustment for differences in utilities are extracted from sales that either enjoy or lack such services. Those locations that have been judged inferior were adjusted upwards and superior were adjusted downwards Quality of Construction The quality of construction differs with alternate facilities, and this adjustment measures the differences between the subject property and the comparable sale. The geographical differentials in construction costs are also reflected based upon their geographical indexes in cost manuals. Those locations that have been judged inferior were adjusted upwards and superior were adjusted downwards Other Other adjustments include an allowance for unusual sale conditions, advantageous or disadvantageous utility or other contracts or financing, preferential tax subsidies, plottage, etc., that are related to a comparable. This may also include plus or minus attributes of the subject compared to the comparables not covered above, particularly for location value based upon general economic conditions not reflected in the land value adjustment, and the geographic location implication in our construction quality adjustment. Thus, any additional location adjustment accruing to the buildings and improvements would be reflected and noted here when applicable. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Sales Comparison Approach — Land 501Page In cases where the subject property was vacant land or where the highest and best use had changed, the land was valued as if vacant and available to be developed to its highest and best use using the sales comparison approach. The sales comparison approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. Comparable sales data was researched using CoStar and also by contacting several local active real estate brokers. We used the following search parameters to identify potential comparable building sales: Location: An initial search for comparables was conducted by first delineating a neighborhood boundary for the subject property and then searching for comparables sales within the subject neighborhood. If the initial search for comparable properties did not yield enough transactions to produce a credible value, additional searches were conducted for sales within similar neighborhoods that would be considered equivalent by market participants. Transaction Date: Within four years of valuation date (October 2015) Property Characteristics: Comparables were utilized that were similar to the subject in size, zoning and potential use. After identifying several prospective sale transactions, we analyzed each of the sale transactions and chose various sales that we considered most comparable to the subject properties. The reconciliation to the value of the subject properties involves making positive and negative adjustments to the comparable sales based upon judgments of their superiority and/or inferiority compared to the subject properties. We have considered the following physical attributes of the comparable properties for our comparable sale adjustments. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 511 P a g e Description of Adjustments The above sales have been analyzed and compared with the subject property. We have considered the following adjustments in the areas of: Property Rights The transaction price is always predicated on the real property interest conveyed. The real property interest for the subject property was Fee Simple. FinancingTerms erms For each sale was reportedly all cash to sellers. All of the other sales were reported to be arm's length transactions, reflective of market value, no adjustment for financing terms was warranted. Conditions of Sale All sales were reported as arm's-length sales without any special motivations or atypical conditions of sale; therefore, no adjustments were required. Date of Sale/Time & Market Trends The time elapsed since the date of sale of a comparable and the effective date of the appraisal, usually reflects the degree of change in the marketplace. Special consideration is given to the time frame of each sale and the economic condition prevailing at that time. Adjustment for time differences are abstracted from the observe market activity. If and when an adjustment is justified for this factor, careful analysis is made to quantify the percent of difference indicated for each sale relative to the effective date of valuation. All the sales were considered current sales that reflect existing market conditions thus no adjustments were required for time. Other adjustments were also made to the comparable sales namely for location, FAR, shape, zoning and utilities. Those sales judged inferior were adjusted upwards to account for the differences in the unit of comparison between the comparables and the subject property. We have limited our adjustments to physical characteristics only in the sales comparison approach. T ,ncati nn An adjustment for location may be required if the location characteristics of a comparable are significantly different than those of the subject. This factor is considered the time/distance relationship between the subject site and important destinations. A variety of location influences can affect value. Some influences affect the neighborhood and others affect the subject site. Adjustments are calculated based on a percentage that reflects the market tendency over the location factor. Size Land size is expressed in unit measures according to the local custom. Differences in size can have an effect in the unit value of a parcel and are considered in the site analysis. We have researched the market and discovered patterns of behavior in relation to the size differences between the subject and the comparables. Larger parcels tend to sell for less per unit than smaller parcels under similar circumstances. This behavior follows the economic principle of diminishing marginal return. The size adjustment is calculated in direct relationship to the ratio of size difference between the subject and the comparable. Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 52 1 P a g e Zoning Zoning restrictions impose limitations to the subject property that, when compared to other properties with different zoning, could indicate some positive or negative influence in the site's utility and, therefore, its value. Special attention is placed on the permitted uses, density and setbacks. Potential changes in current and future land uses also indicate changes in the market's behavior, thus affecting the subject's land value. Topography & Shape The topographical attributes of a parcel such as contour, drainage, grades, flood plain classification, soil condition, view, etc., are influential in the planning and construction of a new facility. The desirability of one parcel over another is often tilted by the topography and shape of the more desired parcel. Adjustments for significant differences are abstracted from the market and based on the observation of the market activity relating to vacant land. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Valuation of Excess Land Parcels 531Page The City of Delray Beach owns numerous parcels of unimproved land that have been acquired through a variety of transactions involving right of ways for road projects, utility corridors or remainder tracts of excess land from condemnation process. The properties noted as "Excess Land Parcels" are a mixed of potential marketable parcels and in order to value these tracts we have employed a methodology known as "Across the Fence". In this approach to value, we examined the average land prices for the surrounding parcels on a price per square foot/acre basis as our unit of comparison. This average pricing is our starting point of value. We then considered the highest and best use of each parcel to determine if they had any individual development potential. If this is the case we will use this rate, estimated in the sales comparison approach as a starting point of our analysis. If there in only limited development potential to only an adjoining owner we employed a discount of 50%. This discount was based upon off -market sales to adjacent owners. If there was no individual development potential according to the highest and best use and no adjacent owners, we employed a 100% discount to value and deemed the property unmarketable. For all the parcels that had some potential value, we employed the following additional discounts: Shape — many of the excess land parcels are narrow strips which limit the development potential. Our sales date indicated a 25 to 50 percent downward adjustment for shape that limit much of the future development. Lack of Marketability - This discount is calculated individually based upon the physical characteristics of a particular parcel based upon the overall utility which takes into account topography, location and access. Comparable Sales Approach The sales employed for this analysis consisted of smaller tracts that were deemed in a similar location. We have used the following parameters to select sales. The real property interest for the subject property was fee simple Each sale was reportedly all cash to sellers All sales were reported as arm's-length sales without any special motivations or atypical conditions of sale All the sales were considered current sales The general sales comps ranged from $10,000 to $100,000 and were all located in the Delray Beach Area. In developing our sales comparison approach we initially searched for recent sales and listing of raw land within the defined market area for the subject property. This initial search did not yield enough results to develop a credible approach to value. Given the lack of recent comparable sales for parcels deemed "excess" we went outside the market area. These transactions area maintained in our appraisal work files. For the Tier Four properties we concluded two ATF values. Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 54 1 P a g e Cost Approach to Value Some of the properties valued were special use properties where the highest and best use was for continued use as is. In the first step of the valuation, the land was valued as if vacant and available to be developed to its highest and best use using the sales comparison approach. Next, the replacement cost new for the buildings and site improvements was determined. This is followed by applying different forms of depreciation and, finally, the reconciliation of value. The replacement cost new of the subject asset improvements is primarily based on data provided by the Marshall & Swift Valuation Service ("MVS") a nationally recognized industry costing publication. The Marshall Swift Valuation Service derives the Replacement Cost New ("RCN") by applying a cost per square foot to the gross building area ("GBA"). The base cost per square foot is determined by the building class and quality of construction. This base rate is then multiplied by several multipliers to achieve the final price per square foot of GBA. Those multipliers are as follows: No. of Stories Multiplier— This multiplier accounts for the additional cost associated multi- story buildings (i.e. additional structural components and construction techniques) necessary for buildings over three stories. As per MVS this multiplier is .5% per floor over three stories. Current Cost Multiplier — This multiplier is used to reflect the current construction costs and applies an inflation factor to the base rate. Local Multiplier — This multiplier accounts for local influences on material costs and labor costs. Typically these items are more expensive in large cities due to overall higher cost of living expenses that affect both labor and materials. Depreciation Analysis Depreciation may be defined as any loss of value from any cause. There are three general areas of depreciation: physical, functional and external. Depreciation may be curable or incurable, with the test being that money spent to cure the depreciation be gained in value. If the depreciation costs more to fix than will be gained in value, then the depreciation is considered incurable. The three different types of depreciation are outlined as follows: Physical Physical depreciation comes from deterioration from aging and use. This type of depreciation may be curable or incurable. Functional Functional depreciation or functional obsolescence results from a lack of utility or desirability due to design or market perception of the improvements. This type of depreciation may be curable or incurable. External External depreciation or external obsolescence is due to circumstances outside the property itself, such as industry, demographic and economic conditions or an undesirable proximate use. This type of depreciation is rarely curable. Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 55 1 P a g e Depreciation Applied to the Subject Depreciation factors, representing physical deterioration, were applied to the subject assets replacement or reproduction cost based on the estimated economic useful life and the estimated effective age of the assets. The economic useful lives relied on in this analysis were based upon a review of economic lives published by MVS, judgment of the condition of the subject assets and our experience in appraising similar assets. Physical depreciation was applied based upon a combination of a straight-line age/life analysis and reliance upon physical depreciation curves published by MVS. Physical depreciation was then subtracted from the replacement or reproduction cost to result in replacement cost new less physical depreciation. Additionally, functional and economic obsolescence were considered and applied wherever applicable to estimate FV. Economic obsolescence was considered to exist if the aggregate replacement cost new less physical and functional obsolescence value of the asset components for a given property was in excess of the overall property FV developed via the income approach. As such, the economic obsolescence was applied to all assets valued via the cost approach on a pro -rata basis to estimate FV. We have relied upon the replacement cost new and thus functional obsolescence was not present. Valuation Consulting Partners, LLC k1r) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 56 1 P a g e Final Reconciliation The process of reconciliation involves the analysis of each approach to value. The quality of data applied, the significance of each approach as it relates to market behavior, and defensibility of each approach are considered and weighed. Finally, each is considered separately and comparatively with each other. The various valuation approaches suggested the following indicated values. Therefore, based on the application of the valuation approaches and procedures discussed in the attached report, the estimated values of the subject property as described in this report, as of the various dates of value, were: VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date Of Value Value Conclusion Market Value As Is: Fee Simple October 15, 2015 See Addenda A Note our market value estimate only considers the value of the real estate. This assignment did not consider or attribute any value(s) associated with any FF&E or business value/goodwill intangible, if any. Summary of Findings The collection of assets appraised as part of this RFP consisted of 75 properties owned by the City of Delray Beach. A detailed list and description of the properties appraised is included in this report under Addenda A, Schedule 1. A brief summary of values is listed below: Tier 1 Properties Commercial Development Industrial Assemblage Mixed Use Development Mixed Use Development Assemblage Residential Development Tier 1 Properties Total Tier 2 Properties Continued Use until surplus Parking Lot Tier 2 Properties Total Number of Size Value Properties AC $4,750,000 5 8.17 $382,000 3 1.94 $45,960,000 6 13.47 $7,605,000 7 2.13 $36,928,750 19 286.72 $95,625,750 40 312.42 $20,750,000 $750,000 $21,500,000 2 4.58 1 0.41 3 4.99 Tier 3 Properties Continued Use Community $7,470,000 5 4.72 Continued Use Single Family $185,000 2 0.42 Tier 3 Properties Total Tier 4 Properties Buffer/Utility Tier 4 Properties Total Grand Total $7,655,000 7 5.15 $107,530 25 3.82 $107,530 25 3.82 $124,888,280 75,, 326.39 Valuation Consulting Partners, LLC k'f) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 571Page * * * * * * Properties labeled as assemblage and all golf properties were valued together as an assemblage and not separately. • Tier 1 Properties • Strong demand in terms of market potential and new highest and best use • Could be sold within 6 to 12 months • Ready to seek community engagement on impacts • Examples (Community Center, City Hall, City Atty. Office, Parking Lots) Tier 2 Properties • Well located properties which would yield strong demand w/ interim HABU • Not quite ready for next steps but could be brought to community in 12 to 24 months for consideration • Examples (Parking Garage, Parking Lot by Marriott & Police Station) Tier 3 Properties • Highest and best use is continued usage • Core uses such as ROW's, Fire Stations (except Linton), parks Tier 4 Properties • Rights of way, shoreline buffers, Remain in Excess in perpetuity Valuation Consulting Partners, LLC ky) Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Standard Assumptions and Limiting Conditions 581Page The standard assumptions and limiting conditions pertaining to the value estimate conclusion(s) stated in this report are summarized below: To the best of VCP' s knowledge and belief, the statements of fact contained in the appraisal report, upon which the analysis, opinions, and conclusion(s) expressed are based, are true and correct. Information, estimates, and opinions furnished to us and contained in the report or utilized in the formation of the value conclusion(s) were obtained from sources considered reliable and are believed to be true and correct. However, no representation, liability, or warranty for the accuracy of such items is assumed by or imposed on VCP, and are subject to corrections, errors, omissions, and withdrawal without notice. 2. The legal description of the appraised property, if exhibited in the report, is assumed correct. 3. The valuation may not be used in conjunction with any other appraisal or study. The value conclusion(s) stated in this appraisal is based on the program of utilization described in the report, and may not be separated into parts. The appraisal was prepared solely for the client named and for the purpose, function, and party so identified in the report. The appraisal report may not be reproduced, in whole or in part, and the findings of the report may not be relied upon or used in any manner by a third party for any purpose, without the express written consent of VCP. 4. No change of any item in any portion of the appraisal report shall be made by anyone other than VCP; furthermore, VCP shall have no responsibility. for such unauthorized change. 5. The property has been appraised as though free and clear of mortgages, liens, leases, and encumbrances, except as may be described in the appraisal. 6. Employees of VCP are not required to give testimony or be in attendance at any court or administrative proceeding with reference to the property appraised unless additional compensation is agreed to and prior arrangements have been made. 7. The work papers for this engagement are being retained in VCP's files and are available for your reference. VCP will be available to support the valuation conclusion(s) found in this report should this be required. Those services would be performed for an additional fee. 8. Unless specifically stated, the value conclusion(s) contained in the appraisal applies to the real estate only, and does not include personal property, machinery and equipment, trade fixtures, business value, goodwill, or other non -realty items. Income tax considerations have not been included or valued unless so specified in the appraisal. We make no representations as to the value changes that may be attributed to such considerations. 9. Neither all nor any part of the contents of the report (especially any value conclusion(s), the identity of the appraiser(s) or the firm with which they are affiliated, or any reference to the professional organizations or designations shall be disseminated or referred to the public through advertising, public relations, news or sales media, or any other public means of com- munication including the internet or referenced in any publication, including any private or ky) Valuation Consulting Partners, LLC Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 591Page public offerings including, but not limited to, those filed with the Securities and Exchange Commission or other governmental agency, without the prior written consent and approval of and review by VCP. 10. In completing the appraisal, it is understood and agreed the report is not intended to be, nor will be used in connection with a real estate syndication. The report and any liability or obligation on the part of VCP or the appraiser(s) who signed the report is invalid if used in connection with syndication. A real estate syndication means a general or limited partnership, joint venture, unincorporated association, or similar organization formed for the purpose of, and engaged in, investment or gain from an interest in real property, including, but not limited to, the sale, exchange, trade, or development of such real property, on behalf of others, or which is required to be registered with the United States Securities and Exchange Commission or any state regulatory agency which regulates investment made as a public or private offering. 11. Good and marketable title to the interest being appraised is assumed. VCP's employees are not qualified to render an opinion of title, and no responsibility is assumed or accepted for matters of a legal nature affecting the property being appraised. No formal investigation of legal title was made, and we render no opinion as to ownership of the property or condition of its title. 12. Unless otherwise noted in the appraisal, it is assumed there are no encroachments, zoning, building, fire or safety code violations, or restrictions of any type affecting the subject property. It is assumed the property is in full compliance with all applicable federal, state, local and private codes, laws, consents, licenses, and regulations, and all licenses, permits, certificates, approvals, franchises, etc. have been secured and can be freely renewed and/or transferred to a purchaser. 13. It is assumed the use of the land and any improvements are within the boundaries or property lines of the property described, and there are no encroachments, easements, trespass, etc., unless noted within the report. Employees of VCP have not made a survey of the property, and no responsibility is assumed in connection with any matter that may be disclosed by a property survey. If a subsequent survey should reflect a differing land area and/or frontages, VCP reserves the right to review the final value estimate found in this report. 14. All maps, plats, building diagrams, site plans, floor plans, photographs, etc. incorporated into the appraisal are for illustrative purposes only, to assist the reader in visualizing the property, but are not guaranteed to be exact. Dimensions and descriptions are based on public records and/or information furnished by others and are not meant to be used as a reference in legal matters of survey. 15. Ownership and management are assumed to be competent, and the subject property is assumed to be in responsible hands. The quality of property management can have a direct effect on a property's economic viability and value. The prospective financial analyses contained in the appraisal assume both responsible ownership and competent management unless noted otherwise. Any variance from this assumption could have a significant impact on the final value estimate(s). k') Valuation Consulting Partners, LLC Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 601Page 16. VCP assumes that there are no hidden or unapparent conditions of the property's soil, subsoil, or structure(s) which would render them more or less valuable. No responsibility is assumed for such conditions, or for engineering which might be required to discover such factors. Detailed soil studies were not made available to VCP, so statements regarding soil qualities, if made in the report, are not conclusive but have been considered consistent with information available to us and provided by others. In addition, unless stated otherwise in the appraisal, the land and soil of the area under appraisement appears firm and solid, but the appraisal does not warrant this condition. 17. The appraisal report covering the subject property is limited to surface rights only, and does not include any inherent subsurface or mineral rights, unless so noted in this report. 18. The appraisal is made for valuation purposes only. It is not intended nor to be construed as an engineering report. Employees of VCP are not qualified as structural or environmental engineers; therefore, VCP employees are not qualified to judge the structural or environmental integrity of the improvements, if any. Consequently, no warranty, representations, or liability are assumed for the structural soundness, quality, adequacy, or capacities of said improvements and utility services, including the construction materials, particularly the roof, foundations, and equipment, including the HVAC systems. Should there be any question concerning same, it is strongly recommended an engineering, construction, and/or environmental inspection be obtained. The value estimate(s) stated in this appraisal, unless noted otherwise, is predicated on the assumption all improvements, equipment, and building services, if any, are structurally sound and suffer no concealed or latent defects or inadequacies other than those noted in the appraisal. 19. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. For this report no specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA was completed. It is possible a compliance survey of the property, together with a detailed analysis of the require- ments of the ADA, could reveal the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since VCP has no direct evidence relating to this issue, possible non-compliance with the requirements of ADA in estimating the value of the property was considered. 20. Any proposed construction or rehabilitation referred to in the appraisal report is assumed to be completed within a reasonable time and in a workmanlike manner according to or exceeding currently accepted standards of design and methods of construction. 21. Any areas or inaccessible portions of the property or improvements not inspected are assumed to be as reported or similar to the areas which were inspected. 22. No obvious evidence of insect infestation or damage, dry or wet rot or mold was found, unless specifically stated in the report. Since a thorough inspection by a competent inspector was not performed, unless otherwise noted, for the subject improvements, the subject property is assumed to be free of existing insect infestation, wet rot, dry rot, mold, and any structural damage which may have been caused by pre-existing infestation or rot or mold which was subsequently treated. k') Valuation Consulting Partners, LLC Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 611Page 23. In the appraisal assignment, the existence of potentially hazardous materials used in the con- struction, maintenance, or servicing of the improvements, such as the presence of urea - formaldehyde foam insulation, asbestos, lead paint, toxic waste, underground tanks, radon, and/or any other prohibited material or chemical, which may or may not be present on, in, or nearby the subject property, was, unless specifically indicated in the report, not observed by employees of VCP, nor does VCP have any knowledge of the existence of such materials on or in the property as employees of Valuation Consulting Partners are not qualified to detect such substances. The existence of these potentially hazardous materials may have a significant effect on the value of the property. The client is urged to retain an expert in this field, if desired. The value conclusion(s) assumes the property is clean and free of any of these adverse conditions unless noted in this report or VCP have been notified to the contrary in writing. 24. Unless otherwise stated, no effort has been made to determine the possible effect, if any, on the subject property of energy shortage, or future federal, state, or ecological matters, or interpretations thereof. 25. VCP takes no responsibility for any events, conditions, or circumstances affecting the subject property or its value that occur subsequent to either the effective date of value cited in the appraisal or the date(s) of the field inspection, whichever occurs first. 26. The estimate(s) of value stated in this appraisal applies only to the effective date of value stated in the report. Value is affected by many related and unrelated economic conditions within a local, regional, national, and/or worldwide context, which might necessarily affect the prospective value of the subject property. VCP assumes no liability for any unforeseen precipitous change in the economy, the subject property or, if applicable, the project, or the inability to find a buyer. 27. Any findings, estimates, assumptions, conclusions, and the like contained in the appraisal report shall be the professional opinion of VCP and the individual appraiser(s) who signed the report. VCP shall retain ownership of all reports and all original documentation, field notes, memoranda, data, and the like made or assembled in or about the preparation of the report. 28. No hazardous substances were apparent upon inspection; however, employees and sub- contractors of Valuation Consulting Partners (VCP) are not experts in the environmental field. For purposes of this appraisal, the site and the improvements are assumed to be "clean." VCP reserves the right to amend the value conclusion(s) presented in this report should further information be made available at a later date regarding the environmental condition of the property or area surrounding the subject property. k'T) Valuation Consulting Partners, LLC Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Extraordinary Assumptions and Hypothetical Conditions 621Page When a value opinion is subject to an extraordinary assumption or hypothetical condition the appraiser must state that condition so that its effect on the value opinion or conclusion is clear. Extraordinary Assumption An extraordinary assumption is an assumption that is directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis. An extraordinary assumption may be used in an assignment only if: It is required to properly develop credible opinions and conclusions; The appraiser has a reasonable basis for the extraordinary assumption; Use of the extraordinary assumption results in a credible analysis; and The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions. Since the scope of this valuation assignment includes the analysis of 75 properties owned by the City of Delray Beach, we have assumed that the properties appraised do not have any restrictions or limitations to use which could impact our valuation approach. If there is subsequent information which becomes available which affects the marketability of any of the 75 properties, we reserve the right to modify the value conclusions contained herein. 2. The City of Delray Beach has enacted recent zoning and planning changes which are just in the initial stages of market and developer reaction. Interpretation of these changes within our valuation is subject to further refinement as any zoning changes or LDR's continue to evolve. Current market activity on properties known as Atlantic Crossing, iPic, and others includes numerous news articles and now litigation on the Atlantic Crossing project. Our valuation assumes that current zoning regulations and litigation do not impact the legally possible uses or developability of the appraised properties. Hypothetical Conditions A hypothetical condition assumes that which is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. A hypothetical condition may be used in an assignment only if: Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; Use of the hypothetical condition results in a credible analysis; and The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical conditions. 1. The valuation was performed assuming that current zoning was not applicable and the properties would be rezoned from their current code to a code more consistent with surrounding uses. ky) Valuation Consulting Partners, LLC Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 63 1 P a g e Certification Statement I certify to the best of my knowledge and belief- - The statements of fact contained in this report are true and correct. - The analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and represents my personal, unbiased professional analyses, opinions, and conclusions. - We have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. - The appraiser has not performed any prior services regarding the subject within the previous three years prior to the effective date of the included engagement letter. - Our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. - The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. - The analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and represents my personal, unbiased professional analyses, opinions, and conclusions. - Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice ("USPAP") as promulgated by the Appraisal Standards Board of The Appraisal Foundation. In addition, the report is in conformity with the requirements of the Supplemental Standards of Professional Appraisal Practice and Code of Professional Ethics of the Appraisal Institute. - I have read, understood, and satisfied the Competency Provision of the USPAP. James Rostocki made a personal inspection of all the properties that are the subjects of this valuation. If applicable, any areas or inaccessible portions of the property or improvements not inspected are assumed to be as reported or similar to comparable portions that were inspected. Andrew W Smith, MAI and Jacki Norsworthy provided professional assistance. - The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. James Rostocki Florida Certified General Appraiser License #RZ3752 ', Valuation Consulting Partners, LLC Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Definitions k1f Valuation Consulting Partners, LLC Wilmington, Delaware Baltimore, Maryland VCP 641Page Delray Beach Valuation Definitions 651Page Amenity A tangible or intangible benefit of real property that enhances its attractiveness or increases the satisfaction of the user. Natural amenities may include a pleasant location near water or a scenic view of the surrounding area; man-made amenities include swimming pools, tennis courts, community buildings, and other recreational facilities. As Is Market Value The estimate of the market value of real property in its current physical condition, use, and zoning as of the appraisal date. Deferred Maintenance Needed repairs or replacement of items that should have taken place during the course of normal maintenance. Depreciation A loss in property value from any cause; the difference between the cost of an improvement on the effective date of the appraisal and the market value of the improvement on the same date. Discounted Cash Flow (DCF) Analysis The procedure in which a discount rate is applied to a set of projected income streams and a reversion. The analyst specifies the quantity, variability, timing, and duration of the income streams and the quantity and timing of the reversion, and discounts each to its present value at a specified yield rate. Disposition Value The most probable price that a specified interest in real property should bring under the following conditions: I. Consummation of a sale within a future exposure time specified by the client. 2. The pro petty is subjected to market conditions prevailing as of the date of valuation. 3. Both the buyer and seller are acting prudently and knowledgeably. 4. The seller is under compulsion to sell. 5. The buyer is typically motivated. 6. Both parties are acting in what they consider to be their best interests. 7. An adequate marketing effO1t will be made during the exposure time specified by the client. 8. Payment will be made in cash in U.S. dollars or in terms of financial arrangements comparable thereto. 9. 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. This definition can also be modified to provide for valuation with specified financing terms. Effective Date of Appraisal The date on which the analyses, opinions, and advice in an appraisal, review, or consulting service apply. Entrepreneurial Profit 1. A market -derived figure that represents the amount an entrepreneur receives for his or her contribution to a project and risk; the difference between the total cost of a pro petty (cost of development) and its market ky) Valuation Consulting Partners, LLC Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 66 1 P a g e value (property value after completion), which represents the entrepreneur's compensation for the risk and expertise associated with development. An entrepreneur is motivated by the prospect of future value enhancement (i.e., the entrepreneurial incentive). An entrepreneur who successfully creates value through new development, expansion, renovation, or an innovative change of use is rewarded by entrepreneurial profit. Entrepreneurs may also fail and suffer losses. 2. In economics, the actual return on successful management practices, often identified with coordination, the fourth factor of production following land, labor, and capital; also called entrepreneurial return or entrepreneurial reward. Excess Land; Surplus Land Excess Land: Land that is not needed to serve or support the existing improvement. The highest and best use of the excess land may or may not be the same as the highest and best use of the improved parcel. Excess land may have the potential to be sold separately and is valued independently. Surplus Land: Land that is not currently needed to support the existing improvement but cannot be separated from the property and sold off. Surplus land does not have an independent highest and best use and may or may not contribute value to the improved parcel. Exposure Time 1. The time a property remains on the market. 2. The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based on an analysis of past events assuming a competitive and open market. Fee Simple Estate Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. Floor Area Ratio (FAR) The relationship between the above -ground floor area of a building, as described by the building code, and the area of the plot on which it stands; in planning and zoning, often expressed as a decimal, e.g., a ratio of 2.0 indicates that the permissible floor area of a building is twice the total land area. Gross Building Area (GBA) Total floor area of a building, excluding unenclosed areas, measured from the exterior of the walls of the above -grade area. This includes mezzanines and basements if and when typically included in the region. Highest and Best Use The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. Alternatively, the probable use of land or improved property - specific with respect to the user and timing of the use- that is adequately supported and results in the highest present value. k1f, Valuation Consulting Partners, LLC Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 67 1 P a g e Lease A contract in which rights to use and occupy land or structures are transferred by the owner to another for a specified period of time in return for a specified rent. Leased Fee Interest A freehold (ownership interest) where the possessory interest has been granted to another party by creation of a contractual landlord -tenant relationship (i.e., a lease). Leasehold Interest The tenant's possessory interest created by a lease. Liquidation Value The most probable price that a specified interest in real property should bring under the following conditions: 1. Consummation of a sale within a short time period. 2. The property is subjected to market conditions prevailing as of the date of valuation. 3. Both the buyer and seller are acting prudently and knowledgeably. 4. The seller is under extreme compulsion to sell. 5. The buyer is typically motivated. 6. Both parties are acting in what they consider to be their best interests. 7. A normal marketing effort is not possible due to the brief exposure time. 8. Payment will be made in cash in U.S. dollars, or in terms of financial arrangements comparable thereto. 9. 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. This definition can also be modified to provide for valuation with specified financing terms. Marketing Time An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal. Marketing time differs from exposure time, which is always presumed to precede the effective date of an appraisal. Market Rent The most probable rent that a property should bring in a competitive and open market reflecting all conditions and restrictions of the lease agreement, including permitted uses, use restrictions, expense obligations, TI, concessions, renewal and purchase options, and tenant improvements. Market Value 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: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their own best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and k') Valuation Consulting Partners, LLC Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation 68 1 P a g • 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: Code of Federal Regulations, Title 12, Chapter I, Part 34.42 [gl) Prospective Opinion of Value A value opinion effective as of a specified future date. The term does not define a type of value. Instead, it identifies a value opinion as being effective at some specific future date. An opinion of value as of a prospective date is frequently sought in collection with projects that are proposed, under construction, or under conversion to a new use, or those that have not yet achieved sellout or a stabilized level of long-term occupancy. Rentable Floor Area (RFA) Rentable area shall be computed by measuring inside finish of permanent outer building walls or from the glass line where at least 50% of the outer building wall is glass. Rentable area shall also include all area within outside walls less stairs, elevator shafts, flues, pipe shafts, vertical ducts, air conditioning rooms, fan rooms, janitor closets, electrical closets, balconies and such other rooms not actually available to the tenant for his furnishings and personnel and their enclosing walls. No deductions shall be made for columns and projections necessary to the building. (Source: Income/Expense Analysis, 2010 Edition - Conventional Apartments, Institute of Real Estate Management, Chicago, Illinois) Replacement Cost The estimated cost to construct, at current prices as of the effective appraisal date, a substitute for the building being appraised, using modem materials and current standards, design and layout. Reproduction Cost The estimated cost to construct, at current prices as of the effective date of the appraisal, an exact duplicate or replica of the building being appraised, using the same materials, construction standards, design, layout, and quality of workmanship and embodying all the deficiencies, super adequacies, and obsolescence of the subject building. Room Count A unit of comparison used primarily in residential appraisal. No national standard exists on what constitutes a room. The generally accepted method is to consider as separate rooms only those rooms that are effectively divided and to exclude bathrooms. Stabilized Income Income at that point in time when abnormalities in supply and demand or any additional transitory conditions cease to exist and the existing conditions are those expected to continue over the economic life of the property; projected income that is subject to change, but has been adjusted to reflect an equivalent, stable annual income. ,y) Valuation Consulting Partners, LLC Wilmington, Delaware Baltimore, Maryland VCP Delray Beach Valuation Qualifications A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland 691Page Delray Beach Valuation Andrew W. Smith 701Page Andrew W Smith, MAI Partner, Valuation Consulting Partners LLC. Andrew W. Smith "Drew" is a Managing Director and the Founder of Valuation Consulting Partners, LLC ("VCP"). He is one of three Partners responsible for the overall operations of VCP and assists with complex valuation assignments including the valuation of tangible and intangible assets for financial reporting and tax purposes, property tax analysis, operational and technical and due diligence studies. During his career, he has conducted on- site inspections on thousands of properties. He regularly serves as an expert advisor conducting appraisal reviews, forensic studies, and marketability and feasibility analyses. In addition, Mr. Smith has completed a tangible asset appraisal in every state, 52 countries on every continent except Antarctica. Mr. Smith was qualified as an expert in litigation cases for in local, state, and federal court. He was qualified as an expert in the value of undersea fiber-optic cable spanning the Pacific Ocean on behalf of Global Crossing in a federal case. At the state level he testified on the value of a LIHTC apartment after the sale of the rent credits. Mr. Smith was the Partner in Charge of the valuation of AIG's Global Real Estate Fund ($5613) after the Federal Governments takeover involving the dispute around profit payments to former asset managers worldwide. He has also provided expert analysis and testimony in support of real and personal property tax cases in over 25 states. An example includes an appeal of the office buildings for MBNA in the city of Wilmington resulting in the largest reduction in the state's history. Mr. Smith represented property tax clients including: Ford, International Steel Group, Lafarge, Eramet Group, USG, and Exxon. Prior to the founding of VCP, Mr. Smith was admitted to the Partnership of KPMG LLP in June 2004 and served as the National Leader of the Tangible Asset Valuation Practice in New York. Drew has been an appraiser for 25 years, starting in 1998 as a Staff Real Estate Appraiser in Centreville Delaware for four years with a focus on valuing income producing assets for regional banks. He joined the Philadelphia office of Arthur Andersen in 1992 as a Senior Appraiser and was promoted to Manager in 1995 and Partner in 2000. Drew led the Mid -Atlantic real estate valuation practice and served on the national property tax, site selection, and federal consulting teams. After Arthur Andersen, Drew started as a Managing Director and National, Co -leader of the Real Estate Valuation Practice for Standard and Poor's, which acquired the valuation business from Price Waterhouse Cooper "PWC". Representative Appraisal Assignments Mr. Smith's work experience spans a wide variety of property types with special expertise in the valuation of complex income producing assets considered investment grade such as planned -unit developments, residential income properties, senior/student housing, regional malls, offices, industrial properties, and mixed-use properties. In addition, he has an expertise in land development projects, vacant land, conservation tracts, brownfields, commercial agricultural and farmland. Drew has also appraised a multitude of special purpose properties, including, but not limited to restaurants, hospitals, retail automotive, and golf courses. He has prepared over 50 valuations of proposed residential subdivisions in the local market. A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland Delray Beach Valuation 711 P a g e Drew is considered one of the leading experts in valuation for financial reporting purposes. He has lead several teams involved in tangible asset (real and personal property) fair valuation engagements for financial reporting, due diligence, audit review and financial modeling. A sample of major engagements Drew has completed include: Mark to Market Valuation Reviews for Financial Reporting: General Electric Real Estate Debt and Equity Investment Portfolios, Citigroup, Wells Fargo, Bank of America, St. Joe's, Inland, Extendicare and Nationwide Insurance, Tishman Speyer, Pfizer, United States Quartermaster Service and United States Coast Guard. Purchase Price Allocations for Financial Reporting: Fresh Start Accounting for General Motors (Worldwide), AT&T, Mittal Steel, Marriott, Apollo, J&J, Alcoa, HJ Heinz, Freeport McMoRan Copper & Gold, American Tower, United Technologies, Dollar General (8,800 Locations), Toys R US (3,500 locations), CVS Acquisition of Long's Pharmacy, Circle K, Best Buy, Verizon Wireless and General Nutrition Centers. Institutional Real Estate Appraisals: ING Clarion, AIG Global Real Estate Fund ($56B), Morgan Stanley, Principal, Blackrock, Goldman Sachs, BPG Properties, Simon Property Group and Pension Benefit Guarantee Corporation. Notable engagements include the valuation of a the Port-au-Prince Airport in Haiti after the earthquake on behalf of the International Red Cross In Geneva. Valuation of historical assets in Yellowstone for the National Park Service's concession agreement. Mr. Smith has also performed valuations for tax purposes include, charitable donation, estate and gift tax, family limited partnerships, ESOP's and FIRPTA. He has a particular expertise in fractional interests in real property and the estimation of discounts for marketability and control. o�- A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland Delray Beach Valuation James S. Rostocki 721Page James Rostocki (Jamie) is a Partner of Valuation Consulting Partners, LLC ("VCP"). He is one of two Partners responsible for the overall operations of VCP and performs various consulting assignments and complex property valuations. Mr. Rostocki has been a real estate appraiser since 1998 and is currently licensed as a certified general real estate appraiser in Delaware, Maryland, New Jersey, Pennsylvania, New York, California, Florida & Louisiana. Mr. Rostocki has worked as a self-employed real estate appraiser, real estate investor and consultant for many years prior to joining VCP. Mr. Rostocki's diverse background and experience in the real estate industry gives him a unique insight when analyzing complex properties. Mr. Rostocki is a member of the American Society of Appraisers as a candidate pursuing the ASA designation and a general associate member of the Appraisal Institute, pursuing the MAI designation. Mr. Rostocki lives in Greenville, Delaware with his wife Jennifer, and boys Chase and Maxwell. Real Estate Valuation Mr. Rostocki's real estate valuation experience is extensive and has included almost every complex property type imaginable. His main expertise lies in complex income producing properties of varying types such as Hotels, Power Plants, Chemical Plants, Poultry Farms, Retail Buildings, Office Buildings, Light Industrial, Light & Heavy Manufacturing, Apartment Buildings, Vacant Land Tracts, Religious Facilities, Industrial Parks, Conservation Easements, Condemnation, Diminution, Estate Properties, Condominiums, Athletic Clubs, Medical Office, Restaurant & Bank Properties. Notable Real Estate Assignments Phoenician Hotel — Scottsdale, AZ (648 Rooms); Powell Hotel —San Francisco, CA (Historic Hotel at the base of the trolley stop); 55 Broadway (336,000 SF Office) — New York, NY; 2 Rector Street (465,000 SF Office) New York, NY; Piazza at Schmidt's (430 apartments, 100,000 SF Retail) — Philadelphia, PA; City of Philadelphia, PA (62 property portfolio); Packard Building (346,640 SF Office) Philadelphia, PA. Machinery and Equipment Valuation Mr. Rostocki is also a tangible asset valuation specialist with experience in advising senior accounting and finance executives. His experience as a property, plant and equipment appraiser has been in connection with lending, mergers and acquisitions, financial and tax accounting, and property rationalization purposes. Mr. Rostocki has a successful track record of delivering unique and complex valuation and consulting projects. He has served international and domestic clients including ESAB, COLFAX, Berry Plastics, Eli Lilly, Covanta, Ingredion, Flower Foods, Airgas & Iverness Graham. Notable Machinery and Equipment Valuations PP&E for the Pennford sale to Ingredion ($340 MM); PP&E for the Dave's Killer Bread sale to Flower Foods ($275 MM); PP&E for the Sunwin sale to Cardtronics (£35 MM); PP&E for the AWS sale to Covanta ($Undisclosed) Valuations for Financial Reporting Experience includes valuation assignments for financial reporting purposes pursuant to U.S. and International GAAP, such as those requiring application of the fair value standards pursuant to ASC 820 (fair value measurement and reporting) and ASC 805 (purchase price allocations). A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland Delray Beach Valuation Notable Purchase Price Allocations 731Pagc Berry Plastics — 23 Locations including Latin America, Asia, Europe and North America (8 MM SF); Portfolio of apartments in New York, NY ($220 MM); Office Tower - Orange County, CA ($100 MM); 1,533 unit Apartment Portfolio ($233 MM); Hotel in Miami, FL ($55 MM); Power Plant in Pleasant Hill, MO ($135 MM) Professional Licenses State of Delaware Certified General Real Estate Appraiser State of Pennsylvania Certified General Real Estate Appraiser State of Maryland Certified General Real Estate Appraiser State of New York Certified General Real Estate Appraiser State of New Jersey Certified General Real Estate Appraiser State of California Certified General Real Estate Appraiser State of Florida Certified General Real Estate Appraiser State of Wisconsin Certified General Real Estate Appraiser State of Louisiana Certified General Real Estate Appraiser Professional Memberships American Society of Appraisers, Candidate for ASA Appraisal Institute, Candidate for MAI designation.. Professional Courses Principles of Real Estate Appraisal, 15 credit hours Standards of Professional Appraisal Practice, 15 credit hours Writing the Narrative Appraisal Report, 15 credit hours Practice of Real Estate Appraisal, 15 credit hours Farm and Land Appraisal, 15 credit hours Income Capitalization, 15 credit hours Information Technology & The appraiser, 7 credit hours National USPAP Course, 15 credit hours Manufactured Housing Appraisal, 15 credit hours Current Appraisal Issues, 4 credit hours New FNMA Guidelines & Field Review, 6 credit hours A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland Delray Beach Valuation Jaclyn S Norsworthy Staff Appraiser Valuation Consulting Partners, LLC Wilmington DE 2014 — Present Licenses Delaware Licensed Appraiser Trainee: (X4-0000610) Pennsylvania Licensed Appraiser Trainee: (LAT000678) Valuation Experience 741Page Commercial Real Estate Appraisal for lending/underwriting, financial reporting and estate settlement. A sample of properties evaluated include shopping centers, suburban and urban high-rise office buildings, marinas, hotels, multi -family residences, self -storage facilities, warehouse/industrial/flex buildings, apartments, heavy manufacturing, R&D labs, restaurants, and vacant land. Clients: include real estate developers/investors; and financial companies and banks such as WSFS, AIG, ING, Beneficial Bank, Mid -Coast Bank, Susquehanna Bank, Fulton Bank, Citizens Bank and Wilmington Trust Company/M&T Bank. Geographic Areas Served: Primarily in the Mid -Atlantic, Tristate region of PA, DE and MD plus the Washington D.C. to Baltimore corridor and eastern and western MD. Education Temple University, 2012 Bachelor of Business Administration, Philadelphia, PA Professional Courses Basic Appraisal Principles, 30 credit hours Basic Appraisal Procedures, 30 credit hours National USPAP Course, 15 credit hours General Appraiser Income Approach 1, 30 credit hours Trainee Appraiser Course A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland Delray Beach Valuation Exhibits and Addenda Addenda 1 Schedule 1 -List of Properties A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland 751Pagc Delray Beach Valuation A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland 761Page Delray Beach Valuation 771Page MAP Address PCN Current Use Highest and Acres Parcel Description Best Use 7 small grass covered medians too 1 Tropic Isles Dr 12434632100000730 Buffer Buffer/Utility 0.25 small for any use along S. federal Hwy and Tropic Isle Dr. Parking lot next to an apartment NE 12th St and Residential complex, on the corner of NE3rd 3 3rd Ave 12434609280050011 Parking Lot Development 0.15 Ave & NE 12th Ave along Old Dixie Highway Surrounded by residential properties 4652 133RD RD Residential Vacant parcel along 133rd St. 4 S 12424612000003200 Vacant Development 3.18 surrounded by residential properties Continued Vacant lot with new single family 6 108 NW 12TH 12434617420020021 Single Family Use Single 0.17 house under construction NW 12th AVE Family Ave surrounded by residential properties Small triangular buffer (too narrow for development) on the 8 NE 2ND AVE 12434609290140010 Buffer Buffer/Utility 0.10 corner of NE 2nd Ave & NE5th St. and Fern Ct. surrounded by residential pro2erties POSSIBLE Buffer parcels (too narrow for PARCEL development) Two along South 9 DEDICATED TO 12424624020000000 Buffer Buffer/Utility 0.20 Military Trail and one along PUBLIC PB 27 Dover Rd PG 161 10 1015 MANGO 12434620160000510 Vacant Lot Residential 0.12 Vacant parcel surrounded by DR Development residential properties Small parking area next to hotel, 11 Marriott 12434616E30010000 Parking Lot Parking Lot 0.41 30 parking spaces. Development possibility unknown but parking lot appears to be only possible use. Triangular shaped paved parcel OLD Continued along Old Germantown Rd front 12 GERMANTOWN 12424625000001120 Fire Station Use 0.35 of 400 Old Germantown Rd Fire RD Community station surrounded by commercial and residential properties Small square parcel (too small for development) along SE 3rd St on 14 NW 3RD ST 124346161380800012 Buffer Buffer/Utility 0.01 corner of food processing plant surrounded by commercial and residential properties Fire station (no longer HBU due to 651 LINTON Commercial age & location) along W Linton 17 BLVD 12434620010080030 Fire Station Development 0.95 Blvd. surrounded by residential properties. Next to a condo complex Occupies an entire block between 18 200 NW 1 ST 12434617490500010 City Attorney Mixed Use 4.02 NW 1 st and 2nd Avenue AVE Building Development surrounded by residential properties and next to City Hall Mixed Use Parking lot on the West Side of SE 20 Ace Hardware 12434616011090160 Parking Lot Development 0.21 6th Ave surrounded by Assemblage commercial properties A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland Delray Beach Valuation 781Page MAP Address PCN Current Use Highest and Acres Parcel Description Best Use Small triangular median (too small 21 Andrews Ave and 12434616180000500 Buffer Buffer/Utility 0.02 for development) on N Vista Del Vista Del Mar Mar and Andrews Ave.surrounded by residential properties Mixed Use Parking lot on the east side of SE 26 SE 6TH AVE 12434616011170061 Parking Lot Development 0.67 6th Ave. surrounded by commercial properties Occupies an entire block between 100 NW IST Mixed Use NW 1 st and 2nd Avenue 31 AVE 12434616010510010 City Hall Development 4.20 surrounded by residential properties and next to City Attorney bldg. Continued Parking garage between SE 1 st 34 22 SE 1 STAVE 1243461030010000 Parking Garage Use until 0.45 Ave & S Swinton Ave surrounded surplus by commercial properties Residential Paved lot that's within the 35 DOVER RD 12424624000005000 Golf Course Development 0.69 Lakeview Golf Course along Dover Rd 37 Palm Ter 12434609080020320 Vacant Lot Residential 0.75 Vacant wooded land between Development Palm Trail and the waterway Mixed Use Parking lot between NE 3rd Ave 38 11 NE 3RD AVE 12434616010920080 Parking Lot Development 0.15 & NE 2nd Ave surrounded by Assemblage commercial properties 39 ALLEY 12434616010690000 Parking Area Buffer/Utility 0.04 Small buffer/utility too narrow for development Small triangular shaped parcel (too narrow for development) on 44 WALLACE DR 12434620230040082 Buffer Buffer/Utility 0.01 Wallace Dr. surrounded by industrial bldgs. hi the warehouse district Mixed Use Rectangular lot between SW 4th & 45 SW 4TH AVE 12434617060290121 Parking Lot Development 0.12 5th Ave. surrounded by commercial properties Small buffer strip (too narrow for development) between NE 9th 47 NW 9TH AVE 12434609160050031 Buffer Buffer/Utility 0.01 Ave & Palm Trail situated between Palm Trail Plaza and an office building S FEDERAL Mixed Use Parking lot between SE 5th & 6th 48 HWY 12434616011090080 Parking Lot Development 0.25 Ave. surrounded by commercial Assemblage properties 4321 LAKE IDA Continued Fire station at comer of Barwick 49 RD 12424612000005020 Fire Station Use 0.66 Rd and Lake Ida Rd surrounded Community by residential properties Continued Fire Station on Andrews Ave west 50 35 ANDREWS 12434616E30020000 Fire Station Use 0.46 of Ocean Blvd and the Atlantic AVE Community Ocean surrounded by condos and beach front motels Large triangular corner parcel (too irregular for development) 51 435 N SWINTON 12434609290040130 Buffer Buffer/Utility 0.30 between N Dixie Blvd and N AVE Swinton Ave surrounded mainly by residential properties and some commercial A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland Delray Beach Valuation 791Page MAP Address PCN Current Use Highest and Acres Parcel Description Best Use 3 separate pieces of land under Mixed Use one parcel # consisting of two 52 40 NE 4TH AVE 12434616010920110 Parking Lot Development 0.95 parking lots and one small strip of Assemblage land along NE 1st St. The lots are between 3rd; 4th & 2nd Ave. 54 Palm Ter 12434609080020340 Vacant Lot Residential 0.45 Vacant wooded land between Development Palm Trail and the waterway Buffer parcel along I-95 just north 56 SW 3RD ST 12434617420070010 Buffer Buffer/Utility 0.63 of SW 3rd St. Located behind residential properties Building along NW 5th Ave 62 154 NW 5TH 12434617500000071 Building Commercial 0.16 between 5th & 6th Ave. AVE Development surrounded by commercial proper -ties Small paved rd. along Seacrest 63 NE 22ND LN 12434604000007191 Buffer Buffer/Utility 0.21 Blvd. Situated between a school and residential properties Occupies an entire block between 64 50 NW 1 STAVE 12434616010520010 Community Ctr Mixed Use 4.25 NW 1 st St. & W. Atlantic Ave. Development across from the police station and next to the county court Large parcel containing a 72 2350 JAEGER 12434629090010010 Tennis Residential 5.50 clubhouse and tennis courts along DR Development Jaeger Dr. surrounded by residential properties 75 SW 4TH AVE 12434616010320220 Buffer Buffer/Utility 0.23 Landlocked parcel Vacant parcel between SW 5th & 76 ZEDER AVE 12434620130130140 Buffer Buffer/Utility 0.07 4th Ave. surrounded by residential properties 114 NW 5TH Mixed Use Parking lot between NW5th & 6th 78 AVE 12434616010190200 Parking Lot Development 0.22 Ave. surrounded by commercial properties 4000 OLD Continued Fire station on Old Germantown 79 GERMANTOWN 12424625000001130 Fire Station Use 1.08 Rd. surrounded by residential RD Community properties Buffer of land between NW 7th & 80 29 R NW 8th Ave 12434617010040260 Buffer Buffer/Utility 0.10 NW 8th between vacant parcels and residential properties 81 Depot Ave 12434618670010000 Vacant Lot Industrial 0.53 Land near former train depot Assemblage Detached building currently used 83 196 NW 8TH 12434617260020230 Building Commercial 0.36 as the rotary club on comer of NW AVE Development 2nd St. & NW8th Ave. surrounded by residential properties 87 W ATLANTIC 12434618000007060 Golf Course Residential 55.29 Delray Golf Course AVE Development NW 3RD ST Small buffer (too narrow for 12434616010160170 Buffer Buffer/Utility development) between mostly 89 0.11 residential properties Mixed Use Parking lot between NE 1 st Ave 93 NE 2ND ST 12434616610000020 Parking Lot Development 0.19 and N. Swinton Ave. next to a Assemblage multi -unit property A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland Delray Beach Valuation 801Page MAP Address PCN Current Use Highest and Acres Parcel Description Best Use Mixed Use Parking lot between NE 1 st Ave 94 NE 2ND ST 12434616610000010 Parking Lot Development 0.26 and N. Swinton Ave. next to a Assemblage multi -unit property NE 10th St Residential Parking lot on NE 12th St. 96 Parking Lot -223 12434609280040250 Parking Lot Development 0.16 surrounded by residential NE 12TH ST properties and apartment units 2200 Residential 97 HIGHLAND 12434619000001010 Golf Course Development 90.35 Delray Golf Course AVE Parking lot on NE 3rd Ave 100 906 NE 3RD 12434609280090310 Parking Lot Residential 0.17 surrounded by residential AVE Development properties and mutli-unit apartments DEEDED FROM Buffer parcel on the corner of SW 102 PBC ORB 26684 12434616010130200 Buffer Buffer/Utility 0.16 6th Avenue SW 1 st St. surrounded - 0711 - ALLEY by residential properties Mixed Use Parking lot on NE 3rd Ave 106 25 NE 3RD AVE 12434616010920100 Parking Lot Development 0.13 surrounded by mainly commercial Assemblage properties 107 126 NW 2ND 12434616010430101 House Residential 0.49 Small apt bldg. along NW 2nd AVE Development Ave. across from City Hall Continued Single family home between NW 108 232 NW 8th Ave 12434617250020250 House Use Single 0.25 8th & 9th Ave surrounded by Family residential properties Continued Police station occupying an entire 110 300 W 12434617450010000 Police Station Use until 4.13 block between W Atlantic Ave ATLANTIC AVE surplus and SW 1st St. next to the County Court 1105 R SW 7TH Vacant parcel situated between 111 12434620200040022 Buffer Buffer/Utility 0.06 residential properties along AVE SWI Ith St. & SW 7th St Commercial building rented as 850 N adult day care on the corner of N. 114 CONGRESS 12434607000005000 Building Commercial 6.58 Congress Ave. & Lake Ida Rd. AVE Development just west of I-95 with residential properties to the west and commercial properties to the east 115 SW 5TH AVE 12434616010210020 Buffer Buffer/Utility 0.02 Small vacant parcel assumed too small for development Vacant lot between two 353 NE 3RD Commercial commercial properties in the 116 AVE 12434616010890080 Parking Lot Development 0.12 warehouse district surrounded by commercial and industrial property Residential Vacant parcel along Old 117 Germantown Rd 12434630160100000 Vacant Lot Development 0.45 Germantown Rd surrounded by residential properties 120 Palm Ter 12434609080020350 Vacant Lot Residential 0.45 Vacant wooded land between Development Palm Trail and the waterway FDOT Small buffer (too narrow for 123 QUITCLAIM 12434617410010300 Buffer Buffer/Utility 0.06 development) near I-95 ORB 19386 - 721 127 S CONGRESS 12434619000003030 Golf Course Residential 1.64 Delray Golf Course AVE Development A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland Delray Beach Valuation 811Pag MAP Address PCN Current Use Highest and Acres Parcel Description Best Use 129 2000 DOVER RD 12424624040000010 Golf Course Residential 35.28 Delray Golf Course Development 2200 Residential 131 HIGHLAND 12434619000001010 Golf Course Development 90.35 Lakeview Golf Course AVE 132 ALLEN AVE 12434609150020280 Buffer Buffer/Utility 0.05 Small buffer (too narrow for development) Fire station (New) between NW 501 W Continued 5th &6th Ave. along W Atlantic 135 ATLANTIC AVE 12434616010200010 Fire Station use 2.18 Ave. Same block as police station community and county court surrounded by residential properties Buffer (too narrow for future 138 NW 5th Ave 12434616010190170 Buffer Buffer/Utility 0.08 development) between 5th & 6th Ave between residential properties and parking lots Vacant parcel along lucky Lane 141 DOUGLAS AVE 12434620130070050 Buffer Buffer/Utility 0.24 surrounded by residential properties 143 S CONGRESS 12434619000001120 Golf Course Residential 0.37 Delray Golf Course AVE Development Small buffer (too narrow for development) between residential 144 306 SE 5TH ST Buffer Buffer/Utility 0.04 properties between SE 3rd & 4th Ave surrounded by residential 12434621010050021 properties POSSIBLE Buffer parcels (too narrow for PARCEL development). Two along South 146 DEDICATED TO 12424624010000000 Buffer Buffer/Utility 0.72 Military Trail and one along PUBLIC PB 26 Dover Rd PG 187 147 NW 2ND ST 12434618000001290 Vacant Lot Industrial 0.02 Small triangular shaped parcel Assemblage next to the train terminal Strip of land near an old train Industrial terminal in the warehouse district. 148 80 DEPOT AVE 12434618000001440 Building Assemblage 1.39 Along Depot Ave just west of I- 95. surrounded by industrial properties Small strip of land (too narrow for development) between Delray 150 Eve Street 12434628010030000 Buffer Buffer/Utility 0.07 Place and Spanish Trail. Surrounded by residential properties 152 COMMERCE DR 12434618420050000 Golf Course Residential 0.87 Warehouse on a parcel that is part Development of the Delray Golf Course A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland Delray Beach Valuation Schedule 2 -Schedule of Values A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland 821Pagc Delray Beach Valuation MAP Address Current Use Concluded Tier Highest and Parcel Description Rounded Best Use 7 small grass covered medians too 1 Tropic Isles Dr Buffer $75 4 Buffer/Utility small for any use along S. federal Hwy and Tropic Isle Dr. Parking lot next to an apartment NE 12th St and 3rd Residential complex, on the corner of NE3rd 3 Ave Parking Lot $105,000 1 Development Ave & NE 12th Ave along Old Dixie Highway Surrounded by residential properties 4 4652 133RD RD S Vacant $690,000 1 Residential Vacant parcel along 133rd St. Development surrounded by residential properties Continued Vacant lot with new single family 6 108 NW 12TH AVE Single Family $45,000 1 Use Single house under construction NW 12th Family Ave surrounded by residential properties Small triangular buffer (too narrow for development) on the corner of 8 NE 2ND AVE Buffer $1,077 1 Buffer/Utility NE 2nd Ave & NE5th St. and Fern Ct. surrounded by residential properties POSSIBLE PARCEL Buffer parcels (too narrow for 9 DEDICATED TO Buffer $62 1 Buffer/Utility development) Two along South PUBLIC PB 27 PG Military Trail and one along Dover 161 Rd 10 1015 MANGO DR Vacant Lot $45,000 1 Residential Vacant parcel surrounded by Development residential properties Small parking area next to hotel, 30 11 Marriott Parking Lot $750,000 1 Parking Lot parking spaces. Development possibility unknown but parking lot appears to be only possible use. Triangular shaped paved parcel OLD Continued along Old Germantown Rd front of 12 GERMANTOWN RD Fire Station $150,000 1 Use 400 Old Germantown Rd Fire Community station surrounded by commercial and residential properties Small square parcel (too small for development) along SE 3rd St on 14 NW 3RD ST Buffer $3 1 Buffer/Utility corner of food processing plant surrounded by commercial and residential properties Fire station (no longer HBU due to Commercial age & location) along W Linton 17 651 LINTON BLVD Fire Station $750,000 1 Development Blvd. surrounded by residential properties. Next to a condo complex Occupies an entire block between 18 200 NW 1 ST AVE City Attorney $8,300,000 1 Mixed Use NW 1 st and 2nd Avenue Building Development surrounded by residential properties and next to City Hall Mixed Use Parking lot on the West Side of SE 20 Ace Hardware Parking Lot $725,000 1 Development 6th Ave surrounded by commercial Assemblage properties A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland 831Page Delray Beach Valuation MAP Address Current Use Concluded Tier Highest and Parcel Description Rounded Best Use Small triangular median (too small 21 Andrews Ave and Buffer $3,500 1 Buffer/Utility for development) on N Vista Del Vista Del Mar Mar and Andrews Ave. surrounded by residential properties Mixed Use Parking lot on the east side of SE 26 SE 6TH AVE Parking Lot $2,300,000 1 Development 6th Ave. surrounded by commercial properties Occupies an entire block between 31 100 NW IST AVE City Hall $17,250,000 1 Mixed Use NW 1st and 2nd Avenue Development surrounded by residential properties and next to City Attorney bldg. Parking Continued Parking garage between SE 1st Ave 34 22 SE 1 STAVE Garage $4,750,000 1 Use until & S Swinton Ave surrounded by surplus commercial properties 35 DOVER RD Golf Course $52,500 1 Residential Paved lot that's within the Lakeview Development Golf Course along Dover Rd 37 Palm Ter Vacant Lot $2,775,000 1 Residential Vacant wooded land between Palm Development Trail and the waterway Mixed Use Parking lot between NE 3rd Ave & 38 11 NE 3RD AVE Parking Lot $575,000 1 Development NE 2nd Ave surrounded by Assemblage commercial properties 39 ALLEY Parking Area $42,500 1 Buffer/Utility Small buffer/utility too narrow for development Small triangular shaped parcel (too narrow for development) on 44 WALLACE DR Buffer $365 1 Buffer/Utility Wallace Dr. surrounded by industrial bldgs. In the warehouse district Mixed Use Rectangular lot between SW 4th & 45 SW 4TH AVE Parking Lot $375,000 Development 5th Ave. surrounded by commercial properties Small buffer strip (too narrow for 47 NW 9TH AVE Buffer $230 1 Buffer/Utility development) between NE 9th Ave & Palm Trail situated between Palm Trail Plaza and an office building Mixed Use Parking lot between SE 5th & 6th 48 S FEDERAL HWY Parking Lot $850,000 1 Development Ave. surrounded by commercial Assemblage properties Continued Fire station at comer of Barwick Rd 49 4321 LAKE IDA RD Fire Station $1,500,000 1 Use and Lake Ida Rd surrounded by Community residential properties Continued Fire Station on Andrews Ave west 50 35 ANDREWS AVE Fire Station $2,500,000 1 Use of Ocean Blvd and the Atlantic Community Ocean surrounded by condos and beach front motels Large triangular corner parcel (too 435 N SWINTON irregular for development) between 51 AVE Buffer $22,500 1 Buffer/Utility N Dixie Blvd and N Swinton Ave surrounded mainly by residential properties and some commercial A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland 841'ag� Delray Beach Valuation MAP Address Current Use Concluded Tier Highest and Parcel Description Rounded Best Use 3 separate pieces of land under one Mixed Use parcel # consisting of two parking 52 40 NE 4TH AVE Parking Lot $3,325,000 1 Development lots and one small strip of land Assemblage along NE 1st St. The lots are between 3rd; 4th & 2nd Ave. 54 Palm Ter Vacant Lot $1,675,000 1 Residential Vacant wooded land between Palm Development Trail and the waterway Buffer parcel along I-95 just north 56 SW 3RD ST Buffer $11,000 1 Buffer/Utility of SW 3rd St. Located behind residential properties Commercial Building along NW 5th Ave 62 154 NW 5TH AVE Building $695,000 1 Development between 5th & 6th Ave. surrounded by commercial properties Small paved rd. along Seacrest 63 NE 22ND IN Buffer $65 1 Buffer/Utility Blvd. Situated between a school and residential properties Occupies an entire block between 64 50 NW 1 ST AVE Community $17,500,000 1 Mixed Use NW I st St. & W. Atlantic Ave. Ctr Development across from the police station and next to the county court Large parcel containing a 72 2350 JAEGER DR Tennis $3,500,000 1 Residential clubhouse and tennis courts along Development Jaeger Dr. surrounded by residential properties 75 SW 4TH AVE Buffer $5,225 1 Buffer/Utility Landlocked parcel Vacant parcel between SW 5th & 76 ZEDER AVE Buffer $1,750 1 Buffer/Utility 4th Ave. surrounded by residential properties Mixed Use Parking lot between NWSth & 6th 78 114 NW 5TH AVE Parking Lot $235,000 .1 Development Ave. surrounded by commercial properties 4000 OLD Continued Fire station on Old Germantown 79 GERMANTOWN RD Fire Station $870,000 1 Use Rd. surrounded by residential Community properties Buffer of land between NW 7th & 80 29 R NW 8th Ave Buffer $1,800 1 Buffer/Utility NW 8th between vacant parcels and residential properties 81 Depot Ave Vacant Lot $78,000 1 Industrial Assemblage Land near former train depot Detached building currently used as 83 196 NW 8TH AVE Building $225,000 2 Commercial the rotary club on corner of NW Development 2nd St. & NW8th Ave. surrounded by residential properties 87 W ATLANTIC AVE Golf Course $5,400,000 2 Residential Development Delray Golf Course Small buffer (too narrow for 89 NW 3RD ST Buffer $2,250 2 Buffer/Utility development) between mostly residential properties Mixed Use Parking lot between NE 1 st Ave 93 NE 2ND ST Parking Lot $1,000,000 3 Development and N. Swinton Ave. next to a Assemblage multi -unit property A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland 851Pagc Delray Beach Valuation MAP Address Current Use Concluded Tier Highest and Parcel Description Rounded Best Use Mixed Use Parking lot between NE 1 st Ave 94 NE 2ND ST Parking Lot $630,000 3 Development and N. Swinton Ave. next to a Assemblage multi -unit property NE 10th St Parking Residential Parking lot on NE 12th St. 96 Lot -223 NE 12TH ST Parking Lot $105,000 3 Development surrounded by residential properties and apartment units 97 2200 HIGHLAND Golf Course $8,850,000 3 Residential Delray Golf Course AVE Development Residential Parking lot on NE 3rd Ave 100 906 NE 3RD AVE Parking Lot $105,000 3 Development surrounded by residential properties and mutli-unit apartments DEEDED FROM PBC Buffer parcel on the corner of SW 102 ORB 26684 - 0711 - Buffer $2,800 3 Buffer/Utility 6th Avenue SW 1st St. surrounded ALLEY by residential properties Mixed Use Parking lot on NE 3rd Ave 106 25 NE 3RD AVE Parking Lot $500,000 3 Development surrounded by mainly commercial Assemblage properties 107 126 NW 2ND AVE House $1,375,000 4 Residential Small apt bldg. along NW 2nd Ave. Development across from City Hall Continued Single family home between NW 108 232 NW 8th Ave House $140,000 4 Use Single 8th & 9th Ave surrounded by Family residential properties 300 W ATLANTIC Continued Police station occupying an entire 110 AVE Police Station $16,000,000 4 Use until block between W Atlantic Ave and surplus SW 1 st St. next to the County Court Vacant parcel situated between 111 1105 R SW 7TH AVE Buffer $1,050 4 Buffer/Utility residential properties along SWI lth St. & SW 7th St Commercial building rented as adult day care on the corner of N. 114 850 N CONGRESS Building $2,850,000 4 Commercial Congress Ave. & Lake Ida Rd. just AVE Development west of I-95 with residential properties to the west and commercial properties to the east 115 SW 5TH AVE Buffer $500 4 Buffer/Utility Small vacant parcel assumed too small for development Vacant lot between two commercial 116 353 NE 3RD AVE Parking Lot $230,000 4 Commercial properties in the warehouse district Development surrounded by commercial and industrial property Residential Vacant parcel along Old 117 Germantown Rd Vacant Lot $50,000 4 Development Germantown Rd surrounded by residential properties 120 Palm Ter Vacant Lot $1,650,000 4 Residential Vacant wooded land between Palm Development Trail and the waterway 123 FDOT QUITCLAIM Buffer $1,500 4 Buffer/UtilitySmall buffer (too narrow for ORB 19386 - 721 development) near I-95 127 S CONGRESS AVE Golf Course $160,000 4 Residential Development Delray Golf Course A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland 861Page Delray Beach Valuation MAP Address Current Use Concluded Tier Highest and Parcel Description Rounded Best Use 129 2000 DOVER RD Golf Course $3,450,000 4 Residential Development Delray Golf Course 131 2200 HIGHLAND Golf Course $6,850,000 4 Residential Lakeview Golf Course AVE Development 132 ALLEN AVE Buffer $1,300 4 Buffer/Utility Small buffer (too narrow for development) 501 W ATLANTIC Fire station (New) between NW 5th AVE Continued &6th Ave. along W Atlantic Ave. Fire Station $2,450,000 4 use Same block as police station and community county court surrounded by residential properties 135 Buffer (too narrow for future 138 NW 5th Ave Buffer $1,500 4 Buffer/Utility development) between 5th & 6th Ave between residential properties and parking lots 141 DOUGLAS AVE Buffer $5,450 4 Buffer/Utility Vacant parcel along lucky Lane surrounded by residential properties 143 S CONGRESS AVE Golf Course $36,250 4 Residential Development Delray Golf Course Small buffer (too narrow for development) between residential 144 306 SE 5TH ST Buffer $785 4 Buffer/Utility properties between SE 3rd & 4th Ave surrounded by residential properties POSSIBLE PARCEL Buffer parcels (too narrow for 146 DEDICATED TO Buffer $223 4 Buffer/Utility development). Two along South PUBLIC PB 26 PG Military Trail and one along Dover 187 Rd 147 NW 2ND ST Vacant Lot $4,000 4 Industrial Small triangular shaped parcel next Assemblage to the train terminal Strip of land near an old train 148 80 DEPOT AVE Building $300,000 4 Industrial terminal in the warehouse district. Assemblage Along Depot Ave just west of 1-95. surrounded by industrial properties Small strip of land (too narrow for 150 Eve Street Buffer $22 4 Buffer/Utility development) between Delray Place and Spanish Trail. Surrounded by residential properties 152 COMMERCE DR Golf Course $55,000 4 Residential Warehouse on a parcel that is part Development of the Delray Golf Course A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland 871 °a Delray Beach Valuation Addenda 2 - Pictures A) Valuation Consulting Partners, LLC VCP Wilmington, Delaware Baltimore, Maryland 881PaR Map # 1-7 small grass covered medians too small for any use along S. federal Hwy and Tropic Isle Dr. Map #3 -Parking lot next to an apartment complex, on the corner of NE3rd Ave & NE 12th Ave along Old Dixie Highway Surrounded by residential properties Map #4 -Vacant parcel along 133rd St. surrounded by residential properties Map #6 -Vacant lot with new single family house under construction NW 12th Ave surrounded by residential properties Map #8 -Small triangular buffer (too narrow for development) on the corner of NE 2nd Ave & NE5th St. and Fern Ct. surrounded by residential properties Map #9 -Buffer parcels (too narrow for development) Two along South Military Trail and one along Dover Rd Map #10 -Vacant parcel surrounded by residential properties Map #11 -Small parking area next to hotel, 30 parking spaces. Development possibility unknown but parking lot appears to be only possible use. IMENCr Ca +d German sawn Rd Map #12 -Triangular shaped paved parcel along Old Germantown Rd front of 400 Old Germantown Rd Fire station surrounded by commercial and residential properties Map #14 -Small square parcel (too small for development) along SE 3rd St on corner of food processing plant surrounded by commercial and residential properties Map #17 -Fire station (no longer HBU due to age & location) along W Linton Blvd. surrounded by residential properties. Next to a condo complex Map #18 -Occupies an entire block between NW 1 st and 2nd Avenue surrounded by residential properties and next to City Hall 'fife 'a dr 4 Map #20 -Parking lot on the West Side of SE 6th Ave surrounded by commercial properties Map #21 -Small triangular median (too small for development) on N Vista Del Mar and Andrews Ave. surrounded by residential properties AI _ r.a L .. Map #26 -Parking lot on the east side of SE 6th Ave. surrounded by commercial properties Map #31 -Occupies an entire block between NW 1 st and 2nd Avenue surrounded by residential properties and next to City Attorney bldg. Map #34 -Parking garage between SE 1 st Ave & S Swinton Ave surrounded by commercial properties Map #35 -Paved lot that's within the Lakeview Golf Course along Dover Rd Map #37 -Vacant wooded land between Palm Trail and the waterway - ,rV s Map #38 -Parking lot between NE 3rd Ave & NE 2nd Ave surrounded by commercial properties Map # 44 -Small triangular shaped parcel (too narrow for development) on Wallace Dr. surrounded by industrial bldgs. In the warehouse district Map 945 -Rectangular lot between SW 4th & 5th Ave. surrounded by commercial properties Map #47 -Small buffer strip (too narrow for development) between NE 9th Ave & Palm Trail situated between Palm Trail Plaza and an office building Map #48 -Parking lot between SE 5th & 6th Ave. surrounded by commercial properties Map #49 -Fire station at comer of Barwick Rd and Lake Ida Rd surrounded by residential properties Map #50 -Fire Station on Andrews Ave west of Ocean Blvd and the Atlantic Ocean surrounded by condos and beach front motels Map #51 -Large triangular corner parcel (too irregular for development) between N Dixie Blvd and N Swinton Ave surrounded mainly by residential properties and some commercial Map #52-3 separate pieces of land under one parcel # consisting of two parking lots and one small strip of land along NE 1 st St. The lots are between 3rd; 4th & 2nd Ave. Map #54 -Vacant wooded land between Palm Trail and the waterway i Map #56 -Buffer parcel along I-95 just north of SW 3rd St. Located behind residential properties Map #62 -Building along NW 5th Ave between 5th & 6th Ave. surrounded by commercial properties I �7 Map #63 -Small paved rd. along Seacrest Blvd. Situated between a school and residential properties Map #64 -Occupies an entire block between NW 1 st St. & W. Atlantic Ave. across from the police station and next to the county court Map #72 -Large parcel containing a clubhouse and tennis courts along Jaeger Dr. surrounded by residential properties Map #75 -Landlocked parcel Map #76 -Vacant parcel between SW 5th & 4th Ave. surrounded by residential properties Map #78 -Parking lot between NW5th & 6th Ave. surrounded by commercial properties Map #79 -Fire station on Old Germantown Rd. surrounded by residential properties Map #80 -Buffer of land between NW 7th & NW 8th between vacant parcels and residential properties Map #83 -Detached building currently used as the rotary club on corner of NW 2nd St. & NW8th Ave. surrounded by residential properties W An an tic Ave - _- -s• VAA N6 TIM" 2 aw Map #87-Delray Golf Course 1 Map #89 -Small buffer (too narrow for development) between mostly residential properties Map #93 -Parking lot between NE 1 st Ave and N. Swinton Ave. next to a multi -unit property Map #94 -Parking lot between NE 1 st Ave and N. Swinton Ave. next to a multi -unit property i — NE121h 51 - — jaw Map #96 -Parking lot on NE 12th St. surrounded by residential properties and apartment units Map #97 -Delray Golf Course Map #100 -Parking lot on NE 3rd Ave surrounded by residential properties and muth-unit apartments Map #102 -Buffer parcel on the corner of SW 6th Avenue SW 1st St. surrounded by residential properties Map #106 -Parking lot on NE 3rd Ave surrounded by mainly commercial properties Map #107 -Small apt bldg. along NW 2nd Ave. across from City Hall V t� Map #108 -Single family home between NW 8th & 9th Ave surrounded by residential properties Map #110 -Police station occupying an entire block between W Atlantic Ave and SW 1 st St. next to the County Court Map #111 -Vacant parcel situated between residential properties along SW 11th St. & SW 7th St Map #114 -Commercial building rented as adult day care on the corner of N. Congress Ave. & Lake Ida Rd. just west of I-95 with residential properties to the west and commercial properties to the east Map #115 -Small vacant parcel assumed too small for development Map #116 -Vacant lot between two commercial properties in the warehouse district surrounded by commercial and industrial property Map #117 -Vacant parcel along Old Germantown Rd surrounded by residential properties Map #120 -Vacant wooded land between Palm Trail and the waterway e r e Y e �o / •1 T iV e� �4�F- _ m � J a m is o Y "m Sherwood. Blvd ._ _ -,. Sherwoad'Blvd ° ` rwaotlBlvtl --`> � Sha o k• By i 4ti4 IF• Pe4,'� I.. a4 v •-r keri?ivAwcl " Lakevlew.Blvd Y 9. J � �"'-- - LahavieW pr �kevlewBr � �ed9a d e rt preliaDrN Ar tirN. •� g' ,,. Palm Fvrsstpr N s— C Y r5had�waod Ur.; ��� tl Map #131 -Lakeview Golf Course Map #132 -Small buffer (too narrow for development) Map #135 -Fire station (New) between NW 5th &6th Ave along W Atlantic Ave. Same block as police station and county court surrounded by residential properties Map #138 -Buffer (too narrow for future development) between 5th & 6th Ave between residential properties and parking lots Map #141 -Vacant parcel along lucky Lane surrounded by residential properties Map #143 -Delray Golf Course 601 �r- 'r. r 0 LAli, P , �IL 6 .a I PIP P W � i I IS y^- Map #147 -Small triangular shaped parcel next to the train terminal �-W Map #148 -Strip of land near an old train terminal in the warehouse district. Along Depot Ave just west of I-95. Surrounded by industrial properties Map #150 -Small strip of land (too narrow for development) between Delray Place and Spanish Trail. Surrounded by residential properties Map #152 -Warehouse on a parcel that is part of the Delray Golf Course Delray Beach Valuation Addenda 3 Schedule 1 — Cost Approach Example Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP Cost Analysis Marshall & Swift Cost Source: Marshall & Swift #15 - Governmental Buildings No. of Stories Multiplier: 1.000 Height/Story Multiplier: 1.000 Perimeter Multiplier: 1.000 Local Multiplier: 0.990 Current Cost Multiplier: 1.010 Combined Multipliers: 1.000 Building Improvements Depreciation Item I Unit Type I Costj Quantity I Multiplierl Total Building Sq. Ft. $308.67 43,773 1.000 Total Building Improvement Costs $13,510,061 $13,510,061 Price per SF Gross Building Area $308.64 Site Improvements Depreciation Item I Unit Type I Costj Quantityl I Total Site Preparation & Improvements Per Acre $15,000 4.14 Total Site Improvement Costs Subtotal: Building & Site Costs $62,101 $62,101 1 $13,572,161 Price per SF Gross Building Area $310.06 Soft Costs Depreciation Item Percent Type Total Engineering ............... 2.5% % Bld. & Site Cost $339,304 Architectural ............... 3.0% % of Building Cost $405,302 Total Soft Costs $744,606 Insurable Value (Excludes Site Improvements, related Site Soft Costs and Developer's Profit) $14,253,114 Total Costs Functional Obsolescence Building Subtotal: Building, Site & Soft Costs $14,316,767 Total Cost $14,316,767 Price per SF Gross Building Area $327.07 Depreciation Componentl Eff. Age I Life I Percent I Amount Physical Depreciation: Building 45 60 75% $10,691,000 Physical Depreciation: Site 10 20 50% $31,050 Functional Obsolescence Building ............................. 0% $0 External Obsolescence Building ............................. 0% $0 Total Depreciation $10,722,050 Depreciated Value of Improvements $3,594,717 Cost Per Square Foot Gross Building Area $82.12 Delray Beach Valuation Addenda 3 Schedule 2 — Land Sales Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP 301 SE 1st Ave Delray Beach Ind Submarket • Delray Beach, FL 33444 Class C Industrial Building of 17,508 SF Sold on 2/15/2013 for $1,040,000 - Research Complete VITAL DATA BUYER RJM Real Estate Corp. 455 NE 5th Ave, Suite D-311 Delray Beach, FL 33483 (561) 910-5599 Ryan Mueller SELLER Rudolf Ostermann A W & V M 5330 N Boca Marina Cir Boca Raton, FL 33487 (561) 997-8172 Rudy Ostermann Name: - Sale Price: $1,040,000 Sale Date: 2/15/2013 Status: Confirmed Escrow/Contract: 30 Days Building SF: 17,508 SF Days on Market: 1,506 Days Price/SF: $59.40/SF Exchange: No Pro Forma Cap Rate: - Sale Condition: - Actual Cap Rate: - Land Area: 1.48 AC (66,850 SF) Down Payment: $690,000 $/SF Land Gross: $15.56/SF Percent Down: 66.35% Year Built, Age: 1958 Age: 55 Pct Office: - Parking Spaces: 90 Spaces Available Doc No: 25820-1664 Parking Ratio: Ratio of 5.14/1,000 SF Trans Tax: - FAR: 0.26 Corner: - Lot Dimensions: - Zoning: CBD -RC Street Frontage: - Percent Improved: 0.00% Tenancy: Multi Submarket: Delray Beach Ind Tenants Time of Sale: - Map Page: - Comp ID: 2700182 Parcel No: 12-43-46-16-B8-080-0011 Property Type: Industrial SALE NOTES As reported by seller, buyer, and recorded documents on February 15, 2013 this 17,508 square -foot building was sold by Rudolf Ostermann to Ryan Mueller for $1,040,000. The value is in the land. Escrow was thirty days. There were no sales conditions. The seller sold due to retirement while the new owner purchased as an investment. The building has been vacant for a long time so no cap rate was disclosed. Financing was obtained in the amount of $350,000 with a $690,000 down payment. The property is back on the market. COMP ID #2700182 FINANCING 1 st Mortgage Bal/Pmt: $350,000/ - SELLER BROKER No Listing Broker on Deal Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTAR.GO Page 1 104 SE 1st Ave - 0.18 Acre Redevelopment Site ' Delray Beach Submarket • Delray Beach, FL 33444 0.19 AC (8,124 SF) Land Sold on 12/16/2011 for $200,000 ($1,072,386/AC) - Research Complete VITAL DATA Name: 0.18 Acre Redevelopment Site Sale Date: 12/16/2011 Escrow/Contract: - Days on Market: 921 Days Exchange: No Sale Condition nancity Max i+ ut units: Land Area: $/SF Land Gross: Lot Dimensions: Topography: Imnrn�icmcn4• LUI1111{ j. SALE NOTES 0.19 AC (8,124 SF) $24.62/SF Level Previously developed lot Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water CBD; Palm Beach 2229392 BUYER BBC Holdings LLC 879 Coventry St Boca Raton, FL 33487 (561) 995-4153 Humberto Collazo, Jr, Vladislav Yampolsky SELLER Van Arnem Company 238 N E 1 st Ave Delray Beach, FL 33444 (561)272-2912 Harold L. Van Arnem Sale Price: $200,000 Status: Confirmed Price/SF: $24.62/SF Price/AC: $1,072,386/AC Pro Forma Cap Rate: - Actual Cap Rate: Down Payment: Percent Down: Doc No: Trans Tax: Percent Improved Submarket: Map Page: Parcel No: Property Type: Prnnnsad USP.' 24917-1059 0.00% Delray Beach 12-43-46-16-B4-070-01 10 Land Commercial, Mixed Use, MultiFamily, Off 104 SE 1 st Ave sold on 12/16/11 for $200,000 according to the deed - however the seller indicated that it sold for $275,000. The property was sold by Harold Van Arnem to BBC Holdings LLC. The buyer could not be reached to determine what the land use will be. Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTAR.GO Page 2 104 SE 1st Ave - 0.18 Acre Redevelopment Site ' Delray Beach Submarket • Delray Beach, FL 33444 0.19 AC (8,124 SF) Land Sold on 12/16/2011 for $200,000 ($1,072,386/AC) - Research Complete INCOME EXPENSE DATA January 2011 Expenses Taxes Operating Expenses Total Expenses Annual Annual/SF $3,992 _ $3,992 SELLER BROKER Van Arnem Company 238 NE 1 st Ave Delray Beach, FL 33444 (561)272-2912 Jon Kinsman. Harold L. Van Arnem LISTING BROKER No Ruver Rrnker on Deal Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTAR.GO Page 3 1030 SW 9th Ave - 1044 R SW 10 Delray Beach Submarket • Delray Beach, FL 33444 0.42 AC (18,295 SF) Land Sold on 2/18/2014 for $225,000 ($535,714/AC) - Research Complete VITAL DATA Name: 1044 R SW 10 Sale Date: 2/18/2014 Escrow/Contract: - Days on Market: 280 Days Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 0.42 AC (18,295 SF) $/SF Land Gross: $12.30/SF Lot Dimensions: Irregular Topography: Level Improvement: Finish grade Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water Zoning: MIC, Delray Beach Comp ID: 2963617 BUYER Austin Chavez Austin Chavez SELLER SOUTHWEST 11TH STREET HOLDINGS Sale Price: $225,000 Status: Full Value Price/SF: $12.30/SF Price/AC: $535,714/AC Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: - Percent Down: - Doc No: - Trans Tax: - Percent Improved: 0.00% Submarket: Delray Beach Map Page: Trakker 51 T36 Parcel No: 12-43-46-20-18-000-0161, 12-43-46-20-18- 000-0163 Property Type: Land Proposed Use: Hold for Development PRIOR SALE Date/Doc No: 2/9/2005 (18154-0577) Sale Price: $725,000 ComplD: 1001216 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTAR.GO Page 4 1030 SW 9th Ave - 1044 R SW 10 Delray Beach Submarket • Delray Beach, FL 33444 0.42 AC (18,295 SF) Land Sold on 2/18/2014 for $225,000 ($535,714/AC) - Research Complete INCOME EXPENSE DATA January 2014 Expenses Taxes Operating Expenses Total Expenses Annual Annual/SF $2,523 $2,523 SELLER BROKER Carmel Real Estate & Management, Inc. 1450 SW 10th St, Suite 8 Delray Beach, FL 33444-1299 (561)272-3700 Christina Morrison Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTAR.GO Page 5 SE 1st Ave Delray Beach Submarket • Delray Beach, FL 33444 1.12 AC (48,787 SF) Land Sold on 4/20/2015 for $9,030,000 ($8,062,500/AC) - Research Complete VITAL DATA Name Sale Date: 4/20/2015 Escrow/Contract: 90 Days Days on Market: - Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 1.12 AC (48,787 SF) $/SF Land Gross: $185.09/SF Lot Dimensions: - Topography: Level Improvement: Raw land Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Trans Tax: Sewer, Streets, Water Zoning: PUD Comp ID: 3290859 SALE NOTES BUYER Manuel Vergara 2098 NW 30th Rd Boca Raton, FL 33431-6368 Manuel Vergara SELLER Saxena White 5200 Town Center Cir, Suite 601 Boca Raton, FL 33486-1015 (561)394-3399 Sale Price: $9,030,000 Status: Confirmed Price/SF: $185.09/SF Price/AC: $8,062,500/AC Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: $9,030,000 Percent Down: 100% Doc No: 27479-0364 Trans Tax: $63,210 Percent Improved: 0.00% Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-16-K8-002-0000 Property Type: Land Proposed Use: Commercial, Mixed Use, MultiFamily, Off At time of research, we were able to confirm that the 1.12 acres sold for $9.03 million. It was under contract for about 90 days and there was no financing involved. The buyer was a combination of Columbian and domestic investors but we were not able to locate any good phone numbers for them. They are planning to build 76 mulit-family project on the land. We were advised that the workforce housing units were included in the sale. Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTAR.GO Page 6 SE 1st Ave Delray Beach Submarket • Delray Beach, FL 33444 1.12 AC (48,787 SF) Land Sold on 4/20/2015 for $9,030,000 ($8,062,500/AC) - Research Complete PRIOR SALE Date/Doc No: 5/31/2011 (24566-1207) Sale Price: $1,100,000 ComplD: 2126487 SELLER BROKER Knight Group, LLC 10 SE 1st Ave Delray Beach, FL 33444 (561)756-2833 Jim Knight LISTING BROKER Golden Bear Realty LLC 217 NE 4th St Delray Beach, FL 33444 (561)276-9042 David Goldfeld. Lorenzo Bernal Nestler Poletto Sotheby's International Realty 200 E Palmetto Park Rd, Suite 104 Boca Raton, FL 33432 (561)997-7227 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTAR.GO Page 7 30 SE 1st Ave Delray Beach Submarket • Delray Beach, FL 33444 0.14 AC (5,972 SF) Land Sold on 7/14/2014 for $400,000 ($2,917,578/AC) - Public Record BUYER VITAL DATA Name Sale Date: 7/14/2014 Escrow/Contract: - Days on Market: - Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 0.14 AC (5,972 SF) $/SF Land Gross: $66.98/SF Lot Dimensions: - Topography: Level Improvement: Raw land Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water Zoning: OSSHAD Comp ID: 3280385 Mgm Sundy House Llc 310 SE 1st St Delray Beach, FL 33483 SELLER Downtown Delray Dev Lic Sale Price: $400,000 Status: - Price/SF: $66.98/SF Price/AC: $2,917,578/AC Pro Forma Cap Rate: - Actual Cap Rate: - Percent Down: Doc No: 27442-1761 Trans Tax: - Percent Improved: 0.00% Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-16-01-069-0191 Property Type: Land Proposed Use: Office, Retail PRIOR SALE Date/Doc No: 3/22/2013 (25898-0210) Sale Price: $187,000 ComplD: 2728414 Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTAR.GO Page 8 30 SE 1st Ave Delray Beach Submarket • Delray Beach, FL 33444 0.14 AC (5,972 SF) Land Sold on 3/22/2013 for $187,000 ($1,363,968/AC) - Research Complete VITAL DATA Name Sale Date: 3/22/2013 Escrow/Contract: - Days on Market: 1,666 Days Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 0.14 AC (5,972 SF) $/SF Land Gross: $31.31/SF Lot Dimensions: - Topography: Level Improvement: Raw land Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water Zoning: OSSHAD Comp ID: 2728414 SALE NOTES Sale Price: $187,000 Status: Confirmed Price/SF: $31.31/SF Price/AC: $1,363,968/AC Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: - Percent Down: - Doc No: 25898-0210 Trans Tax: - Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-16-01-069-0191 Property Type: Land Proposed Use: Office, Retail As reported by listing broker this property was sold on March 22, 2013 for $187,000. Recorded Documents were not available at time of publication. When the information is available, this report will be updated. COMP ID #2728414 SELLER BROKER Morris Realty Group 900 E Atlantic Ave, Suite #13 Delray Beach, FL 33483 (561) 265-1390 Elaine H. Morris Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 9 35 NW 1 st Ave Delray Beach Submarket • Delray Beach, FL 33444 1.00 AC (43,560 SF) Land Sold on 4/28/2014 for $1,100,100 ($1,100,100/AC) - Research Complete BUYER Image 42 Co LIc Sale Price: 42 Swinton Coming Delray Beach, FL 33444 SELLER Soon 42 N. Swinton, Inc. Escrow/Contract: 42 N Swinton Ave, Suite 2 Price/SF: Delray Beach, FL 33444-2685 VITAL DATA Name: - Sale Price: $1,100,100 Sale Date: 4/28/2014 Status: Full Value Escrow/Contract: - Price/SF: $25.25/SF Days on Market: - Price/AC: $1,100,100/AC Exchange: No Pro Forma Cap Rate: - Sale Condition: - Actual Cap Rate: - Density: - Down Payment: - Max # Of Units: - Percent Down: - Land Area: 1.00 AC (43,560 SF) Doc No: 26758-0132 $/SF Land Gross: $25.25/SF Trans Tax: - Lot Dimensions: - Percent Improved: 0.00% Topography: - Submarket: Delray Beach Improvement: - Map Page: - Off -Site Improv: - Parcel No: 12-43-46-17-58-000-0820, 12-43-46-17-58- 000-0830, 12-43-46-17-58-000-0840, 12- 43-46-17-58-000-0850, 12-43-46-17-58- 000-0860 Zoning: - Property Type: Land Comp ID: 3025534 Proposed Use: - INCOME EXPENSE DATA January 2014 Annual Annual/SF Expenses Taxes $692 Operating Expenses Total Expenses = $692 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 10 101 SE 1st St - Sofa Offices Delray Beach Submarket • Delray Beach, FL 33444 0.30 AC (13,068 SF) Land Sold on 1/8/2013 for $509,100 ($1,697,000/AC) (Non -Arms Length) - Research Complete VITAL DATA BUYER J & M Holdings & Invs Inc 2424 N Federal Hwy Boca Raton, FL 33431-7735 SELLER Hck Llc Coc Name: Sofa Offices Sale Price: $509,100 Sale Date: 1/8/2013 Status: - Escrow/Contract: - Price/SF: $38.96/SF Days on Market: - Price/AC: $1,697,000/AC Exchange: No Pro Forma Cap Rate: - Sale Condition: - Actual Cap Rate: - Density: - Down Payment: - Max # Of Units: - Percent Down: - Land Area: 0.30 AC (13,068 SF) Doc No: 25760-0698 $/SF Land Gross: $38.96/SF Trans Tax: - Lot Dimensions: - Percent Improved: 0.00% Topography: Level Submarket: Delray Beach Improvement: Previously developed lot Map Page: - Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Parcel No: 12-43-46-16-01-077-0112 Sewer, Streets, Water Zoning: CBD Property Type: Land Comp ID: 2684440 Proposed Use: Commercial, Office PRIOR SALE Date/Doc No: Sale Price: ComplD: Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO 1/7/2013 $509,100 2650236 Page 11 101 SE 1st St - Sofa Offices Delray Beach Submarket • Delray Beach, FL 33444 0.30 AC (13,068 SF) Land Sold on 1/7/2013 for $509,100 ($1,697,000/AC) - Research Complete VITAL DATA Name: Sofa Offices Sale Date: 1/7/2013 Escrow/Contract: - Days on Market: 1,592 Days Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 0.30 AC (13,068 SF) $/SF Land Gross: $38.96/SF Lot Dimensions: - Topography: Level Improvement: Previously developed lot Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water Zoning: CBD Comp ID: 2650236 SALE NOTES SELLER Morris Realty Group 900 E Atlantic Ave, Suite #13 Delray Beach, FL 33483 (561)265-1390 William Morris Sale Price: $509,100 Status: Confirmed Price/SF: $38.96/SF Price/AC: $1,697,000/AC Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: - Percent Down: - Doc No: - Trans Tax: - Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-16-01-077-0112 Property Type: Land Proposed Use: Commercial, Office As reported by seller and listing broker this vacant land was sold on January 7, 2013 by William E. Morris for $509,100. The parties involved were unable to disclose recorded buyer and land use. COMP ID #2650236 Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 12 101 SE 1st St - Sofa Offices Delray Beach Submarket • Delray Beach, FL 33444 0.30 AC (13,068 SF) Land Sold on 1/7/2013 for $509,100 ($1,697,000/AC) - Research Complete SELLER BROKER Morris Realty Group 900 E Atlantic Ave, Suite #13 Delray Beach, FL 33483 (561)265-1390 Elaine H. Morris LISTING BROKER No Buyer Broker on Deal Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 13 124-158 SE 2nd Ave - Atlantic Shores Delray Beach Submarket • Delray Beach, FL 33444 0.86 AC (37,671 SF) Land Sold on 4/3/2013 for $1,960,000 ($2,266,420/AC) - Research Complete VITAL DATA Name: Sale Date: Escrow/Contract: Days on Market: Exchange: Sale Condition: Density: Max # Of Units: Land Area: $/SF Land Gross: Lot Dimensions: Topography: Comp ID: SALE NOTES Atlantic Shores 4/3/2013 No 0.86 AC (37,671 SF) $52.03/SF 135' x 273' Level Raw land Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water CBD -RC 2735770 BUYER RD Delray, LLC 315 S Biscayne Blvd, Suite 3rd Floor Miami, FL 33131-2312 (305) 460-9900 SELLER Atlantic Shores of Delray Beach 2901 Clint Moore Rd, Suite 322 Boca Raton. FL 33496 Sale Price: $1,960,000 Status: Confirmed Price/SF: $52.03/SF Price/AC: $2,266,420/AC Pro Forma Cap Rate: - Actual Cap Rate Down Payment: Percent Down: Doc No: 25931-0828 Trans Tax: - Percent Improved: 0.00% Submarket: Delray Beach Map Page: Trakker 51 U35 Parcel No: 12-43-46-16-01-078-0091, 12-43-46-16-01- 078-0111, 12-43-46-16-01-078-0121 Property Type: Land Proposed Use: Apartment Units, Commercial, Office, St( As reported by listing broker, buyer broker, and recorded documents on April 3, 2013, these land parcels sold for $1,960,000. A 55 -unit apartment building may be built. COMP ID #2735770 PRIOR SALE Date/Doc No: 12/15/2005 (19700-0529) Sale Price: $1,650,000 ComplD: 1090850 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 14 124-158 SE 2nd Ave - Atlantic Shores Delray Beach Submarket • Delray Beach, FL 33444 0.86 AC (37,671 SF) Land Sold on 4/3/2013 for $1,960,000 ($2,266,420/AC) - Research Complete SELLER BROKER Knight Group, LLC 10 SE 1st Ave Delray Beach, FL 33444 (561)756-2833 Jim Knight LISTING BROKER Knight Group, LLC 10 SE 1 st Ave Delray Beach, FL 33444 (561)756-2833 Jim Knight Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 15 121 NW 1st Ave - Commercial/Residential Land Delray Beach Submarket • Delray Beach, FL 33444 0.21 AC (9,240 SF) Land Sold on 6/3/2014 - Research Complete (Part of Multi -Property) VITAL DATA Name: Sale Date: Escrow/Contract: i Tavc nn mnn(PT• t-xnnanne BUYER Zelco Management Group 9350 Fox Trot Ln Boca Raton, FL 33496 (561)541-5455 Salit Zelekovitz SELLER Keith A & Mavis Dennis 998 Whippoorwill Ter West Palm Beach, FL 33411-5217 Keith Dennis, Mavis Dennis Commercial/Residential Land Sale Price: - 6/3/2014 Status: - - Price/SF: - 1 Day Price/AC: - No Pro Forma Cap Rate: - Sale Condition: - Actual Cap Rate: - Density: - Down Payment: - Max # Of Units: - Percent Down: - Land Area: 0.21 AC (9,240 SF) Doc No: 26853-1068 $/SF Land Gross: - Trans Tax: - Lot Dimensions: 132' x 70' Percent Improved: - Topography: Level Submarket: Delray Beach Improvement: Raw land Map Page: - Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Parcel No: 12-43-46-16-01-059-0041 Sewer, Streets, Water Zoning: OSSHAD Property Type: Land Comp ID: 3044127 Proposed Use: Apartment Units, MultiFamily, Office, Sin SALE NOTES On June 3 2014 the 6 unit Multi -Family building at 119 NW 1st Ave and the piece of land at 121 NW 1st Ave in Delray Beach, Florida sold as a Multi -Property sale for $1,175,000. The transaction came with a cap rate of 4% but that is not reflective of the true value since it includes the price of the land parcel which is not generating income. The listing and buyer brokers were able to confirm the details of the transaction. According to the buyer broker, the new owner will look to develop the property in order to re -sell and is not particularly interested in the income it is currently bringing in. The deed and plat map are attached Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 16 121 NW 1st Ave - Commercial/Residential Land Delray Beach Submarket • Delray Beach, FL 33444 0.21 AC (9,240 SF) Land Sold on 6/3/2014 - Research Complete (Part of Multi -Property) INCOME EXPENSE DATA SELLER BROKER January 2014 Annual Annual/SF Keyes Commercial North 250 S Australian Ave, Suite 1201 Expenses West Palm Beach, FL 33401-5014 Taxes $3,695 (561) 405-4960 Mark Robinson Operating Expenses LISTING BROKER Total Expenses = $3,695 Regency Realty Services 861 Yamato Rd, Suite 5 Boca Raton, FL 33431 (561)394-4600 Haviv C:nhPn Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 17 SE 3rd Ave Delray Beach Submarket • Delray Beach, FL 33444 0.11 AC (4,835 SF) Land Sold on 8/5/2015 for $99,238 ($894,036/AC) - Research Complete (Part of Bulk Portfolio) Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 18 BUYER Image Morton Group Inc 5350 W Atlantic Ave, Suite 102 Delray Beach, FL 33484 o m I n �J Coming (561) 865-9222 Michael Morton Soon SELLER - Felice P. Ledbetter Trust 90 SE 4th Ave Delray Beach, FL 33444 (561)278-0182 - David C. Ledbetter, George P. Johnson, Sheri P. Rock, Caren M. Kilpatrick, Melissa L. Merritt Ragan, Adria Merritt Casey Sheri Priest Rock 3355 Oaklea Dr Deland, FL 32720-1220 (386) 985-1030 Caren Kilpatrick 770 Clearbrook Park Cir Delray Beach, FL 33445 Melissa Merritt Ragan 10250 Hunt Club Ln Palm Beach Gardens, FL 33418 Adria Merritt Casey 4274 Vienna Way Marietta, GA 30062 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 18 SE 3rd Ave Delray Beach Submarket • Delray Beach, FL 33444 0.11 AC (4,835 SF) Land Sold on 8/5/2015 for $99,238 ($894,036/AC) - Research Complete (Part of Bulk Portfolio) VITAL DATA Name: - Sale Price: $99,238 Sale Date: 8/5/2015 Status: Allocated Escrow/Contract: - Price/SF: $20.52/SF Days on Market: - Price/AC: $894,036/AC Exchange: No Sale Condition: Bulk/Portfolio Sale Density: - Max # Of Units: - Land Area: 0.11 AC (4,835 SF) $/SF Land Gross: $20.52/SF Lot Dimensions: 101' x 48' Topography: Level Improvement: - Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water Zoning: CF Comp ID: 3389563 SALE NOTES This transaction is currently being researched. Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: - Percent Down: - Doc No: 27767-0001, 27767-0014, 27767-0020 Trans Tax: - Percent Improved: 0.00% Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-16-01-085-0050 Property Type: Land Pr000sed Use: Retail Morton Group, Inc. acquired Lots 31 to 35 at 302 E Atlantic Avenue and a 0.111 -acre vacant lot fronting SE 3rd Avenue in Delray Beach, FL from two family trusts and one individual family member for $330,000 on August 5, 2015. The two family trusts and one individual family member are all part of the same family and each owned a 1/3 interest in the two properties. The two family trusts were Residuary Trust -Trust B under the Felice P. Ledbetter Trust (co -trustees were David Ledbetter and George Johnson) and the Priest Family Irrevocable Trust (co -trustees Caren Kilpatrick, Melissa Merritt Ragan, and Adria Merritt Casey). The individual family member was Sherri Priest Rock. The properties included in the transaction are: *Lots 31-35 at 302 E Atlantic Avenue, Delray Beach, FL ---This is a 0.258 -acre asphalt paved parking lot for the bank located at 302 E Atlantic Avenue. *A 0.111 -acre vacant land parcel zoned CF on SE 3rd Avenue in Delray Beach, FL that is located just east of Lots 31-35 at 302 E Atlantic Avenue. PRIOR SALE Date/Doc No: 5/13/2015 (27581-1648) Sale Price: - ComplD: 3325937 Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 19 SE 3rd Ave ' Delray Beach Submarket • Delray Beach, FL 33444 0.11 AC (4,835 SF) Land Sold on 5/13/2015 (Non -Arms Length) - Research Complete (Part of Bulk Portfolio) BUYER Image Coming Soon VITAL DATA Name: Sale Date: Escrow/Contract: Days on Market: Exchange: Max # Of Units: Land Area: $/SF Land Gross: Lot Dimensions: Topography: Felice P. Ledbetter Trust 90 SE 4th Ave Delray Beach, FL 33444 (561) 278-0182 David C. Ledbetter, George P. Johnson SELLER Felice P. Ledbetter Trust 90 SE 4th Ave Delray Beach, FL 33444 (561)278-0182 David C. Ledbetter, George P. Johnson - Sale Price: - 5/13/2015 Status: - - Price/SF: - - Price/AC: - No Pro Forma Cap Rate: - Bulk/Portfolio Sale Actual Cap Rate: - - Down Payment: - - Percent Down: - 0.11 AC (4,835 SF) Doc No: 27581-1648 - Trans Tax: - 101' x 48' Percent Improved: 0.00% Level Submarket: Delray Beach - Map Page: - Curb/Gutter/Sidewalk, Electricity, Gas, Parcel No: 12-43-46-16-01-085-0050 Sewer, Streets, Water CF Property Type: Land 3325937 Proposed Use: Retail Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 20 SE 3rd Ave 1 4 Delray Beach Submarket • Delray Beach, FL 33444 0.11 AC (4,835 SF) Land Sold on 5/13/2015 (Non -Arms Length) - Research Complete (Part of Bulk Portfolio) SALE NOTES This is a non -market sale transaction. It is a trustee's deed where the co -trustees of the Felice P. Ledbetter Trust, David Ledbetter and George Johnson, transferred the title for their one-third interest for three properties and their one-half interest for two additional properties to a residuary trust under the Felice P. Ledbetter Trust on May 13, 2015. The actual ownership of the parcels has not changed and the contact information for the co -trustees remains the same. There is also no tax consideration. The properties where the co -trustees have a one-third interest include: 'Lots 31-35 at 302 E Atlantic Avenue, Delray Beach, FL ---This is a 0.258 -acre asphalt paved parking lot for the bank located at 302 E Atlantic Avenue. 'A 0.111 -acre vacant land parcel zoned CF on SE 3rd Avenue in Delray Beach, FL that is located just east of Lots 31-35 at 302 E Atlantic Avenue. 'A 9.13 -acre vacant land parcel located east of N Ocean Boulevard in Ocean Ridge, FL that is raw land and zoned RSF for development of a single family residence (APN 46-43-45-22-00-000-7010). The properties where the co -trustees have a one-half interest include: '2503 Oceanview Avenue, Delray Beach, FL ---This is a 2654 -square foot triplex apartment building located on 0.2 acres of land, which is zoned RM (APN 12-43-46-04-00-000-7271). *266 NE 12th Steet, Delray Beach, FL ---This is a 1686 -square foot duplex apartment building located on 0.18 acres of land, which is zoned RIA (APN 12-43-46-09-28-005-0012). Since the properties located on the three APNs listed above as residential properties that are not tracked by CoStar, they have not been added to the sale comparable, but are listed here for the sake of completeness. Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 21 1201 Georgia St - Parcel D Delray Beach Submarket • Delray Beach, FL 33444 0.67 AC (29,355 SF) Land Sold on 8/1/2013 for $375,000 ($556,462/AC) - Research Complete VITAL DATA Name: Parcel D Sale Date: 8/1/2013 Escrow/Contract: 30 Days Days on Market: 1,641 Days Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 0.67 AC (29,355 SF) $/SF Land Gross: $12.77/SF Lot Dimensions: - Topography: - Improvement: - Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water Zoning: MIC Comp ID: 2807238 SALE NOTES BUYER Adeline A Yanello 21546 Halstead Dr Boca Raton, FL 33428-4843 (561)488-3347 Adeline Yanello SELLER Georgia Lime Venture Llc 1120 S Federal Hwy Delray Beach, FL 33483 (561)278-3100 Jim Zengage Sale Price: $375,000 Status: Confirmed Price/SF: $12.77/SF Price/AC: $556,462/AC Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: - Percent Down: - Doc No: - Trans Tax: - Percent Improved: 0.00% Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-20-23-003-0060 Property Type: Land Proposed Use: Commercial, Industrial Georgia Lime Venture LLC sold 1201 Georgia Street Parcel D to Say Properties LLC on August 1, 2013 for $375,000. Per the listing broker the .67 acre sold as an investment. Per the listing broker sale was a cash deal and in escrow for 30 days. Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 22 1201 Georgia St - Parcel D 4 4 Delray Beach Submarket • Delray Beach, FL 33444 0.67 AC (29,355 SF) Land Sold on 8/1/2013 for $375,000 ($556,462/AC) - Research Complete INCOME EXPENSE DATA January 2013 Expenses Taxes Operating Expenses Total Expenses Annual Annual/SF $5,336 $5,336 SELLER BROKER Carmel Real Estate & Management, Inc. 1450 SW 10th St, Suite 8 Delray Beach, FL 33444-1299 (561)272-3700 Christina Morrison LISTING BROKER No Ruver Rrnker on Deal Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 23 SE 3rd Ave ' Delray Beach Submarket • Delray Beach, FL 33483 0.77 AC (33,541 SF) Land Sold on 9/25/2015 for $1,870,500 ($2,429,221/AC) - Research Complete Image Coming Soon BUYER Bradley Morton 6395 Dorsay Ct Delray Beach, FL 33484 (561)495-0084 Bradley Morton SELLER VITAL DATA Suntrust Bank 200 S Orange Ave, Suite 1054 Orlando, FL 32801-3410 (407) 237-4153 Name: - Sale Price: $1,870,500 Sale Date: 9/25/2015 Status: Confirmed Escrow/Contract: 540 Days Price/SF: $55.77/SF Days on Market: - Price/AC: $2,429,221/AC Exchange: No Pro Forma Cap Rate: - Sale Condition: REO Sale Actual Cap Rate: - Density: - Down Payment: - Max # Of Units: - Percent Down: - Land Area: 0.77 AC (33,541 SF) Doc No: 27848-0761 $/SF Land Gross: $55.77/SF Trans Tax: - Lot Dimensions: - Percent Improved: 0.51% Topography: - Submarket: Delray Beach Improvement: - Map Page: - Off -Site Improv: - Parcel No: 12-43-46-16-01-093-0200, 12-43-46-16-01- 093-0280 Zoning: CBD Property Type: Land Comp ID: 3422450 Proposed Use: MultiFamily SALE NOTES The buyer confirmed the .77 -acre site on SE 3rd Ave in Delray Beach sold for $1,870,500. It took about 18 months for the acquisition to close due to delays on approvals for the land site. The buyer plans to develop a 58 -unit multifamily property at the location. Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 24 380 SE 5th Ave - Gc Zoned Lot Delray Beach Submarket • Delray Beach, FL 33483 0.14 AC (6,250 SF) Land Sold on 6/15/2015 for $1,600,000 ($11,149,826/AC) - Research Complete Image Coming Soon VITAL DATA Name: Sale Date: Escrow/Contract: Days on Market: Exchange: Sale Condition: Density: Max # Of Units: Land Area: $/SF Land Gross: Lot Dimensions: Topography: Imnrn�icmcn4• LUI1111{ j. SALE NOTES Gc Zoned Lot 6/15/2015 No 0.14 AC (6,250 SF) $256.00/SF 50' x 125' Level Previously developed lot Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water GC, Delray Beach 3338397 BUYER Jamroz Eugene 1108 Highland Beach Dr Highland Beach, FL 33487 (561) 265-1021 Eugene Jamroz SELLER Coastal Commercial Group LLC 1045 E Atlantic Ave, Suite 311 Delray Beach, FL 33483 (561)441-0967 Ingrid Kennemer Sale Price: $1,600,000 Status: Full Value Price/SF: $256.00/SF Price/AC: $11,149,826/AC Pro Forma Cap Rate: - Actual Cap Rate: Down Payment: Percent Down: Doc No: Trans Tax: Percent Improved Submarket: Map Page: Parcel No: Property Type: Prnnnst-d USP.' 27627-0202 0.00% Delray Beach American Map Corp 60 K7 12-43-46-21-01-104-0100 Land Hold for Development ON June 15th, 2015, the vacant land parcel of 6,250 square feet at 380 SE 5th Ave in Delray Beach was sold for $1,600,000, or $11,149,825.78 per acre. The zoning at the time of sale is GC. The information is from public record and no parties could be reached at the time of research. PRIOR SALE Date/Doc No: 4/27/2006 (20264-1435) Sale Price: $650,000 ComplD: 1119054 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 25 E Atlantic Ave Delray Beach Submarket • Delray Beach, FL 33444 0.44 AC (19,127 SF) Land Sold on 8/27/2015 for $330,000 ($751,708/AC) - Research Complete Image Coming Soon VITAL DATA Name Sale Date: 8/27/2015 Escrow/Contract: 60 Days Days on Market: - Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 0.44 AC (19,127 SF) $/SF Land Gross: $17.25/SF Lot Dimensions: - Topography: Level Improvement: Asphalt paved lot Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water Zoning: CF Comp ID: 3389550 SALE NOTES BUYER Morton, Mike 5350 W Atlantic Ave Delray Beach, FL 33484 (561)865-9222 Mike Morton SELLER Rock Sheri P 3355 Oaklea Dr Deland, FL 32720-1220 Sheri P. Rock Sale Price: $330,000 Status: Confirmed Price/SF: $17.25/SF Price/AC: $751,708/AC Pro Forma Cap Rate: - Actual Cap Rate Down Payment: $330,000 Percent Down: 100% Doc No: 27767-0020 Trans Tax: - Percent Improved: 0.00% Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-16-01-085-0040 Property Type: Land Proposed Use: Commercial, Fast Food, Parking Lot On 8/27 of 2015. the parking lot located on E Atlantic Ave. was purchased for a confirmed $330,000. The new owner is going to continue to use the space as parking at this time. Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 26 302 E Atlantic Ave - Lots 31-35 Delray Beach Submarket • Delray Beach, FL 33483 0.26 AC (11,243 SF) Land Sold on 3/24/2014 (Non -Arms Length) - Public Record Image Coming Soon VITAL DATA Name: Sale Date: Escrow/Contract: Days on Market: Exchange: Sale Condition: Density: Lots 31-35 3/24/2014 No BUYER Sheri Priest Rock 3355 Oaklea Dr Deland, FL 32720-1220 (386) 985-1030 Sheri P. Rock SELLER William Priest 3355 Oaklea Dr Deland, FL 32720-1220 (386) 985-1030 William P. Priest Sale Price: - Status: - Price/SF: - Price/AC: - Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: - Max # Of Units: - Percent Down: - Land Area: 0.26 AC (11,243 SF) Doc No: 26712-0156 $/SF Land Gross: - Trans Tax: - Lot Dimensions: - Percent Improved: 0.00% Topography: Level Submarket: Delray Beach Improvement: Asphalt paved lot Map Page: - Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Parcel No: 12-43-46-16-01-093-0310 Sewer, Streets, Water Zoning: CBD Property Type: Land Comp ID: 3011290 Proposed Use: Retail SALE NOTES Sheri Priest Rock acquired a third interest in the land at 302 E Atlantic Avenue in Delray Beach from William Priest on March 24, 2014. As Sheri Priest Rock and William Priest are related, this is considered a non -market transaction between two related principals. Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 27 232 SE 5th Ave - Cbd Zoned Lot Delray Beach Submarket • Delray Beach, FL 33483 0.44 AC (19,166 SF) Land Sold on 6/11/2014 for $2,536,000 ($5,763,636/AC) - Research Complete Image Coming Soon VITAL DATA Name: Sale Date: Escrow/Contract: Days on Market: Exchange: Sale Condition: Density: Max # Of Units: Land Area: $/SF Land Gross: Lot Dimensions: Topography: Imnrn�icmcn4• LUI1111{ j. SALE NOTES Cbd Zoned Lot 6/11/2014 No 0.44 AC (19,166 SF) $132.32/S F 150' x 128' Level Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water CBD, Delray Beach 3057804 BUYER Alan Mindel 131 Jericho Tpke Jericho, NY 11753-1060 (516) 280-3431 Alan Mindel SELLER JW Delray One, LLC 2424 N Federal Hwy, Suite 257 Boca Raton, FL 33431-7735 (561)394-3399 Joseph E. White, III Sale Price: $2,536,000 Status: Full Value Price/SF: $132.32/SF Price/AC: $5,763,636/AC Pro Forma Cap Rate: - Actual Cap Rate Down Payment: $2,536,000 Percent Down: 100% Doc No: 26852-1059 Trans Tax: $2,536,000 Percent Improved: 0.00% Submarket: Delray Beach Map Page: Trakker 51 U35 Parcel No: 12-43-46-16-01-103-0040 Property Type: Land Proposed Use: Hold for Development 232 SE 5th Ave sold on June 11, 2014 for $2,536,000. There was no mortgage on record or brokers noted at this time. PRIOR SALE Date/Doc No: Sale Price: ComplD: 8/6/2004 (17375-1490) $750,000 965274 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 28 202/232 SE 5th Ave - Leeward Delray Beach Submarket • Delray Beach, FL 33483 0.90 AC (39,000 SF) Land Sold on 6/12/2014 for $1,571,808 ($1,756,210/AC) - Research Complete (Part of Multi -P... VITAL DATA Name: Leeward Sale Date: 6/12/2014 Escrow/Contract: 2 Days Days on Market: 450 Days Exchange: No Sale Condition: Redevelopment Project nancity Max Tf UT Units: Land Area: $/SF Land Gross: Lot Dimensions: Topography: ImnrnvPmant- Un-ane improv: 4onmg: Comp ID: SALE NOTES 0.90 AC (39,000 SF) $40.30/S F Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water CBD 3101322 BUYER Alan Mindel 131 Jericho Tpke Jericho, NY 11753-1060 (516) 280-3431 Alan Mindel SELLER Saxena White 5200 Town Center Cir, Suite 601 Boca Raton, FL 33486-1015 (561)394-3399 Joseph E. White, III Sale Price: $1,571,808 Status: Allocated Price/SF: $40.30/SF Price/AC: $1,756,210/AC Pro Forma Cap Rate: - Actual Cap Rate: Down Payment: Parrant nnwn- UOC NO: Trans Tax: Percent Improved Submarket: Man Pane- raicei rvU. Property Type: Proposed Use: 26852-1059 $17,752 9.36% Delray Beach 12-43-46-16-01-103-0010, 12-43-46-16-01- 103-0040 Land Hold for Development, Hospitality The 2,067 square foot office building and adjacent lot located at 202-232 SE 5th Ave, Delray Beach, FL 33483 was sold on 6/12/2014 for $2,536,000 cash. The sale went from contract to close in 2 days. Per the broker he was the only broker envolved, the property was sold for redevelopment of a Hotel. Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 29 202/232 SE 5th Ave - Leeward Delray Beach Submarket • Delray Beach, FL 33483 0.90 AC (39,000 SF) Land Sold on 6/12/2014 for $1,571,808 ($1,756,210/AC) - Research Complete (Part of Multi -P... SELLER BROKER Knight Group, LLC 10 SE 1st Ave Delray Beach, FL 33444 (561)756-2833 Jim Knight LISTING BROKER Knight Group, LLC 10 SE 1 st Ave Delray Beach, FL 33444 (561)756-2833 Jim Knight Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 30 101 NW 18th Ave ' Delray Beach Submarket • Delray Beach, FL 33444 2.55 AC (110,939 SF) Land Sold on 9/25/2014 for $1,120,000 ($439,768/AC) - Research Complete VITAL DATA $1,120,000 Name: - Sale Date: 9/25/2014 Escrow/Contract: 72 Days Days on Market: 421 Days Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 2.55 AC (110,939 SF) $/SF Land Gross: $10.10/SF Lot Dimensions: - Topography: - Improvement: - Off -Site Improv: Zoning: Comp ID: MIC 3250593 BUYER Farm Supply Building, LLC 327 NE 2nd St Delray Beach, FL 33483-4522 (561)272-0900 Gwen Gove SELLER U Pull It 4301 S SR 7 Davie, FL 33314-4003 (954)581-4889 Lawrence Danielle, Cathy Davis -Danielle Sale Price: $1,120,000 Status: Confirmed Price/SF: $10.10/SF Price/AC: $439,768/AC Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: - Percent Down: Doc No: Trans Tax: Percent Improved: Submarket: Property Type: Proposed Use: Delray Beach 12-43-46-18-00-000-1120 Land Commercial Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 31 101 NW 18th Ave Delray Beach Submarket • Delray Beach, FL 33444 2.55 AC (110,939 SF) Land Sold on 9/25/2014 for $1,120,000 ($439,768/AC) - Research Complete SALE NOTES The subject property sold on September 25, 2014 for a reported $1,120,000 or about $439,767.55 per acre. It is a 2.5468 acre parcel of land in Delray Beach, Florida. The recorded seller was Four D's Realty, LLC and the actual sellers were Lawrence Danielle and Cathy Davis -Danielle. The recorded buyer was Farm Supply Building, LLC and the actual buyer was Gwen Gove. The seller was represented by Robert Van Fleet of Tavo Investment Group. Escrow length was 72 days. The transaction was financed. The seller was motivated to sell because he didn't need the property any longer and he wanted to get out of it quick. The buyer was motivated to purchase to use the lot for parking as he has a property up the street. It was reported there were no sales conditions. SELLER BROKER Tavo Investment Group 1507-1509 N State Rd 7 Margate, FL 33063 (954) 401-5152 Robert Van Fleet LISTING BROKER RJS Realty Group, Inc. 11811 US Highway 1 North Palm Beach, FL 33408-2876 (561)694-5290 Steve Miskew Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 32 600 SE 5th Ave'k'k Delray Beach Submarket • Delray Beach, FL 33483 Class C Retail Building of 6,566 SF Sold on 9/30/2014 for $1,575,000 - Research Complete VITAL DATA Name Sale Date: 9/30/2014 Escrow/Contract: - Days on Market: 63 Days Exchange: No Sale Condition: Redevelopment Project Land Area: 1.36 AC (59,241 SF) $/SF Land Gross: $26.59/SF Year Built, Age: 1972 Age: 42 Parking Spaces: 240 Spaces Available Parking Ratio: - FAR: 0.11 o Imenslons. - Street Frontage: 107' on SE 5th Ave (with 1 curb cut) Tenancy: Single Tenants Time of Sale: 3 Comp ID: 3144603 SALE NOTES BUYER Purity Wholesale Grocers, Inc. 5300 Broken Sound Blvd NW, Suite 110 Boca Raton, FL 33487-3520 (800) 323-6838 Jeffrey Levitetz SELLER Andrus Uudmae 534 NE Olive Way Boca Raton, FL 33432-4152 Andrus Uudmae Sale Price: $1,575,000 Status: Confirmed Building SF: 6,566 SF Price/SF: $239.87/SF Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: - Percent Down: - Doc No: 27076-0465 Trans Tax C orner. Zoning: - AC Percent Improved: 0.00% Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-21-01-011-0190 Property Type: Retail 600 SE 5th Ave. sold on 09/30/14 for $1,575,000. The buyer purchased the property for the land value and will demolish the existing 5,310 square foot building and build a new facility. PRIOR SALE Date/Doc No: Sale Price: ComplD: 3/27/2013 (25942-0500) $1,150,000 2738347 Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 33 600 SE 5th Ave Delray Beach Submarket • Delray Beach, FL 33483 Class C Retail Building of 6,566 SF Sold on 9/30/2014 for $1,575,000 - Research Complete INCOME EXPENSE DATA January 2014 Annual Annual/SF Expenses Taxes $24,040 $3.66/SF Operating Expenses Total Expenses = $24,040 $3.66/SF SELLER BROKER AGS Investment Real Estate 6767 Portside Dr Boca Raton, FL 33496 (561)926-1394 Andy Strasser LISTING BROKER Chris Lowry Realty Services 42 N Swinton Ave, Suite 2 Delray Beach, FL 33444-2632 (561)523-3939 Chris P_ I nwry Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 34 1302 Wallace Dr - Parcel E Delray Beach Submarket • Delray Beach, FL 33444 0.59 AC (25,674 SF) Land Sold on 9/28/2014 for $328,000 ($556,498/AC) - Research Complete VITAL DATA Name: Parcel E Sale Date: 9/28/2014 Escrow/Contract: 60 Days Days on Market: 2,064 Days Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 0.59 AC (25,674 SF) $/SF Land Gross: $12.78/SF Lot Dimensions: - Topography: - Improvement: - Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water Zoning: MIC Comp ID: 3143799 SALE NOTES BUYER Steven Schmidt 990 NW 8th Shr Boca Raton, FL 33486 (561)368-0725 Steven Schmidt SELLER Southern Development Services, Inc. 1120 S Federal Hwy Delray Beach, FL 33483-5293 (561)278-3100 Jim Zengage Sale Price: $328,000 Status: Confirmed Price/SF: $12.78/SF Price/AC: $556,498/AC Pro Forma Cap Rate: - Actual Cap Rate Down Payment: $49,200 Percent Down: 15.00% Doc No: 27077-1869 Trans Tax: $328,000 Percent Improved: 3.03% Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-20-19-000-0020 Property Type: Land Prnnncarl I Ica, _ 1302 Wallace Drive Parcel E sold on Septmeber 21, 2014 for $328,000. The Parcel is .59 acres the lot was in escrow for 60 days. FINANCING Unknown: First Citizens Bank Bal/Pmt: $278,800/ - Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 35 1302 Wallace Dr - Parcel E 4 4 Delray Beach Submarket • Delray Beach, FL 33444 0.59 AC (25,674 SF) Land Sold on 9/28/2014 for $328,000 ($556,498/AC) - Research Complete INCOME EXPENSE DATA January 2014 Expenses Taxes Operating Expenses Total Expenses Annual Annual/SF $6,457 $6,457 SELLER BROKER Carmel Real Estate & Management, Inc. 1450 SW 10th St, Suite 8 Delray Beach, FL 33444-1299 (561)272-3700 Christina Morrison LISTING BROKER No Ruver Rrnker on Deal Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 36 354-380 SE 5th St ' Delray Beach Submarket • Delray Beach, FL 33483 0.59 AC (25,492 SF) Land Sold on 10/31/2014 for $780,000 ($1,332,878/AC) - Research Complete VITAL DATA Name Sale Date: 10/31/2014 Escrow/Contract: - Days on Market: - Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 0.59 AC (25,492 SF) $/SF Land Gross: $30.60/SF Lot Dimensions: - Topography: - Improvement: Previously developed lot Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water Zoning: GC Comp ID: 3174176 BUYER Wfl Land Llc 766 SE 5th Ave Delray Beach, FL 33483-5105 SELLER Cre 2011-2 Reo FI -retail Llc Sale Price: $780,000 Status: Full Value Price/SF: $30.60/SF Price/AC: $1,332,878/AC Pro Forma Cap Rate: - Actual Cap Rate Down Payment: $780,000 Percent Down: 100% Doc No: 27144-1317 Trans Tax: - Percent Improved: 0.00% Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-21-01-104-0070, 12-43-46-21-01- 104-0090 Property Type: Land Proposed Use: Commercial SELLER BROKER No Listing Broker on Deal LISTING BROKER No Buyer Broker on Deal Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 37 180 S Federal Hwy Delray Beach Submarket • Delray Beach, FL 33483 0.44 AC (19,166 SF) Land Sold on 12/20/2013 for $721,075 ($1,638,807/AC) - Research Complete VITAL DATA BUYER Behringer 14675 Dallas Pky, Suite 600 Dallas, TX 75254 (214) 655-1600 Robert S. Aisner SELLER UT Delray LLC 790 Broward Fort Lauderdale, FL 33301 Name: - Sale Price: $721,075 Sale Date: 12/20/2013 Status: Full Value Escrow/Contract: - Price/SF: $37.62/SF Days on Market: - Price/AC: $1,638,807/AC Exchange: No Pro Forma Cap Rate: - Sale Condition: Assemblage Actual Cap Rate: - Density: - Down Payment: - Max # Of Units: - Percent Down: - Land Area: 0.44 AC (19,166 SF) Doc No: 26531-1376 $/SF Land Gross: $37.62/SF Trans Tax: - Lot Dimensions: - Percent Improved: 0.00% Topography: Level Submarket: Delray Beach Improvement: Previously developed lot Map Page: - Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Parcel No: 12-43-46-16-01-102-0170, 12 -43 -46 -16 -01 - Sewer, Streets, Water 102-0180 Zoning: CBD Property Type: Land Comp ID: 3205041 Proposed Use: Apartment Units - Condo, MultiFamily SALE NOTES Please see CoStar Comps 2922476 and 2933851 for information related to this assemblage. PRIOR SALE Date/Doc No: Sale Price: ComplD: 7/1/2013 (26159-1350) $600,000 2801839 Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 38 180 S Federal Hwy Delray Beach Submarket • Delray Beach, FL 33483 0.44 AC (19,166 SF) Land Sold on 7/1/2013 for $600,000 ($1,363,636/AC) - Research Complete VITAL DATA Name. Sale Date: Escrow/Contract: Days on Market: Exchange: Sale Condition: Density: Max # Of Units: "al — — ca. $/SF Land Gross: Lot Dimensions: Topography: Improvement: Off -Site Improv: Zoning: Comp ID: 7/1/2013 No 0.44 AC (19,166 SF) $31.31 /SF Level Previously developed lot Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water CBD 2801839 BUYER UT Delray LLC 790 Broward Fort Lauderdale, FL 33301 SELLER Fulcra Enterprises 21305 W Catawba Ave, Suite 21313 Cornelius, NC 28031-8505 (704)896-2375 Martin McCoy, Sam Whitesides Fulcra Enterprises 21313 Catawba Ave Cornelius, NC 28031 (704)896-2376 Sale Price. $600,000 Status: Confirmed Price/SF: $31.31/SF Price/AC: $1,363,636/AC Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: Percent Down: Doc No: 26159-1350 Trans Tax: - Percent Improved: 0.00% Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-16-01-102-0170, 12-43-46-16-01- 102-0180 Property Type: Land Proposed Use: Apartment Units - Condo, MultiFamily PRIOR SALE Date/Doc No: 3/2/2005 (18215-0403) Sale Price: $1,425,000 ComplD: 1013871 Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 39 180 S Federal Hwy Delray Beach Submarket • Delray Beach, FL 33483 0.44 AC (19,166 SF) Land Sold on 7/1/2013 for $600,000 ($1,363,636/AC) - Research Complete SELLER BROKER No Listing Broker on Deal LISTING BROKER No Buyer Broker on Deal Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 40 530 SE 6th Ave - LAND W/ Existing Bldg ' Delray Beach Submarket • Delray Beach, FL 33483 0.98 AC (42,688 SF) Land Sold on 12/19/2013 for $945,750 ($965,051/AC) - Research Complete VITAL DATA Name: Sale Date: Escrow/Contract: Days on Market: Exchange: Sale Condition: Density: Max # Of Units: Land Area: $/SF Land Gross: Lot Dimensions: Topography: Imnrnicmcn4• LUI1111{ j. SALE NOTES LAND W/ Existing Bldg 12/19/2013 No 0.98 AC (42,688 SF) $22.15/S F Level Previously developed lot Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water GC 2936890 BUYER Caster Developers 290 SE 6th Ave, Suite 5 Delray Beach, FL 33483-5227 (561)279-9998 Richard Caster SELLER David & Stephanie Ross Realty 348 S Ocean Blvd Delray Beach, FL 33483 (561)278-7916 Hilary Ross Sale Price: $945,750 Status: Full Value Price/SF: $22.15/SF Price/AC: $965,051/AC Pro Forma Cap Rate: - Actual Cap Rate: Down Payment: Percent Down: Doc No: Trans Tax: Percent Improved Submarket: Map Page: Parcel No: Property Type: Prnnnst-d USP.' 26545-0775 0.00% Delray Beach 12-43-46-21-01-001-0050 Land Bank, Commercial, Hold for Investment, The one acre parcel of land located at 530 SE 6th Ave, Delray Beach, FL 33483-5233 was sold on 12/19/2013 for $945,750 as recorded in the deed filed in Palm Beach County public record. At the time of this report the parties directly involved were unavailable for or declined comment. Additional information will be included as it becomes available and can be verified. PRIOR SALE Date/Doc No: Sale Price: ComplD: 8/22/2011 (24708-0749) $480,000 2184717 Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 41 227 NW 1st Ave Delray Beach Submarket • Delray Beach, FL 33444 0.15 AC (6,534 SF) Land Sold on 11/5/2014 - Research Complete VITAL DATA Name: Sale Date: Escrow/Contract: Exchange Max # Of Units: Land Area: $/SF Land Gross: Lot Dimensions: Topography: Improvement: Off -Site Improv: Zoning: 11/5/2014 1,394 Days No 0.15 AC (6,534 SF) 131' x 51' OSSHAD 3239758 INCOME EXPENSE DATA January 2014 Expenses Taxes Operating Expenses Total Expenses = Annual Annual/SF $1,032 $1,032 BUYER Stephan & Samantha Gehrig 401 NE Mizer Blvd Boca Raton, FL 33432 SELLER Spellman Lesley V 223 NW 1st Ave Delray Beach, FL 33444 Sale Price: - Status: - Price/SF: - Price/AC: - Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: - Percent Down: - Doc No: - Trans Tax: - Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-17-49-058-0170 Property Type: Land Proposed Use SELLER BROKER Coastal Commercial Group LLC 1045 E Atlantic Ave, Suite 311 Delray Beach, FL 33483 (561)441-0967 Ingrid Kennemer Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 42 225 NW 1st Ave Delray Beach Submarket • Delray Beach, FL 33444 0.17 AC (7,405 SF) Land Sold on 11/5/2014 - Public Record BUYER VITAL DATA Name Sale Date: 11/5/2014 Escrow/Contract: - Days on Market: - Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 0.17 AC (7,405 SF) $/SF Land Gross: - Lot Dimensions: 135' x 55' Topography: Level Improvement: Previously developed lot Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water Zoning: Osshad Comp ID: 3174475 Stephan & Samantha Gehrig 401 NE Mizner Blvd Boca Raton, FL 33432 Samantha Gehrig SELLER Johnston Kathryn L Sale Price: - Status: - Price/SF: - Price/AC: - Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: - Percent Down: - Doc No: 27157-0836 Trans Tax: - Percent Improved: 0.00% Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-17-49-058-0190 Property Type: Land Proposed Use: Commercial, MultiFamily, Office, Retail PRIOR SALE Date/Doc No: 1/3/2014 (26549-0524) Sale Price: $90,000 ComplD: 2941854 Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 43 225 NW 1st Ave Delray Beach Submarket • Delray Beach, FL 33444 0.17 AC (7,405 SF) Land Sold on 11/5/2014 - Public Record INCOME EXPENSE DATA January 2014 Annual Annual/SF Expenses Taxes $2,637 Operating Expenses Total Expenses = $2,637 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 44 225 NW 1st Ave Delray Beach Submarket • Delray Beach, FL 33444 0.17 AC (7,405 SF) Land Sold on 1/3/2014 for $90,000 ($529,412/AC) - Public Record VITAL DATA Name Sale Date: 1/3/2014 Escrow/Contract: - Days on Market: - Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 0.17 AC (7,405 SF) $/SF Land Gross: $12.15/SF Lot Dimensions: 135' x 55' Topography: Level Improvement: Previously developed lot Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water Zoning: Osshad Comp ID: 2941854 Kathryn L Johnston 235 NW 1st Ave Delray Beach, FL 33444-2701 SELLER Ridgley Robert D Sale Price: $90,000 Status: - Price/SF: $12.15/SF Price/AC: $529,412/AC Pro Forma Cap Rate: - Actual Cap Rate: - Percent Down: Doc No: 26549-0524 Trans Tax: - Percent Improved: 0.00% Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-17-49-058-0190 Property Type: Land Proposed Use: Commercial, MultiFamily, Office, Retail PRIOR SALE Date/Doc No: 5/2/2012 (25581-1481) Sale Price: - ComplD: 2615730 Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 45 225 NW 1st Ave Delray Beach Submarket • Delray Beach, FL 33444 0.17 AC (7,405 SF) Land Sold on 1/3/2014 for $90,000 ($529,412/AC) - Public Record INCOME EXPENSE DATA January 2014 Annual Annual/SF Expenses Taxes $2,637 Operating Expenses Total Expenses = $2,637 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 46 225 NW 1st Ave Delray Beach Submarket • Delray Beach, FL 33444 0.17 AC (7,405 SF) Land Sold on 5/2/2012 - Public Record BUYER VITAL DATA Name: - Sale Date: 5/2/2012 Escrow/Contract: - Days on Market: - Exchange: No Sale Condition Density: Max # Of Units Land Area: 0.17 AC (7,405 SF) $/SF Land Gross: - Lot Dimensions: 135' x 55' Topography: Level Improvement: Previously developed lot Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Submarket: Sewer, Streets, Water Zoning: Osshad Comp ID: 2615730 INCOME EXPENSE DATA January 2012 Annual Annual/SF Expenses Taxes $2,490 Operating Expenses Total Expenses = $2,490 Ridgley Robert D Trust 210 Palm Trl Delray Beach, FL 33483 SELLER Nancy Frey (561) 703-4170 Nancy Frey Sale Price: - Status: - Price/SF: - Price/AC: - Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: - Percent Down: - Doc No: 25581-1481 Trans Tax: - Percent Improved: 0.00% Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-17-49-058-0190 Property Type: Land Proposed Use: Commercial, MultiFamily, Office, Retail Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 47 1402 Wallace Dr ' Delray Beach Submarket • Delray Beach, FL 33444 0.50 AC (21,780 SF) Land Sold on 12/21/2012 for $285,000 ($570,000/AC) - Research Complete VITAL DATA BUYER Rainbow Gutters 2920 NW Boca Raton Blvd Boca Raton, FL 33431-6635 (561) 544-1000 John Seagram SELLER Mattie H Smith 1402 Wallace Dr Delray Beach, FL 33444 (561)276-5338 Mattie H. Smith Name: - Sale Price: $285,000 Sale Date: 12/21/2012 Status: Confirmed Escrow/Contract: - Price/SF: $13.09/SF Days on Market: 144 Days Price/AC: $570,000/AC Exchange: No Pro Forma Cap Rate: - Sale Condition: - Actual Cap Rate: - Density: - Down Payment: - Max # Of Units: - Percent Down: - Land Area: 0.50 AC (21,780 SF) Doc No: - $/SF Land Gross: $13.09/SF Trans Tax: - Lot Dimensions: - Percent Improved: - Topography: Level Submarket: Delray Beach Improvement: Previously developed lot Map Page: - Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Parcel No: 12-43-46-20-19-000-0090 Sewer, Streets, Water Zoning: MIC Property Type: Land Comp ID: 2709004 Proposed Use: Commercial SALE NOTES This half acre sold for $285,000. The buyer noted that the he plans to build a small warehouse building on the property. The buyer is the owner of Rainbow Gutters in Florida. Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 48 1402 Wallace Dr Delray Beach Submarket • Delray Beach, FL 33444 0.50 AC (21,780 SF) Land Sold on 12/21/2012 for $285,000 ($570,000/AC) - Research Complete INCOME EXPENSE DATA January 2012 Expenses Taxes Operating Expenses Total Expenses Annual Annual/SF $1,147 $1,147 SELLER BROKER Carmel Real Estate & Management, Inc. 1450 SW 10th St, Suite 8 Delray Beach, FL 33444-1299 (561)272-3700 Christina Morrison Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 49 185 SE 6th Ave Delray Beach Submarket • Delray Beach, FL 33483 1.20 AC (52,272 SF) Land Sold on 6/3/2014 for $2,000,000 ($1,666,667/AC) - Research Complete VITAL DATA Name: - Sale Date: 6/3/2014 Escrow/Contract: - Days on Market: - Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 1.20 AC (52,272 SF) $/SF Land Gross: $38.26/SF Lot Dimensions: - Topography: - Improvement: - Off -Site Improv: - Zoning: CBD Comp ID: 3057754 BUYER Ashbritt, Inc. 565 E Hillsborough Blvd Deerfield Beach, FL 33441 (954)545-3535 Randal Perkins, Sally Perkins SELLER Schmier & Feurring Properties, Inc. 2200 Butts Rd, Suite 300 Boca Raton, FL 33431 (561)488-9100 Robert J. Schmier, Douglas R. Feurring Sale Price: $2,000,000 Status: Full Value Price/SF: $38.26/SF Price/AC: $1,666,667/AC Pro Forma Cap Rate: - Actual Cap Rate Down Payment: Percent Down: Doc No: 26847-0177 Trans Tax: - Percent Improved: 0.00% Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-16-01-118-0130, 12-43-46-16-01- 118-0162, 12-43-46-16-01-118-0190, 12- 43-46-16-01-118-0200 Property Type: Land Prnnnsari I lea• _ SALE NOTES On June 3 2014 .7601 Acres of land at 145 SE 6th Ave in Delray Beach, Florida sold for $2,000,000. Both sides of the transaction were able to confirm they were part of the deal but neither could confirm the details or the final sale price. The deed and plat map are attached. Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 50 185 SE 6th Ave Delray Beach Submarket • Delray Beach, FL 33483 1.20 AC (52,272 SF) Land Sold on 6/3/2014 for $2,000,000 ($1,666,667/AC) - Research Complete INCOME EXPENSE DATA January 2014 Annual Expenses Taxes $23,061 Operating Expenses Total Expenses = PRIOR SALE Date/Doc No: 12/28/2012 (25756-1743) Sale Price: $1,470,000 ComplD: 2684435 SELLER BROKER Annual/SF Schmier & Feurring Properties, Inc. 2200 Butts Rd, Suite 300 Boca Raton, FL 33431 (561)488-9100 Ross Feurring, Shana Pasas Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 51 185 SE 6th Ave Delray Beach Submarket • Delray Beach, FL 33483 1.20 AC (52,272 SF) Land Sold on 12/28/2012 for $1,470,000 ($1,225,000/AC) - Research Complete VITAL DATA Name: Sale Date: Escrow/Contract: Days on Market: Exchange: Sale Condition: Density: Max # Of Units: Land Area: $/SF Land Gross: Lot Dimensions: Topography: Improvement: 12/28/2012 30 Days No 1.20 AC (52,272 SF) $28.12/S F BUYER Schmier & Feurring Properties, Inc. 2200 Butts Rd, Suite 300 Boca Raton, FL 33431 (561) 488-9100 Ross Feurring SELLER Delray 6 Ave Llc 9130 S Dadeland Blvd, Suite 1600 Miami, FL 33156-7818 (305) 933-2862 Elizabeth Sawicki Sale Price: $1,470,000 Status: Confirmed Price/SF: $28.12/SF Price/AC: $1,225,000/AC Pro Forma Cap Rate: - Actual Cap Rate: Down Pavment: 1-9lfl-J@11114411,/211 UUG IVU. Trans Tax: Percent Improved Submarket: nnan Pana - Off -Site Improv: - Parcel No: Zoning: CBD Property Type: Comp ID: 2684435 Proposed Use: SALE NOTES $1,470,000 100% 25756-1743 0.00% Delray Beach 12-43-46-16-01-118-0130, 12-43-46-16-01- 118-0162, 12-43-46-16-01-118-0190, 12- 43-46-16-01-118-0200 Land On December 28, 2012, the0.7601 acres of land at 145 SE 6th Ave in Delray Beach was sold for $1,470,000, or $1,933,956.06 per acre. The property was not on the market at the time of sale and no brokers were involved. The buyer contacted the owner to purchase due to the location of the land. The escrow length was quick, only about a month. The land was purchased with cash. The development plans have not been set, they would like to build retail or multi -family building. The information was provided by the buyer. Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 52 185 SE 6th Ave Delray Beach Submarket • Delray Beach, FL 33483 1.20 AC (52,272 SF) Land Sold on 12/28/2012 for $1,470,000 ($1,225,000/AC) - Research Complete INCOME EXPENSE DATA January 2012 Expenses Taxes Operating Expenses Total Expenses Annual Annual/SF $6,826 $6,826 SELLER BROKER No Listing Broker on Deal LISTING BROKER No Buyer Broker on Deal Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 53 13 NW 3rd St Delray Beach Submarket • Delray Beach, FL 33444 0.61 AC (26,462 SF) Land Sold on 9/25/2012 for $430,000 ($707,819/AC) - Research Complete VITAL DATA Name Sale Date: 9/25/2012 Escrow/Contract: - Days on Market: 342 Days Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 0.61 AC (26,462 SF) $/SF Land Gross: $16.25/SF Lot Dimensions: - Topography: Level Improvement: Raw land Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water Zoning: OSSHAD Comp ID: 2573898 SELLER Otis C Payne Jr 142820 Military Trl Delray Beach, FL 33482 Otis C. Payne, Jr Sale Price: $430,000 Status: Confirmed Price/SF: $16.25/SF Price/AC: $707,819/AC Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: - Percent Down: - Doc No: - Trans Tax: - Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-16-01-057-0110 Property Type: Land Proposed Use: Office Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 54 13 NW 3rd St Delray Beach Submarket • Delray Beach, FL 33444 0.61 AC (26,462 SF) Land Sold on 9/25/2012 for $430,000 ($707,819/AC) - Research Complete INCOME EXPENSE DATA SELLER BROKER January 2012 Annual Annual/SF Tauriello & Company Real Estate Inc. 900 E Atlantic Ave, Suite 1 & 2 Expenses Delray Beach, FL 33483-6954 Taxes $3,841 (561)278-5570 Francisco Perez-Azua Operating Expenses LISTING BROKER Total Expenses = $3,841 Tauriello & Company Real Estate Inc. 900 E Atlantic Ave, Suite 1 & 2 Delray Beach, FL 33483-6954 (561)278-5570 Franci-nn Ppm.-A711a Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 55 124 NE 5th Ave Delray Beach Submarket • Delray Beach, FL 33483 0.31 AC (13,504 SF) Land Sold on 2/5/2013 for $450,000 ($1,451,613/AC) - Research Complete VITAL DATA Name: Sale Date: Escrow/Contract: Exchange —1v —1v Max # Of Units: Land Area: $/SF Land Gross: Lot Dimensions: Topography: Zoning: Comp ID: SALE NOTES 2/5/2013 211 Days No 0.31 AC (13,504 SF) $33.32/SF Irregular Level Previously developed lot Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water CBD 2677659 SELLER Wage Llc 1450 S State Road 7 Hollywood, FL 33023-6715 (954) 989-7192 Floyd D. Harper Sale Price: $450,000 Status: Confirmed Price/SF: $33.32/SF Price/AC: $1,451,613/AC Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: - Percent Down: - Doc No: - Trans Tax: - Percent Improved: - Submarket: Delray Beach Map Page: Trakker 51 U35 Parcel No: 12-43-46-16-01-099-0180 Property Type: Land Proposed Use: Retail As reported by listing broker this land was sold February 5, 2013 for $450,000. The additional parties involved were not at liberty to disclose any of the vital data or were unable to be contacted. COMP ID #2677659 Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 56 124 NE 5th Ave Delray Beach Submarket • Delray Beach, FL 33483 0.31 AC (13,504 SF) Land Sold on 2/5/2013 for $450,000 ($1,451,613/AC) - Research Complete PRIOR SALE Date/Doc No: 12/6/2005 (19647-1932) Sale Price: $1,600,000 Com p I D: 1087552 SELLER BROKER The Keyes Co., Boca Blue Lake 1200 Yamato Rd Boca Raton, FL 33433 (561)750-1000 Valerie Selby Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 57 261 NW 18th Ave ' Delray Beach Submarket • Delray Beach, FL 33445 1.78 AC (77,537 SF) Land Sold on 11/22/2013 for $500,000 ($280,899/AC) - Research Complete MAIIF_A0.Lrr_1 Name: Sale Date: Escrow/Contract: n.a nn KAarl-c+- oalG �,Ul wuwn nonce;+„ Iwax ++ ut units: Land Area: $/SF Land Gross: Lot Dimensions: Topography: Improvement: 11/22/2013 1 Day No REO Sale 1.78 AC (77,537 SF) $6.45/SF BUYER Bonnie Naomi 90 SW 8th Ave Boca Raton, FL 33427 (561)998-2048 Joey SELLER PNC Bank 790 Gateway Dr Altamonte Springs, FL 32714-1503 (407) 293-2286 Sale Price: $500,000 Status: Confirmed Price/SF: $6.45/SF Price/AC: $280,899/AC Pro Forma Cap Rate: - Actual Cap Rate: Down Pavment: taitau�nn�w� UUG IVU. Trans Tax: Percent Improved Submarket: KAnn Pana - Off -Site Improv: - Parcel No: Zoning: MIC Property Type: Comp ID: 2921622 Proposed Use: SALE NOTES $500,000 100% 26501-0746 0.00% Delray Beach 12-43-46-18-49-000-0010 Land Commercial, Hold for Development, Indu Buyer confirmed the vacant lot located at NW 1st St in Delray Beach, FL from JLJ Investors Ltd. for $500,000, or approximately $281,436.45 per acre. This was a REO, investment sale. No details on the buyers motivation for the land. PRIOR SALE Date/Doc No: 10/31/2007 (22293-1277) Sale Price: $1,550,000 Com p I D: 1449479 Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 58 261 NW 18th Ave Delray Beach Submarket • Delray Beach, FL 33445 1.78 AC (77,537 SF) Land Sold on 11/22/2013 for $500,000 ($280,899/AC) - Research Complete INCOME EXPENSE DATA January 2013 Expenses Taxes Operating Expenses Total Expenses Annual Annual/SF $10,669 $10,669 SELLER BROKER Coldwell Banker Commercial NRT 1800 NW Corporate Blvd, Suite 100 Boca Raton, FL 33431-7336 (561) 479-1225 Alan G. Kaye, P.A., Doug Coller Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 59 1206 S Federal Hwy - Floranda Mobile Home Park Outer Delray Beach MF Submarket • Delray Beach, FL 33483 232 Units - Class C Manufactured Housing/Mobile Home Park of 998 SF Sold on 1/20/2012 for $5,961,141 - Resea... VITAL DATA BUYER Behringer 14675 Dallas Pky, Suite 600 Dallas, TX 75254 (214) 655-1600 Chad Jackson SELLER James L. Bellinson 330-370 E Maple Rd, Suite 3rd floor Birmingham, MI 48009-6303 (248) 988-8845 James Bellinson Name: Floranda Mobile Home Park Sale Price: $5,961,141 Sale Date: 1/20/2012 Status: Full Value Escrow/Contract: - Building SF: 998 SF Days on Market: - Num Of Units: 232 Exchange: No GRM: - Sale Condition: Redevelopment Project Price/SF: $5,973/SF 0 Bedroom: 232/100% (0+) Price/Unit: $25,695/Unit 1 Bedroom: - Pro Forma Cap Rate: - 2 Bedroom: - Actual Cap Rate: - 3 Bedroom: - Down Payment: - Other: - Percent Down: - Land Area: 6.14 AC (267,458 SF) Doc No: 24975-0527 $/SF Land Gross: $22.29/SF Trans Tax: $41,728 Year Built, Age: 1945 Age: 67 Corner: - Parking Spaces: - Zoning: MH, County Parking Ratio: - Tenants Time of Sale: - FAR: 0.00 Percent Improved: - Lot Dimensions: - Submarket: Outer Delray Beach MF Street Frontage: - Map Page: Trakker 42 R27 Comp ID: 2254336 Parcel No: 12-43-46-21-09-001-0140, 12-43-46-21-12- 000-0061, 12-43-46-21-12-000-0062, 12-43- 46-21-12-000-0063, 12-43-46-21-12-000- 0069 Property Type: Multi -Family SALE NOTES Floranda MHP LLC sold the mobile home park located at 1206 S Federal Highway to Behringer Harvard on January 20, 2012 for $5,961,141. Per internet research, this mobile home site is vacant. The property was bought for redevelopment. In a reported article in January 2011, the City Commission had approved a zoning change that would allow development for 22 units per acre on the nearly 9 acre property, however, Costar was unable to verify the buyer's plans for the property. Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 60 1206 S Federal Hwy - Floranda Mobile Home Park Outer Delray Beach MF Submarket • Delray Beach, FL 33483 232 Units - Class C Manufactured Housing/Mobile Home Park of 998 SF Sold on 1/20/2012 for $5,961,141 - Resea... PRIOR SALE Date/Doc No: 5/29/2001 (12601-0378) Sale Price: $1,750,000 ComplD: 572231 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 61 190 NE 5th Ave - Storefront Retail/residential Site Delray Beach Submarket • Delray Beach, FL 33483 0.36 AC (15,681 SF) Land Sold on 2/5/2013 - Research Complete (Part of Multi -Property) BUYER VITAL DATA Name: Sale Date: Escrow/Contract: Days on Market: Exchange: Sale Condition: Density: Max # Of Units: Land Area: $/SF Land Gross: Lot Dimensions: Topography: Storefront Retail/residential Site 2/5/2013 211 Days No REO Sale 0.36 AC (15,681 SF) 125' x 120' Level Raw land Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water CBD, Delray Beach 2677661 Katalina Holdings 1390 S Dixie Hwy, Suite 1390 Coral Gables, FL 33146-2946 Diego R. Rodriguez SELLER Banesco USA 150 Alhambra Cir, Suite 100 Coral Gables, FL 33134-4527 (786)552-0537 Alina D. Garcia-Duany Sale Price: - Status: - Price/SF: - Price/AC: - Pro Forma Cap Rate: - Actual Cap Rate: - Percent Down: Doc No: 25826-0247 Trans Tax: - Percent Improved: - Submarket: Delray Beach Map Page: American Map Corp 3883 K6 Parcel No: 12-43-46-16-01-099-0130 Property Type: Land Proposed Use: Retail PRIOR SALE Date/Doc No: 6/21/2011 (24597-0494) Sale Price: - ComplD: 2142490 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 62 190 NE 5th Ave - Storefront Retail/residential Site Delray Beach Submarket • Delray Beach, FL 33483 0.36 AC (15,681 SF) Land Sold on 2/5/2013 - Research Complete (Part of Multi -Property) INCOME EXPENSE DATA SELLER BROKER January 2013 Annual Annual/SF The Keyes Co., Boca Blue Lake 1200 Yamato Rd Expenses Boca Raton, FL 33433 Taxes $13,496 (561) 750-1000 Valerie Selby Operating Expenses LISTING BROKER Total Expenses = $13,496 Tauriello & Company Real Estate Inc. 900 E Atlantic Ave, Suite 1 & 2 Delray Beach, FL 33483-6954 (561)278-5570 Franci-nn Ppm.-A711a Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 63 905 Federal Hwy - Commercial/Multi-Family Development Site Delray Beach Submarket • Delray Beach, FL 33483 1.02 AC (44,431 SF) Land Sold on 6/12/2012 for $350,000 ($343,137/AC) - Research Complete VITAL DATA Name: Commercial/Multi-Family Development S Sale Date: 6/12/2012 Escrow/Contract: - Days on Market: 232 Days Exchange: No Sale Condition: REO Sale nancity Iwax i+ ut units: Land Area: $/SF Land Gross: Lot Dimensions: Topography: Imnrn�,cmcnt• SALE NOTES 1.02 AC (44,431 SF) $7.88/SF Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water GC and RM 2536713 BUYER Wynne Building Corporation 12804 SW 122nd Ave Miami, FL 33186 (305) 235-3175 Joel Wynne SELLER Nafh National Bank 6435 Naples Blvd Naples, FL 34109 (239) 594-3571 Michael Rinaldi Sale Price: $350,000 Status: Confirmed Price/SF: $7.88/SF Price/AC: $343,137/AC Pro Forma Cap Rate: - Actual Cap Rate: Down Payment: Percent Down: Doc No: Trans Tax: Percent Improved Submarket: Map Page: Parcel No: Property Type: Proposed Use: 25292-1471 64.90% Delray Beach 12-43-46-09-87-000-0010, 12-43-46-09-87- 000-0020, 12-43-46-09-87-000-0030, 12- 43-46-09-87-000-0040, 12-43-46-09-87- 000-0050, 12-43-46-09-87-000-0060, 12- 43-46-09-87-000-0070, 12-43-46-09-87- 000-0080, 12-43-46-09-87-001-0000 Land Commercial, MultiFamily 1.02 acres at 905 Federal Hwy sold on 06/12/12 for $350,000. This was an REO sale sold by NAFH National Bank. The buyer was Wynne Building Corp. Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 64 905 Federal Hwy - Commercial/Multi-Family Development Site Delray Beach Submarket • Delray Beach, FL 33483 1.02 AC (44,431 SF) Land Sold on 6/12/2012 for $350,000 ($343,137/AC) - Research Complete INCOME EXPENSE DATA January 2012 Annual Annual/SF Expenses Taxes $4,031 Operating Expenses Total Expenses = $4,031 SELLER BROKER CB RE 5100 Town Center Cir, Suite 600 Boca Raton, FL 33486-1049 (561)394-2100 William R. Strauss, Mike Millard CBRE 250 S Australian Ave, Suite 1404 West Palm Beach, FL 33401-5018 (561)394-2100 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 65 2500 S Federal Hwy - Automotive Sales & Service Lot Delray Beach Submarket • Delray Beach, FL 33483 Class B Retail Building of 4,000 SF Sold on 12/14/2013 for $694,134 - Research Complete (Part of Multi -Property) BUYER s — -_�-- VITAL DATA Van Tuyl Automotive Group Name: 1550 E Missouri Ave, Suite 300 Sale Price: Phoenix, AZ 85014-2400 (602) 230-1051 Sale Date: Larry Van Tuyl Status: SELLER s — -_�-- VITAL DATA Ed Morse Automotive Group 6363 NW 6th Way, Suite 400 Fort Lauderdale, FL 33309-6118 (561) 455-1111 Edward J. Morse Name: Automotive Sales & Service Lot Sale Price: $694,134 Sale Date: 12/14/2013 Status: Allocated Escrow/Contract: - Building SF: 4,000 SF Days on Market: 1,486 Days Price/SF: $173.53/SF Exchange: No Pro Forma Cap Rate: - Sale Condition: Assemblage, Redevelopment Project Actual Cap Rate: - Land Area: 0.17 AC (7,606 SF) Down Payment: - $/SF Land Gross: $91.26/SF Percent Down: - Year Built, Age: 1985 Age: 28 Doc No: 26515-1639 Parking Spaces: 600 Spaces Available Trans Tax: $70,700 Parking Ratio: - Corner: - FAR: 0.53 Zoning: AC Lot Dimensions: - Percent Improved: - Street Frontage: 280' on S Dixie Hwy; 297' on SE 6th Ave Submarket: Delray Beach Tenancy: Single Map Page: - Tenants Time of Sale: - Parcel No: 12-43-46-29-11-000-0010 Comp ID: 2913953 Property Type: Retail SALE NOTES On December 14, 2013, DBVT Development, LLC, an affiliate of Phoenix -based Larry Van Tuyl Automotive Group acquired the former Toyota Scion auto dealership for $10.1 million. The sale is comprised of automotive land with potential commercial development. The properties are located at 2500-2700 S Federal Highway in Delray Beach, FL. The property is situated on 13.5+/- acres with potential abandonments and acreage for additional development. This was a owner/user purchase. The seller, Morse Operations, Inc., is an affiliate of Fort Lauderdale -based Ed Morse Automotive Group. West Palm Beach, FL -based Strategic Realty Services, LLC represented the seller. Each property, 2525, 2600 & 2701 S Federal Hwy were offered separately at marketing. The buyer will use the land for a new Delray Honda auto dealership. The Van Tuyl Group will be relocating to the site at an undisclosed date. Information in this report is confirmed. Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 66 2500 S Federal Hwy - Automotive Sales & Service Lot Delray Beach Submarket • Delray Beach, FL 33483 Class B Retail Building of 4,000 SF Sold on 12/14/2013 for $694,134 - Research Complete (Part of Multi -Property) SELLER BROKER Strategic Realty Services, LLC 500 Northpoint Pky, Suite 300 West Palm Beach, FL 33407-1951 (561)471-5353 Douglas L. DeSantis LISTING BROKER Strategic Realty Services, LLC 500 Northpoint Pky, Suite 300 West Palm Beach, FL 33407-1951 (561)471-5353 Douglas L. DeSantis Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 67 N Federal Hwy Delray Beach Submarket • Delray Beach, FL 33483 2.07 AC (90,317 SF) Land Sold on 2/25/2013 - Research Complete (Part of Multi -Property) VITAL DATA Name Sale Date: 2/25/2013 Escrow/Contract: - Days on Market: 171 Days Exchange: No Sale Condition: - nancity Max i+ ut units: Land Area: $/SF Land Gross: Lot Dimensions: Topography: Imnrn�icmcnt• LUI1111{ j. SALE NOTES 2.07 AC (90,317 SF) Level Finished lot Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water GC 2688230 BUYER KH Sandcastles, LLC 1390 S Dixie Hwy, Suite 2213 Coral Gables, FL 33146-2927 Diego R. Rodriguez SELLER Cummings Family Limited Partnership 50 East Rd Delray Beach, FL 33483 Frank M. Docktor Sale Price: - Status: - Price/SF: - Price/AC: - Pro Forma Cap Rate: - Actual Cap Rate: Down Payment: Percent Down: Doc No: Trans Tax: Percent Improved Submarket: Map Page: Parcel No: Property Type: Prnnnsad USP.' 25823-1826 18.08% Delray Beach 12-43-46-09-39-000-0042 Land Commercial This transaction represents the change of ownership at 1023 N Federal Hwy., In Delray Beach, FL. The property is located in the Delray Beach submarket. The property at 1023 N federal Hwy. is a .5234 acre lot with a 3,600 -square -foot retail building. The surround land located north and south of the building is 2.0734 acres. The listing broker reported the properties sold for $1.6 million. However the deed shows a purchase price of $1,393,760. The listing broker confirmed the details in this report. We were not able to locate valid contact information for the seller or the buyer. Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 68 N Federal Hwy Delray Beach Submarket • Delray Beach, FL 33483 2.07 AC (90,317 SF) Land Sold on 2/25/2013 - Research Complete (Part of Multi -Property) INCOME EXPENSE DATA SELLER BROKER January 2013 Annual Annual/SF The Corcoran Group 1177 George Bush Blvd, Suite 101 Expenses Delray Beach, FL 33483-7288 Taxes $15,982 (561)278-0433 Candace Friis Operating Expenses Total Expenses = $15,982 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 69 1875 S Ocean Blvd - Oceanfront Development Delray Beach Submarket • Delray Beach, FL 33483 2.00 AC (87,120 SF) Land Sold on 3/2/2012 for $4,750,000 ($2,375,000/AC) (Non -Arms Length) - Research Compl... VITAL DATA Name: Oceanfront Development Sale Date: 3/2/2012 Escrow/Contract: - Days on Market: 149 Days Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 2.00 AC (87,120 SF) $/SF Land Gross: $54.52/SF Lot Dimensions: - Topography: Level Improvement: Previously developed lot Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water Zoning: RM Comp ID: 2278577 SALE NOTES BUYER Ocean Properties 1001 E Atlantic Ave Delray Beach, FL 33483-6974 (561)279-9900 SELLER Nance P Bernet, Successor Co -Trustee of the Restat 8 Country Rd W Boynton Beach, FL 33436 (561)737-4095 Nance Bernet Sale Price: $4,750,000 Status: Full Value Price/SF: $54.52/SF Price/AC: $2,375,000/AC Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: - Percent Down: - Doc No: 25048-1900 Trans Tax: - Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-28-00-000-1070 Property Type: Land Proposed Use: Hospitality, Hotel, MultiFamily The sale of the subject property is a non -market, since it was a trustees deed. Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 70 1875 S Ocean Blvd - Oceanfront Development Delray Beach Submarket • Delray Beach, FL 33483 2.00 AC (87,120 SF) Land Sold on 3/2/2012 for $4,750,000 ($2,375,000/AC) (Non -Arms Length) - Research Compl... INCOME EXPENSE DATA SELLER BROKER January 2012 Annual Annual/SF Touchstone Webb Realty Company 610 Clematis St, Suite CU5 Expenses West Palm Beach, FL 33401 Taxes $128,986 (561)659-5554 Susan Thomas Operating Expenses Total Expenses = $128,986 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 71 1010 NE 8th Ave - Court Yards At Martel Arms Par B Delray Beach Submarket • Delray Beach, FL 33483 0.27 AC (11,761 SF) Land Sold on 4/12/2013 for $135,000 ($500,000/AC) - Research Complete VITAL DATA $135,000 Name: Court Yards At Martel Arms Par B Sale Date: 4/12/2013 Escrow/Contract: - Days on Market: 255 Days Exchange: No Sale Condition: - Density: - Max # Of Units: - Land Area: 0.27 AC (11,761 SF) $/SF Land Gross: $11.48/SF Lot Dimensions: - Topography: - Improvement: - Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water Zoning: - Comp ID: 2765297 SALE NOTES As reported by listing broker this land was sold for $135,000. SELLER National Loss Mitigation Llc Sale Price: $135,000 Status: Confirmed Price/SF: $11.48/SF Price/AC: $500,000/AC Pro Forma Cap Rate: - Actual Cap Rate: - Down Payment: - Percent Down: - Doc No: 26062-0887 Trans Tax: - Percent Improved: 0.00% Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-09-83-000-0360 Property Type: Land Proposed Use: MultiFamily Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 72 1010 NE 8th Ave - Court Yards At Martel Arms Par B Delray Beach Submarket • Delray Beach, FL 33483 0.27 AC (11,761 SF) Land Sold on 4/12/2013 for $135,000 ($500,000/AC) - Research Complete INCOME EXPENSE DATA SELLER BROKER January 2013 Annual Annual/SF RJM Real Estate Corp. 455 NE 5th Ave, Suite D-311 Expenses Delray Beach, FL 33483 Taxes $2,108 (561)910-5599 Ryan Mueller Operating Expenses Total Expenses = $2,108 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 73 US Highway 1 - Gc Zoned Acreage Delray Beach Submarket • Delray Beach, FL 33483 1.91 AC (83,199 SF) Land Sold on 2/27/2015 for $2,150,000 ($1,125,654/AC) - Research Complete VITAL DATA Name: Gc Zoned Acreage Sale Date: 2/27/2015 Escrow/Contract: - Days on Market: - Exchange: No Sale Condition: REO Sale nancity Iwax i+ ut units: - Land Area: 1.91 AC (83,199 SF) $/SF Land Gross: $25.84/SF Lot Dimensions: Irregular Topography: Level Improvement: Raw land Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Property Type: Sewer, Streets, Water Zoning: GC, Delray Beach Comp ID: 3254385 SALE NOTES BUYER McFillin Phillip 996 Pelican Ln Gulf Stream, FL 33483-7235 (561)276-3489 Phillip J. McFillin SELLER Florida Community Bank 2500 Weston Rd Weston, FL 33331 (305) 669-6315 Larry Benton Sale Price: $2,150,000 Status: Full Value Price/SF: $25.84/SF Price/AC: $1,125,654/AC Pro Forma Cap Rate: - Actual Cap Rate Down Payment: Percent Down: Doc No: 27374-1698 Trans Tax: - Percent Improved: 0.00% Submarket: Delray Beach Map Page: Trakker 47 U34 Parcel No: 12-43-46-09-12-000-0061, 12-43-46-09-12- 000-0062, 12-43-46-09-39-000-0045 Property Type: Land Proposed Use: Hold for Development The parties involved were unable to be contacted. All information is based on available recorded county documents and county assessor records. PRIOR SALE Date/Doc No: Sale Price: ComplD: 1/12/2011 (24309-0192) $3,231,566 2041687 Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 74 1314 N Federal Hwy - Commercial Land Delray Beach Submarket • Delray Beach, FL 33483 3.25 AC (141,570 SF) Land Sold on 2/27/2015 for $2,150,000 ($661,538/AC) - Research Complete t VITAL DATA BUYER McFillin Phillip 996 Pelican Ln Gulf Stream, FL 33483-7235 (561)276-3489 Phillip J. McFillin SELLER Great Florida Bank 15050 NW 79th Ct, Suite 200 Miami Lakes, FL 33016-5810 (305)514-6900 Name: Commercial Land Sale Price: $2,150,000 Sale Date: 2/27/2015 Status: Confirmed Escrow/Contract: - Price/SF: $15.19/SF Days on Market: 1,194 Days Price/AC: $661,538/AC Exchange: No Pro Forma Cap Rate: - Sale Condition: REO Sale Actual Cap Rate: - Density: - Down Payment: - Max # Of Units: - Percent Down: - Land Area: 3.25 AC (141,570 SF) Doc No: 27274-1698 $/SF Land Gross: $15.19/SF Trans Tax: - Lot Dimensions: - Percent Improved: 0.00% Topography: Level Submarket: Delray Beach Improvement: Raw land Map Page: - Off -Site Improv: Curb/Gutter/Sidewalk, Electricity, Gas, Parcel No: 12-43-46-09-12-000-0052, 12 -43 -46 -09 -12 - Sewer, Streets, Water 000-0059, 12-43-46-09-12-000-0061, 12- 43-46-09-12-000-0062, 12-43-46-09-39- 000-0045 Zoning: CRA Property Type: Land Comp ID: 3261707 Proposed Use: Commercial SALE NOTES The 3.25 acre site at 1314 N Federal Hwy sold to a Gulfstream -based developer for $2.15 million. The brokerage firm for the bank that seized the site in lieu of foreclosure in 2001 confirmed the transaction. Additional information regarding development or construction for the 3.25 acres has not been confirmed with the buyer. Sale Comp 112/11/2015 PRODUCED ON ��±± COSTARGO This copyrighted report contains research licensed to Costar Group, Inc - 472799 Page 75 1314 N Federal Hwy - Commercial Land Delray Beach Submarket • Delray Beach, FL 33483 3.25 AC (141,570 SF) Land Sold on 2/27/2015 for $2,150,000 ($661,538/AC) - Research Complete SELLER BROKER Avison Young 500 W Cypress Creek Rd, Suite 350 Fort Lauderdale, FL 33309-6141 (954) 903-1800 Ronald Osborne, Xavier Cossard Avison Young 2020 Ponce de Leon Blvd, Suite 1200 Miami, FL 33134 (305)446-0011 LISTING BROKER Posh Properties 107 NE 2nd Ave Delray Beach, FL 33444 (561)600-0791 Catherine McGlennon Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTARGO Page 76 Delray Beach Valuation Addenda 3 Schedule 3 — Office Sales Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP 114 NE 1st Ave Costin's Cottages Delray Beach, FL 33444 Class B Office Building of 3,600 SF Sold on 3/19/2015 for $2,082,000 buyer Crossfire Properties 5099 Highway AIA Vero Beach, FL 32963 (772)231-2662 seller Roger Cope 80 NE 4th Ave Delray Beach, FL 33483 vital data Escrow/Contract: - Sale Price: $2,082,000 Sale Date: 3/19/2015 Status: Confirmed Days on Market: 1,928 days Building SF: 3,600 SF Exchange: No Price/SF: $578.33 Conditions: - Pro Forma Cap Rate: - Land Area SF: 9,487 Actual Cap Rate: - Acres: 0.22 Down Pmnt: - $/SF Land Gross: $219.45 Pct Down: - Year Built, Age: 1924 Age: 91 Doc No: 27416-0669 Parking Spaces: 12 Trans Tax: - Parking Ratio: 3.33/1000 SF Corner: No FAR 0.38 Zoning: OSSHAD Lot Dimensions: - No Tenants: 1 Frontage: - Percent Improved: 48.7% Tenancy: Multi Submarket: Delray Beach Comp ID: 3260601 Map Page: - Parcel No: 12-43-46-16-01-067-0140 Property Type: Office income expense data (Listing Broker financing Pristine Properties International, Inc. 1045 E Atlantic Ave Delray Beach, FL 33483 (561)247-2455 Bill Bathurst Buyer Broker Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 1 134 NE 1st Ave Delray Beach, FL 33444 Class C Office Building of 2,455 SF Sold on 10/3/: Record buyer Currie Robert G Trust 72 S Ocean Blvd Delray Beach, FL 33483 seller Currie Robert G vital data Escrow/Contract: - Sale Date: 10/3/2014 Days on Market: - Exchange: No Conditions: - Land Area SF: 9,196 Acres: 0.21 $/SF Land Gross: - Year Built, Age: 1931 Age: 83 Parking Spaces: 6 Parking Ratio: - FAR 0.27 Lot Dimensions: - Frontage: - Tenancy: Single Comp ID: 3153243 income expense data Expenses -Taxes - Operating Expenses Total Expenses financing Sale Price: Status: Building SF: 2,455 SF Price/SF: - Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: - Pct Down: - Doc No: 27088-1039 Trans Tax: - Corner: No Zoning: OSSHAD Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-16-01-067-0120 [Partial List] Property Type: Office Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 2 219 NE 1st Ave Delray Beach, FL 33444 Class C Office Building of 1,100 SF Sold on 8/27/2015 for $525,000-In Progress buyer Little Yellow House Llc 2932 NE 36th St Lighthouse Point, FL 33064 i seller JIM P & R Partners LIc 1 vital data Escrow/Contract: - Sale Price: $525,000 Sale Date: 8/27/2015 Status: - Days on Market: - Building SF: 1,100 SF Exchange: No Price/SF: $477.27 Conditions: - Pro Forma Cap Rate: - Land Area SF: 7,261 Actual Cap Rate: - Acres: 0.17 Down Pmnt: - $/SF Land Gross: $72.30 Pct Down: - Year Built, Age: 1938 Age: 77 Doc No: 27770-1365 Parking Spaces: - Trans Tax: - Parking Ratio: - Corner: No FAR 0.15 Zoning: OSSHAD Lot Dimensions: - No Tenants: 1 Frontage: - Percent Improved: - Tenancy: Multi Submarket: Delray Beach Comp ID: 3389569 Map Page: - Parcel No: 12-43-46-16-01-074-0071 Property Type: Office income expense data (Listing Broker Buyer Broker financing prior sale 1st Td Bk Na Date/Doc No: 8/29/2007 Bal/Pmt: $420,000 Sale Price: $645,000 ComplD: 1406908 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 3 137 NW 1st Ave Delray Beach, FL 33444 Class B Office Building of 2,380 SF Sold on 9/10/2013 for $800,000 - Research Complete buyer Beachway Therapy Center 137 NW 1st Ave Delray Beach, FL 33444 (877) 284-0353 seller Baldwin Realty LLC 100 Willow St Lynn, MA 01901 (781)268-2400 J vital data Escrow/Contract: - Sale Price: $800,000 Sale Date: 9/10/2013 Status: Confirmed Days on Market: - Building SF: 2,380 SF Exchange: No Price/SF: $336.13 Conditions: Purchase By Tenant Pro Forma Cap Rate: - Land Area SF: 10,019 Actual Cap Rate: - Acres: 0.23 Down Pmnt: $120,000 $/SF Land Gross: $79.85 Pct Down: 15.0% Year Built, Age: 1930 Age: 83 Doc No: 26415-0515 Parking Spaces: 9 Trans Tax: - Parking Ratio: 3.78/1000 SF Corner: No FAR 0.24 Zoning: OSSHAD Lot Dimensions: - No Tenants: 1 Frontage: - Percent Improved: - Tenancy: Single Submarket: Delray Beach Comp ID: 2888398 Map Page: - Parcel No: 12-43-46-16-01-059-0012 Property Type: Office income expense data Expenses -Taxes - Operating Expenses Total Expenses financing 1st Seacoast Nat'l Bk Bal/Pmt: $680,000 Listing Broker $11,590 H&B Commercial 601 N Congress Ave $11,590 Delray Beach, FL 33445 (561)279-9251 Katherin Khidirian, CCIM Buyer Broker No Buyer Broker on Deal prior sale Date/Doc No: 10/28/2008 Sale Price: $1,125,000 ComplD: 1603976 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 4 151 NW 1st Ave Delray Beach, FL 33444 Class C Office Building of 4,455 SF Sold on 3/27/2014 for $1,200,000 - Research Complete buyer Stephen M Friedberg 4240 Greensburg Pike Pittsburgh, PA 15221 (724)325-4322 seller Robert Dittman 151 NW First Ave Delray Beach, FL 33444 (561)276-2900 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 3/27/2014 191 days No 10,019 0.23 $119.77 1999 Age: 15 16 3.59/1000 SF 0.44 Multi 3005809 - Taxes - Operating Expenses Total Expenses $14,504 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $1,200,000 Full Value 4,455 SF $269.36 Q1. *191181.131 No OSSHAD 2 Delray Beach 12-43-46-16-01-059-0011 Office Listing Broker No Listing Broker on Deal Buyer Broker No Buyer Broker on Deal Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 5 799 NE 2nd Ave Delray Beach, FL 33483 Class C Medical Building of 2,597 SF Sold on 6/5/2015 for $700,000 - Research Complete buyer Access Dev Properties Llc 7089 Catalina Isle Dr Lake Worth, FL 33467 (561)433-8721 seller Domeyer A William 4175 S Congress Ave Lake Worth, FL 33449 (561)642-6889 vital data Escrow/Contract: - Sale Price: $700,000 Sale Date: 6/5/2015 Status: Confirmed Days on Market: - Building SF: 2,597 SF Exchange: No Price/SF: $269.54 Conditions: - Pro Forma Cap Rate: - Land Area SF: 18,465 Actual Cap Rate: - Acres: 0.42 Down Pmnt: - $/SF Land Gross: $37.91 Pct Down: - Year Built, Age: 1949 Age: 66 Doc No: 27594-1711 Parking Spaces: - Trans Tax: - Parking Ratio: - Corner: No FAR 0.14 Zoning: RO Lot Dimensions: - Percent Improved: - Frontage: - Submarket: Delray Beach Tenancy: Single Map Page: - Comp ID: 3328436 Parcel No: 12-43-46-09-29-012-0010 Property Type: Office income expense data financing 1st First Citizens Bk&tr Co Bal/Pmt: $510,000 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 6 2-10 NE 2nd St Pineapple Grove Medical Delray Beach, FL 33444 Class C Medical Building of 2,876 SF Sold on 12/12/2013 for $925,000 - Research Complete buyer Thomas Olofsson 6195 N Ocean Blvd Boynton Beach, FL 33435 seller Reilly Elizabeth A vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 12/12/2013 84 days No 6,098 0.14 $151.68 2004 Age: 9 7 2.43/1000 SF 0.47 Multi 2933827 - Taxes - Operating Expenses Total Expenses Mata �� # LWL 1614 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Copyrighted report licensed to Valuation Consulting - 472799. $925,000 Full Value 2,876 SF $321.63 26526-0139 No OSSHAD 1 Delray Beach 12-43-46-16-01-067-0091 Office 9/28/2015 Page 7 327-333 NE 2nd St Porten Companies Delray Beach, FL 33444 Class C Office Building of 4,800 SF Sold on 4/20/2015 for $1,400,000 - Research Complete buyer McCauley, William 777 Yamato Rd Boca Raton, FL 33431 (561)544-4400 seller Leigh E. & Gwendolyn Gove 3054 Gulf Stream Rd Gulf Stream, FL 33483 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 4/20/2015 ►G 7 16,501 0.38 $84.85 1962 Age: 53 9 3.33/1000 SF 0.29 150x110 Multi 3295957 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Copyrighted report licensed to Valuation Consulting - 472799. $1,400,000 Confirmed 4,800 SF $291.67 27494-0346 No CBD, Delray Beach 2 Delray Beach 12-43-46-16-47-000-0100 Office 3/15/2002 $601,000 652904 9/28/2015 Page 8 74 NE 4th Ave Delray Beach, FL 33483 Class C Medical Building of 5,935 SF Sold on 7/8/2014 for $1,650,000 - Research Complete buyer Robert H Shaner 95 NE 4th Ave Delray Beach, FL 33483 (888) 263-2495 seller Dr. Raymond A. Della Porta 74 NE 4th Ave Delray Beach, FL 33483 (772) 567-1025 vital data $1,650,000 Escrow/Contract: 60 days Sale Date: 7/8/2014 Days on Market: 85 days Exchange: No Conditions: - Land Area SF: 11,761 Acres: 0.27 $/SF Land Gross: $140.29 Year Built, Age: 1976 Age: 38 Parking Spaces: 30 Parking Ratio: 4.76/1000 SF FAR 0.50 Lot Dimensions: - Frontage: - Tenancy: Multi Comp ID: 3093955 income expense data Expenses -Taxes - Operating Expenses Total Expenses Net Income Net Operating Income - Debt Service - Capital Expenditure Cash Flow financing 1st Bank Of America Bal/Pmt: $1,992,000 2nd Bank Of America Bal/Pmt: $125,000 1� Sale Price: $1,650,000 Status: Confirmed Building SF: 5,935 SF Price/SF: $278.01 Pro Forma Cap Rate: - Actual Cap Rate: 4.95% Down Pmnt: $0 Pct Down: 0.0% Doc No: 26931-1043 Trans Tax: $11,550 Corner: No Zoning: CBD No Tenants: 5 Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-16-01-092-0200 Property Type: Office (Listing Broker $21,278 Coldwell Banker Residential 1185 E Atlantic Ave Delray Beach, FL 33483 $21 278 (561)278-0300 $81,657 Bob Hiering Buyer Broker Park View Realty 3299 NW 2nd Ave Boca Raton, FL 33432 (561)278-1169 Jeremy Stewart Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 9 30 SE 4th Ave Delray Beach, FL 33483 Class C Office Building of 3,000 SF Sold on 12/19/2014 for $465,100 - Public Record buyer Hsbc Bank Usa Na 2007-ar3 seller Donald Lauren & Ryan Coc vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 12/19/2014 ►G 7 10,920 0.25 $42.59 1948 Age: 66 20 6.67/1000 SF 0.27 Multi 3214503 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker Buyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. $465,100 3,000 SF $155.03 27264-0771 No CBD 1 Delray Beach 12-43-46-16-01-093-0060 Office 4/4/2014 3189586 9/28/2015 Page 10 30 SE 4th Ave Delray Beach, FL 33483 Class C Office Building of 3,000 SF Sold on 12/19/2014 for $465,100 - Public Record buyer Hsbc Bank Usa Na 2007-ar3 seller Decision One Mtg Co Coc vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 12/19/2014 ►G 7 10,920 0.25 $42.59 1948 Age: 66 20 6.67/1000 SF 0.27 Multi 3303254 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker Buyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. $465,100 3,000 SF $155.03 27507-0227 No CBD 1 Delray Beach 12-43-46-16-01-093-0060 Office 4/4/2014 3189586 9/28/2015 Page 11 103 SE 4th Ave Downtown Lofts Delray Beach, FL 33483 Class B Loft/Creative Space Building of 2,700 SF Sold on 1/23/2014 for $271,360 - Public Record buyer Rodriguez & Bagwan Administrat 403 SE 1 st St Delray Beach, FL 33483 seller 103 Knight Group Llc vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses 1/23/2014 ►G7 13,499 0.31 $20.10 2004 Age: 10 12 4.44/1000 SF 0.20 Multi 2953181 - Taxes - Operating Expenses Total Expenses financing 1st First Citizens Bk&tr Cc Bal/Pmt: $230,656 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Copyrighted report licensed to Valuation Consulting - 472799. $271,360 2,700 SF $100.50 26580-0448 No NEC 3 Delray Beach 12-43-46-16-1-15-000-1030 Office 9/28/2015 Page 12 64-98 NE 5th Ave, Unit 1 Fountain Square Delray Beach, FL 33483 Class C Office Condo of 839 SF Sold on 2/28/2015 for $285,000 - Research Complete buyer Lexplain Llc 72 NE 5th Ave Delray Beach, FL 33483 seller 72 Fountain Square Llc 4629 Gleneagles Dr Boynton Beach, FL 33436 vital data Escrow/Contract: 21 days Sale Price: $285,000 Sale Date: 2/28/2015 Status: Confirmed Days on Market: 89 days Condo Type: 839 SF Office Condo Exchange: No Building SF: 12,000 SF Conditions: - Price/SF: $339.69 Land Area SF: 24,002 Pro Forma Cap Rate: - Acres: 0.55 Actual Cap Rate: - $/SF Land Gross: $11.87 Down Pmnt: $285,000 Year Built, Age: 1971 Age: 44 Pct Down: 100.0% Parking Spaces: 32 Doc No: 27356-1114 Parking Ratio: 2.67/1000 SF Trans Tax: - FAR 0.50 Corner: No Lot Dimensions: - Zoning: com Frontage: No Tenants: 7 Tenancy: Percent Improved: - Comp ID: 3248513 Submarket: Delray Beach Map Page: - Parcel No: - Property Type: Office income expense data financing -isting Broker Carmel Real Estate & Management, Inc. 1450 SW 10th St Delray Beach, FL 33444 (561)272-3700 Christina Morrison 3uyer Broker Coastal Commercial Group LLC 1045 E Atlantic Ave Delray Beach, FL 33483 (561)441-0967 Ingrid Kennemer Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 13 182 NE 5th Ave Delray Beach Bungalow Delray Beach, FL 33483 Class C Office Building of 1,762 SF Sold on 1/26/2015 for $402,000 - Public Record buyer KH Delray at Fifth, LLC 1390 S Dixie Hwy Coral Gables, FL 33146 seller Deutsche Bk Natl 2007-5 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 1/26/2015 ►G7 6,499 0.15 $61.85 1935 Age: 80 3 1.7/1000 SF 0.27 50x135 50 feet on NE 5th Multi 3247138 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker uyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. $402,000 1,762 SF $228.15 27345-1157 No CBD, Delray Beach Delray Beach 12-43-46-16-01-099-0140 Office 8/14/2014 (27127-0359) $325,200 3169653 9/28/2015 Page 14 182 NE 5th Ave Delray Beach Bungalow Delray Beach, FL 33483 Class C Office Building of 1,762 SF Sold on 8/14/2014 for $325,200 - Public Record buyer 7-5 American Hm Mtg Asse Trust 200 seller Carvallo Jesus & Victor Coc vital data Escrow/Contract: - Sale Price: $325,200 Sale Date: 8/14/2014 Status: - Days on Market: - Building SF: 1,762 SF Exchange: No Price/SF: $184.56 Conditions: - Pro Forma Cap Rate: - Land Area SF: 6,499 Actual Cap Rate: - Acres: 0.15 Down Pmnt: - $/SF Land Gross: $50.04 Pct Down: - Year Built, Age: 1935 Age: 79 Doc No: 27127-0359 Parking Spaces: 3 Trans Tax: - Parking Ratio: 1.7/1000 SF Corner: No FAR 0.27 Zoning: CBD, Delray Beach Lot Dimensions: 50x135 Percent Improved: - Frontage: 50 feet on NE 5th Submarket: Delray Beach Tenancy: Multi Map Page: - Comp ID: 3169653 Parcel No: 12-43-46-16-01-099-0140 Property Type: Office income expense data financing Copyrighted report licensed to Valuation Consulting - 472799. 1/3/2003 $375,000 733030 9/28/2015 Page 15 234 NE 5th Ave Delray Beach, FL 33483 Class C Medical Building of 4,731 SF Sold on 11/22/2013 for $915,000 - Research Complete buyer Shakman Construction Company 2595 NW Boca Raton Blvd Boca Raton, FL 33431 (561)620-2973 seller Sidney Friedman c/o Thomas Sliney (516) 817-4406 vital data Escrow/Contract: - Sale Price: $915,000 Sale Date: 11/22/2013 Status: Confirmed Days on Market: 1,438 days Building SF: 4,731 SF Exchange: No Price/SF: $193.41 Conditions: - Pro Forma Cap Rate: - Land Area SF: 18,151 Actual Cap Rate: - Acres: 0.42 Down Pmnt: $203,000 $/SF Land Gross: $50.41 Pct Down: 22.2% Year Built, Age: 1952 Age: 61 Doc No: 26478-0124 Parking Spaces: 20 Trans Tax: - Parking Ratio: 4.23/1000 SF Corner: No FAR 0.26 Zoning: CBD Lot Dimensions: - Percent Improved: - Frontage: - Submarket: Delray Beach Tenancy: Multi Map Page: - Comp ID: 2913971 Parcel No: 12-43-46-16-47-000-0300 Property Type: Office income expense data financing 1st Legacy Bank Bal/Pmt: $712,000 Copyrighted report licensed to Valuation Consulting - 472799. 7/1/1999 $340,000 367929 9/28/2015 Page 16 265 NE 5th Ave Delray Beach, FL 33483 Class C Office Building of 1,670 SF Sold on 2/4/2014 for $395,000 - Research Complete buyer Van Arnem Company 238 NE 1st Ave Delray Beach, FL 33444 (561)272-2912 seller Behn Wilson 712 Shore Dr Boynton Beach, FL 33435 (561)289-7591 vital data Escrow/Contract: - Sale Price: $395,000 Sale Date: 2/4/2014 Status: Confirmed Days on Market: 21 days Building SF: 1,670 SF Exchange: No Price/SF: $236.53 Conditions: - Pro Forma Cap Rate: - Land Area SF: 7,928 Actual Cap Rate: - Acres: 0.18 Down Pmnt: - $/SF Land Gross: $49.82 Pct Down: - Year Built, Age: 1925 Age: 89 Doc No: 26597-1096 Parking Spaces: 4 Trans Tax: - Parking Ratio: 2.4/1000 SF Corner: No FAR 0.21 Zoning: CBD Lot Dimensions: - No Tenants: 1 Frontage: 61 feet on NE 6th Ave Percent Improved: 26.0% Tenancy: Single Submarket: Delray Beach Comp ID: 2966433 Map Page: - Parcel No: 12-43-46-16-01-106-0040 Property Type: Office income expense data (Listing Broker Expenses -Taxes $11,452 Park View Realty - Operating Expenses 3299 NW 2nd Ave Boca Raton, FL 33432 Total Expenses $11,452 (561)278-1169 Jeremy Stewart Buyer Broker No Buyer Broker on Deal financing prior sale Date/Doc No: 4/2/2013 Sale Price: - ComplD: 2735761 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 17 355 NE 5th Ave, Unit 7 Three Fifty Five Building Delray Beach, FL 33483 Class C Office Condo of 1,016 SF Sold on 1/9/2015 for $174,500 - Research Complete buyer Kaltman, Ken seller Southdale Properties Inc 1802 N Federal Hwy Lake Worth, FL 33460 (561)586-1160 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 30 days 1/9/2015 23 days No 1982 Age: 32 32 2.67/1000 SF 3202192 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $174,500 Confirmed 1,016 SF Office Condo 12,000 SF $171.75 $174,500 100.0% No 4 Delray Beach Office (Listing Broker $26,806 Southdale Properties Inc 1802 N Federal Hwy $26,806 Lake Worth, FL 33460 (561)586-1160 Cecelia Boone, Laura Allen (Buyer Broker Southdale Properties Inc 1802 N Federal Hwy Lake Worth, FL 33460 (561)586-1160 Cecelia Boone prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. 12/31/2013 (26570-1531) 2950234 9/28/2015 Page 18 355 NE 5th Ave Three Fifty Five Building Delray Beach, FL 33483 Class C Office Building of 12,000 SF Sold on 12/31/20' Public Record buyer Sumrall H Cassedy Trust 355 NE 5th Ave Delray Beach, FL 33483 seller Sumrall H Cassedy Jr vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 12/31/2013 No 1982 Age: 31 32 2.67/1000 SF Multi 2950234 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker $26,806 $26,806 Buyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. 12,000 SF 26570-1531 No 4 Delray Beach 12-43-46-16-75-000-0080 Office 10/6/2010 2003009 9/28/2015 Page 19 466 NE 5th Ave Delray Beach, FL 33483 Class C Office Building of 1,359 SF Sold on 8/21/2014 for $460,000 - Research Complete buyer Amir Askari 7600 N Federal Hwy Boca Raton, FL 33487 seller Tuttle Constance L 5571 Dianthus St Green Cove Springs, FL 32043 (561)276-5900 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 60 days 8/21/2014 247 days No 7,327 0.17 $62.78 1950 Age: 64 6 5.41/1000 SF 0.19 Single 3101174 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $460,000 Confirmed 1,359 SF $338.48 $460,000 100.0% No CBD 2 24.4% Delray Beach 12-43-46-09-33-001-0020 Office Listing Broker $5,380 Chris Lowry Realty Services 42 N Swinton Ave $5,380 Delray Beach, FL 33444 (561)523-3939 Chris Lowry Buyer Broker No Buyer Broker on Deal Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 20 522 NE 5th Ave Delray Beach, FL 33483 Class C Office Building of 1,040 SF Sold on 9/13/2013 $222,000 - Research Complete buyer Delray Rug Company 37 SE 6th Ave Delray Beach, FL 33483 (561)278-9898 seller Hudson James R 522 NE 5th Ave Boynton Beach, FL 33435 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 60 days Sale Price: $222,000 9/13/2013 Status: Confirmed 115 days Building SF: 1,040 SF No Price/SF: $213.46 - Pro Forma Cap Rate: - 8,276 Actual Cap Rate: - 0.19 Down Pmnt: $222,000 $26.82 Pct Down: 100.0% 1941 Age: 72 Doc No: - 6 Trans Tax: - 5.77/1000 SF Corner: No 0.13 Zoning: CBD,GC - Percent Improved: - Submarket: Delray Beach Single Map Page: - 2837014 Parcel No: - Property Type: Office (Listing Broker - Taxes $1,542 Chris Lowry Realty Services - Operating Expenses 42 N Swinton Ave Total Expenses T Delray Beach, FL 33444 $1,542 (561)523-3939 Chris Lowry (Buyer Broker Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 21 181 SE 5th Ave Delray Beach, FL 33483 Class C Office Building of 4,448 SF Sold on 12/30/2014 for $855,143 - Research Complete buyer Michael Campbell 181 SE 5th Ave Delray Beach, FL 33483 seller Hayes Robert W & Linda S 12505 Oak Arbor Ln Boynton Beach, FL 33436 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses 12/30/2014 ►G7 15,298 0.35 $55.90 1948 Age: 66 19 4.27/1000 SF 0.29 Single 3211922 - Taxes - Operating Expenses Total Expenses financing 1st Florida Cmnty Ln Fnd Inc Bal/Pmt: $850,000 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: (Listing Broker $20,488 $20,488 Buyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. $855,143 Confirmed 4,448 SF $192.25 27253-0502 No CBD 2 Delray Beach 12-43-46-16-01-110-0090 Office 6/29/2010 $144,700 1947697 9/28/2015 Page 22 190 SE 5th Ave Delray Beach, FL 33483 fr Class C Office Building of 3,200 SF Sold on 12/18/2013 for $600,000 - Research Complete buyer .. Behringer 14675 Dallas Pky Dallas, TX (214) 655-1600 t+e seller , Mcgloin Richard A _# vital data Escrow/Contract: - Sale Price: $600,000 Sale Date: 12/18/2013 Status: Full Value Days on Market: - Building SF: 3,200 SF Exchange: No Price/SF: $187.50 Conditions: Assemblage Pro Forma Cap Rate: - Land Area SF: 11,021 Actual Cap Rate: - Acres: 0.25 Down Pmnt: - $/SF Land Gross: $54.44 Pct Down: - Year Built, Age: 1983 Age: 30 Doc No: 26531-1380 Parking Spaces: 12 Trans Tax: - Parking Ratio: 3.75/1000 SF Corner: No FAR 0.29 Zoning: CPD Lot Dimensions: - Percent Improved: - Frontage: - Submarket: Delray Beach Tenancy: Multi Map Page: - Comp ID: 2933851 Parcel No: 12-43-46-16-01-102-0191 Property Type: Office income expense data (Listing Broker Expenses -Taxes $13,711 - Operating Expenses Total Expenses $13,711 Buyer Broker financing Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 23 766 SE 5th Ave Delray Beach, FL 33483 Class C Office Building of 1,690 SF Sold on 4/22/2014 for $315,000 - Research Complete buyer seller DRS Medical Office LLC 766 SE 5th Ave Delray Beach, FL 33483 (561)276-6536 vital data Escrow/Contract: 30 days Sale Price: $315,000 Sale Date: 4/22/2014 Status: Confirmed Days on Market: 55 days Building SF: 1,690 SF Exchange: No Price/SF: $186.39 Conditions: - Pro Forma Cap Rate: - Land Area SF: 12,828 Actual Cap Rate: - Acres: 0.29 Down Pmnt: $315,000 $/SF Land Gross: $24.55 Pct Down: 100.0% Year Built, Age: 1953 Age: 61 Doc No: - Parking Spaces: 11 Trans Tax: - Parking Ratio: 6.7/1000 SF Corner: No FAR 0.13 Zoning: GC Lot Dimensions: - No Tenants: 1 Frontage: - Percent Improved: - Tenancy: Multi Submarket: Delray Beach Comp ID: 3031239 Map Page: - Parcel No: - Property Type: Office income expense data (Listing Broker Expenses -Taxes $9,717 Re/Max Prestige - Operating Expenses 9 N O St Lake Worth, FL 33460 Total Expenses $9,717 (561)540-8979 Robert D'Arinzo Buyer Broker Avison Young 2020 Ponce de Leon Blvd Miami, FL 33134 (305)446-0011 Michael Fay financing prior sale Date/Doc No: 3/11/2009 Sale Price: $695,000 ComplD: 1671096 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 24 98 SE 6th Ave Delray Beach, FL 33483 Class C Office Building of 4,301 SF Sold on 9/6/2013 for $1,245,000 - Research Complete buyer d+g communications group 1225 NW 17th Ave Delray Beach, FL 33445 (561)266-0127 seller The Barrett Company 98 SE 6th Ave Delray Beach, FL 33483 (561)274-6686 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses 75 days 9/6/2013 224 days No 11,326 0.26 $109.93 1986 Age: 26 11 2.56/1000 SF 0.38 135 feet on SE 6th Multi 2835714 - Taxes - Operating Expenses Total Expenses financing 1st SunTrust Bank Bal/Pmt: $753,500 $23,650 '—'—w Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $1,245,000 Confirmed 4,301 SF $289.47 $250,000 20.1% 26361-0295 $8,715 No CBD, Delray Beach 1 37.9% Delray Beach 12-43-46-16-01-109-0240 Office Listing Broker Coldwell Banker Residential 1185 E Atlantic Ave Delray Beach, FL 33483 (561)278-0300 Bob Hiering Buyer Broker Atlantic Commercial Group 98 SE 6th Avenue Delray Beach, FL 33483 (561)447-8610 Gary Broidis prior sale Date/Doc No: 3/27/2000 Sale Price: $800,000 ComplD: 459540 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 25 801 SE 6th Ave 801 Building Delray Beach, FL 33483 Class C Office Building of 8,800 SF Sold on 9/17/2014 for $1,100,000 - Research Complete buyer F & A Of Delray Beach LLC 7119 Via Marbella Boca Raton, FL 33433 seller 801 SE 6th Avenue LLC 100 Hillside Ave Tenafly, NJ 07670 (201)568-1117 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 1st Seller Expenses 9/17/2014 ►G 7 30,374 0.7 $36.21 1982 Age: 32 44 5/1000 SF 0.29 Multi 3141615 - Taxes - Operating Expenses Total Expenses Bal/Pmt: $880,000 J Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker $26,765 $26,765 Buyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. $1,100,000 Full Value 8,800 SF $125.00 27065-0368 No GC 2 Delray Beach 12-43-46-21-04-002-0010 Office 11/10/2009 1846185 9/28/2015 Page 26 401 SE 6th St Delray Beach, FL 33483 Class B Office/Residential Building of 420 SF Sold on 2/5/2014 for $249,900 - Research Complete buyer Allied Curtis Enterprises Inc 1299 W Palmetto Park Rd Boca Raton, FL 33486 (561)347-9663 seller Peters Fort Myers Auto 6023 Le Lac Rd Boca Raton, FL 33496 (561)988-9619 vital data Escrow/Contract: - Sale Price: $249,900 Sale Date: 2/5/2014 Status: Confirmed Days on Market: 561 days Building SF: 420 SF Exchange: No Price/SF: $595.00 Conditions: Redevelopment Project Pro Forma Cap Rate: - Land Area SF: 4,792 Actual Cap Rate: - Acres: 0.11 Down Pmnt: - $/SF Land Gross: $52.15 Pct Down: - Year Built, Age: 1930 Age: 84 Doc No: 26603-0160 Parking Spaces: 4 Trans Tax: - Parking Ratio: 9.52/1000 SF Corner: No FAR 0.09 Zoning: CBD Lot Dimensions: - Percent Improved: - Frontage: - Submarket: Delray Beach Tenancy: Multi Map Page: - Comp ID: 2964244 Parcel No: 12-43-46-21-01-001-0096 Property Type: Office income expense data Expenses financing - Taxes - Operating Expenses _ Total Expenses 1st Private Lender Bal/Pmt: $175,000 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 27 237 NE 8th St Delray Beach, FL 33444 Class C Medical Building of 2,374 SF Sold on 1/7/2014 for $667,000 - Research Complete buyer Bethesda Healthcare System Inc 2815 S Seacrest Blvd Boynton Beach, FL 33435 seller Enclave At George Bush Llc vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 1/7/2014 ►G 7 16,553 0.38 $40.30 1979 Age: 35 10 4.21/1000 SF 0.14 Multi 2941927 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $667,000 Full Value 2,374 SF $280.96 26553-1820 No RO Delray Beach 12-43-46-09-28-012-0250 Office Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 28 112 SE 10th St Delray Beach, FL 33483 Class B Office/Residential Building of 4,992 SF Sold on 5/6/2015 for $635,000 - Research Complete buyer Living Sober Llc 416 SE 5th St Delray Beach, FL 33483 seller Thompson Engineering Consultants 900 Linton Blvd Delray Beach, FL 33444 (561)274-0200 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data 60 days 5/6/2015 ►G 7 15,398 0.35 $41.24 1935 Age: 80 8 1.6/1000 SF 0.32 Multi 3308151 financing 1st First Citizens Bk&tr Co Bal/Pmt: $498,000 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $635,000 Full Value 4,992 SF $127.20 27530-0104 No SAD, Delray Beach Delray Beach Trakker 51-U36 12-43-46-21-13-005-0090 Office isting Broker No Listing Broker on Deal luyer Broker No Buyer Broker on Deal prior sale Date/Doc No: 1/10/2005 Sale Price: $420,000 ComplD: 995500 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 29 800 NW 17th Ave Delray Park of Commerce Delray Beach, FL 33445 Class B Office Building of 19,478 SF Sold on 7/1/2014 for $3,400,000 - Research Complete buyer Brain Matters Inc 800 NW 17th Ave Delray Beach, FL 33445 (561)374-8461 seller Life Care Services LLC 400 Locust St Des Moines, IA 50309 (515) 875-4500 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 7/1/2014 337 days No 191,228 4.39 $17.78 1999 Age: 15 120 5/1000 SF 0.10 Multi 3063933 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker CBRE CBRE i Center Cir 777 Brickell Ave in, FL 33486 Miami, FL 33131 2100 (305)374-1000 ar, Dominic Montazemi Miguel Alcivar, Jason Hochman $3,400,000 Confirmed 19,478 SF $174.56 �Y�:I«i[cZ:3t No PCC 71.0% Delray Beach 12-43-46-07-35-018-0020 Office a Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 30 900 NW 17th Ave, Unit 201 Congress Professional Building - Delray Park of Commerce Delray Beach, FL 33445 Class B Office Condo of 1,400 SF Sold on 8/31/2015 - In Progress buyer seller vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 8/31/2015 2,954 days No 9,148 0.21 1999 Age: 16 160 9.41/1000 SF 1.86 3383376 Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: 1,400 SF Office Condo 17,000 SF $150,000 No R1 D Delray Beach Office Listing Broker H&B Commercial 601 N Congress Ave Delray Beach, FL 33445 (561)279-9251 Katherin Khidirian, CCIM Buyer Broker Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 31 955 NW 17th Ave, Unit A Building A - Grand Bahama Professional Park Cond Delray Beach, FL 33445 Class B Office Condo of 1,200 SF Sold on 3/12/2014 for $285,000 - Research Complete buyer GBCA LLC 5311 Grand Banks Blvd Greenacres, FL 33463 seller Iberia Bank 7111 Fairway Dr Palm Beach Gardens, FL 33418 (561)653-5071 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 3/12/2014 No 2001 Age: 12 30 1.88/1000 SF 3239432 Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $285,000 Confirmed 1,200 SF Office Condo 2,400 SF $237.50 No PCC, Delray Beach 7 Delray Beach Office isting Broker No Listing Broker on Deal luyer Broker NAI/Merin Hunter Codman, Inc. 1601 Forum PI West Palm Beach, FL 33401 (561)471-8000 Neil Merin prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. 11/4/2013(26461-0707) $230,000 2906650 9/28/2015 Page 32 955 NW 17th Ave, Unit G Building A - Grand Bahama Professional Park Cond Delray Beach, FL 33445 Class B Office Condo of 1,200 SF Sold on 11/4/2013 for $230,000 - Research Complete buyer Florida First Capital Finance Corporation 1351 N Gadsden St Tallahassee, FL 32303 (850)681-3601 seller Phyllis Rosen Llc vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 11/4/2013 98 days No 2001 Age: 12 30 1.88/1000 SF 2906650 Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker Buyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. $230,000 Full Value 1,200 SF Office Condo 2,400 SF $191.67 %Z1-11RIQ111Llfl No PCC, Delray Beach 7 Delray Beach 12-43-46-07-42-000-0070 Office 11/24/2004 $571,550 976097 9/28/2015 Page 33 955 NW 17th Ave Building A - Grand Bahama Professional Park Cond Delray Beach, FL 33445 Class B Office Building of 2,400 SF Sold on 5/20/2014 - Public Record buyer Ingrid Kennemer seller Kennemer Ingrid L vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 5/20/2014 No 2001 Age: 12 30 1.88/1000 SF Multi 3047456 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker Buyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. 2,400 SF 26824-1070 No PCC, Delray Beach 7 Delray Beach 12-43-46-07-42-000-0112 Office 3/12/2014 $285,000 3239432 9/28/2015 Page 34 215 NE 22nd St Delray Beach, FL 33444 Class C Medical Building of 1,568 SF Sold on 1/13/2015 for $250,000 - Public Record buyer Noahland, LLC 433 Plaza Real Blvd Boca Raton, FL 33432 seller Gallagher Mary C vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data 1/13/2015 ►, 4,709 0.11 $53.09 1963 Age: 52 12 7.65/1000 SF 0.33 Single 3225362 financing 1st Private Individual Fas Fiancial Inc Bal/Pmt: $50,000 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Copyrighted report licensed to Valuation Consulting - 472799. $250,000 1,568 SF $159.44 27286-0263 No NC 1 Delray Beach 12-43-46-04-00-000-7113 [Partial List] Office 9/28/2015 Page 35 5329 Atlantic Ave, Unit 204 Executive Square Plaza Delray Beach, FL 33484 Class C Office Condo of 1,230 SF Sold on 9/9/2015 for $245,000 -In Progress buyer seller vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 9/9/2015 134 days No 43,560 1 $5.62 1982 Age: 33 50 5.79/1000 SF 0.20 3384932 Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker $245,000 1,230 SF Office Condo 8,633 SF $199.19 No Delray Beach Office Avison Young 2020 Ponce de Leon Blvd Miami, FL 33134 (305)446-0011 Alan Sperling Buyer Broker prior sale Date/Doc No: 7/13/2007 Sale Price: $750,000 ComplD: 1393825 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 36 302 E Atlantic Ave SunTrust Delray Beach, FL 33483 Class C Office Building of 27,500 SF Sold on 3/24/2014 - Public Record buyer': - Sheri P Rock 3355 Oaklea Dr Deland, FL 32720 seller ir Priest William P vital data Escrow/Contract: - Sale Price: Sale Date: 3/24/2014 Status: Days on Market: - Building SF: 27,500 SF Exchange: No Price/SF: - Conditions: - Pro Forma Cap Rate: - Land Area SF: 7,841 Actual Cap Rate: - Acres: 0.18 Down Pmnt: - $/SF Land Gross: - Pct Down: - Year Built, Age: 1975 Age: 38 Doc No: 26712-0156 Parking Spaces: - Trans Tax: - Parking Ratio: - Corner: No FAR 3.51 Zoning: CBD Lot Dimensions: - No Tenants: 3 Frontage: - Percent Improved: - Tenancy: Multi Submarket: Delray Beach Comp ID: 3011290 Map Page: - Parcel No: 12-43-46-16-01-093-0310 Property Type: Office income expense data Expenses -Taxes - Operating Expenses Total Expenses financing Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 37 302 E Atlantic Ave SunTrust Delray Beach, FL 33483 Class C Office Building of 27,500 SF Sold on 8/5/2015 - In Progress buyer':- Metropolitan At Delray Llc 1001 NW 51ST St''` j Boca Raton, FL 33431 seller Ir Rock Sheri P vital data Escrow/Contract: - Sale Price: Sale Date: 8/5/2015 Status: Days on Market: - Building SF: 27,500 SF Exchange: No Price/SF: - Conditions: - Pro Forma Cap Rate: - Land Area SF: 7,841 Actual Cap Rate: - Acres: 0.18 Down Pmnt: - $/SF Land Gross: - Pct Down: - Year Built, Age: 1975 Age: 40 Doc No: 27767-0020 Parking Spaces: - Trans Tax: - Parking Ratio: - Corner: No FAR 3.51 Zoning: CBD Lot Dimensions: - No Tenants: 3 Frontage: - Percent Improved: - Tenancy: Multi Submarket: Delray Beach Comp ID: 3389550 Map Page: - Parcel No: 12-43-46-16-01-093-0310 Property Type: Office income expense data Expenses -Taxes - Operating Expenses Total Expenses financing (Listing Broker $69,691 $69,691 Buyer Broker prior sale Date/Doc No: 5/13/2015 Sale Price: - ComplD: 3325937 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 38 302 E Atlantic Ave SunTrust Delray Beach, FL 33483 Class C Office Building of 27,500 SF Sold on 8/5/2015 - In Progress buyer':- Metropolitan At Delray Llc 1001 NW 51ST St''` j Boca Raton, FL 33431 seller Ir Ledbetter David C vital data Escrow/Contract: - Sale Price: Sale Date: 8/5/2015 Status: Days on Market: - Building SF: 27,500 SF Exchange: No Price/SF: - Conditions: - Pro Forma Cap Rate: - Land Area SF: 7,841 Actual Cap Rate: - Acres: 0.18 Down Pmnt: - $/SF Land Gross: - Pct Down: - Year Built, Age: 1975 Age: 40 Doc No: 27767-0008 Parking Spaces: - Trans Tax: - Parking Ratio: - Corner: No FAR 3.51 Zoning: CBD Lot Dimensions: - No Tenants: 3 Frontage: - Percent Improved: - Tenancy: Multi Submarket: Delray Beach Comp ID: 3389553 Map Page: - Parcel No: 12-43-46-16-01-093-0310 Property Type: Office income expense data Expenses -Taxes - Operating Expenses Total Expenses financing (Listing Broker $69,691 $69,691 Buyer Broker prior sale Date/Doc No: 5/13/2015 Sale Price: - ComplD: 3325937 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 39 302 E Atlantic Ave SunTrust Delray Beach, FL 33483 Class C Office Building of 27,500 SF Sold on 8/5/2015 - In Progress buyer':- Metropolitan At Delray Llc 1001 NW 51ST St''` j Boca Raton, FL 33431 seller Ir Ledbetter David C vital data Escrow/Contract: - Sale Price: Sale Date: 8/5/2015 Status: Days on Market: - Building SF: 27,500 SF Exchange: No Price/SF: - Conditions: - Pro Forma Cap Rate: - Land Area SF: 7,841 Actual Cap Rate: - Acres: 0.18 Down Pmnt: $330,000 $/SF Land Gross: - Pct Down: - Year Built, Age: 1975 Age: 40 Doc No: 27767-0014 Parking Spaces: - Trans Tax: - Parking Ratio: - Corner: No FAR 3.51 Zoning: CBD Lot Dimensions: - No Tenants: 3 Frontage: - Percent Improved: - Tenancy: Multi Submarket: Delray Beach Comp ID: 3389563 Map Page: - Parcel No: 12-43-46-16-01-093-0310 Property Type: Office income expense data Expenses -Taxes - Operating Expenses Total Expenses financing (Listing Broker $69,691 $69,691 Buyer Broker prior sale Date/Doc No: 5/13/2015 Sale Price: - ComplD: 3325937 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 40 415-419 E Atlantic Ave, Unit 415 Blair's Downtown Condo Delray Beach, FL 33483 Storefront Condo of 2,485 SF Sold on 5/21/2014 for $1,100,000 - Research Complete buyer Ratner, Dennis Trust 3215 S Flagler Dr West Palm Beach, FL 33405 (561)653-3294 seller Lloyd, Richard 12609 Weatherford Way Orlando, FL 32832 vital data $1,100,000 Escrow/Contract: - Sale Date: 5/21/2014 Days on Market: 559 days Exchange: No Conditions: - Land Area SF: 6,682 Acres: 0.15 $/SF Land Gross: $164.62 Year Built, Age: 1993 Age: 21 Parking Spaces: - Parking Ratio: - FAR 0.64 Lot Dimensions: - Frontage: 41 feet on E Atlantic Ave (with 0 curb cut) Tenancy: - Comp ID: 3051172 income expense data financing Expenses -Taxes $15,043 - Operating Expenses $14,124 Total Expenses $29,167 Sale Price: $1,100,000 Status: Confirmed Condo Type: 2,485 SF Retail Condo Building SF: 4,280 SF Price/SF: $442.66 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: $1,100,000 Pct Down: 100.0% Doc No: 26834-1732 Trans Tax: - Corner: No Zoning: - No Tenants: 2 Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: - Property Type: Retail Listing Broker Blue Luxury Properties, LLC 5800 NW 24TH Ave Boca Raton, FL 33496 (561)245-1583 Marilyn Shapera Buyer Broker sale )oc No: 8/9/2010 Price: $670,000 DmplD: 1970759 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 41 900 E Atlantic Ave, Unit 12 Waterway East Delray Beach, FL 33483 Storefront Retail/Office Condo of 1,939 SF Sold on 6/20/2014 for $541,300 - Research Complete buyer David Doran 301 Yamato Rd Boca Raton, FL 33431 (561)999-9995 seller Claire Therien 2770 S Ocean Blvd Palm Beach, FL 33480 vital data Escrow/Contract: - Sale Price: $541,300 Sale Date: 6/20/2014 Status: Confirmed Days on Market: 92 days Condo Type: 1,939 SF Retail Condo Exchange: No Building SF: 62,591 SF Conditions: - Price/SF: $279.16 Land Area SF: 143,286 Pro Forma Cap Rate: - Acres: 3.29 Actual Cap Rate: - $/SF Land Gross: $3.78 Down Pmnt: - Year Built, Age: 1979 Age: 35 Pct Down: - Parking Spaces: - Doc No: 26871-0957 Parking Ratio: 10/1000 SF Trans Tax: - FAR 0.44 Corner: No Lot Dimensions: - Zoning: CBD Frontage: 551 feet on East Atlantic Ave No Tenants: 20 285 feet on Venetian Dr. Tenancy: - Percent Improved: - Comp ID: 3066560 Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-16-62-000-0120 Property Type: Retail income expense data (Listing Broker Expenses -Taxes $16,080 Tauriello & Company Real Estate Inc. - Operating Expenses 900 E Atlantic Ave Total Expenses $16,080 Delray Beach, FL 33483 (561)278-5570 Sue Tauriello financing 1st Mercantile Capital Corporation Bal/Pmt: $432,000 Buyer Broker No Buyer Broker on Deal prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. 1/14/2014 (26522-1385) $405,000 2933202 9/28/2015 Page 42 900 E Atlantic Ave, Unit 7 Waterway East Delray Beach, FL 33483 Storefront Retail/Office Condo of 2,400 SF Sold on 5/7/2015 for $525,000 - Research Complete buyer Professional Psychological Services, Inc. 900 E Atlantic Ave Delray Beach, FL 33483 (305) 606-5093 seller Orchid, The 2925 10th Ave N Palm Springs, FL 33461 (561)433-2336 vital data $525,000 Escrow/Contract: 30 days Sale Date: 5/7/2015 Days on Market: 118 days Exchange: No Conditions: - Land Area SF: 143,286 Acres: 3.29 $/SF Land Gross: $3.66 Year Built, Age: 1979 Age: 36 Parking Spaces: - Parking Ratio: 10/1000 SF FAR 0.44 Lot Dimensions: - Frontage: 551 feet on East Atlantic Ave 285 feet on Venetian Dr. Tenancy: - Comp ID: 3308170 income expense data financing Expenses -Taxes $16,080 - Operating Expenses Total Expenses $16,080 Sale Price: $525,000 Status: Confirmed Condo Type: 2,400 SF Retail Condo Building SF: 62,591 SF Price/SF: $218.75 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: $525,000 Pct Down: 100.0% Doc No: 27526-1505 Trans Tax: - Corner: No Zoning: CBD No Tenants: 20 Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-16-62-000-0070 Property Type: Retail Listing Broker Rubin Group Real Estate 455 NW 35th St Boca Raton, FL 33431 (561)208-1194 Ronen Rubin Buyer Broker No Buyer Broker on Deal prior sale Date/Doc No: 8/15/2014 Sale Price: $440,000 ComplD: 3101170 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 43 900 E Atlantic Ave, Unit 7 Waterway East Delray Beach, FL 33483 Storefront Retail/Office Condo of 2,400 SF Sold on 9/3/2013 for $465,000 - Research Complete buyer 900 Atlantic Avenue Llc 2700 N Military Tri Boca Raton, FL 33431 seller National Loss Mitigation Llc vital data $465,000 Escrow/Contract: - Sale Date: 9/3/2013 Days on Market: 417 days Exchange: No Conditions: - Land Area SF: 143,286 Acres: 3.29 $/SF Land Gross: $3.25 Year Built, Age: 1979 Age: 34 Parking Spaces: - Parking Ratio: 10/1000 SF FAR 0.44 Lot Dimensions: - Frontage: 551 feet on East Atlantic Ave 285 feet on Venetian Dr. Tenancy: - Comp ID: 2848861 income expense data financing Expenses -Taxes $16,080 - Operating Expenses Total Expenses $16,080 Sale Price: $465,000 Status: Full Value Condo Type: 2,400 SF Retail Condo Building SF: 62,591 SF Price/SF: $193.75 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: - Pct Down: - Doc No: 26317-1577 Trans Tax: - Corner: No Zoning: CBD No Tenants: 20 Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-16-62-000-0070 Property Type: Retail Listing Broker RJM Real Estate Corp. 455 NE 5th Ave Delray Beach, FL 33483 (561)910-5599 Ryan Mueller Buyer Broker prior sale Date/Doc No: 7/25/2013 Sale Price: $2,750,000 ComplD: 2824527 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 44 900 E Atlantic Ave, Unit 18 Waterway East Delray Beach, FL 33483 Storefront Retail/Office Condo of 1,200 SF Sold on 1/14/2014 for $405,000 buyer Np 900 East Atlantic Llc seller Dm & Jm Investment Group Llc vital data $405,000 Escrow/Contract: - Sale Date: 1/14/2014 Days on Market: 260 days Exchange: No Conditions: - Land Area SF: 143,286 Acres: 3.29 $/SF Land Gross: $2.83 Year Built, Age: 1979 Age: 35 Parking Spaces: - Parking Ratio: 10/1000 SF FAR 0.44 Lot Dimensions: - Frontage: 551 feet on East Atlantic Ave 285 feet on Venetian Dr. Tenancy: - Comp ID: 2933202 income expense data Expenses -Taxes - Operating Expenses Total Expenses financing 1st Wells Farqo Bank N.A. Bal/Pmt: $365,000 $16,080 Sale Price: $405,000 Status: Full Value Condo Type: 1,200 SF Retail Condo Building SF: 62,591 SF Price/SF: $337.50 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: $40,000 Pct Down: 9.9% Doc No: 26522-1385 Trans Tax: - Corner: No Zoning: CBD No Tenants: 20 Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: - Property Type: Retail Listing Broker Lang Realty 9858 Clint Moore Rd Boca Raton, FL 33496 (561)989-2100 Thomas Walsh Buyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. 9/3/2013 (26317-1577) $465,000 2848861 9/28/2015 Page 45 301 W Atlantic Ave, Unit R5 Atlantic Grove Condominium Delray Beach, FL 33444 Class B Office Condo of 1,008 SF Sold on 3/24/2014 for $207,500 - Research Complete buyer 301 W Atlantic Ave Inc 2115 S Ocean Blvd Delray Beach, FL 33483 seller Mizner Grande Realty, Inc. 155 NE Spanish River Blvd Boca Raton, FL 33487 (561)393-7000 vital data $207,500 Escrow/Contract: - Sale Date: 3/24/2014 Days on Market: 552 days Exchange: No Conditions: - Land Area SF: 50,451 Acres: 1.16 $/SF Land Gross: $4.11 Year Built, Age: 2004 Age: 9 Parking Spaces: 110 Parking Ratio: 3.05/1000 SF FAR 0.71 Lot Dimensions: - Frontage: 316 feet on W W Atlantic Ave Ave (with 1 curb cut) Tenancy: - Comp ID: 3003481 income expense data financing Expenses -Taxes $4,856 - Operating Expenses Total Expenses $4,856 Sale Price: $207,500 Status: Full Value Condo Type: 1,008 SF Office Condo Building SF: 36,000 SF Price/SF: $205.85 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: - Pct Down: - Doc No: 26693-1163 Trans Tax: - Corner: No Zoning: GC, Delray Beach No Tenants: 13 Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-17-61-015-0050 Property Type: Office Listing Broker Mizner Grande Realty, Inc. 155 NE Spanish River Blvd Boca Raton, FL 33487 (561)393-7000 Suzanne Bower Buyer Broker prior sale Date/Doc No: 12/7/2012 Sale Price: $247,500 ComplD: 2810051 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 46 301 W Atlantic Ave, Unit R4 Atlantic Grove Condominium Delray Beach, FL 33444 Class B Office Condo of 973 SF Sold on 3/24/2014 for $207,500 - Research Complete buyer Delray Beach Executives Suites, Inc 2115 S Ocean Blvd Delray Beach, FL 33483 seller Suzanne Bower-Frias 524 Enfield Ct Delray Beach, FL 33444 vital data $207,500 Escrow/Contract: - Sale Date: 3/24/2014 Days on Market: 552 days Exchange: No Conditions: - Land Area SF: 50,451 Acres: 1.16 $/SF Land Gross: $4.11 Year Built, Age: 2004 Age: 9 Parking Spaces: 110 Parking Ratio: 3.05/1000 SF FAR 0.71 Lot Dimensions: - Frontage: 316 feet on W W Atlantic Ave Ave (with 1 curb cut) Tenancy: - Comp ID: 3003495 income expense data financing Expenses -Taxes $4,856 - Operating Expenses Total Expenses $4,856 Sale Price: $207,500 Status: Full Value Condo Type: 973 SF Office Condo Building SF: 36,000 SF Price/SF: $213.26 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: - Pct Down: - Doc No: 26693-1179 Trans Tax: - Corner: No Zoning: GC, Delray Beach No Tenants: 13 Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-17-61-015-0040 Property Type: Office Listing Broker Mizner Grande Realty, Inc. 155 NE Spanish River Blvd Boca Raton, FL 33487 (561)393-7000 Suzanne Bower Buyer Broker prior sale Date/Doc No: 12/7/2012 Sale Price: $247,500 ComplD: 2810051 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 47 401 W Atlantic Ave, Unit R-12 Atlantic Grove Condominium Delray Beach, FL 33444 Storefront Retail/Residential Condo of 2,241 SF Sold on 1/14/2014 for $435,000 - Research Complete buyer 223 Holdings LLC 918 Tropic Blvd Delray Beach, FL 33483 seller Del RE II, LLC 581 W 49th St Hialeah, FL 33012 vital data $435,000 Escrow/Contract: - Sale Date: 1/14/2014 Days on Market: 57 days Exchange: No Conditions: Purchase By Tenant Land Area SF: 43,560 Acres: 1 $/SF Land Gross: $9.99 Year Built, Age: 2004 Age: 10 Parking Spaces: 175 Parking Ratio: 4/1000 SF FAR 1.00 Lot Dimensions: - Frontage: 305 feet on W W Atlantic Ave Ave (with 1 curb cut) Tenancy: - Comp ID: 2935588 income expense data financing Expenses -Taxes $16,697 - Operating Expenses Total Expenses $16,697 Sale Price: $435,000 Status: Confirmed Condo Type: 2,241 SF Retail Condo Building SF: 43,560 SF Price/SF: $194.11 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: - Pct Down: - Doc No: - Trans Tax: - Corner: No Zoning: - No Tenants: 14 Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: - Property Type: Retail Listing Broker H&B Commercial 601 N Congress Ave Delray Beach, FL 33445 (561)279-9251 Katherin Khidirian, CCIM Buyer Broker prior sale Date/Doc No: 6/23/2011 Sale Price: $150,000 ComplD: 2168498 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 48 4665 W Atlantic Ave 4665 W Atlantic Ave Delray Beach, FL 33445 Class C Medical Building of 7,694 SF Sold on 8/19/2013 for $1,200,000 - Research Complete buyer Thomas C. Balshi, M.D. 415 NW 22nd St Delray Beach, FL 33444 seller Spodak Myles S Dds Pa 4665 W Atlantic Ave Delray Beach, FL 33445 (561)498-0050 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses 8/19/2013 ►G 7 55,739 1.28 $21.53 1976 Age: 37 36 4.68/1000 SF 0.14 Multi 2848855 - Taxes - Operating Expenses Total Expenses financing 1st First Citizens Bk&tr Co Bal/Pmt: $1,275,000 2nd First Citizens Bk&tr Co Bal/Pmt: $60,000 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Copyrighted report licensed to Valuation Consulting - 472799. $1,200,000 Full Value 7,694 SF $155.97 26320-1341 No POD 2 Delray Beach 12-42-46-13-00-000-7180 Office 9/28/2015 Page 49 6110 W Atlantic Ave, Unit A Atlantic Center Delray Beach, FL 33484 Class B Medical Condo of 3,200 SF Sold on 6/3/2015 for $737,500 - Research Complete buyer Hearing Partners Of South FI 6110 W Atlantic Ave Delray Beach, FL 33484 (561)638-6530 seller Florida Pain Medicine Associates 2828 S Seacrest Blvd Boynton Beach, FL 33435 (561)369-7644 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 1st Bank Of America 101 days 6/3/2015 2,919 days No 51,057 1.17 $14.44 2004 Age: 10 38 3.96/1000 SF 0.19 3316687 Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: -isting Broker $737,500 Confirmed 3,200 SF Office Condo 9,600 SF $230.47 $73,750 10.0% 27618-0745 No C 3 100.0% Delray Beach 00-42-46-22-27-000-0010 Office The Keyes Co., Boca Raton North 1906 Clint Moore Rd Boca Raton, FL 33496 (561)702-3757 Fred DeFalco 3uyer Broker H&B Commercial 601 N Congress Ave Delray Beach, FL 33445 (561)279-9251 Katherin Khidirian, CCIM prior sale Date/Doc No: 2/9/2012 Sale Price: $550,000 ComplD: 2281380 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 50 6646 W Atlantic Ave Delray Beach, FL 33446 Class C Office Building of 15,890 SF Sold on 6/10/2014 for $2,100,000 - Research Complete buyer Tovah Jasperson 11576 Pierson Rd Wellington, FL 33414 (561)795-0018 seller Oaktree Capital Management LP 333 S Grand Ave Los Angeles, CA 90071 (213) 830-6300 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: 6/10/2014 118 days No 43,560 1 $48.21 1980 Age: 33 36 3/1000 SF 0.36 200x225 Multi 3054392 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $2,100,000 Confirmed 15,890 SF $132.16 26851-1768 No CGSE 60.1% Delray Beach 00-42-46-22-15-000-0020 Office income expense data Listing Broker Expenses -Taxes $35,660 CBRE CBRE - Operating Expenses 5100 Town Center Cir 777 Brickell Ave Total Expenses $35,660 Boca Raton, FL 33486 Miami, FL 33131 (561)394-2100 (305)374-1000 Dominic Montazemi, Scott Miguel Alcivar O'Donnell Buyer Broker Boca Executive Realty 4800 N Federal Hwy Boca Raton, FL 33431 (561)544-3810 Holly Chaney financing prior sale Date/Doc No: 3/8/2013 Sale Price: $240,900,000 ComplD: 2696601 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 51 601 N Congress Ave, Unit 109 Building 4 - Congress Commerce Center Delray Beach, FL 33445 Class B Office Condo of 2,925 SF Sold on 4/1/2014 for $306,000 - Research Complete buyer Mouw Associates. Inc 409-413 NE 3rd St Delray Beach, FL 33483 (561)276-9640 seller Wells Fargo Bank 420 Montgomery St San Francisco, CA 94104 (866)878-5865 vital data Escrow/Contract: 20 days Sale Price: $306,000 Sale Date: 4/1/2014 Status: Confirmed Days on Market: - Condo Type: 2,925 SF Office Condo Exchange: No Building SF: 62,597 SF Conditions: REO Sale Price/SF: $104.62 Land Area SF: 543,629 Pro Forma Cap Rate: - Acres: 12.48 Actual Cap Rate: - $/SF Land Gross: $0.56 Down Pmnt: $306,000 Year Built, Age: 2003 Age: 10 Pct Down: 100.0% Parking Spaces: 60 Doc No: - Parking Ratio: 4/1000 SF Trans Tax: - FAR 0.12 Corner: No Lot Dimensions: - Zoning: PCC, Delray Beach Frontage: No Tenants: 55 Tenancy: Percent Improved: 100.0% Comp ID: 2999758 Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-07-43-001-1090 Property Type: Office income expense data Expenses -Taxes - Operating Expenses Total Expenses financing $7,337 Listing Broker Sperry Van Ness Miami 7925 NW 12th St Doral, FL 33126 (305) 235-1500 Eric Amat, Matthew Rotolante Buyer Broker H&B Commercial 601 N Congress Ave Delray Beach, FL 33445 (561)279-9251 Katherin Khidirian, CCIM prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. 10/31/2013 (26419-1535) $168,000 2928793 9/28/2015 Page 52 601 N Congress Ave, Unit 435-436 Building 4 - Congress Commerce Center Delray Beach, FL 33445 Class B Office Condo of 2,000 SF Sold on 8/26/2014 for $210,000 - Research Complete buyer J&M Florida Investments LLC 8816 SW 18th Rd Boca Raton, FL 33433 (561)206-6603 seller Alicia Eckardt 2701 N Ocean Blvd Boca Raton, FL 33431 (561)596-6873 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 8/26/2014 110 days No 543,629 12.48 $0.39 2003 Age: 10 60 4/1000 SF 0.12 3101308 - Taxes - Operating Expenses Total Expenses $7,337 Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker ComNet Realty Inc. 4800 N Federal Hwy Boca Raton, FL 33431 (561)999-0006 Henry Gluckstern Buyer Broker ComNet Realty Inc. 4800 N Federal Hwy Boca Raton, FL 33431 (561)999-0006 Henry Gluckstern prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. $210,000 Confirmed 2,000 SF Office Condo 62,597 SF $105.00 No PCC, Delray Beach 55 Delray Beach Office 4/1/2014 $306,000 2999758 9/28/2015 Page 53 601 N Congress Ave, Unit 458 & 459 Building 4 - Congress Commerce Center Delray Beach, FL 33445 Class B Office Condo of 972 SF Sold on 10/31/2013 for $168,000 - Research Complete buyer Giancarlos Paoli Vargas 6850 Willow Creek Run Lake Worth, FL 33463 seller RC Commercial Properties LLC 4429 Antietam Creek Trl Leesburg, FL 34748 vital data Escrow/Contract: - Sale Price: $168,000 Sale Date: 10/31/2013 Status: Full Value Days on Market: - Condo Type: 972 SF Office Condo Exchange: No Building SF: 62,597 SF Conditions: - Price/SF: $172.84 Land Area SF: 543,629 Pro Forma Cap Rate: - Acres: 12.48 Actual Cap Rate: - $/SF Land Gross: $0.31 Down Pmnt: - Year Built, Age: 2003 Age: 9 Pct Down: - Parking Spaces: 60 Doc No: 26419-1535 Parking Ratio: 4/1000 SF Trans Tax: $1,176 FAR 0.12 Corner: No Lot Dimensions: - Zoning: PCC, Delray Beach Frontage: No Tenants: 55 Tenancy: Percent Improved: 100.0% Comp ID: 2928793 Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-07-43-004-4580 [Partial List] Property Type: Office income expense data IListing Broker Expenses -Taxes $7,337 - Operating Expenses Total Expenses $7,337 financing 1st Private Lender Bal/Pmt: $150,000 Buyer Broker prior sale Date/Doc No: 10/30/2013 Sale Price: $165,000 ComplD: 2973570 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 54 601 N Congress Ave, Unit 434 Building 4 - Congress Commerce Center Delray Beach, FL 33445 Class B Office Condo of 1,000 SF Sold on 10/30/2013 for $165,000 - Research Complete buyer seller vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 10/30/2013 2,497 days No 543,629 12.48 $0.30 2003 Age: 9 60 4/1000 SF 0.12 2973570 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker $165,000 1,000 SF Office Condo 62,597 SF $165.00 No PCC, Delray Beach 55 Delray Beach Office $7,337 H&B Commercial 601 N Congress Ave $7,337 Delray Beach, FL 33445 (561)279-9251 Katherin Khidirian, CCIM (Buyer Broker prior sale Date/Doc No: 11/10/2011 Sale Price: $652,600 ComplD: 2231265 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 55 1640 S Congress Ave, Unit 135 condos Lucaya Delray Condominiums Delray Beach, FL 33445 Class C Apartments Condo 0 Units Sold on 10/6/2014 for $8,250,000 - Research Complete buyer Adi Karadi 3111 NE 1st Ave Pompano Beach, FL 33064 (561)506-5824 seller Alan Schein 499 E Sheridan St Dania Beach, FL 33004 vital data Escrow/Contract: - Sale Price: $8,250,000 Sale Date: 10/6/2014 Status: Confirmed Days on Market: - Condo Type: Multi -Family Condo Exchange: No Building SF: 275,700 SF Conditions: - Price/SF: - 0 Bedroom: 214/66% (0 +) Pro Forma Cap Rate: - 1 Bedroom: 0 Actual Cap Rate: - 2 Bedroom: 110/34% (2 + 2)(2 + 1) Price/Unit: $61,111 3 Bedroom: 0 No Units: 0 Other: 0 Down Pmnt: $2,062,000 Land Area SF: 958,320 Pct Down: 25.0% Acres: 22 Doc No: 27077-0403 $/SF Land Gross: $8.61 Trans Tax: - Year Built, Age: 1972 Age: 42 Corner: No Parking Spaces: 674 Zoning: - Parking Ratio: 2.08/Unit No Tenants: 1 FAR 0.29 Percent Improved: - Lot Dimensions: - Submarket: Outer Delray Beach MF Frontage: - Map Page: - Comp ID: 3132525 Parcel No: 12-43-46-19-15-073-0010 [Partial List] income expense data Listing Broker Expenses -Taxes $4,677 Marcus & Millichap Marcus & Millichap - Operating Expenses 5900 N Andrews Ave 300 S Orange Ave Fort Lauderdale, FL 33309 Orlando, FL 32801 Total Expenses $4,677 (954) 245-3400 (407) 557-3800 Tal Frydman, Daniel Cunningham Joe LaFleur, John Pullman Buyer Broker Marcus & Millichap Marcus & Millichap 5900 N Andrews Ave 300 S Orange Ave Fort Lauderdale, FL 33309 Orlando, FL 32801 (954)245-3400 (407)557-3800 Tal Frydman, Daniel Cunningham John Pullman, Joe LaFleur financing prior sale Date/Doc No: 10/31/2011 Sale Price: $4,250,000 ComplD: 2206247 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 56 160 Congress Park Dr, Unit 115 Congress Park Office Condos - Congress park Delray Beach, FL 33445 Class B Office Condo of 918 SF Sold on 3/6/2014 for $82,000 - Research Complete buyer Felipe Santos 5040 Sancerre Cir Lake Worth, FL 33463 seller Mlje Properties Llc vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses 3/6/2014 1 day No 43,560 1 $1.88 2006 Age: 7 60 4/1000 SF 0.48 2990613 - Taxes - Operating Expenses Total Expenses financing 1st Private Lender Bal/Pmt: $57,000 Sale Price: $82,000 Status: Full Value Condo Type: 918 SF Office Condo Building SF: 20,850 SF Price/SF: $89.32 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: $25,000 Pct Down: 30.5% Doc No: 26665-0980 Trans Tax: - Corner: No Zoning: - No Tenants: 11 Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-18-62-000-1150 Property Type: Office Listing Broker $1,441 $1,441 Buyer Broker prior sale Date/Doc No: 9/16/2013 (26350-0828) Sale Price: $60,000 ComplD: 2866657 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 57 160 Congress Park Dr, Unit 115 Congress Park Office Condos - Congress park Delray Beach, FL 33445 Class B Office Condo of 918 SF Sold on 9/16/2013 for $60,000 - Research Complete buyer Marder South Realty Llc 160 Congress Park Dr Delray Beach, FL 33445 seller Gisela E Goff Llc vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses 9/16/2013 1,076 days No 43,560 1 $1.38 2006 Age: 6 60 4/1000 SF 0.48 2866657 - Taxes - Operating Expenses Total Expenses financing 1st Pnc Bk National Assn Bal/Pmt: $50,000 $1,441 Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $60,000 918 SF Office Condo 20,850 SF $65.36 26350-0828 No 11 Delray Beach 12-43-46-18-62-000-1090 Office Listing Broker Drake Alexander Realty Group PO Box 810996 Boca Raton, FL 33481 (561)988-2502 Jeff Morris Buyer Broker prior sale Date/Doc No: 2/4/2013 Sale Price: $510,000 ComplD: 2706892 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 58 220 Congress Park Dr 220 Congress Building - Congress Office Park Delray Beach, FL 33445 Class B Office Building of 53,843 SF Sold on 8/20/2014 for $8,000,000 - Research Complete buyer ICM Realty Group, LLC 7900 International Dr Bloomington, MN 55425 (952) 883-3107 seller Grover & Corlew Realty Investors 4171 NW 66th Ave Coral Springs, FL 33067 (954)805-7675 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data 45 days 8/20/2014 ►G 7 165,964 3.81 $48.20 1985 Age: 28 208 4.8/1000 SF 0.32 Multi 3097646 Income Gross Scheduled Income + Other Income - Vacancy Allowance Effective Gross Income Expenses -Taxes - Operating Expenses Total Expenses Net Income Net Operating Income - Debt Service - Capital Expenditure Cash Flow financing 1st Private Lender Bal/Pmt: $5,500,000 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $8,000,000 Confirmed 53,843 SF $148.58 6.20% $2,500,000 31.3% 26992-1563 No MROC 22 Delray Beach 12-43-46-18-55-005-0000 Office Listing Broker $934,440 No Listing Broker on Deal Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 59 Buyer Broker $438,440 CBRE CBRE $496,000 5100 Town Center Cir 777 Brickell Ave Boca Raton, FL 33486 Miami, FL 33131 (561)394-2100 (305)374-1000 Dominic Montazemi, Scott Miguel Alcivar O'Donnell prior sale Date/Doc No: 4/16/2012 Sale Price: $4,250,000 ComplD: 2295166 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 59 227 Dixie Blvd Delray Beach, FL 33444 Class C Office/Residential Building of 3,100 SF Sold on 2/18/2015 for $650,000 - Research Complete buyer Sunflower Creative Arts Inc 227 Dixie Blvd Delray Beach, FL 33444 (561)482-3412 seller Marlene Mckay 904 N Swinton Ave Delray Beach, FL 33444 (561)278-3901 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 2/18/2015 602 days No 24,498 0.56 $26.53 1949 Age: 66 0.13 3321951 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: 3roker $650,000 Full Value 3,100 SF $209.68 No RO 33.2% Delray Beach 12-43-46-09-29-011-0150 Office ie Properties International, Inc. Atlantic Ave Beach, FL 33483 ?47-2455 Iroker Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 60 258 S Federal Hwy The Surles Building Delray Beach, FL 33483 Class C Medical Building of 11,800 SF Sold on 7/31/2013 for $1,875,000 - Research Complete buyer Nicolae & Claudia Ionescu 3131 N Beachwood Dr Hollywood, CA 90068 (323) 462-1301 seller Surles Delray Rug Company 258 S Federal Hwy Delray Beach, FL 33483 (561)278-9898 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses 60 days 7/31/2013 967 days No 25,265 0.58 $74.21 1946 Age: 67 32 2.17/1000 SF 0.47 194 feet on SE 6th Ave (with 2 curb cuts) Multi 2818716 - Taxes $22,633 - Operating Expenses Total Expenses $22,633 financing 1st Community Bk/broward Bal/Pmt: $1,312,500 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $1,875,000 Confirmed 11,800 SF $158.90 9.00% $562,500 30.0% 26228-0594 No CBD 3 Delray Beach 12-43-46-16-01-111-0250 Office Listing Broker No Listing Broker on Deal Buyer Broker Coldwell Banker Commercial NRT 1 S Ocean Blvd Boca Raton, FL 33432 (561)395-2233 Fred Stuebing Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 61 13660 Jog Rd, Unit B-2 Bldg B Delray Beach, FL 33446 Class B Medical Condo of 1,491 SF Sold on 5/27/2015 for $440,000 - Research Complete buyer Hirth, Shari 5130 Linton Blvd Delray Beach, FL 33484 (561)638-9533 seller $440,000 Sage, Daniel Confirmed 13550 Jog Rd 1,491 SF Office Condo Delray Beach, FL 33446 12,000 SF (561)496-5144 $295.10 vital data - Escrow/Contract: 45 days Sale Date: 5/27/2015 Days on Market: 223 days Exchange: No Conditions: - Land Area SF: 4,413 Acres: 0.1 $/SF Land Gross: $99.71 Year Built, Age: 2004 Age: 11 Parking Spaces: - Parking Ratio: - FAR 2.72 Lot Dimensions: - Frontage: Tenancy: Comp ID: 3306455 income expense data financing Sale Price: $440,000 Status: Confirmed Condo Type: 1,491 SF Office Condo Building SF: 12,000 SF Price/SF: $295.10 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: - Pct Down: - Doc No: 27551-1529 Trans Tax: - Corner: No Zoning: MUPD, County No Tenants: 9 Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: 00-42-46-10-07-006-0190 Property Type: Office -isting Broker Avison Young 500 W Cypress Creek Rd Fort Lauderdale, FL 33309 (954)903-1800 Gary Gottlieb 3uyer Broker No Buyer Broker on Deal prior sale Date/Doc No: 10/10/2007 Sale Price: $1,375,000 ComplD: 1430819 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 62 2100 Lake Ida Rd Delray Shores Professional Plaza Delray Beach, FL 33445 Class C Medical Building of 4,851 SF Sold on 10/21/2014 - Public Record buyer Berrios Joseph Trust 9606 Shelburne Cir Port Charlotte, FL 33981 seller Berrios Joseph vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 10/21/2014 ►G 7 43,560 1 1985 Age: 29 28 5.77/1000 SF 0.11 Multi 3174234 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: 4,851 SF 27149-1956 No POC Delray Beach 12-43-46-07-26-000-0016 Office Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 63 2100 Lake Ida Rd Delray Shores Professional Plaza Delray Beach, FL 33445 Class C Medical Building of 4,851 SF Sold on 11/30/2014 - Public Record buyer Berrios Joseph Trust 9606 Shelburne Cir Port Charlotte, FL 33981 seller Berrios Joseph vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 11/30/2014 ►, 43,560 1 1985 Age: 29 28 5.77/1000 SF 0.11 Multi 3209050 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker $11,427 $11,427 Buyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. 4,851 SF 27243-1013 No POC Delray Beach 12-43-46-07-26-000-0011 Office 10/21/2014 (27149-1956) 3174234 9/28/2015 Page 64 4800 Linton Blvd Bldg A - Linton Medical Office Pk Delray Beach, FL 33445 Class C Medical Building of 8,818 SF Sold on 10/14/2014 for $2,335,000 - Research Complete buyer Steven Manko 321 W Camino Real Boca Raton, FL 33432 (561)637-4766 seller Concept Medical Realty Lc 8520 Hawk Eye Rd NW Albuquerque, NM 87120 (505) 503-6648 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data 90 days 10/14/2014 No 59 5.9/1000 SF Multi 3156147 financing 1st Fifth Third Bk Bal/Pmt: $2,268,000 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $2,335,000 Confirmed 8,818 SF $264.80 $67,000 2.9% 27099-0057 are, 1 Delray Beach 12-42-46-25-13-000-0060 Office Listing Broker Michael Falk & Company LLC 901 Northpoint Pky West Palm Beach, FL 33407 (561)478-6400 Michael Falk, CCIM, SIOR Buyer Broker prior sale Date/Doc No: 12/20/2012 Sale Price: $2,300,000 ComplD: 2679092 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 65 5210 Linton Blvd Delray Beach, FL 33484 Class C Medical Building of 35,000 SF Sold on 8/20/2014 for $425,000 - Research Complete buyer Infectious Disease Association 5210 Linton Blvd Delray Beach, FL 33484 (561)496-1095 seller Mary Ross 7170 Melbourne Ln Boca Raton, FL 33434 vital data Escrow/Contract: - Sale Price: $425,000 Sale Date: 8/20/2014 Status: Full Value Days on Market: 1 day Building SF: 35,000 SF Exchange: No Price/SF: $12.14 Conditions: Purchase By Tenant Pro Forma Cap Rate: - Land Area SF: 43,560 Actual Cap Rate: - Acres: 1 Down Pmnt: $85,000 $/SF Land Gross: $9.76 Pct Down: 20.0% Year Built, Age: 1983 Age: 31 Doc No: 27015-0212 Parking Spaces: 240 Trans Tax: - Parking Ratio: 6.85/1000 SF Corner: No FAR 0.80 Zoning: CS/SE, County Lot Dimensions: - No Tenants: 12 Frontage: - Percent Improved: - Tenancy: Multi Submarket: Delray Beach Comp ID: 3117988 Map Page: - Parcel No: 00-42-46-26-04-002-2410 Property Type: Office income expense data (Listing Broker Expenses -Taxes $4,463 No Listing Broker on Deal - Operating Expenses Total Expenses $4,463 financing 1st Pnc Bk National Assn Bal/Pmt: $340,000 Buyer Broker No Buyer Broker on Deal prior sale Date/Doc No: 4/28/1999 Sale Price: $455,000 ComplD: 360104 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 66 5624 Linton Blvd, Unit 100 units Delray Grande Independent Living Condominiums Delray Beach, FL 33484 Assisted Living Condo Sold on 9/29/2014 for $15,100,000 - Research Complete buyer Palatine Capital Partners c/o Palatine Capital Partners 1691 Michigan Ave Miami Beach, FL 33139 (212)850-2210 seller Sam Caliendo c/o Ross Realty & Appraisal, Inc. 900 Glades Rd Boca Raton, FL 33431 (561)789-4000 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses 9/29/2014 No Distress Sale 413,820 9.5 $36.49 2005 Age: 9 0.39 3127402 - Taxes - Operating Expenses Total Expenses financing 1st Micap Fundinq VIII Bal/Pmt: $18,500,000 $230 Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $15,100,000 Confirmed Health Care Condo 163,000 SF 27058-0204 No 2 Delray Beach Health Care Listing Broker No Listing Broker on Deal Buyer Broker No Buyer Broker on Deal prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. 7/11/2011 $575,100 2160873 9/28/2015 Page 67 100 E Linton Blvd Linton Office Tower Delray Beach, FL 33483 Class B Office Building of 48,000 SF Sold on 8/23/2013 for $6,800,000 - Research Complete buyer CDS International Realty, LLC. c/o Steven Michael 95 NE 4th Ave Delray Beach, FL 33483 (561)278-1169 seller Linton Towers L.0 100 E Linton Blvd Delray Beach, FL 33483 (561)278-4921 vital data Escrow/Contract: 90 days Sale Date: 8/23/2013 Days on Market: - Exchange: No Conditions: - Land Area SF: 84,350 Acres: 1.94 $/SF Land Gross: $80.62 Year Built, Age: 1974 Age: 39 Parking Spaces: 275 Parking Ratio: 5.73/1000 SF FAR 0.57 Lot Dimensions: - Frontage: - Tenancy: Multi Comp ID: 2825009 income expense data Expenses -Taxes - Operating Expenses Total Expenses financing 1st Bank Of America Bal/Pmt: $5,440,000 Sale Price: $6,800,000 Status: Confirmed Building SF: 48,000 SF Price/SF: $141.67 Pro Forma Cap Rate: - Actual Cap Rate: 6.30% Down Pmnt: - Pct Down: - Doc No: 26282-1481 Trans Tax: $47,600 Corner: No Zoning: PC No Tenants: 54 Percent Improved: 78.9% Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-28-11-001-0010 [Partial List] Property Type: Office (Listing Broker $113,603 RJS Realty Group, Inc. 11811 US Highway 1 $113,603 North Palm Beach, FL 33408 (561)694-5290 Steve Miskew, Robert Sullivan Buyer Broker RJS Realty Group, Inc. 11811 US Highway 1 North Palm Beach, FL 33408 (561)694-5290 Steve Miskew, Robert Sullivan Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 68 16244 S Military Trl, Unit 470 South County Professional Centre Delray Beach, FL 33484 Class C Medical Condo Sold on 8/5/2013 for $239,300 - Research Complete buyer Jhamb Max Llc 2800 Banyan Boulevard Cir NW Boca Raton, FL 33431 seller Mcj Family Lp vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses 8/5/2013 167 days No 43,560 1 $5.49 1986 Age: 26 4/1000 SF 1.38 2826304 - Taxes - Operating Expenses Total Expenses financing 1st Pnc Bk National Assn Bal/Pmt: $173,000 2nd Private Individual Fas Fiancial Inc Bal/Pmt: $138,400 Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $239,300 Full Value Office Condo 60,000 SF No POC, Delray Beach 23 Delray Beach 12-42-46-25-12-004-4700 Office Listing Broker $4,001 Marcus & Millichap 5900 N Andrews Ave $4,001 Fort Lauderdale, FL 33309 (954)245-3400 Brian Rosen Buyer Broker prior sale Date/Doc No: 12/27/2012 Sale Price: $425,000 ComplD: 2681519 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 69 1211 Old Dixie Hwy Delray Beach, FL 33483 Class C Office Building of 844 SF Sold on 7/23/2013 for $100,000 - Research Complete buyer seller Daniella Henry 3418 Diane Dr Boynton Beach, FL 33435 vital data Escrow/Contract: - Sale Date: 7/23/2013 Days on Market: 376 days Exchange: No Conditions: - Land Area SF: 4,500 Acres: 0.1 $/SF Land Gross: $22.22 Year Built, Age: 2001 Age: 12 Parking Spaces: - Parking Ratio: - FAR 0.19 Lot Dimensions: - Frontage: - Tenancy: Single Comp ID: 2820369 income expense data financing Sale Price: $100,000 Status: Confirmed Building SF: 844 SF Price/SF: $118.48 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: - Pct Down: - Doc No: - Trans Tax: - Corner: No Zoning: GC Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: - Property Type: Office (Listing Broker Expenses -Taxes $3,745 Daryl G. Bush Realty, Inc. - Operating Expenses 88 NE 5th Ave TDelray Beach, FL 33483 Total Expenses $3,745 (561)265-0160 Daryl Bush Buyer Broker Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 70 120 N Swinton Ave Harvest Holdings LLC Delray Beach, FL 33444 Class C Office Building of 2,350 SF Sold on 10/8/2013 for $865,000 - Research Complete buyer HH Swinton LLC 1450 S Dixie Hwy Boca Raton, FL 33432 seller Boueri Rabih J 120 N Swinton Ave Delray Beach, FL 33444 (561)278-2776 vital data Escrow/Contract: - Sale Price: $865,000 Sale Date: 10/8/2013 Status: Full Value Days on Market: - Building SF: 2,350 SF Exchange: No Price/SF: $368.09 Conditions: - Pro Forma Cap Rate: - Land Area SF: 10,890 Actual Cap Rate: - Acres: 0.25 Down Pmnt: - $/SF Land Gross: $79.43 Pct Down: - Year Built, Age: 1928 Age: 85 Doc No: 26379-0022 Parking Spaces: 8 Trans Tax: - Parking Ratio: 6.25/1000 SF Corner: No FAR 0.22 Zoning: OSSHAD, Delray Beach Lot Dimensions: 99x110 Percent Improved: - Frontage: - Submarket: Delray Beach Tenancy: Single Map Page: Trakker 51-U35 Comp ID: 2935819 Parcel No: - Property Type: Office income expense data (Listing Broker uyer Broker financing prior sale Date/Doc No: 2/28/2000 Sale Price: $250,000 ComplD: 459623 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 71 19 S Swinton Ave Delray Beach, FL 33444 Class C Office Building of 1,439 SF Sold on 8/10/2015 for $665,000 -In Progress buyer 19 South Swinton Llc 140 N Federal Hwy Boca Raton, FL 33432 seller 19 Swinton Llc vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data 8/10/2015 ►G 6,551 0.15 $101.50 1935 Age: 80 0.22 50x131 50 feet on N Swinton Ave Multi 3373024 financing 1st Florida Cmnty Bk Bal/Pmt: $432,200 Sale Price: $665,000 Status: - Building SF: 1,439 SF Price/SF: $462.13 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: - Pct Down: - Doc No: 27733-0943 Trans Tax: - Corner: No Zoning: OSSHAD, Delray Beach Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-16-01-069-0090 Property Type: Office Listing Broker Buyer Broker prior sale Date/Doc No: 9/18/2007 Sale Price: $750,000 ComplD: 1409099 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 72 123 S Swinton Ave House of Vintage & House of Sweets Delray Beach, FL 33444 Class B Office Building of 1,367 SF Sold on 1/8/2014 for $388,000 - Research Complete buyer Beth Eddy 123 S Swinton Ave Delray Beach, FL 33444 (954)463-3550 seller Robert Burrow 930 N Congress Ave Boynton Beach, FL 33426 (970) 879-6712 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses 45 days 1/8/2014 98 days No 6,551 0.15 $59.22 1955 Age: 59 5 3.16/1000 SF 0.21 Single 2940611 - Taxes - Operating Expenses Total Expenses financing 1st Bank Of America Bal/Pmt: $310,400 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: (Listing Broker $6,002 Re/Max Direct 10240 Forest Hill Blvd $6,002 Wellington, FL 33414 (561)880-2600 Andrew Burrow (Buyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. $388,000 Confirmed 1,367 SF $283.83 26553-1079 No OSSHAD 1 38.3% Delray Beach 12-43-46-16-B4-070-0030 Office 6/25/2013 $220,300 2805810 9/28/2015 Page 73 Delray Beach Valuation Addenda 3 Schedule 4 — Other Sales Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP 2010 NW 1st St Urdl's Water Gardening Center Delray Beach, FL 33445 Class C Warehouse Building of 7,806 SF Sold on 11/14/2013 for $935,000 - Research Complete buyer County Of, Palm Beach 301 N Olive Ave West Palm Beach, FL 33401 (561)355-2959 seller Suntrust Bank 200 S Orange Ave Orlando, FL 32801 (407) 237-4153 vital data Escrow/Contract: - Sale Date: 11/14/2013 Days on Market: 450 days Exchange: No Conditions: REO Sale Land Area SF: 118,919 Acres: 2.73 $/SF Land Gross: $7.86 Year Built, Age: 1984 Age: 29 Parking Spaces: 24 Parking Ratio: 3.07/1000 SF FAR 0.07 Lot Dimensions: - Frontage: - Tenancy: Single Comp ID: 2912118 income expense data Expenses -Taxes - Operating Expenses Total Expenses financing Sale Price: $935,000 Status: Confirmed Building SF: 7,806 SF Price/SF: $119.78 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: - Pct Down: - Doc No: 26479-0129 Trans Tax: - Corner: No Zoning: MIC No Tenants: 1 Percent Improved: - Submarket: Delray Beach Ind Map Page: - Parcel No: 12-43-46-18-00-000-1024 [Partial List] Property Type: Industrial Listing Broker $18,914 Flagler Real Estate Services, LLC 2855 Le Jeune Rd 4 Floor $18,914 Coral Gables, FL 33134 (305) 520-2300 Cary Cohen (Buyer Broker prior sale Date/Doc No: 6/16/2012 Sale Price: $616,300 ComplD: 2534901 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 1 301 SE 1st Ave Delray Beach, FL 33444 Class C Food Processing Building of 17,508 SF Sold on 11/18/2014 for $1,220,000 - Research Complete buyer 301 Se 1st Ave Db FI Llc 205 George Bush Blvd Delray Beach, FL 33444 seller RJM Real Estate Corp. 455 NE 5th Ave Delray Beach, FL 33483 (561)910-5599 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 30 days 11/18/2014 1 day No 64,469 1.48 $18.92 1958 Age: 56 90 5.14/1000 SF 0.27 Multi 3181830 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: -isting Broker RJM Real Estate Corp. 455 NE 5th Ave Delray Beach, FL 33483 (561)910-5599 Ryan Mueller 3uyer Broker RJM Real Estate Corp. 455 NE 5th Ave Delray Beach, FL 33483 (561)910-5599 Ryan Mueller prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. $1,220,000 Confirmed 17,508 SF $69.68 $1,220,000 100.0% 27168-1411 No CBD -RC Delray Beach Ind 12-43-46-16-B8-080-0011 Industrial 2/15/2013 $1,040,000 2700182 9/28/2015 Page 2 1717 NE 2nd Ave Delray Beach, FL 33444 Religious Facility Building of 5,928 SF Sold on 8/27/2014 for $625,000 - Research Complete buyer Gary D Guerrier 8572 Breezy Hill Dr Boynton Beach, FL 33437 seller Primitive Baptist Foun Inc 2773 Cody Rd Vienna, VA 22181 vital data Escrow/Contract: - Sale Date: 8/27/2014 Days on Market: - Exchange: No Conditions: - Land Area SF: 33,794 Acres: 0.78 $/SF Land Gross: $18.49 Year Built, Age: 1960 Age: 54 Parking Spaces: - Parking Ratio: - FAR 0.18 Lot Dimensions: 225x150 Frontage: Delray Beach Tenancy: - Comp ID: 3125835 income expense data Expenses -Taxes - Operating Expenses Total Expenses financing 1st Private Lender Bal/Pmt: $562,500 Image Coming Soon Sale Price: $625,000 Status: Full Value Building SF: 5,928 SF Price/SF: $105.43 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: - Pct Down: - Doc No: 27024-0835 Trans Tax: - Corner: No Zoning: CF Percent Improved: - Submarket: Delray Beach Map Page: - Parcel No: 12-43-46-09-39-000-3801 [Partial List] Property Type: Specialty Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 3 333 SE 2nd Ave Delray Beach, FL 33483 Class C Warehouse Building of 2,715 SF Sold on 8/21/2015 for $600,000 -In Progress buyer Bsm Money Inc 32 SE 2nd Ave Delray Beach, FL 33444 seller Ramnarace Kumar vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 1st Seller 2nd Seller 8/21/2015 514 days No 6,630 0.15 $90.50 1960 Age: 55 2 0.41 50x130 Single 3392292 Bal/Pmt: $490,000 Bal/Pmt: $60,000 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker Knight Group, LLC 10 SE 1st Ave Delray Beach, FL 33444 (561)756-2833 Jim Knight Buyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. $600,000 2,715 SF $220.99 27773-1279 No CBD -RC Delray Beach Ind 12-43-46-16-04-088-0050 Industrial 5/31/2007 $575,000 1330078 9/28/2015 Page 4 341 SE 2nd Ave Delray Beach, FL 33483 Class C Showroom Building of 5,000 SF Sold on 4/27/2015 for $390,000 - Research Complete buyer Two Trick Pony Llc 1112 Nassau St Delray Beach, FL 33483 seller Lavellee J Gayle 3320 Sherwood Blvd Delray Beach, FL 33445 vital data Escrow/Contract: 30 days Sale Price: $390,000 Sale Date: 4/27/2015 Status: Confirmed Days on Market: 874 days Building SF: 5,000 SF Exchange: No Price/SF: $78.00 Conditions: Estate/Probate Sale Pro Forma Cap Rate: - Land Area SF: 13,260 Actual Cap Rate: 6.00% Acres: 0.3 Down Pmnt: $390,000 $/SF Land Gross: $29.41 Pct Down: 100.0% Year Built, Age: 1957 Age: 58 Doc No: 27499-1251 Parking Spaces: 8 Trans Tax: - Parking Ratio: 1.6/1000 SF Corner: No FAR 0.38 Zoning: CBD -RC Lot Dimensions: - No Tenants: 3 Frontage: - Percent Improved: - Tenancy: Multi Submarket: Delray Beach Ind Comp ID: 3301230 Map Page: - Parcel No: 12-43-46-16-04-088-0060 Property Type: Flex income expense data financing -isting Broker Southdale Properties Inc 1802 N Federal Hwy Lake Worth, FL 33460 (561)586-1160 Cecelia Boone 3uyer Broker Southdale Properties Inc 1802 N Federal Hwy Lake Worth, FL 33460 (561)586-1160 Cecelia Boone Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 5 375 SE 2nd Ave Delray Beach, FL 33483 Class C Warehouse Building of 2,647 SF Sold on 2/24/2015 - Public Record buyer Garland Cox seller Cox Garland A & Florence R vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 2/24/2015 ►G 7 6,630 0.15 1949 Age: 66 6 2.27/1000 SF 0.40 Multi 3254300 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: 2,647 SF 27368-1122 No CBD -RC Delray Beach Ind 12-43-46-16-04-088-0100 Industrial Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 6 375 SE 2nd Ave Delray Beach, FL 33483 Class C Warehouse Building of 2,647 SF Sold on 3/18/2015 - Public Record buyer Cox Florence R Trust 10314 Greentrail Dr N Boynton Beach, FL 33436 seller Cox Florence R & Garland A vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 3/18/2015 ►G 7 6,630 0.15 1949 Age: 66 6 2.27/1000 SF 0.40 Multi 3272114 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker uyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. 2,647 SF 27416-0403 No CBD -RC Delray Beach Ind 12-43-46-16-04-088-0100 Industrial 2/24/2015 (27368-1122) 3254300 9/28/2015 Page 7 358 NE 4th St Delray Beach, FL 33444 Class C Service Building of 3,865 SF Sold on 6/25/2015 for $4,550,000 - Research Complete buyer Milberg Weiss Bershad Hynes & Lerach, LLP 5200 Town Center Cir Boca Raton, FL 33486 (877) 692-1965 seller LNR Property Corporation 1601 Washington Ave Miami Beach, FL 33139 (305)695-5500 vital data Escrow/Contract: - Sale Price: $4,550,000 Sale Date: 6/25/2015 Status: Full Value Days on Market: - Building SF: 3,865 SF Exchange: No Price/SF: $1,177.23 Conditions: - Pro Forma Cap Rate: - Land Area SF: 6,077 Actual Cap Rate: - Acres: 0.14 Down Pmnt: - $/SF Land Gross: $748.77 Pct Down: - Year Built, Age: 1980 Age: 35 Doc No: 27632-0911 Parking Spaces: 12 Trans Tax: $31,850 Parking Ratio: 3.1/1000 SF Corner: No FAR 0.64 Zoning: CBD -RC Lot Dimensions: - No Tenants: 1 Frontage: - Percent Improved: - Tenancy: Multi Submarket: Delray Beach Ind Comp ID: 3343904 Map Page: - Parcel No: 12-43-46-16-01-089-0360 [Partial List] Property Type: Industrial income expense data financing Copyrighted report licensed to Valuation Consulting - 472799. 2/23/2015 $3,661,300 3264579 9/28/2015 Page 8 SE 4th Ave Delray Beach, FL 33483 Parking Lot Building of 57,643 SF Sold on 12/20/2013 for $2,000,000 - Research Complete buyer Behringer 14675 Dallas Pky Dallas, TX (214)655-1600 seller AT&T, Inc. 1155 Peachtree St NE Atlanta, GA 30309 (404)249-2000 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 12/20/2013 No Assemblage 57,499 1.32 $34.78 1.00 2922476 - Taxes - Operating Expenses Total Expenses $22,598 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker Image Coming Soon $2,000,000 Confirmed 57,643 SF $34.70 26531-1373 No CBD 0.8% Delray Beach 12-43-46-16-01-102-0040 Specialty Buyer Broker Newmark Grubb Knight Frank 1801 N Military Trl Boca Raton, FL 33431 (561)995-5150 Mark Rubin Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 9 1595 SW 4th Ave Delray Beach, FL 33444 Class C Warehouse Building of 13,470 SF Sold on 1/30/2015 for $1,100,000 - Research Complete buyer William A Ferrigno Jr 1310 SW 9th Ave Boca Raton, FL 33486 (561)395-8933 seller Comcast Communications c/o Gerald O'Brien 1701 JFK Blvd Philadelphia, PA 19103 (215) 665-1700 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data 30 days 1/30/2015 ►G 7 43,560 1 $25.25 1978 Age: 37 20 1.48/1000 SF 0.31 197 feet on SW 4th Ave Multi 3236211 financing 1st Suntrust Bk Bal/Pmt: $680,900 2nd Private Individual Fas Fiancial Inc Bal/Pmt: $544,720 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: -isting Broker $1,100,000 Confirmed 13,470 SF $81.66 $419,100 38.1% 27316-1815 No I, Delray Beach 1 Delray Beach Ind American Map Corp 60-H10 12-43-46-20-01-016-0030 Industrial Cushman & Wakefield 2385 NW Executive Center Dr Boca Raton, FL 33431 Bob Schneiderman 3uyer Broker No Buyer Broker on Deal prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. 7/31/2006 $1,058,668 1156711 9/28/2015 Page 10 820 SE 5th Ave Finish Master Delray Beach, FL 33483 Class C Service Building of 5,068 SF Sold on 10/15/2014 for $650,000 - Research Complete buyer 820SE5LLC 990 Jeffery St Boca Raton, FL 33487 seller R & M Black LLC 35 Dartmoor Cir Enfield, CT 06082 vital data Escrow/Contract: - Sale Price: $650,000 Sale Date: 10/15/2014 Status: Full Value Days on Market: 154 days Building SF: 5,068 SF Exchange: No Price/SF: $128.26 Conditions: - Pro Forma Cap Rate: - Land Area SF: 14,449 Actual Cap Rate: - Acres: 0.33 Down Pmnt: - $/SF Land Gross: $44.99 Pct Down: - Year Built, Age: 1973 Age: 41 Doc No: 27103-0590 Parking Spaces: 14 Trans Tax: - Parking Ratio: 2.76/1000 SF Corner: No FAR 0.35 Zoning: GC Lot Dimensions: - No Tenants: 1 Frontage: - Percent Improved: - Tenancy: Multi Submarket: Delray Beach Ind Comp ID: 3158648 Map Page: - Parcel No: 12-43-46-21-09-001-0240 Property Type: Industrial income expense data (Listing Broker Expenses -Taxes $11,627 Tauriello & Company Real Estate Inc. - Operating Expenses 900 E Atlantic Ave Total Expenses $11,627 Delray Beach, FL 33483 (561)278-5570 Sue Tauriello Buyer Broker financing Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 11 401 NE 6th Ave Delray Muffler House Delray Beach, FL 33483 Class C Service Building of 4,844 SF Sold on 3/21/2014 - Public Record buyer Jbg-defray Llc 4616 Vintage Dr Sarasota, FL 34243 seller Goodman John T vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 3/21/2014 No 10 2.06/1000 SF Single 3011263 - Taxe - Operating Expense Total Expense Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: 4,844 SF 26708-1399 No 1 Delray Beach Ind 12-43-46-09-30-000-0260 Industrial Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 12 402 SE 6th Ave Delray Beach, FL 33483 Class C Service Building of 1,600 SF Sold on 12/16/2013 for $675,000 - Research Complete buyer 3 Star Llc 1705 S Federal Hwy Delray Beach, FL 33483 (561)637-1793 seller 402 SE 6th Ave LLC 3633 Carlton PI Boca Raton, FL 33496 (561)999-9553 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses 30 days 12/16/2013 116 days No 20,774 0.48 $32.49 1960 Age: 53 41 0.08 Single 2930222 - Taxes - Operating Expenses Total Expenses financing 1st Bank Of America Bal/Pmt: $540,000 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $675,000 Confirmed 1,600 SF $421.88 $135,000 20.0% 26522-1478 $4,725 No GC Delray Beach Ind 12-43-46-21-01-001-0030 Industrial Listing Broker $7,527 Chris Lowry Realty Services 42 N Swinton Ave $7 527 Delray Beach, FL 33444 (561)523-3939 Chris Lowry Buyer Broker No Buyer Broker on Deal prior sale Date/Doc No: 7/23/2012 Sale Price: $350,000 ComplD: 2520194 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 13 341 NW 7th Ave Delray Beach, FL 33444 Lodge/Meeting Hall Building of 1,074 SF Sold on 2' $200,000 - Public Record buyer N Delray Bch Haitian United Ch & 7290 San Castle Blvd Lantana, FL 33462 seller Church Of God By Faith Inc vital data Escrow/Contract: - Sale Price: $200,000 Sale Date: 3/31/2015 Status: - Days on Market: - Building SF: 1,074 SF Exchange: No Price/SF: $186.22 Conditions: - Pro Forma Cap Rate: - Land Area SF: 5,663 Actual Cap Rate: - Acres: 0.13 Down Pmnt: - $/SF Land Gross: $35.32 Pct Down: - Year Built, Age: 1930 Age: 85 Doc No: 27468-1169 Parking Spaces: - Trans Tax: - Parking Ratio: - Corner: No FAR 0.19 Zoning: R1A Lot Dimensions: - Percent Improved: - Frontage: Submarket: Delray Beach Tenancy: Map Page: - Comp ID: 3288264 Parcel No: 12-43-46-16-01-009-0010 [Partial List] Property Type: Specialty income expense data financing 1st Wesleyan Invs Fndtn Bal/Pmt: $115,000 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 14 713 SW 8th Ave Delray Beach, FL 33444 Specialty Building of 8,627 SF Sold on 10/31/2014 for $1,000,000 - Research Complete buyer Emmanuel Evangelical Baptist C PO Box 7375 Delray Beach, FL 33482 (561)272-8989 seller Bethel Evangelical Church Inc 713 SW 8th Ave Delray Beach, FL 33444 (561)272-8989 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses 10/31/2014 No 3174269 - Taxes - Operating Expenses Total Expenses financing 1st Church Growth Inv Fndq Inc Bal/Pmt: $700,000 $1,056 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $1,000,000 8,627 SF $115.92 $300,000 30.0% 27148-1773 are, 78.5% Delray Beach 12-43-46-20-03-001-0010 Specialty Listing Broker No Listing Broker on Deal Buyer Broker No Buyer Broker on Deal Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 15 1020 SW 10th St Delray Beach, FL 33444 Class C Warehouse Building of 4,172 SF Sold on 5/16/2014 for $480,000 - Research Complete buyer Ron Bell Inc 1020 SW 10th St Delray Beach, FL 33444 (561)737-7507 seller Roofing Systems Incorporated Of Palm Beach County 1020 SW 10th St Delray Beach, FL 33444 (561)276-6506 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 5/16/2014 81 days No 22,651 0.52 $21.19 1961 Age: 53 6 1.55/1000 SF 0.18 Single 3031513 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker $8,011 CBRE $480,000 Confirmed 4,172 SF $115.05 Q1.1-UMM-I No MIC 1 34.5% Delray Beach Ind 12-43-46-20-18-000-0011 Industrial 5100 Town Center Cir $8,011 Boca Raton, FL 33486 (561)394-2100 John Jaspert (Buyer Broker r No Buyer Broker on Deal Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 16 1100 SW 10th St, Unit Bay J Tenth Street Commerce Park Delray Beach, FL 33444 Class B Warehouse Condo of 3,600 SF Sold on 3/6/2015 for $394,000 - Research Complete buyer International Ozone Technologies Group, Inc. 1100 SW 10th St Delray Beach, FL 33444 (561)243-3351 seller La Quinta Holdings Inc. 205 Worth Ave Palm Beach, FL 33480 (954)790-9090 vital data Escrow/Contract: - Sale Date: 3/6/2015 Days on Market: 2,481 days Exchange: No Conditions: - Land Area SF: 141,570 Acres: 3.25 $/SF Land Gross: $2.78 Year Built, Age: 2001 Age: 13 Parking Spaces: 100 Parking Ratio: 2/1000 SF FAR 0.35 Lot Dimensions: - Frontage: Tenancy: Comp ID: 3253911 income expense data financing Aft rrr11° r� Ili II! iii 111111 �1 _ MEMO Sale Price: $394,000 Status: Confirmed Condo Type: 3,600 SF Industrial Condo Building SF: 50,000 SF Price/SF: $109.44 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: - Pct Down: - Doc No: - Trans Tax: - Corner: No Zoning: I No Tenants: 9 Percent Improved: - Submarket: Delray Beach Ind Map Page: - Parcel No: - Property Type: Industrial Listing Broker Coldwell Banker Commercial NRT 1800 NW Corporate Blvd Boca Raton, FL 33431 (561)479-1225 MJ Ridenour Buyer Broker prior sale Date/Doc No: 1/31/2014 Sale Price: $465,000 ComplD: 2946757 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 17 1425 SW 10th St Storage America Delray Beach, FL 33444 Self -Storage Building of 49,174 SF Sold on 6/3/2014 for $5,100,000 - Research Complete buyer Westport Properties, Inc. c/o Barry Hoeven 2201 Dupont Dr ' Irvine, CA 92612 (949) 673-5300 seller Storage America c/o Kenneth Thorne 1425 SW 10th St Delray Beach, FL 33444 (561)279-0909 vital data Escrow/Contract: 180 days Sale Price: $5,100,000 Sale Date: 6/3/2014 Status: Confirmed Days on Market: 62 days Building SF: 49,174 SF Exchange: No Price/SF: $103.71 Conditions: Business Value Included Pro Forma Cap Rate: - Land Area SF: 145,055 Actual Cap Rate: - Acres: 3.33 Down Pmnt: $1,530,000 $/SF Land Gross: $35.16 Pct Down: 30.0% Year Built, Age: 2002 Age: 12 Doc No: 26840-0269 Parking Spaces: 6 Trans Tax: $35,700 Parking Ratio: - Corner: No FAR 0.34 Zoning: I Lot Dimensions: - No Tenants: 2 Frontage: - Percent Improved: 65.4% Tenancy: Single Submarket: Delray Beach Ind Comp ID: 3046023 Map Page: - Parcel No: 12-43-46-20-68-002-0000 Property Type: Specialty income expense data Listing Broker Expenses -Taxes $71,848 CBRE - Operating Expenses 150 4th Ave N Total Expenses $71,848 Nashville, TN 37219 (615) 248-3500 Ashley Compton (Buyer Broker financing 1st Barclay's Bank Bal/Pmt: $3,570,000 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 18 905 SW 14th Ave King Marble Delray Beach, FL 33444 Class C Warehouse Building of 10,800 SF Sold on 1/, $2,010,000 - Research Complete buyer O.P.I. Products, Inc. 630 US Highway 1 North Palm Beach, FL 33408 (561)841-9965 seller King Marble 905 SW 14th Ave Delray Beach, FL 33444 (561)278-7538 vital data Escrow/Contract: - Sale Price: $2,010,000 Sale Date: 1/22/2015 Status: Full Value Days on Market: 1,210 days Building SF: 10,800 SF Exchange: No Price/SF: $186.11 Conditions: - Pct Office: 20.8% Land Area SF: 111,078 Pro Forma Cap Rate: - Acres: 2.55 Actual Cap Rate: - $/SF Land Gross: $18.10 Down Pmnt: $502,500 Year Built, Age: 1991 Age: 24 Pct Down: 25.0% Parking Spaces: 33 Doc No: 27311-1120 Parking Ratio: 3.06/1000 SF Trans Tax: - FAR 0.10 Corner: No Lot Dimensions: - Zoning: LI Frontage: - No Tenants: 1 Tenancy: Single Percent Improved: - Comp ID: 3233510 Submarket: Delray Beach Ind Map Page: - Parcel No: 12-43-46-20-59-002-0000 Property Type: Industrial income expense data (Listing Broker King Marble 905 SW 14th Ave Delray Beach, FL 33444 (561)278-7538 Tom King Buyer Broker financing 1st Suntrust Bk Bal/Pmt: $1,507,500 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 19 735 SW 15th Ave Cobra Construction Delray Beach, FL 33444 Class B Warehouse Building of 18,876 SF Sold on 9/9/2013 for $1,510,080 - Research Complete buyer QH Holdings, LLC 1412 Thatch Palm Dr Boca Raton, FL 33432 seller SunTrust Banks, Inc. 303 Peachtree St NE Atlanta, GA 30308 (678) 450-3533 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses 30 days 9/9/2013 1,585 days No REO Sale 108,464 2.49 $13.92 2004 Age: 9 28 1.48/1000 SF 0.17 Single 2834121 - Taxes - Operating Expenses Total Expenses financing 1st Paradise Bank Bal/Pmt: $1,250,000 $31,135 Sale Price: $1,510,080 Status: Confirmed Building SF: 18,876 SF Price/SF: $80.00 Pct Office: 24.4% Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: $302,016 Pct Down: 20.0% Doc No: 26333-0130 Trans Tax: $10,570.70 Corner: No Zoning: LI Percent Improved: 54.8% Submarket: Delray Beach Ind Map Page: - Parcel No: 12-43-46-20-70-000-0010 Property Type: Industrial Listing Broker Flagler Real Estate Services, LLC 2855 Le Jeune Rd 4 Floor Coral Gables, FL 33134 (305) 520-2300 Cary Cohen Buyer Broker CBRE 5100 Town Center Cir Boca Raton, FL 33486 (561)394-2100 Owen Sagar Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 20 725 SW 16th Ave Delray Beach Heights Delray Beach, FL 33444 Class B Warehouse Building of 14,979 SF Sold on 10/30/21 for $1,000,000 - Research Complete buyer East Delray Properties Llc 3934 Maurice Dr Delray Beach, FL 33445 (561)450-6417 seller Koala Miami Real Estate Holdings Inc 8390 NW 53rd St Doral, FL 33166 (305) 392-6274 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 10/30/2013 ►, 33,079 0.76 $30.23 1986 Age: 27 26 1.74/1000 SF 0.45 Multi 2898096 - Taxes - Operating Expenses Total Expenses $19,824 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker $1,000,000 Full Value 14,979 SF $66.76 $1,000,000 100.0% 26448-0508 $7,000 No 1 Delray Beach Ind 12-43-46-20-25-002-0030 Industrial Buyer Broker CRE Rauch, Lupo, Robertson & Co. 301 Crawford Blvd Boca Raton, FL 33432 (954)242-2806 Thomas Robertson prior sale Date/Doc No: 12/3/2012 Sale Price: $670,000 ComplD: 2614705 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 21 715-749 SW 17th Delray Beach, FL 33444 Class C Warehouse Building of 32,000 SF Sold on 12/9/2013 for $1,000,000 - Research Complete buyer HRA Properties, Inc. 145 S Congress Ave Delray Beach, FL 33445 (561)921-0582 seller Commercial Real Estate Investment Group, Corp 4801 Linton Blvd Delray Beach, FL 33445 (561)865-4800 vital data Escrow/Contract: - Sale Price: $1,000,000 Sale Date: 12/9/2013 Status: Confirmed Days on Market: 392 days Building SF: 32,000 SF Exchange: No Price/SF: $31.25 Conditions: - Pro Forma Cap Rate: - Land Area SF: 77,537 Actual Cap Rate: - Acres: 1.78 Down Pmnt: $150,000 $/SF Land Gross: $12.90 Pct Down: 15.0% Year Built, Age: 1978 Age: 35 Doc No: 26536-0262 Parking Spaces: 20 Trans Tax: - Parking Ratio: 0.63/1000 SF Corner: No FAR 0.41 Zoning: I, Delray Beach Lot Dimensions: - Percent Improved: 43.4% Frontage: - Submarket: Delray Beach Ind Tenancy: Multi Map Page: Trakker 51-S36 Comp ID: 2923235 Parcel No: 12-43-46-20-25-001-0010 Property Type: Industrial income expense data (Listing Broker CRE Rauch, Lupo, Robertson & Co. 301 Crawford Blvd Boca Raton, FL 33432 (954)242-2806 Thomas Robertson Buyer Broker No Buyer Broker on Deal financing prior sale 1st SeaFirst National Bank Date/Doc No: 7/15/1999 Bal/Pmt: $850,000 Sale Price: $855,000 ComplD: 365813 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 22 750 SW 17th Ave Delray Beach Heights Delray Beach, FL 33444 Class C Showroom Building of 5,000 SF Sold on 12/17/2013 for $840,000 - Research Complete buyer Mackey Properties 1499 SW 30th Ave Boynton Beach, FL 33426 (561)738-7576 seller Case, Robert 656 Wellwood Ave Lindenhurst, NY 11757 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: 12/17/2013 ►G 7 69,696 1.6 $12.05 1981 Age: 32 24 4.8/1000 SF 0.07 Single 2913658 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $840,000 Confirmed 5,000 SF $168.00 26532-0237 No 1 28.9% Delray Beach Ind 12-43-46-19-00-000-1083 Industrial income expense data IListing Broker Expenses -Taxes $18,876 CBRE CBRE - Operating Expenses 250 S Australian Ave 5100 Town Center Cir Total Expenses $18,876 West Palm Beach, FL 33401 Boca Raton, FL 33486 (561)394-2100 (561)394-2100 Kirk Nelson Robert Smith, Jeffrey Kelly Buyer Broker CBRE CBRE 250 S Australian Ave 5100 Town Center Cir West Palm Beach, FL 33401 Boca Raton, FL 33486 (561)394-2100 (561)394-2100 Kirk Nelson Robert Smith, Jeffrey Kelly financing Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 23 150 NW 18th Ave Delray Beach, FL 33444 Class C Warehouse Building of 2,856 SF Sold on 12/1/2014 for $650,000 - Research Complete buyer Tropical Greens LLC 9905 SE Mahogany Way Tequesta, FL 33469 seller Zuccala Lawrence A & Joann 633 Industrial Ave Boynton Beach, FL 33426 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 12/1/2014 82 days No 17,424 0.4 $37.30 1958 Age: 56 6 1.96/1000 SF 0.16 Multi 3176469 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $650,000 Full Value 2,856 SF $227.59 No MIC Delray Beach Ind Industrial Listing Broker $7,427 Chris Lowry Realty Services 42 N Swinton Ave $7 427 Delray Beach, FL 33444 (561)523-3939 Chris Lowry (Buyer Broker Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 24 1701 W Atlantic Ave Delray Beach, FL 33444 Class C Warehouse Building of 6,292 SF Sold on 9/25/2014 for $1,120,000 - Research Complete buyer Farm Supply Building, LLC 327 NE 2nd St Delray Beach, FL 33483 (561)272-0900 seller U Pull It 4301 S SR 7 Davie, FL 33314 (954)581-4889 vital data Escrow/Contract: - Sale Price: $1,120,000 Sale Date: 9/25/2014 Status: Full Value Days on Market: - Building SF: 6,292 SF Exchange: No Price/SF: $178.00 Conditions: - Pro Forma Cap Rate: - Land Area SF: 56,628 Actual Cap Rate: - Acres: 1.3 Down Pmnt: - $/SF Land Gross: $19.78 Pct Down: - Year Built, Age: 1952 Age: 62 Doc No: 27119-1763 Parking Spaces: 18 Trans Tax: - Parking Ratio: 2.86/1000 SF Corner: No FAR 0.11 Zoning: MIC Lot Dimensions: - No Tenants: 1 Frontage: - Percent Improved: - Tenancy: Multi Submarket: Delray Beach Ind Comp ID: 3167012 Map Page: - Parcel No: 12-43-46-18-46-000-0010 Property Type: Industrial income expense data Expenses -Taxes - Operating Expenses Total Expenses financing 1st Paradise Bk Bal/Pmt: $1,450,000 Listing Broker $16,864 $16,864 Buyer Broker prior sale Date/Doc No: 8/25/2003 Sale Price: $464,674 ComplD: 838622 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 25 5780 W Atlantic Ave Delray Beach, FL 33484 Religious Facility Building of 23,088 SF Sold on 10/31/2014 for $3,200,000 - Research Complete buyer Bethel Evangelical Church, Inc. 5780 Atlantic Ave Delray Beach, FL 33484 (561)272-8989 seller Temple Emeth Inc 5780 W Atlantic Ave Delray Beach, FL 33484 (561)369-1112 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expen: financing 10/31/2014 346 days No 236,966 5.44 $13.50 1977 Age: 37 0.10 3168330 Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: ng Broker $3,200,000 Confirmed 23,088 SF $138.60 27140-0421 No RS 66.7% Delray Beach 00-42-46-14-00-000-7090 Specialty 3S Investment Real Estate 67 Portside Dr )ca Raton, FL 33496 31) 926-1394 idy Strasser er Broker Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 26 125 N Congress Ave Congress Industrial Square Delray Beach, FL 33445 Class B Showroom Building of 25,048 SF Sold on 2/27/2015 for $2,725,000 - Research Complete buyer David Kahn 1327 46th St Brooklyn, NY 11219 (718) 633-6700 seller ITM Importers, Inc. 125 N Congress Ave Delray Beach, FL 33445 (561)278-1114 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 2/27/2015 271 days No 95,492 2.19 $28.54 2000 Age: 14 90 3.6/1000 SF 0.26 Multi 3248547 Sale Price: Status: Building SF: Price/SF: Pct Office: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: -isting Broker $2,725,000 Confirmed 25,048 SF $108.79 20.0% 6.50% $2,725,000 100.0% 27375-1935 we 6 61.1% Delray Beach Ind 12-43-46-18-53-000-0010 Industrial Cushman & Wakefield, Inc. 303 Banyan Blvd West Palm Beach, FL 33401 (561)227-2020 Christopher Thomson, Matthew McAllister 3uyer Broker Levy Realty Advisors, Inc. 1210 Stirling Rd Dania, FL 33004 (954)921-6673 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 27 250 N Congress Ave, Unit A Delray Beach, FL 33445 Class C Warehouse Condo of 5,425 SF Sold on 1/8/2015 for $569,645 - Research Complete buyer Shield Investment Group, Inc. 75 NE 6th Ave Delray Beach, FL 33483 (561)455-2740 seller H & S Development Group, Inc. 801 SW McNab Rd Pompano Beach, FL 33060 (954)783-4646 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 1/8/2015 140 days No 57,499 1.32 $9.91 1989 Age: 26 40 2.94/1000 SF 0.41 3201891 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Condo Type: Building SF: Price/SF: Pct Office: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $569,645 Full Value 5,425 SF Industrial Condo 23,333 SF $105.00 32.9% 27242-1141 No MIC, Delray Beach Delray Beach Ind American Map Corp 60-E6 12-43-46-18-65-000-0010 Industrial Listing Broker $44,023 H&B Commercial 601 N Congress Ave $44,023 Delray Beach, FL 33445 (561)279-9251 Katherin Khidirian, CCIM, Alessandra MacMahon (Buyer Broker prior sale Date/Doc No: 12/24/2014 (27242-1235) Sale Price: $523,855 ComplD: 3201892 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 28 250 N Congress Ave, Unit C Delray Beach, FL 33445 Class C Warehouse Condo of 5,012 SF Sold on 12/24/2014 for $523,855 - Research Complete buyer INTERLOC LLC 1177 George Bush Blvd Delray Beach, FL 33483 seller H&S Development Group, Inc. 801 W McNab Rd Pompano Beach, FL 33060 (954)783-4646 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 12/24/2014 125 days No 57,499 1.32 $9.11 1989 Age: 25 40 2.94/1000 SF 0.41 3201892 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Condo Type: Building SF: Price/SF: Pct Office: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $523,855 Full Value 5,012 SF Industrial Condo 23,333 SF $104.52 32.9% 27242-1235 No MIC, Delray Beach Delray Beach Ind American Map Corp 60-E6 12-43-46-18-65-000-0030 Industrial Listing Broker $44,023 H&B Commercial 601 N Congress Ave $44,023 Delray Beach, FL 33445 (561)279-9251 Katherin Khidirian, CCIM, Alessandra MacMahon (Buyer Broker prior sale Date/Doc No: 4/30/2008 Sale Price: $1,300,000 ComplD: 1535028 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 29 250 N Congress Ave, Unit B Delray Beach, FL 33445 Class C Warehouse Condo of 3,650 SF Sold on 12/24/2014 for $281,500 - Research Complete buyer PALM SHIELD INVESTMENTS LLC 701 S Swinton Ave Delray Beach, FL 33444 seller H&S Development Group, Inc. 801 W McNab Rd Pompano Beach, FL 33060 (954)783-4646 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: 12/24/2014 125 days No 57,499 1.32 $4.90 1989 Age: 25 40 2.94/1000 SF 0.41 3201894 Sale Price: Status: Condo Type: Building SF: Price/SF: Pct Office: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $281,500 Full Value 3,650 SF Industrial Condo 23,333 SF $77.12 32.9% 27242-1178 No MIC, Delray Beach Delray Beach Ind American Map Corp 60-E6 12-43-46-18-65-000-0020 Industrial income expense data (Listing Broker Expenses -Taxes $44,023 H&B Commercial - Operating Expenses 601 N Congress Ave Total Expenses $44,023 Delray Beach, FL 33445 (561)279-9251 Katherin Khidirian, CCIM, Alessandra MacMahon Buyer Broker financing prior sale Date/Doc No: 4/30/2008 Sale Price: $1,300,000 ComplD: 1535028 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 30 601 N Congress Ave, Unit 209-210 Building 2 - Congress Commerce Center Delray Beach, FL 33445 Class B Warehouse Condo of 6,000 SF Sold on 7/23/2014 for $717,000 - Research Complete buyer Adam Harper 1434 W Bexley Park Dr Delray Beach, FL 33445 seller Walter Waksmacki 1330 Neptune Dr Boynton Beach, FL 33426 vital data Escrow/Contract: - Sale Price: $717,000 Sale Date: 7/23/2014 Status: Confirmed Days on Market: - Condo Type: 6,000 SF Industrial Condo Exchange: No Building SF: 22,337 SF Conditions: - Price/SF: $119.50 Land Area SF: 535,374 Pro Forma Cap Rate: - Acres: 12.29 Actual Cap Rate: - $/SF Land Gross: $1.34 Down Pmnt: $350,600 Year Built, Age: 2004 Age: 10 Pct Down: 48.9% Parking Spaces: 70 Doc No: 26937-0096 Parking Ratio: 3.13/1000 SF Trans Tax: - FAR 0.04 Corner: No Lot Dimensions: - Zoning: Light Industrial Frontage: No Tenants: 3 Tenancy: Percent Improved: - Comp ID: 3097770 Submarket: Delray Beach Ind Map Page: - Parcel No: 12-43-46-07-43-002-2100 [Partial List] Property Type: Industrial income expense data (Listing Broker Expenses -Taxes $4,770 Coastal Commercial Group LLC - Operating Expenses 1045 E Atlantic Ave TDelray Beach, FL 33483 Total Expenses $4,770 (561)441-0967 Ingrid Kennemer Buyer Broker Mangrove Realty, Inc. 55 SE 2nd Ave Delray Beach, FL 33444 (561)637-4559 Damara Cohn financing 1st Sun Trust Bank Bal/Pmt: $366,400 prior sale Date/Doc No: 2/7/2014 Sale Price: $365,000 ComplD: 2952563 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 31 601 N Congress Ave, Unit 308 Building 3 - Congress Commerce Center Delray Beach, FL 33445 Class B Warehouse Condo of 4,220 SF Sold on 6/1/2015 for $510,000 - Research Complete buyer Daniel Events 601 N Congress Ave Delray Beach, FL 33445 (561)393-1432 seller Arthur Frischman 5 Preston Hollow Ct Northport, NY 11768 (631)368-1351 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data 6/1/2015 ►G 7 43,560 1 $11.71 2004 Age: 11 60 1.3/1000 SF 1.06 3335235 financing 1st Regent Bk Bal/Pmt: $408,000 Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker Buyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. $510,000 Full Value 4,220 SF Industrial Condo 46,084 SF $120.85 27614-1439 $3,570 No Industrial 1 Delray Beach Ind 12-43-46-07-43-003-3080 Industrial 5/13/2014 (26835-1178) $246,600 3052655 9/28/2015 Page 32 601 N Congress Ave, Unit 208 Building 2 - Congress Commerce Center Delray Beach, FL 33445 Class B Warehouse Condo of 4,500 SF Sold on 2/7/2014 for $365,000 - Research Complete buyer seller vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 2/7/2014 120 days No 535,374 12.29 $0.68 2004 Age: 10 70 3.13/1000 SF 0.04 2952563 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker $365,000 Confirmed 4,500 SF Industrial Condo 22,337 SF $81.11 No Light Industrial 3 Delray Beach Ind Industrial $4,770 H&B Commercial 601 N Congress Ave $4,770 Delray Beach, FL 33445 (561)279-9251 Katherin Khidirian, CCIM (Buyer Broker Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 33 601 N Congress Ave, Unit 606 Building 6 - Congress Commerce Center Delray Beach, FL 33445 Class C Warehouse Condo of 3,043 SF Sold on 2/11/2014 for $280,000 - Research Complete buyer JDJ 601 Realty, LLC 1590 NW 48th PI Boca Raton, FL 33431 seller WCM Management 290 NW 22nd St Delray Beach, FL 33444 (561)665-0540 vital data Escrow/Contract: - Sale Price: $280,000 Sale Date: 2/11/2014 Status: Full Value Days on Market: 265 days Condo Type: 3,043 SF Industrial Condo Exchange: No Building SF: 32,922 SF Conditions: - Price/SF: $92.01 Land Area SF: 544,914 Pro Forma Cap Rate: - Acres: 12.51 Actual Cap Rate: - $/SF Land Gross: $0.51 Down Pmnt: - Year Built, Age: 2004 Age: 10 Pct Down: - Parking Spaces: 40 Doc No: 26624-1007 Parking Ratio: 5/1000 SF Trans Tax: - FAR 0.06 Corner: No Lot Dimensions: - Zoning: I Frontage: Percent Improved: 100.0% Tenancy: Submarket: Delray Beach Ind Comp ID: 2966408 Map Page: - Parcel No: 12-43-46-07-43-006-6060 Property Type: Industrial income expense data Listing Broker Expenses -Taxes $44,117 WCM Management - Operating Expenses 290 NW 22nd St Total Expenses $44,117 Delray Beach, FL 33444 (561)665-0540 Bill Martini Buyer Broker financing prior sale Date/Doc No: 4/30/2013 Sale Price: $425,000 ComplD: 2737806 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 34 601 N Congress Ave, Unit 300 Building 3 - Congress Commerce Center Delray Beach, FL 33445 Class B Warehouse Condo of 3,300 SF Sold on 5/13/2014 for $246,600 - Research Complete buyer Omry Porat 3740 S Ocean Blvd HIGHLAND BEACH, FL 33487 (561)495-6311 seller Charles Rutenberg Realty 2201 W Prospect Rd Fort Lauderdale, FL 33309 (954)396-3001 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data financing 5/13/2014 ►G 7 43,560 1 $5.66 2004 Age: 10 60 1.3/1000 SF 1.06 3052655 Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $246,600 Full Value 3,300 SF Industrial Condo 46,084 SF $74.73 ►z�:icl.�ifi�E:? No Industrial 1 Delray Beach Ind 12-43-46-07-43-003-3000 Industrial sting Broker Vo Listing Broker on Deal uyer Broker Vo Buyer Broker on Deal prior sale Date/Doc No: 8/1/2013 Sale Price: $329,851 ComplD: 2995983 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 35 601 N Congress Ave, Unit 607 Building 6 - Congress Commerce Center Delray Beach, FL 33445 Class C Warehouse Condo of 3,043 SF Sold on 2/21/2014 for $240,000 - Research Complete buyer Daniel Dicristofaro 5884 Michaux St Boca Raton, FL 33433 (561)361-4377 seller US Bank National Association 800 Nicollet Mall Minneapolis, MN 55402 (612) 303-4570 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 10 days 2/21/2014 175 days No High Vacancy Property, REO Sale 544,914 12.51 $0.44 2004 Age: 10 40 5/1000 SF 0.06 2976244 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $240,000 Confirmed 3,043 SF Industrial Condo 32,922 SF $78.87 we 100.0% Delray Beach Ind 12-43-46-07-43-006-6070 Industrial Listing Broker $44,117 NAI/Merin Hunter Codman, Inc. 1601 Forum PI $44,117 West Palm Beach, FL 33401 (561)471-8000 David Knott, Ryan Dinsdale Buyer Broker No Buyer Broker on Deal prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. 2/11/2014 (26624-1007) $280,000 2966408 9/28/2015 Page 36 5624 Linton Blvd, Unit 100 units Delray Grande Independent Living Condominiums Delray Beach, FL 33484 Assisted Living Condo Sold on 9/29/2014 for $15,100,000 - Research Complete buyer Palatine Capital Partners c/o Palatine Capital Partners 1691 Michigan Ave Miami Beach, FL 33139 (212)850-2210 seller Sam Caliendo c/o Ross Realty & Appraisal, Inc. 900 Glades Rd Boca Raton, FL 33431 (561)789-4000 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses 9/29/2014 No Distress Sale 413,820 9.5 $36.49 2005 Age: 9 0.39 3127402 - Taxes - Operating Expenses Total Expenses financing 1st Micap Fundinq VIII Bal/Pmt: $18,500,000 $230 Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $15,100,000 Confirmed Health Care Condo 163,000 SF 27058-0204 No 2 Delray Beach Health Care Listing Broker No Listing Broker on Deal Buyer Broker No Buyer Broker on Deal prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. 7/11/2011 $575,100 2160873 9/28/2015 Page 37 110 Macfarlane Dr Delray Beach Yacht Club Delray Beach, FL 33483 Marina Building of 8,666 SF Sold on 10/21/2013 for $3,637,500 - Research Complete buyer Seagate Yacht Club Llc 185 NE 4th Ave Delray Beach, FL 33483 seller Iberiabank Corporation 200 W Congress St Lafayette, LA 70501 (337)521-4003 vital data $3,637,500 Escrow/Contract: - Sale Date: 10/21/2013 Days on Market: - Exchange: No Conditions: REO Sale Land Area SF: 143,748 Acres: 3.3 $/SF Land Gross: $25.30 Year Built, Age: 1964 Age: 49 Parking Spaces: 40 Parking Ratio: 4.62/1000 SF FAR 0.06 Lot Dimensions: - Frontage: 330 feet on MacFarline 134 feet on Miramar Tenancy: - Comp ID: 2892718 income expense data financing Sale Price: $3,637,500 Status: Full Value Building SF: 8,666 SF Price/SF: $419.74 Pro Forma Cap Rate: - Actual Cap Rate: - Down Pmnt: - Pct Down: - Doc No: 26406-1758 Trans Tax: - Corner: No Zoning: RM, Delray Beach Percent Improved: - Submarket: Delray Beach Map Page: Trakker 51-1.135 Parcel No: 12-43-46-16-1-4-000-0020 Property Type: Specialty Listing Broker Buyer Broker prior sale Date/Doc No: 8/23/2013 Sale Price: $17,484,292 ComplD: 2825021 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 38 1115 Royal Palm Dr Landscape Techniques of South Florida Delray Beach, FL 33444 Class C Showroom Building of 3,100 SF Sold on 9/3/2013 for $315,000 - Research Complete buyer James Schmutz 819 Bailey St Boca Raton, FL 33487 (561)998-1665 seller Victor Nocera 3210 Louisiana Ave Fort Pierce, FL 34947 (561)305-1570 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 9/3/2013 300 days No 17,424 0.4 $18.08 1958 Age: 55 8 2.58/1000 SF 0.18 Single 2846151 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $315,000 Full Value 3,100 SF $101.61 26307-0131 No MIC 1 Delray Beach Ind 12-43-46-20-64-000-0000 Flex Listing Broker $6,396 Marcus & Millichap 5900 N Andrews Ave $6,396 Fort Lauderdale, FL 33309 (954)245-3400 Brian Rosen Buyer Broker Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 39 1250 Wallace Dr, Unit B Wallace Drive Commerce Center Delray Beach, FL 33444 Class A Warehouse Condo of 5,848 SF Sold on 1/12/2015 for $350,000 - Research Complete buyer Hamilton 2779 LLC 2779 W Boca Raton Blvd Boca Raton, FL 33431 seller A N S Property Management Llc 478 Georgetown Rd Nazareth, PA 18064 vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 1/12/2015 53 days No 96,268 2.21 $3.64 2006 Age: 8 82 2.01/1000 SF 0.42 3202294 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $350,000 Full Value 5,848 SF Industrial Condo 40,702 SF $59.85 ►�%►�LIIIII:i:Z: No MIC 5 100.0% Delray Beach Ind 12-43-46-20-76-000-0020 Industrial Listing Broker $82,350 H&B Commercial 601 N Congress Ave $82,350 Delray Beach, FL 33445 (561)279-9251 Katherin Khidirian, CCIM (Buyer Broker prior sale Date/Doc No: 2/18/2014 Sale Price: $280,000 ComplD: 2962504 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 40 1250 Wallace Dr, Unit B Wallace Drive Commerce Center Delray Beach, FL 33444 Class A Warehouse Condo of 5,848 SF Sold on 7/15/2013 for $295,000 - Research Complete buyer A N S Property Management Llc 478 Georgetown Rd Nazareth, PA 18064 seller Germantown Venture Llc vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses 7/15/2013 ►, 96,268 2.21 $3.06 2006 Age: 7 82 2.01/1000 SF 0.42 P41ififi[:I." - Taxes - Operating Expenses Total Expenses financing 1st Private Individual Fas Fiancial Inc Bal/Pmt: $335,000 Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: Listing Broker $82,350 $82,350 Buyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. $295,000 Full Value 5,848 SF Industrial Condo 40,702 SF $50.44 IZL1jF'yQ111110% No MIC 5 Delray Beach Ind 12-43-46-20-76-000-0020 Industrial 9/14/2012 $200,000 2559525 9/28/2015 Page 41 1250 Wallace Dr, Unit A Wallace Drive Commerce Center Delray Beach, FL 33444 Class A Warehouse Condo of 2,601 SF Sold on 2/18/2014 for $280,000 - Research Complete buyer seller vital data Escrow/Contract: Sale Date: Days on Market: Exchange: Conditions: Land Area SF: Acres: $/SF Land Gross: Year Built, Age: Parking Spaces: Parking Ratio: FAR Lot Dimensions: Frontage: Tenancy: Comp ID: income expense data Expenses financing 2/18/2014 1,258 days No 96,268 2.21 $2.91 2006 Age: 7 82 2.01/1000 SF 0.42 2962504 - Taxes - Operating Expenses Total Expenses Sale Price: Status: Condo Type: Building SF: Price/SF: Pro Forma Cap Rate: Actual Cap Rate: Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: Zoning: No Tenants: Percent Improved: Submarket: Map Page: Parcel No: Property Type: $280,000 Confirmed 2,601 SF Industrial Condo 40,702 SF $107.65 No MIC 5 Delray Beach Ind Industrial Listing Broker $82,350 H&B Commercial 601 N Congress Ave $82,350 Delray Beach, FL 33445 (561)279-9251 Katherin Khidirian, CCIM (Buyer Broker prior sale Date/Doc No: Sale Price: ComplD: Copyrighted report licensed to Valuation Consulting - 472799. 7/15/2013 (26191-0427) $295,000 2811165 9/28/2015 Page 42 2559 Webb Ave Delray Beach, FL 33444 Class C Warehouse Building of 10,408 SF Sold or $1,000,000 - Research Complete buyer Amy McCabe c/o Eric McCabe 714 Whispering Pines Rd Boynton Beach, FL 33435 (561)732-4395 seller Rod's Heating & Air Conditioning Inc 1272 NW 15th St Boca Raton, FL 33486 (561) 789-1186 vital data Escrow/Contract: 30 days Sale Price: $1,000,000 Sale Date: 5/1/2014 Status: Confirmed Days on Market: - Building SF: 10,408 SF Exchange: No Price/SF: $96.08 Conditions: Purchase By Tenant Pct Office: 19.0% Land Area SF: 19,166 Pro Forma Cap Rate: - Acres: 0.44 Actual Cap Rate: - $/SF Land Gross: $52.17 Down Pmnt: $0 Year Built, Age: 1982 Age: 32 Pct Down: 0.0% Parking Spaces: 32 Doc No: 26766-1253 Parking Ratio: 3.07/1000 SF Trans Tax: $7,000 FAR 0.54 Corner: No Lot Dimensions: - Zoning: MIC, Delray Beach Frontage: - No Tenants: 6 Tenancy: Multi Percent Improved: - Comp ID: 3029552 Submarket: Boynton Beach Ind Map Page: - Parcel No: 12-43-46-04-07-000-0150 Property Type: Industrial income expense data IListing Broker Expenses -Taxes $14,986 - Operating Expenses Total Expenses $14,986 Buyer Broker financing prior sale 1st Seller Date/Doc No: 4/12/2002 Bal/Pmt: $1,000,000 Sale Price: $512,500 ComplD: 657637 Copyrighted report licensed to Valuation Consulting - 472799. 9/28/2015 Page 43 Delray Beach Valuation Addenda 3 Schedule 5 — Golf Sales Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP 3600 Hamlet Dr - The Seagate Country Club Delray Beach Submarket • Delray Beach, FL 33445 Class B Sports & Entertainment Building of 54,302 SF Sold on 10/18/2012 for $11,289,220 - Research Complete Image Coming Soon VITAL DATA BUYER Rex Capital Group 601 N Congress Ave, Suite 115 Delray Beach, FL 33445-4626 (561)404-2664 Shannon G. Rex SELLER The Hamlet Country Club, Inc. 3600 Hamlet Dr Delray Beach, FL 33445 (561)498-7600 William Redman Name: The Seagate Country Club Sale Price: $11,289,220 Sale Date: 10/18/2012 Status: Confirmed Escrow/Contract: - Building SF: 54,302 SF Days on Market: - Price/SF: $207.90/SF Exchange: No Pro Forma Cap Rate: - Sale Condition: - Actual Cap Rate: - Land Area: 116.06 AC (5,055,574 SF) Down Payment: - $/SF Land Gross: $2.23/SF Percent Down: - Year Built, Age: 1974 Age: 38 Doc No: 25541-1339 Parking Spaces: 147 Spaces Available Trans Tax: $79,025 Parking Ratio: Ratio of 2.71/1,000 SF Corner: - FAR: 0.01 Zoning: R10 Lot Dimensions: - Percent Improved: 0.00% Street Frontage: - Submarket: Delray Beach Tenancy: - Map Page: - Tenants Time of Sale: - Parcel No: 12-42-46-24-00-000-1010 Comp ID: 2582496 Property Type: Sports & Entertainment SALE NOTES This transaction represents the sale of the Hamlet Country Club located at 3600 Hamlet Dr Delray Beach, FL. This golf course and country club sold for $11,289,220 on October 18, 2012. The buyer was able to confirm the sale price and other details of the transaction. The buyer purchased the asset to make the golf and country club part of the guest offerings of the Seagate Hotel & Spa owned by the buyer located at 1000 E Atlantic Ave Delray Beach, FL. FINANCING 1 st Mortgage Bal/Pmt: $10,000,000/ - Sale Comp 112/11/2015 PRODUCED ON �± 0 This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTAR.GO Page 1 3600 Hamlet Dr - The Seagate Country Club Delray Beach Submarket • Delray Beach, FL 33445 Class B Sports & Entertainment Building of 54,302 SF Sold on 10/18/2012 for $11,289,220 - Research Complete INCOME EXPENSE DATA December 2011 Annual Annual/SF Expenses Taxes $136,705 $2.52/SF Operating Expenses Total Expenses = $136,705 $2.52/SF Sale Comp 112/11/2015 PRODUCED ON �± This copyrighted report contains research licensed to Costar Group, Inc - 472799 COSTAR.GO Page 2 Delray Beach Valuation Addenda 3 Schedule 6 — Hanley Wood Valuation Consulting Partners, LLC k1f) Wilmington, Delaware Baltimore, Maryland VCP metr()study Zip Code Market Comparison Report Date: 12/11/2015 , As of Year: 2015 Palm Beach (FL) Belle Glade, FL 102 $95,770 $57 3.1 1.8 1,710 13,174 0.3 33430 102 $95,770 $57 3.1 1.8 1,710 13,174 0.3 ATTACHED 9 $149,952 $44 5.0 2.9 3,796 11,449 0.3 SINGLE FAMILY 81 $95,293 $62 3.0 1.7 1,515 11,525 0.3 OTHER/UNKNOWN 12 $58,357 $32 2.3 2.0 1,465 25,596 0.6 Boca Raton, FL 6,714 $405,005 $183 2.8 2.4 1,866 20,519 0.5 33428 1,009 $224,435 $128 2.9 2.2 1,642 17,762 0.4 ATTACHED 411 $120,757 $102 2.2 2.0 1,174 31,324 0.8 SINGLE FAMILY 533 $324,103 $158 3.4 2.4 2,045 8,777 0.2 OTHER/UNKNOWN 65 $62,723 $51 2.6 1.9 1,296 5,682 0.1 L33431 393 $591,456 $240 3.1 2.6 2,087 13,598 0.4 ATTACHED 182 $402,689 $242 2.5 2.4 1,618 15,399 0.6 SINGLE FAMILY 206 $737,586 $244 3.7 2.8 2,551 11,992 0.3 i OTHER/UNKNOWN 5 $1,442,000 14,194 0.3 33432 805 $827,194 $322 2.7 2.5 1,959 29,999 0.7 ATTACHED 552 $540,849 $280 2.1 2.1 1,472 38,377 0.9 SINGLE FAMILY 248 $1,457,745 $420 4.0 3.3 3,068 11,735 0.3 OTHER/UNKNOWN 5 $1,164,475 $102 1.3 1.2 771 11,008 0.3 33433 1,274 $270,213 $150 2.7 2.3 1,733 20,359 0.6 ATTACHED 803 $202,555 $135 2.4 2.2 1,481 27,368 0.8 i SINGLE FAMILY 466 $388,943 $178 3.3 2.5 2,175 8,430 0.2 OTHER/UNKNOWN 5 $70,400 $56 2.3 1.8 1,009 6,405 0.1 33434 877 $188,662 $110 2.3 2.0 1,388 32,052 0.8 ATTACHED 652 $106,532 $86 1.9 1.8 1,092 39,866 0.9 SINGLE FAMILY 225 $426,656 $181 3.5 2.5 2,246 9,409 0.2 33486 488 $410,206 $205 3.0 2.3 1,847 13,654 0.3 ATTACHED 116 $202,585 $136 2.4 2.2 1,412 24,917 0.7 i SINGLE FAMILY 365 $472,878 $231 3.3 2.4 2,021 10,109 0.2 OTHER/UNKNOWN 7 $582,857 11,825 0.3 33487 701 $497,730 $244 2.7 2.4 1,827 16,994 0.5 ATTACHED 485 $390,386 $229 2.3 2.3 1,581 20,051 0.6 SINGLE FAMILY 212 $723,919 $275 3.8 2.7 2,411 9,941 0.2 OTHER/UNKNOWN 4 $1,525,220 $429 1.0 1.0 723 20,093 0.5 33496 705 $509,790 $163 3.1 3.0 2,513 19,510 0.5 ATTACHED 314 $180,222 $118 2.5 2.2 1,507 25,962 0.7 www.metrostudy.com Metrostudy Customer Support @ Metrostudy, A Hanley Wood Company Page 1 of 7 866-846-0282 - supportrequest@metrostudy.com metr6study A F-­� Company Zip Code Market Comparison Report Date: 12/11/2015 , As of Year: 2015 Palm Beach (FL) SINGLE FAMILY 388 $766,146 $201 3.6 3.7 3,347 13,713 0.3 OTHER/UNKNOWN 3 $1,849,167 93,981 2.2 33498 462 $381,426 $161 3.5 2.6 2,377 8,598 0.2 ATTACHED 67 $188,255 $132 2.2 2.1 1,434 4,685 0.1 SINGLE FAMILY 395 $414,192 $165 3.7 2.7 i 2,537 9,262 0.2 Boynton Beach, FL 5,031 $235,334 $131 2.7 2.1 T 1,651 17,883 0.5 33426 795 $152,182 $111 2.4 2.0 1,356 14,498 0.4 ATTACHED 392 $138,635 $103 2.3 2.1 1,342 22,666 0.7 SINGLE FAMILY 401 $165,907 $119 2.5 1.9 1,377 6,542 0.2 OTHER/UNKNOWN 2 $55,555 8,690 0.2 33435 1,082 $255,524 $155 2.2 1.8 1,282 20,354 0.6 ATTACHED 605 $165,932 $127 1.8 1.8 1,151 29,223 0.8 SINGLE FAMILY 432 $377,978 $183 2.8 1.9 1,524 9,043 0.2 OTHER/UNKNOWN 45 $284,491 $258 1.4 1.2 727 9,701 0.3 33436 1,262 $213,715 $118 2.7 2.1 1,667 20,542 0.5 ATTACHED 637 $142,896 $99 2.2 2.0 1,389 32,633 0.9 SINGLE FAMILY 578 $303,816 $145 3.3 2.3 2,026 8,506 0.2 OTHER/UNKNOWN 47 $65,469 $64 2.5 1.8 1,019 4,680 0.1 33437 1,175 $239,397 $130 2.9 2.2 1,790 19,644 0.5 ATTACHED 568 $160,778 $107 2.6 2.1 1,490 33,370 0.8 SINGLE FAMILY 607 $312,964 $151 3.1 2.2 2,071 6,800 0.2 33472 517 $259,985 $127 3.2 2.4 2,024 11,224 0.3 ATTACHED 135 $152,148 $102 2.6 2.1 1,536 14,412 0.4 SINGLE FAMILY 381 $298,008 $137 3.4 2.5 2,202 10,098 0.2 OTHER/UNKNOWN 1 $331,250 9,827 0.2 33473 200 $505,458 $175 4.2 3.1 2,931 8,065 0.2 SINGLE FAMILY 198 $502,836 $176 4.2 3.2 2,961 8,147 0.2 OTHER/UNKNOWN 2 $765,000 Canal Point, FL 12 $817,560 $528 2.31.3 1,382 21,702 0.5 33438 12 $817,560 $528 2.3 1.3 1,382 21,702 0.5 ATTACHED 2 $143,500 $107 1,844 12,580 0.3 SINGLE FAMILY 9 $1,055,746 $680 3.0 1.7 1,433 25,585 0.6 OTHER/UNKNOWN 1 $22,000 5,001 0.1 Clewiston, FL 3 $175,000 $79 U 2.3� 2,113 200,291 4.7 33440 3 $175,000 $79 .0 2.3 2,113 200,291 4.7 SINGLE FAMILY 2 $100,000 $75 1.0 1,326 59,986 1.4 www.metrostudy.com Metrostudy Customer Support @ Metrostudy, A Hanley Wood Company Page 2 of 7 866-846-0282 - supportrequest@metrostudy.com metr0study Zip Code Market Comparison Report Date: 12/11/2015 , As of Year: 2015 Palm Beach (FL) OTHER/UNKNOWN 1 $325,000 $88 .0 5.0 3,686 480,902 11.0 Deerfield Beach, FL 1 $1,100,000 $398 3.0 3.0 2,766 14,610 0.0 33441 1 $1,100,000 $398 3.0 3.0 2,766 14,610 0.0 SINGLE FAMILY 1 $1,100,000 $398 3.0 3.0 2,766 14,610 0.3 Delray Beach, FL 4,643 $293,667 $154 2.4 2.1 1,530 27,490 0.7 33444 512 $321,084 $204 2.7 1.9 1,415 20,601 0.5 ATTACHED 192 $215,002 $176 1.9 1.9 1,175 39,091 1.0 SINGLE FAMILY 311 $382,342 $227 3.2 2.0 1,604 9,453 0.2 OTHER/UNKNOWN 9 $467,333 $259 2.8 2.3 1,791 11,357 0.3 33445 1,051 $197,118 $115 2.4 2.1 1,471 25,418 0.6 ATTACHED 685 $111,144 $92 2.0 1.9 1,162 33,105 0.8 SINGLE FAMILY 356 $365,451 $161 3.2 2.4 2,084 11,206 0.3 OTHER/UNKNOWN 10 $93,667 $79 1.7 i 839 4,767 0.1 33446 1,242 $242,157 $123 2.3 2.2 1,661 34,243 0.8 ATTACHED 787 $87,799 $78 1.9 1.9 1,059 39,925 0.9 SINGLE FAMILY 419 $515,516 $180 3.3 3.0 2,831 9,870 0.2 OTHER/UNKNOWN 36 $435,013 $449 1,224 193,694 4.4 33483 557 $905,161 $382 2.7 2.6 2,020 14,336 0.5 ATTACHED 372 $515,277 $310 2.3 2.3 1,572 15,135 0.6 SINGLE FAMILY 175 $1,732,569 $524 3.8 3.2 3,002 12,731 0.3 OTHER/UNKNOWN 10 $929,200 $527 2.0 2.1 1,508 12,722 0.3 33484 1,281 $145,978 $97 2.1 2.0 1,285 31,116 0.7 ATTACHED 1,068 $105,281 $86 2.0 2.0 1,139 35,305 0.8 SINGLE FAMILY 213 $350,035 $153 2.7 2.4 2,021 10,114 0.2 FL 1 $136,000 $0 .0 .0 0.0 33009 1 $136,000 $0 .0 .0 0.0 r0"ale, OTHER/UNKNOWN 1 $136,000 upiter, FL 2,680 $436,370 $209 2.9 2.4 1,859 21,952 0.6 33458 1,364 $368,395 $176 3.0 2.4 1,844 14,052 0.4 ATTACHED 557 $245,428 $151 2.4 2.3 1,462 14,743 0.6 SINGLE FAMILY 786 $454,594 $199 3.5 2.5 2,164 13,453 0.3 OTHER/UNKNOWN 21 $403,643 18,165 0.4 33469 391 $554,334 $259 2.8 2.3 1,791 19,380 0.6 ATTACHED 193 $357,697 $229 2.3 2.2 1,409 26,738 1.0 SINGLE FAMILY 195 $739,892 $284 3.4 2.5 2,140 12,134 0.3 OTHER/UNKNOWN 3 $1,143,333 $528 3,598 16,980 0.4 www.metrostudy.com Metrostudy Customer Support @ Metrostudy, A Hanley Wood Company Page 3 of 7 866-846-0282 - supportrequest@metrostudy.com metr()study Zip Code Market Comparison Report Date: 12/11/2015 , As of Year: 2015 Palm Beach (FL) 33477 611 $560,156 $260 2.5 2.4 1,808 15,700 0.5 ATTACHED 455 $379,661 $233 2.3 2.3 1,532 16,409 0.6 i SINGLE FAMILY 138 $1,112,521 $358 3.2 3.0 2,804 10,500 0.2 OTHER/UNKNOWN 18 $887,853 $169 2.0 1.9 1,149 37,633 0.9 b33478 314 $343,885 $193 3.5 2.5 2,111 71,633 1.6 ATTACHED 3 $525,000 $207 3.0 2.7 2,560 43,560 1.0 SINGLE FAMILY 255 $363,405 $165 3.5 2.4 2,167 63,719 1.5 OTHER/UNKNOWN 56 $245,294 $321 3.8 3.0 1,831 109,174 2.5 Lake Worth, FL 5,369 $213,427 $119 2.9 2.1 1,621 16,815 0.4 33449 238 $453,047 $144 3.9 3.3 3,043 35,367 0.8 ATTACHED 7 $79,000 $45 2.9 2.0 1,742 27,206 0.6 SINGLE FAMILY 220 $461,289 $143 3.9 3.4 3,110 26,268 0.6 OTHER/UNKNOWN 11 $526,236 $216 4.0 2.5 2,535 222,546 5.1 33460 785 $166,778 $120 2.7 1.8 1,323 9,162 0.2 ATTACHED 259 $144,002 $104 2.4 2.2 1,335 12,968 0.3 SINGLE FAMILY 514 $178,350 $130 2.8 1.6 1,329 7,200 0.2 OTHER/UNKNOWN 12 $162,708 $33 1.5 1.0 782 11,078 0.3 33461 735 $109,314 $90 2.4 1.7 1,165 17,030 0.6 ATTACHED 376 $70,720 $65 1.8 1.6 1,033 23,266 0.9 SINGLE FAMILY 352 $150,997 $117 3.0 1.7 1,320 10,241 0.2 i OTHER/UNKNOWN 7 $86,286 $54 1.0 1.0 500 23,441 0.5 33462 760 $329,567 $156 2.6 2.1 1,619 17,108 0.5 ATTACHED 294 $166,501 $122 2.2 2.0 1,308 26,067 0.7 i SINGLE FAMILY 460 $432,235 $179 3.0 2.1 1,839 11,438 0.3 OTHER/UNKNOWN 6 $448,500 12,748 0.3 L33463 1,286 $173,872 $107 3.0 2.1 1,567 12,922 0.4 ATTACHED 527 $105,571 $82 2.3 2.0 1,211 20,303 0.7 SINGLE FAMILY 750 $222,434 $125 3.4 2.2 1,784 7,594 0.2 OTHER/UNKNOWN 9 $126,489 $92 5.0 3.0 4,370 24,757 0.6 L33467 1,565 $225,386 $121 3.1 2.3 1,814 20,787 0.5 ATTACHED 594 $90,639 $72 2.2 2.0 1,229 34,525 0.8 SINGLE FAMILY 958 $307,953 $146 3.6 2.4 2,172 11,409 0.3 OTHER/UNKNOWN 13 $297,762 $545 6.0 3.0 2,154 84,144 1.9 Loxahatchee,FL 766 $257,199 $161 3.4 2.3 1,988 86,703 2.0 33470 766 $257,199 $161 3.4 2.3 1,988 86,703 2.0 SINGLE FAMILY 657 $268,184 $139 3.4 2.3 2,035 73,879 1.7 www.metrostudy.com Metrostudy Customer Support @ Metrostudy, A Hanley Wood Company Page 4 of 7 866-846-0282 - supportrequest@metrostudy.com metr0study A- Awa C-pv Zip Code Market Comparison Report Date: 12/11/2015 , As of Year: 2015 Palm Beach (FL) OTHER/UNKNOWN 109 $190,986 $293 3.7 2.4 1,705 164,000 3.8 North Palm Beach, FL 625 $490,318 $254 2.5 2.1 1,617 21,653 0.6 33408 625 $490,318 $254 2.5 2.1 1,617 21,653 0.6 ATTACHED 409 $322,096 $238 2.0 2.0 1,376 26,542 0.8 SINGLE FAMILY 198 $858,148 $299 3.4 2.5 2,197 12,436 0.3 OTHER/UNKNOWN 18 $266,553 $115 1.4 1.6 715 11,969 0.3 Outarea, FL 1 $215,000 $0 .0 .0 808,718 19.0 00053 1 $215,000 $0 .0 .0 808,718 19.0 OTHER/UNKNOWN 1 $215,000 808,718 18.6 Pahokee, FL 46 $66,195 $51 2.8 1.6 1,390 28,246 0.7 33476 46 $66,195 $51 2.8 1.6 1,390 28,246 0.7 ATTACHED 1 2.0 1.0 962 43,560 1.0 SINGLE FAMILY 42 $63,678 $47 3.0 1.6 1,410 14,455 0.3 OTHER/UNKNOWN 3 $123,500 $126 1.0 1,247 216,225 5.0 Palm Beach Gardens, FL 2,227 $430,553 $179 3.0 2.6 2,057 18,344 0.5 33410 917 $436,153 $189 3.0 2.4 1,883 12,553 0.4 ATTACHED 357 $239,949 $155 2.2 2.2 1,441 17,268 0.7 SINGLE FAMILY 554 $548,886 $213 3.6 2.6 2,189 9,389 0.2 OTHER/UNKNOWN 6 $1,701,250 24,146 0.6 33418 1,310 $426,633 $172 3.0 2.7 2,178 22,397 0.6 ATTACHED 596 $207,567 $139 2.4 2.2 1,471 14,946 0.5 SINGLE FAMILY 683 $611,532 $200 3.6 3.1 2,778 23,697 0.5 OTHER/UNKNOWN 31 $564,626 $217 3.5 2.3 2,554 137,019 3.1 Palm Beach, FL 709 $1,283,154 $544 2.4 2.5 1,969 28,201 0.8 33480 709 $1,283,154 $544 2.4 2.5 1,969 28,201 0.8 ATTACHED 522 $752,560 $442 2.1 2.1 1,557 33,267 0.9 SINGLE FAMILY 125 $3,843,003 $1,103 3.9 4.4 4,099 16,200 0.4 OTHER/UNKNOWN 62 $589,426 $276 1.7 1.71 1,139 9,738 0.2 Pompano Beach, FL 3 $244,167 $100 2.7 2,217 5,020 0.0 33067 3 $244,167 $100 2.7 2.3 2,217 5,020 0.0 SINGLE FAMILY 2 $338,000 $129 4.0 2.5 2,654 5,029 0.1 OTHER/UNKNOWN 1 $56,500 $42 2.0 1,344 5,001 0.1 South Bay, FL 13 $49,583 $33 2.5 1.8 1,330 11,993 0.3 33493 13 $49,583 $33 2.5 1.8 1,330 11,993 0.3 SINGLE FAMILY 13 $49,583 $33 2.5 1.8 1,330 11,993 0.3 West Palm Beach, FL 10,969 $230,954 $129 2.7 2.1 1,571 21,810 0.6 www.metrostudy.com Metrostudy Customer Support @ Metrostudy, A Hanley Wood Company Page 5 of 7 866-846-0282 - supportrequest@metrostudy.com metr6study A F-­� Company Zip Code Market Comparison Report Date: 12/11/2015 , As of Year: 2015 Palm Beach (FL) 33401 845 $291,942 $202 2.3 1.9 1,386 30,784 0.7 ATTACHED 635 $283,116 $202 2.0 2.0 1,350 38,336 0.9 SINGLE FAMILY 203 $322,514 $209 3.1 1.8 1,546 7,562 0.2 OTHER/UNKNOWN 7 $205,964 19,131 0.4 33403 245 $175,231 $118 2.5 1.9 1,442 13,172 0.4 ATTACHED 138 $185,083 $119 2.1 1.9 1,454 15,257 0.5 SINGLE FAMILY 103 $165,483 $118 3.1 1.9 1,459 10,682 0.2 OTHER/UNKNOWN 4 $86,375 $85 1.5 617 5,333 0.1 33404 880 $333,893 $192 2.6 2.1 1,502 14,646 0.5 ATTACHED 524 $413,658 $234 2.5 2.4 1,590 19,744 0.7 SINGLE FAMILY 321 $227,953 $132 2.8 1.8 1,417 7,354 0.2 OTHER/UNKNOWN 35 $111,313 $117 1.7 1.5 956 5,214 0.1 33405 457 $353,758 $200 3.0 1.7 1,480 7,947 0.2 ATTACHED 66 $235,745 $169 2.0 2.3 1,406 6,612 0.2 SINGLE FAMILY 382 $368,153 $210 3.3 1.7 1,528 8,190 0.2 OTHER/UNKNOWN 9 $608,222 7,399 0.2 33406 518 $173,610 $117 2.6 2.0 1,394 13,175 0.5 ATTACHED 222 $129,547 $89 2.2 2.1 1,219 14,713 0.9 SINGLE FAMILY 292 $205,139 $135 3.0 1.9 1,516 11,958 0.3 OTHER/UNKNOWN 4 $317,447 $361 2.0 2,252 16,667 0.4 33407 762 $163,963 $104 2.5 1.9 1,314 7,900 0.3 ATTACHED 380 $157,690 $100 2.2 2.0 1,235 8,844 0.4 SINGLE FAMILY 352 $171,985 $103 2.9 1.8 1,462 7,291 0.2 OTHER/UNKNOWN 30 $149,283 $174 1.0 1.0 588 3,077 0.1 33409 746 $150,277 $97 2.4 1.9 1,321 24,155 0.7 ATTACHED 452 $121,323 $86 1.9 1.8 1,142 35,370 1.0 SINGLE FAMILY 288 $197,380 $116 3.4 1.9 1,608 6,886 0.2 OTHER/UNKNOWN 6 $70,500 $31 2.0 1,104 8,148 0.2 33411 2,058 $204,999 $115 2.9 2.2 1,697 24,194 0.6 ATTACHED 956 $109,785 $89 2.2 2.0 1,151 30,747 0.7 SINGLE FAMILY 1,086 $288,616 $137 3.5 2.4 2,130 17,959 0.4 OTHER/UNKNOWN 16 $218,469 $86 3.0 2.0 4,969 55,815 1.3 33412 464 $326,569 $128 3.1 2.5 2,240 38,529 0.9 ATTACHED 27 $197,391 $90 2.9 2.4 2,051 22,444 0.5 SINGLE FAMILY 403 $353,187 $141 3.4 2.7 2,442 38,003 0.9 www.metrostudy.com Metrostudy Customer Support @ Metrostudy, A Hanley Wood Company Page 6 of 7 866-846-0282 - supportrequest@metrostudy.com metr6study Zip Code Market Comparison Report Date: 12/11/2015 , As of Year: 2015 A F-­� Company Palm Beach (FL) OTHER/UNKNOWN 33413 ATTACHED SINGLE FAMILY OTHER/UNKNOWN 33414 ATTACHED SINGLE FAMILY OTHER/UNKNOWN 33415 ATTACHED SINGLE FAMILY OTHER/UNKNOWN 33417 ATTACHED SINGLE FAMILY OTHER/UNKNOWN 34 $113,651 312 $224,588 59 $141,841 249 $246,535 4 $78,875 1,493 $415,166 368 $217,890 1,107 $458,022 18 $1,812,684 1,037 $108,615 728 $91,506 303 $150,267 6 $81,200 1,152 $74,028 942 $54,523 204 $161,990 6 $145,633 $119 3.3 2.3 $102 2.6 2.3 $125 3.5 2.3 $168 3.6 2.7 $135 2.6 2.4 $167 3.9 2.8 $913 3.6 2.9 $83 2.4 1.9 $72 2.1 1.9 $110 3.0 1.9 $77 3.0 2.0 $66 1.8 1.7 $57 1.6 1.6 $107 2.7 1.9 $92 2.0 1.2 57,541 1.3 1,865 15,034 0.4 1,406 19,046 0.8 2,003 13,829 0.3 30,841 0.7 2,339 19,169 0.5 1,589 21,440 0.6 2,583 16,349 0.4 2,684 146,198 3.4 1,197 23,343 0.7 1,111 28,259 0.9 1,402 11,792 0.3 1,284 10,284 0.2 1,003 32,490 0.8 891 37,269 0.9 1,528 10,913 0.3 676 15,767 0.4 www.metrostudy.com Metrostudy Customer Support @ Metrostudy, A Hanley Wood Company Page 7 of 7 866-846-0282 - supportrequest@metrostudy.com Housing lntenigence ro New Home Subdivision Statistics Report Date: 12/11/2015 , Year: 2015 Palm Beach (FL) Boca Raton, FL 200 EAST THE LOJETA GROUP ATTACHED AZURA TOLL BROTHERS SINGLE FAMILY BOCA HARBOUR *Builder TBD SINGLE FAMILY BOCA RESERVE MINTO BUILDERS SINGLE FAMILY BOCA VILLAS MUIR YEONAS HOMES LLC SINGLE FAMILY LAGO MAR SEASIDE ESTATES CREEK BAY DEVELOPMENT SINGLE FAMILY CANYON TRAILS/HARBOUR DEUX COMPANY LLC SINGLE FAMILY LONG LAKE ESTATES GL HOMES SINGLE FAMILY OAKS AT BOCA RATON/GRAND LAKE GL HOMES SINGLE FAMILY ESTATES 2,244 8,398 OAKS AT BOCA RATON/OAK POINTE RICHMOND AMERICAN SINGLE FAMILY ESTATES HOMES -MDC 10,693 OAKS AT BOCA RATON/ROYAL RICHMOND AMERICAN SINGLE FAMILY ESTATES HOMES -MDC 10,001 OAKS AT BOCA RATON/ROYAL STANDARD PACIFIC HOMES SINGLE FAMILY ESTATES 0 6,094 ROYAL PALM YACHT CNTRY CLUB SAHARRA HOMES LLC OTHER/UNKNO 3,316 3,316 WN Boynton Beach, FL ASPEN GLEN LENNAR SINGLE FAMILY ASPEN GLEN PUD LENNAR SINGLE FAMILY BELLAMY HEIGHTS BOYNTON *Builder TBD SINGLE FAMILY BELLAMY HEIGHTS BOYNTON GL HOMES SINGLE FAMILY BOYNTON HEIGHTS DR HORTON OTHER/UNKNO 2,854 1,946 - 3,520 WN CANYON TRAILS/HARBOUR GL HOMES SINGLE FAMILY COLLECTION 4,834 9,292 CANYON TRAILS/ISLAND GL HOMES SINGLE FAMILY COLLECTION 2,244 8,398 CANYON TRAILS/MODEL ROW GL HOMES SINGLE FAMILY 1728 45 $1,412,175 $614,829 - $4,086,580 2,341 1,946 - 4,834 14,914 3 $1,278,333 $700,000 - $2,100,000 2,854 1,946 - 3,520 43,560 16 $1,174,664 $860,535-$1,753,220 4,834 4,834 9,292 1 $740,000 $740,000 2,244 2,244 8,398 3 $726,610 $614,829-$910,000 4,622 4,622 10,693 1 $1,722,974 $1,722,974 0 10,001 1 $750,000 $750,000 0 6,094 1 $941,195 $941,195 3,316 3,316 50,094 3 $2,775,754 $2,550,000 - 0 17,311 $3,181,614 2' $1,328,715 $1,125,509- 0 14,247 $1,531,921 12 $1,499,693 $1,332,882- 0 14,341 $1,755,037 1 $1,516,632 $1,516,632 0 18,587 1 $4,086,580 $4,086,580 0 13,991 427 V $545,543 $128,950 - $1,100,538 385 620-4,030 13,577 11 $376,168 $331,590 - $430,390 0 5,058 1 $373,990 $373,990 0 4,914 1 $180,000 $180,000 1,393 1,393 15,159 1 $177,000 $177,000 1,252 1,252 6,843 1 $286,535 $286,535 0 6,508 14 $695,710 $569,250 - $882,059 3,052 3,052 11,629 3 $476,932 $424,395 - $510,500 0 7,916 10 $567,776 $482,455 - $864,900 4,030 4,030 8,050 www.housingintelligence.com Sales: 800.639.3777 © Hanley Wood, LLC - All Rights Reserved Page 1 of 9 Support: 877.275.8647 Housing IntelligencePro New Home Subdivision Statistics Report Date: 12/11/2015 , Year: 2015 Palm Beach (FL) Boynton Beach, FL CANYON TRAILS/SHORELINE GL HOMES SINGLE FAMILY COLLECTION 620-4,030 13,577 CAPISTARA LENNAR SINGLE FAMILY CASA COSTA RELATED GROUP ATTACHED CORONADO ESTATES ANCO HOMES INC SINGLE FAMILY EASTVIEW PARK DR HORTON SINGLE FAMILY GATEWAY PALMS REGATTA HOMES INC SINGLE FAMILY GOLF COLONY REPL WESTCHESTER GOLF & LAKE OTHER/UNKNO 1 ESTATE WN MEEKS ANDREWS HABITAT FOR HUMANITY SINGLE FAMILY OCEAN BREEZE WEST BOYNTON BCH FAITH BASED OTHER/UNKNO CMNTY WN OCEAN BREEZE WEST HABITAT FOR HUMANITY OTHER/UNKNO 0 WN PINE TREE GOLF CLUB FLORIDA CUSTOM HOMES OTHER/UNKNO 0 WN TARTAN LAKES HABITAT FOR HUMANITY SINGLE FAMILY VALENCIA COVE AGR PUD PLAT GL HOMES SINGLE FAMILY VALENCIA COVE/CAPRI GL HOMES SINGLE FAMILY VALENCIA COVE/SALERNO GL HOMES SINGLE FAMILY VALENCIA COVE/SIENA GL HOMES SINGLE FAMILY VALENCIA COVE/SONOMA GL HOMES SINGLE FAMILY VALENCIA COVE/VENTURA GL HOMES SINGLE FAMILY VALENCIA COVE/VERDONA GL HOMES SINGLE FAMILY VALENCIA RESERVE/MODEL CENTER GL HOMES SINGLE FAMILY VALENCIA RESERVE/SONATA GL HOMES SINGLE FAMILY VILLA LAGO CONDOS 'Builder TBD ATTACHED 'Unknown or Custom Home GL HOMES OTHER/UNKNO 7,797 38 WN 'Unknown or Custom Home PENINSULA BOYNTON OTHER/UNKNO 11,870 PROPERTY LLC WN 427 $545,543 $128,950 - $1,100,538 385 620-4,030 13,577 11 $515,628 $459,863 - $597,320 0 7,932 2 $366,890 $348,090 - $385,690 0 6,408 65 $292,678 $140,250 - $1,000,000 1,157 620-2,442 43,560 1 $599,000 $599,000 0 6,037 13 $286,198 $258,475 - $297,000 0 8,573 1 $375,000 $375,000 0 6,743 1 $414,797 $414,797 0 7,501 1 $128,950 $128,950 1,441 1,441 6,634 1 $130,000 $130,000 0 6,242 1 $168,500 $168,500 0 7,052 1 $740,000 $740,000 0 16,988 1 $160,000 $160,000 728 728 6,599 1 $584,527 $584,527 0 7,797 38 $875,049 $752,538-$1,100,538 0 11,870 85 $550,841 $418,097 - $653,923 0 7,120 8 $539,962 $448,987-$584,662 0 23 $531,931 $417,199 - $659,017 0 6,631 7 $642,564 $613,926 - $693,753 0 7,293 113 $630,349 $477,920 - $798,536 0 8,853 1 $801,341 $801,341 0 8,917 2 $465,689 $422,864 - $508,513 0 7,088 1 $236,500 $236,500 1,460 1,460 43,560 2 $579,694 $562,045 - $597,342 0 5 $601,680 $450,000-$747,500 0 www.housingintelligence.com Sales: 800.639.3777 © Hanley Wood, LLC - All Rights Reserved Page 2 of 9 Support: 877.275.8647 Housing IntelligencePro New Home Subdivision Statistics Report Date: 12/11/2015 , Year: 2015 Palm Beach (FL) Delray Beach, FL 4001 NORTH OCEAN KOLTER COMMUNITIES ATTACHED 630 FLORIDA LLC 1 ATLANTIC GARDENS DELRAY HABITAT FOR HUMANITY OTHER/UNKNO 1 WN ATLANTIC GARDENS DELRAY HABITAT FOR HUMANITY SINGLE FAMILY ATLANTIC PARK GARDENS LINCOLN DELRAY BEACH COMMUNITY OTHER/UNKNO 0 LAND TRUST INC WN ATLANTIC PARK GARDENS PRIEST DELRAY BEACH COMMUNITY OTHER/UNKNO 7,290 LAND TRUST INC WN BAHIA AT DELRAY CONDOS *Builder TBD ATTACHED BRIDGES/ATLANTIC GL HOMES SINGLE FAMILY BRIDGES/COASTAL GL HOMES SINGLE FAMILY BRIDGES/EMPIRE GL HOMES SINGLE FAMILY BRIDGES/PACIFIC GL HOMES SINGLE FAMILY CANNERY ROW (TH) IRONWOOD PROPERTIES ATTACHED COUNTRY CLUB ACRES PBG HOMES LTD OTHER/UNKNO 0 13,473 WN DELRAY GARDEN ESTATES PBG HOMES LTD OTHER/UNKNO 43 WN DELRAY VILLAS INC DELRAY VILLAGE BY THE ATTACHED 11 SEA LLC $628,686 - $879,002 HIDDEN HARBOR ESTATES SEASIDE BUILDERS SINGLE FAMILY LATITUDE DELRAY SAVION COMPANIES ATTACHED MIZNER'S CC/DEL PRADO TUSCAN -HARVEY HOMES INC SINGLE FAMILY $249,900 (FL) 8,542 SEVEN BRIDGES/FUTURES GL HOMES SINGLE FAMILY SEVEN BRIDGES/MADISON GL HOMES SINGLE FAMILY SEVEN BRIDGES/NEWBURY GL HOMES SINGLE FAMILY SEVEN BRIDGES/OXFORD GL HOMES SINGLE FAMILY SEVEN BRIDGES/PRESTON GL HOMES SINGLE FAMILY 270 $846,577 $105,000 - $5,250,000 2 630 4,509 1 $1,900,000 $1,900,000 0 1 $160,000 $160,000 0 6,900 1 $160,000 $160,000 0 6,900 2 $148,944 $140,000 - $157,888 0 7,290 1 $152,000 $152,000 0 8,973 1 $105,000 $105,000 630 630 43,560 23 $767,317 $648,149 - $915,083 0 8,682 21 $1,092,904 $831,489-$1,374,881 0 12,222 3 $1,893,056 $1,834,355- 0 13,473 $1,953,900 43 $869,311 $659,137 - $1,076,689 0 8,675 11 $743,081 $628,686 - $879,002 0 1,769 1 $250,000 $250,000 0 9,392 1 $249,900 $249,900 0 8,542 1 $750,000 $750,000 0 43,560 1 $5,250,000 $5,250,000 0 30,919 15 $416,533 $347,984 - $473,889 0 2,143 1 $600,000 $600,000 0 15,473 44 $1,072,458 $706,636-$2,215,146 0 9 $1,313,561 $1,148,577- 0 $1,420,943 11 $832,060 $663,394 - $958,928 0 7 $1,932,293 $1,599,868- 0 $2,555,318 8 $1,141,454 $928,312-$1,941,401 0 www.housingintelligence.com Sales: 800.639.3777 © Hanley Wood, LLC - All Rights Reserved Page 3 of 9 Support: 877.275.8647 Housing IntelligencePro New Home Subdivision Statistics Report Date: 12/11/2015 , Year: 2015 Palm Beach (FL) Delray Beach, FL TROPIC CAY (TH) FP DINO & ASSOCIATES INC ATTACHED TUSCANY GL HOMES SINGLE FAMILY WATERSIDE (TH) - PB HOME DYNAMICS ATTACHED CORPORATION 3,156 'Unknown or Custom Home 'Builder TBD OTHER/UNKNO 0 WN *Unknown or Custom Home 1001 HIBISCUS LANE LLC SINGLE FAMILY 'Unknown or Custom Home GL HOMES OTHER/UNKNO 2 $1,630,000 WN Jupiter, FL 0 ABACOA/WINDSOR PARK/ATTACHED PULTE-DEL WEBB-CENTEX ATTACHED ABACOA/WINDSOR PARK/SF PULTE-DEL WEBB-CENTEX ATTACHED ABACOA/WINDSOR PARK/SF PULTE-DEL WEBB-CENTEX SINGLE FAMILY ADMIRALS COVE MUSTAPICK ESTATES SINGLE FAMILY 7� HOMES $409,549 - $864,182 ADMIRALS COVE PRCL EAST HASEY CONSTRUCTION INC SINGLE FAMILY BOTANICA/SANDPIPER COVE (TH) PULTE-DEL WEBB-CENTEX ATTACHED BOTANICA/SF NEW URBAN COMMUNITIES SINGLE FAMILY CINQUEZ PARK D & D SPECIALTIES INC OTHER/UNKNO 1,890 1,890 WN CINQUEZ PARK JADE DEVELOPMENT LLC OTHER/UNKNO 0 WN CINQUEZ PARK VW LLC OTHER/UNKNO 0 WN CINQUEZ PARK ND RCMR LLC OTHER/UNKNO 3,921 3,921 WN JUPITER COUNTRY CLUB/CARINA TOLL BROTHERS SINGLE FAMILY JUPITER COUNTRY CLUB/CARMELA TOLL BROTHERS SINGLE FAMILY COURT $220,806 $184,035-$263,295 JUPITER COUNTRY CLUB/CARRIAGE TOLL BROTHERS ATTACHED HOMES $480,611 $380,965 - $573,318 JUPITER COUNTRY CLUB/ELENA TOLL BROTHERS SINGLE FAMILY COURT $385,000 $385,000 270 $846,577 $105,000 - $5,250,000 2 630 4,509 5 $342,940 $315,000 - $369,000 0 3,156 37 i $386,272 $305,820 - $467,487 0 11 $354,440 $309,590 - $378,190 0 1,651 2 $1,630,000 $1,465,000 - 0 $1,795,000 1 $2,400,000 $2,400,000 0 73,190 7� $604,887 $409,549 - $864,182 0 273 $592,748 $184,035 - $4,975,000 1,229 732-4,315 104,184 36 $331,243 $273,910-$444,535 1,890 1,890 2,941 20 $328,825 $279,290-$424,785 0 804,166 25 $635,090 $371,465 - $854,218 0 406,493 1I $4,175,000 $4,175,000 3,921 3,921 16,174 1 , $1,670,000 $1,670,000 2,770 2,770 14,327 24 $220,806 $184,035-$263,295 1,485 1,485 13,068 6 $480,611 $380,965 - $573,318 0 4,906 1 $385,000 $385,000 0 14,963 1 $395,000 $395,000 0 15,024 2 $354,500 $349,000 - $360,000 0 7,514 2 $299,950 $299,900 - $300,000 0 5,025 24' $789,163 $635,504 - $978,020 0 10,397 5 $1,109,039 $970,759-$1,243,466 0 11,955 18 i $531,307 $409,126 - $715,134 0 2 $1,825,783 $1,677,024- 0 17,250 $1,974,541 www.housingintelligence.com Sales: 800.639.3777 © Hanley Wood, LLC - All Rights Reserved Page 4 of 9 Support: 877.275.8647 Housing IntelligencePro New Home Subdivision Statistics Report Date: 12/11/2015 , Year: 2015 Palm Beach (FL) Jupiter, FL JUPITER COUNTRY CLUB/ROSALIA TOLL BROTHERS SINGLE FAMILY COURT 732-4,315 104,184 JUPITER COUNTRY CLUB/SONATA TOLL BROTHERS SINGLE FAMILY DRIVE 0 13,402 LOXAHATCHEE RESERVE LENNAR SINGLE FAMILY PALM GARDENS HABITAT FOR HUMANITY OTHER/UNKNO $728,000 WN PINE GARDENS HABITAT FOR HUMANITY SINGLE FAMILY RIALTO LENNAR SINGLE FAMILY RIVERSIDE ON LOXAHATCHEE 118 W RIVERSIDE DR LLC SINGLE FAMILY SANDPIPER COVE AT BOTANICA CON PULTE-DEL WEBB-CENTEX ATTACHED TIERRA DEL SOL (TH) STERLING COMMUNITIES ATTACHED VILLA DIAMANTE(ATT) KENNEDY HOMES (FL) ATTACHED WHITEWING (TH) SOUTHEAST LAND ATTACHED 69 DEVELOPMENT $417,690 - $834,334 WINDSOR PARK ABACOA PLAT PULTE-DEL WEBB-CENTEX ATTACHED "Unknown or Custom Home WILLIAM DEAN HOMES OTHER/UNKNO 0 WN Lake Worth, FL $261,685 $261,685 CAPISTARA LENNAR SINGLE FAMILY CAPISTARA PUD LENNAR SINGLE FAMILY COLONY LAKE (TH) HOLIDAY ORGANIZATION OF ATTACHED 2 FLORIDA $500,282-$549,161 GROVELAND PARK PBG HOMES LTD OTHER/UNKNO 2 $384,000 WN GULFSTREAM PRESERVE LENNAR SINGLE FAMILY LAKE WORTH TOWN HABITAT FOR HUMANITY OTHER/UNKNO 0 WN LAKE WORTH TOWN HABITAT FOR HUMANITY SINGLE FAMILY OAK HAVEN PULTE-DEL WEBB-CENTEX SINGLE FAMILY OSPREY OAKS AT BOYNTON BEACH CC DEVCO HOMES SINGLE FAMILY 273 j" $592,748 $184,035 - $4,975,000 1,229 732-4,315 104,184 4 $1,029,360 $926,878-$1,141,347 0 13,402 16 $1,083,168 $813,828-$1,281,487 0 13,283 $728,000 $728,000 3,046 3,046 14,732 $236,667 $220,000 - $255,000 0 8,291 �3 11 $248,000 $248,000 732 732 6,569 69 $596,576 $417,690 - $834,334 3,207 2,334 - 4,315 12,231 1 $4,975,000 $4,975,000 0 24,860 1 $261,685 $261,685 0 10,032 1 $795,000 $795,000 0 2 $524,722 $500,282-$549,161 0 2 $384,000 $359,000 - $409,000 0 5,772 2 $344,005 $340,670 - $347,340 0 2,797 2 $394,850 $394,700-$395,000 0 55,014 175 $371,690 $145,000 - $756,164 246 780-4,075 6,234 24 $396,567 $337,990 - $504,940 0 6,560 4 $417,365 $367,690 - $460,940 0 6,052 1 $259,000 $259,000 0 2,709 2 $219,000 $218,000 - $220,000 0 12,528 11 $426,707 $367,000 - $560,440 0 1 $145,000 $145,000 0 3,376 4 $151,250 $145,000 - $159,000 867 780-1,020 5,068 1 $525,000 $525,000 3,557 3,557 12,598 11 $477,620 $359,990 - $756,164 3,283 2,490 - 4,075 12,097 www.housingintelligence.com Sales: 800.639.3777 © Hanley Wood, LLC - All Rights Reserved Page 5 of 9 Support: 877.275.8647 Housing IntelligencePro New Home Subdivision Statistics Report Date: 12/11/2015 , Year: 2015 Palm Beach (FL) Lake Worth, FL ST. PAUL ESTATES VERONA ESTATES VERONA ESTATES VISTA LAGO WELLINGTON PARC (TH) *Unknown or Custom Home Loxahatchee, FL *Unknown or Custom Home *Unknown or Custom Home *Unknown or Custom Home *Unknown or Custom Home *Unknown or Custom Home *Unknown or Custom Home North Palm Beach, FL BAY COLONY FRENCHMAN'S HARBOR MERCURY RISING PRESERVE AT JUNO BEACH Palm Beach Gardens, FL FRENCHMAN'S RESERVE/L'HERMITAGE GARDENIA ISLES SOUTHWIND CONSTRUCTION SINGLE FAMILY AND HOMES INC (FL) DR HORTON OTHER/UNKNO TOLL BROTHERS WN DR HORTON SINGLE FAMILY DR HORTON SINGLE FAMILY LENNAR ATTACHED LENNAR OTHER/UNKNO G GORDON CONSTRUCTION WN *Builder TBD OTHER/UNKNO TOLL BROTHERS WN ARLINGTON CUSTOM HOMES OTHER/UNKNO LLC WN EXTREME BUILDERS INC (FL) OTHER/UNKNO $257,500 - $265,000 WN G GORDON CONSTRUCTION OTHER/UNKNO INC WN SYNERGY HOMES OTHER/UNKNO DEVELOPMENT WN VISTA BUILDERS OTHER/UNKNO $328,180 - $4,250,355 WN GROUNDSTONE INC ATTACHED TOLL BROTHERS SINGLE FAMILY *Builder TBD SINGLE FAMILY TOLL BROTHERS SINGLE FAMILY BLOOMFIELD SINGLE FAMILY CONSTRUCTION INC KOLTER COMMUNITIES SINGLE FAMILY FLORIDA LLC 175 im $371,690 $145,000 - $756,164 14 $259,754 $238,000 - $276,000 1 $335,357 $335,357 25 $346,123 $295,000 - $425,580 43 $416,944 $367,430 - $495,000 29 $333,710 $298,990 - $384,190 4 $426,965 $360,690 - $520,990 10 L. $313,540 $257,500 - $495,000 1 0 $330,000 $330,000 1 0 $305,000 $305,000 3 $262,467 $257,500 - $265,000 2 $274,500 $269,000-$280,000 2 $334,500 $314,000-$355,000 t$495,000 $495,000 60 $1,077,264 $328,180 - $4,250,355 42 $603,005 $328,180 - $1,009,435 8 $3,205,028 $2,038,788 - 0 $4,250,355 1 $995,000 $995,000 9 $1,408,269 $1,072,089- $1,574,356 94 $983,616 $165,000 - $5,815,930 2 $1,482,500 $735,000-$2,230,000 10 $1,163,005 $940,975-$1,287,950 246 780-4,075 0 0 6,234 11,918 10,987 8,143 2,602 55,495 56,628 50,094 51,981 60,113 57,717 56,628 298,652 420,202 20,715 1,921 11,445 6,769 14,353 www.housingintelligence.com Sales: 800.639.3777 © Hanley Wood, LLC - All Rights Reserved Page 6 of 9 Support: 877.275.8647 0 0 0 0 0 0 0 0 0 0 0 1,798 1,566 - 5,266 1,566 1,566 5,266 5,266 0 0 1,639 2,081 - 6,055 6,055 6,055 0 6,234 11,918 10,987 8,143 2,602 55,495 56,628 50,094 51,981 60,113 57,717 56,628 298,652 420,202 20,715 1,921 11,445 6,769 14,353 www.housingintelligence.com Sales: 800.639.3777 © Hanley Wood, LLC - All Rights Reserved Page 6 of 9 Support: 877.275.8647 Housing IntelligencePre New Home Subdivision Statistics Report Date: 12/11/2015 , Year: 2015 Palm Beach (FL) Palm Beach Gardens, FL HAMPTON CAY (TH) K HOVNANIAN ATTACHED OLD PALM GC/GOLF ESTATES COURCHENE DEV CORP SINGLE FAMILY OLD PALM GC/GOLF ESTATES MUSTAPICK ESTATES SINGLE FAMILY 2,253 HOMES 1,818 OLD PALM GC/GRAND ESTATES COURCHENE DEV CORP SINGLE FAMILY OLD PALM GC/GRAND ESTATES HASEY CONSTRUCTION INC SINGLE FAMILY OLD PALM GC/ISLE ESTATES CASTO HOMES INC SINGLE FAMILY OLD PALM GC/ISLE ESTATES COURCHENE DEV CORP SINGLE FAMILY THE ESTATES PLATINUM I LLC SINGLE FAMILY 'Unknown or Custom Home VISTA BUILDERS SINGLE FAMILY Palm Beach, FL $1,800,000 EDEN PROP WITTMANN BUILDING CORP. OTHER/UNKNO 4 $2,894,490 WN West Palm Beach, FL 0 20,936 BAYHILL ESTATES GL HOMES SINGLE FAMILY CASTELLINA IN WELLINGTON PULTE-DEL WEBB-CENTEX SINGLE FAMILY CHARLESTON COMMONS LENNAR ATTACHED CITY PLACE SOUTH TOWER GULFSTREAM CAPITAL ATTACHED PARTNERS LLC $2,750,000 CITY PLACE SOUTH TOWER RELATED GROUP ATTACHED CITYPLACE SOUTH TOWER CONDOS GULFSTREAM CAPITAL ATTACHED PARTNERS LLC 45,076 COLONIAL ESTATES HABITAT FOR HUMANITY OTHER/UNKNO 0 WN DOLCE VITA CORUS CONSTRUCTION ATTACHED VENTURE, LLC EMERALD COVE DR HORTON SINGLE FAMILY GREENBRIER SOUTHWIND CONSTRUCTION ATTACHED 43,560 AND HOMES INC (FL) $165,000 94 $983,616 $165,000 - $5,815,930 1,639 2,081 - 6,055 6,769 57 $414,203 $353,570 - $550,000 2,253 2,137 - 2,467 1,818 6 $1,817,275 $1,590,000- 0 11,834 $2,086,628 7 $1,684,456 $1,610,000- 0 11,886 $1,800,000 4 $2,894,490 $2,578,250 - 0 20,936 $3,045,000 2 $2,747,475 $2,744,949- 5,746 5,746 21,212 $2,750,000 1 $2,000,000 $2,000,000 0 45,076 3 $3,783,643 $2,755,000 - 0 26,106 $5,815,930 1 $971,600 $971,600 0 43,560 1 $165,000 $165,000 2,081 2,081 56,628 1 $6,717,000 $6,717,000 0 14,505 1 $6,717,000 $6,717,000 0 14,505 338 $487,477 $131,000 - $8,020,000 823 1,120 - 3,640 20,875 1 $910,000 $910,000 3,397 3,397 21,858 37 $554,703 $378,000 - $680,000 2,878 2,459 - 3,640 14,892 57 i $231,237 $208,040 - $265,642 0 20 i $390,851 $203,000 - $528,519 1,286 1,120 - 1,606 43,560 18 $380,000 $293,000 - $545,000 1,285 1,120 - 1,606 43,560 1 $375,000 $375,000 1,120 1,120 43,560 1 $204,000 $204,000 0 5,101 4 $1,096,250 $610,000 - $1,430,000 2,748 2,003 - 3,123 43,560 4 $309,093 $288,820 - $332,000 0 11 $224,900 $224,900 2,156 2,156 11,326 www.housingintelligence.com Sales: 800.639.3777 © Hanley Wood, LLC - All Rights Reserved Page 7 of 9 Support: 877.275.8647 Housing IntelligencePro New Home Subdivision Statistics Report Date: 12/11/2015 , Year: 2015 Palm Beach (FL) West Palm Beach, FL GREENVIEW SHORES WELLINGTON SYNERGY HOMES OTHER/UNKNO 823 DEVELOPMENT WN IBIS CC/BAY POINTE SOUTHERN HOMES SINGLE FAMILY DEVELOPMENT CORP 9,897 IBIS CC/BENT CREEK SH COMMUNITIES SINGLE FAMILY IBIS CC/THE WOODLANDS DR HORTON SINGLE FAMILY MONTCLAIRE ESTATES K HOVNANIAN SINGLE FAMILY NORTHWOOD HABITAT FOR HUMANITY OTHER/UNKNO 9 $438,691 WN OAKTON PRESERVE (ATT) SCHICKEDANZ ENTERPRISES ATTACHED 15 INC $413,723 - $750,000 P.B. POLO & CC/HUNTERS CHASE DR HORTON SINGLE FAMILY PORTO SOL/RADIANCE 5 MINTO BUILDERS SINGLE FAMILY PORTO SOL/SOLARA MINTO BUILDERS SINGLE FAMILY PORTOSOL MINTO BUILDERS OTHER/UNKNO 0 WN PRESERVE AT BAY HILL ESTATES, GL HOMES SINGLE FAMILY THE 0 14,963 RITZ CARLTON RESIDENCES CATAFULMO CONSTRUCTION ATTACHED AND DEVELOPMENT INC (FL) 8,328 RIVER BRIDGE/PINE GROVE DR HORTON SINGLE FAMILY SOUTH SHORE WELLINGTON *Builder TBD OTHER/UNKNO 2 $450,950 WN TWO CITY PLAZA KOLTER COMMUNITIES ATTACHED 41 FLORIDA LLC $523,356 - $930,000 VILLAS ON ANTIQUE ROW (TH) LABEL & CO. ATTACHED 5 DEVELOPMENTS, INC. $585,405 - $8,020,000 WELLINGTON VIEW TOLL BROTHERS SINGLE FAMILY WEST GATE ESTATE HABITAT FOR HUMANITY OTHER/UNKNO 0 WN *Unknown or Custom Home ARLINGTON CUSTOM HOMES OTHER/UNKNO LLC WN *Unknown or Custom Home LENNAR OTHER/UNKNO 1,617 1,234 - 2,156 WN 338 $487,477 $131,000 - $8,020,000 823 1,120 - 3,640 20,875 1 $380,000 $380,000 0 9,897 1 $300,000 $300,000 0 17,001 1 $1,336,500 $1,336,500 0 13,939 9 $438,691 $393,000-$534,990 2,574 2,574 13,678 15 $542,796 $413,723 - $750,000 0 85,601 1 $131,000 $131,000 0 5,998 13 $294,143 $265,000 - $324,100 0 3,364 4 $924,524 $430,000-$1,325,000 0 14,963 48 $414,802 $332,956-$579,662 0 8,328 10 $483,101 $429,000 - $565,000 2,366 2,046 - 2,955 8,815 2 $450,950 $400,930 - $500,970 0 8,377 41 $710,279 $523,356 - $930,000 0 25,301 5 $2,307,581 $585,405 - $8,020,000 2,334 1,725 - 3,030 43,560 1 $287,990 $287,990 0 4,787 1 $469,900 $469,900 0 16,000 22 $492,886 $320,000 - $956,500 1,617 1,234 - 2,156 43,560 6 $520,318 $335,900-$599,900 1,844 1,844 1,640 6 $732,477 $590,756 - $876,447 0 10,000 1 $144,000 $144,000 0 5,754 1 $315,000 $315,000 0 56,192 3 $235,327 $216,990 - $245,000 0 www.housingintelligence.com Sales: 800.639.3777 © Hanley Wood, LLC - All Rights Reserved Page 8 of 9 Support: 877.275.8647 Housing intenigencePro New Home Subdivision Statistics Report Date: 12/11/2015 , Year: 2015 Palm Beach (FL) *Unknown or Custom Home SYNERGY HOMES OTHER/UNKNO DEVELOPMENT WN *Unknown or Custom Home YELLOW FIN BUILDERS INC OTHER/UNKNO WN *Unknown, FL BAY COLONY GROUNDSTONE INC JUPITER COUNTRY CLUB/CARRIAGE TOLL BROTHERS HOMES $249,900-$1,560,000 0 *Unknown or Custom Home *Builder TBD *Unknown or Custom Home GL HOMES *Unknown or Custom Home PENINSULA BOYNTON 3 $621,215 PROPERTY LLC ATTACHED ATTACHED OTHER/UNKNO WN OTHER/UNKNO WN OTHER/UNKNO WN 1 $390,000 $390,000 0 1 $335,000 $335,000 0 35 $571,353 $249,900-$1,560,000 0 11 $721,351 $500,974-$1,125,319 0 1 $477,744 $477,744 0 1 $1,560,000 $1,560,000 0 3 $621,215 $550,181 -$711,247 0 19 $429,532 $249,900 - $799,900 0 56,192 108,900 www.housingintelligence.com Sales: 800.639.3777 © Hanley Wood, LLC - All Rights Reserved Page 9 of 9 Support: 877.275.8647 City of Delray Beach — RFP 2015-50 Executive Summary Presented by: lo�pbSperry Van Nessa T Corporate Property Strategies k VCP December 14, 2015 Letter of Transmittal De cem be r 14, 2015 Mr. Jack Warner, Chief Financial Officer C/o Holly Vath, Purchasing Department City of Delray Beach 100 N.W. 1st Avenue Delray Beach, FL33444 Dear Mr. Warner and Ms. Vath: This Executive Summary is designed to provide City Management with an initial summary of our findings under RFP No. 2015-50 prior to issuance of a real estate valuation report prepared by Valuation Consulting Partners ("VCP"). The VCP valuation report will contain the details on scope, methodology, data, and market information used to estimate the current market value and highest and best use of the 75 properties owned by the City of Delray Beach per Schedule A of RFP 2015-50. Since the VCP report will contain several hundred pages, we thought it would be helpful to initially provide an Executive Summary of the VCP report for ease of reference. The accompanying Executive Summary and the VCP report are based on information obtained from various City of Delray Beach departments, consultants, planners, engineers, local real estate professionals, and other stakeholders. Some of this information was relied upon in formulating our analysis and we reserve the right to modify any and all conclusions if additional ordifferent information should become available in the future. We thank you for the privilege of working with the City on RFP 2015-50 and look forward to presenting the VCP report to you in the next few days. Respectfully Submitted, t perry Van Ness - Corporate Property Strategies & SVNFlorida Valuation Consulting Partners y of Delray Beach — RFP 2015-50 2 Background on Roles & Responsibilities — RFP 2015-50 ■ City of Delray Beach leadership believes there may be major opportunities to optimize certain City owned properties if the community is supportive. ® To gain a better understanding of potential highest and best use and market value for certain RE assets, a public RFP was issued (2015-50) for valuation services on 75 properties currently owned by the City (Schedule A). ® SVN-CPS and SVN Florida submitted an RFP response in partnership with Valuation Consulting Partners ("VCP"). ■ The SVN-VCP team was awarded the contract for RFP 2015-50 by the City selection team. VCP is providing the valuation services and SVN is acting in the role of client service managers and academic partners. ■ VCP is expecting to complete the valuation report for delivery on or before 12-18-15. ® This executive summary sets forth the VCP results prior to report issuance for ease of reference. City of Delray Beach — RFP 2015-50 3 (Client/ RFP Issuer) (Client Service Managers) 11111 Sperry Van Ness Corporate Property Strateq (RE Appraisers) Project Scope & Approach • Valuation Consulting Partners has completed an appraisal for 75 properties owned by the City of Delray Beach per Schedule A of the RFP. ® The purpose of the appraisal is to estimate the market value and highest and best use of the 75 City -owned properties (per map on page 8). • Excel databases and maps were created in conjunction with City's GIS records thanks to the great information provided by Bob Mickla. • Interior and exterior inspection of the 75 properties were made. Photos, maps, and exhibits are contained in the Exhibit section of the VCP report. • Sources of market data for the conclusions contained in the VCP report included public and subscription databases, comparable sales in Delray Beach, and interviews with active market participants. • The total estimated values of the 75 properties are presented on page 6. ■ The totals for the 75 City -owned properties were also broken down into "Tiers" to allow for better understanding of their future market potential, and to facilitate public asset optimization. ■ The details behind the totals will be presented in the VCP report and will supersede this Executive Summary in terms of supporting information. City of Delray Beach — RFP 2015-50 Methodology and "Tiering" Analysis ■ The 75 properties were divided into four Tiers based on market potential. ■ Tier 1— 40 out of 75 Properties (53+%) ■ Strong demand in terms of market potential and new highest and best use ■ Could be monetized within 6 to 12 months ■ Worthy of short term consideration for community engagement on impacts ■ Examples (Community Center, City Atty office, frontage lots, garages) ■ Tier 2 Properties — 3 of 75 Properties (less than 1%) ■ Well -located properties that would yield strong demand ■ Interim highest and best use as continued use ■ Not ready for next steps, but could have future development potential for community consideration in 12 to 24 months ■ Examples (City Hall, Police, parking lots, clubhouses) ■ Tier 3 Properties — 7 of 75 Properties (10+%) ■ Highest and best use is continued usage ■ Core uses such as ROW's, Fire Stations (except Linton), parks ■ Tier 4 Properties— 25 of 75 Properties (33+%) ■ Rights of way, shoreline buffers, highway strips, non -developable ■ Will most likely remain under current use in perpetuity ■ The total values by Tier are presented on the following page. City of Delray Beach — RFP 2015-50 5 Real Estate Value Summary — 75 City Properties Row Labels Concluded Values Number of Properties Tier 1 Properties Commercial Development $4,750,000 Ind ustrial Assemblage $382,000 Mixed Use Development $45,960,000 Mixed Use Develop men t Ass emb lage $7,605,000 Residential Development $36,928,750 5 3 6 7 19 Size AC 8.17 1.94 13.47 2.13 286.72 Tier 1 Properties Total $95,625,750 40 312.42 Tier 2 Properties Continued Use until surplus Parking Lot $20,750,000 $750,000 2 1 4.58 0.41 Tier 2 Properties Total $21,500,000 3 4.99 Tier 3 Properties Continued Use Community Continued Use Single Family $7,470,000 $185,000 5 2 4.72 0.42 Tier 3 Properties Total $7,655,000 7 5.15 Tier 4 Properties Buffer/Utility $107,530 25 3.82 Tier 4 Properties Total $107,530 25 3.82 Tool City of Delray Beach — RFP 2015-50 $124,888,280 6 75 326.38 Valuation Metrics & Analytics (By Tier) The total value of the 75 properties divided by Tiers is presented as follows: Property Value by Tier PERCENT OF VALUE BY Tl ER $95,625,750 Tie' 2 17% $21,500,000 I $7,655,000 $107,530 i Tier 1 Ti er 2 Tier 3 Tier 4 City of Delray Beach — RFP 2015-50 7 Property Analytics by Potential Use (All Tiers) • The following graphics illustrate the Tiers by highest and best use and value. ■ Maps and summaryschedules on each property Tier follows this page. Property Value by Use $45,960,000 $36,928,7 50 $20,750,000 $4,750,000 $7,605,000 $7,470,000 y c v c � a E CL E E f6 E v c E o �',n v o v o E o c_ x x Wv c E v°o o� �o �o� °Co 00 � � � PERCENT OF STUDY Residential Development— :ontnued Us 30% Community 6% Moved Use Development _. Commercial Assemblage Development 6% 4% MocedUse Continued Use Development (Until Surplus) 37% 17% City of Delray Beach — RFP 2015-50 8 1 'olm c I t o It- - _ -71 :. Property Data & Value Summary (Tier 1) MAP PCN Address Acres Current Use Highest and Best Use Concluded Value parcel Description Parking lot next to an apartment complex, on the corner o 3 124346J9280050011 NE 12th St and 3rd Ave 0.15 Parking Lot Residential Devel opn ant $105,000 NE3rd Ave& NE 12th Ave along Old DxIe H¢rway Surrounded by residential propedies 4 12424612000003200 4652133RD RD S 3.18 Vacant Residential Devd opn ant $690,000 Vacant panel along 133rd St. surrounded by residential properties 10 12434620160000510 1015MANGO DR 0.12 Vacant Lot Residential Devd opn ant $45,000 Vacant parcel surrounded by residential properties Fire station (no longer hBU due to age &Imat un) along 17 12434620010080030 651 LI NT ON BLVD 0.95 Fire Station Commercial Development $750,000 WLi rton Blvd. surrounded by residential properti es. Next to acondo complex City Attorney Occupies an entire block between NW 1st and 2nd 18 12434617490500010 200 NW 1ST AVE 4.02 Building Mixed Use Develcpment $$3og00o Avenue surrounded by residential properties and next to City Hall 20 12434616011090160 Ace Hardware 021 Parking Lot Mixed Use Devd cement $725,000 Parking lot on the West Side od SE Bh Ave surrounded Assemblage by commercial properties 26 12434616011170061 SE 6TH AVE 0.67 Parking Lot Mi xed Use Devd cpm ant $Z30g0)0 Parking lot on the east si da of SE 6th Ave. surrounded by commercial properties Occupies an entire block between NW 1st and 2nd 31 12434616010510010 100 NW 1ST AVE 420 City Hall Mixed Use Develxpment $17,250,000 Avenue surrounded by residertial properties and nedto C' Acorn bld 35 12424624000005000 DOVER RD 0.69 Golf Course Residential Devd opn ant $52,500 Paved lot theta wRhin the Lakeview Golf Course along Dover Rd 37 12434609080020320 Pal mTer 0.75 Vacant Lot Residential Devd opn ant $;775,000 Vacant wooded land between Palm Trailand the waterway 38 12434616010920080 11 NE 3RD AVE 0.15 Parking Lot Mixed Use Devd cpm ant $575 ODO Parking lot between PE 3rd Ave & NE lid Ave Assemblage suaounded by commercial properties 45 12434617060290121 SW 4TH AVE 0.12 Parking Lot Mixed Use Devd cpm ant $375,000 Redangula lot between SW 4th & 5th Ave. surrounded by commercial properties 48 12434616011090080 SFE DE RAL HWY 025 Parking Lot Mixed Use Devd cpm ant $850,000 Parking lot between SE 5th & 6th Ave. surrounded by Assemblage commercial properties Mixed Use Devd cement 3 separate pieces of land under one parcel #consisting of 52 12434616010920110 40 NE 4TH AVE 0.95 Parking Lot Assemblage $3,325,000 two perking lots and one small strip d laid along NE tat St. The lots are between 3rd, 4th & 2nd Ave. 54 12434609080020340 PalmTer 0.45 Vacant Lot Residential Devd opnent $1,675,000 Vacant woodedland between Palm Trailand the waterway 62 12434617500000071 154 NW 5TH AVE 0.16 Building Commercial Development $695,000 Bui lding along NW 5th Ave between 5th &6th Ave. s uwounded by commercial properties Occupies an entire block between NW 1st St. & W. 64 12434(316010520010 50 NW IST AVE 425 Community Ctr Mi xed Use Devel cpm ant $17,50),000 Aflant c Ave. across from the poli ee station and next to the courty court 72 12434629090010010 2350JAEGER DR 5.50 Tennis Residential Developn ant $%S0goo0 Largeparcel containing a clubhouse and tennis cants along Jaeger Dr. surrounded by residential pmperfiess 78 12434616010190200 114NW5THAVE 022 Parking Lot Mi xed Use Devel xpm ant $235,000 Parking lot between NW5th& 6th Ave. surrounded by commercial properfies City of Delray Beach — RFP 2015-50 10 Property MAP Data PCN & Value Address Summary Acres Current Use (Tier 1 Highest and Best Use Cont'd.) Concluded Value Parcel Description 81 12434618670010000 Depot Ave 0.53 Vacant Lot I rdustrial Assem blage $78,000 Land near form er train depot Detach ad building cunently used as the rotary dub on 83 12434617260020230 196 NW 8TH AVE 0.36 Building Commercial Development $225,000 comer of NW 2nd St. B NWSth Ave. surrounded by residential properties 87 12434618000007060 WATLANTICAVE 55.29 Golf Course Residential Deva ops ant $5,40A 000 Delray Golf Carse 93 12434616610000020 NE 2ND ST 0.19 Parking Lot Mi xed Use Devd cpm ant $1000,000 Parking lot between NE 1st Aveand N. Swe nbn Ave. next Assemblage to a m ulti-unit property 94 12434616610000010 NE 2ND ST 026 Parking Lot Mi xed Use Deva cpm ant 5630,000 Parking lot between NE l sit Aveand N. SW Mon Ave. next Assemblage to a multi-unit property 96 124346D9280040250 NE 10th St Parking Lot-223 0.16 Parking Lot Residential Deva ops ant $105,000 Parking lot on NE 12th St. sowounded by residential NE 12TH ST properties and apartment units 97 12434619000001010 2200 HIG FLA ND AVE 90.35 Golf Course Residential Deva ops ant $8,85q 000 Delray Golf Carse 100 12434629280090310 906 NE 3RD AVE 0.17 Parking Lot Residential Deva ops ant $105,000 Parking lot on PE 3rd Ave svrounded by residential properties and mutli-unit apartments 106 12434616010920100 25 NE 3RD AVE 0.13 Parking Lot Mixad Use Devacpment $500000 Parking lot on NE 3rd Ave svrounded by mainly Assemblage commercial properties 107 12434616010430101 126NW2NDAVE OA9 House Residential Deva opn ant $1,375,000 Sm all apt bldg. along NW 2rd Ave. across from City Hall Commercial buil d rg rented as adult day came on the 114 12434607000005000 850 N CONGRESS AVE 6.58 Bui (ding Commercial Development $2850, ODO comer of N. Congress Ave. 8 Lala Ida Rd. just west of I- 95 with real dsntial properties to the west and comm erdal ro sties to Ire east Vacant lot between two oom merd a proped ies in the 116 12434616010890080 353 NE 3RD AVE 0.12 Parking Lot Commercial Development $230,000 wamehouse district surrounded by oom mercial and industrial ro er 117 12434630160100000 Germantavn Rd 0.45 Vacant Lot Residential Devaopn ant $50,00p Vacant parcel aorg Old Geenanhpwn Rdsurrundedby _ residential properties 120 12434609080020350 PalmTer 0.45 Vacant Lot Residential Deva ops ant S1,650,0Do Vacant wooded land between Palm Trail and the waterway 127 12434619000003030 SCONGRESS AVE 1.64 Golf Course Residential Deva ops ant $160,000 Delray Golf Carse 129 12424624040000010 2000 DOVER RD 35.28 Golf Course Residential Deva ops ant $4450, a0 Delray Golf Carse 131 12434619000001010 2200HIGH-AND AVE 90.35 Golf Course Residential Deva opm ant $6,85Q Ooo Lakeview Golf Course 143 12434619000001120 SCONGRESS AVE 0.37 Golf Course Residential Deva ops ant $36,250 Delray Golf Carse 147 12434618000001290 NW2NDST 0.02 Vacant Lot Industrial Asses blage $4,0DO Small triangular shaped parcelnext to the train term inal Strip of land rear an old tranterminalin the warehouse 148 12434618000001440 80 DEPOT AVE 1.39 Building Irdustrial Assemblage $300,000 district Along Depot Ave j ust west of 1-95. surrounded by industrial properies 152 12434618420050000 COMMERCE DR 0.87 Golf Course Residential Deva ops ant $55,000 Warehouse on a parcel that is part of the Delray Golf Course City of Delray Beach — RFP 2015-50 ii 3 120 . �6 140 114 - - - c 0 116" r:1.2 . _ t •'•i'r'0Sr y.. rliti �� 1' 83 621071.8 � -78 64 190638. .,. 4�_. 4820 -------- ii r a IFA ,o 10�;✓� c 17el- L 72 __ o -__ - 152 13 5. m` Property Data & Value Summary (Tier 2) MAP PCN Address Acres CurrentUse Highest and Best Use Concluded Value Parcel Description Value Small parking area nextto hob 1, 30 parking 11 12 43 461 6E30 01000 C Marriott 0.41 Parking Lot Park! ngLot $750,000 spa ces.Develop mentpossibilRyunknown but 6 12434617420020021 108 NW 12TH AVE 0.17 Single Farrily Family $45,000 parking lot appears to be only possible use. 34 12434616,130010000 22 SE 1 STAVE 0.45 Parking Garage Continued Use until surplu s $4,750,000 Parking garage between SE 1st Ave & SSwinton Ave surrounded bycommercial properties 12 12424625000001120 OLD GERMANTOWN RD 0.35 Fire Station Continued Use Community $150,000 Police station occupying an entire blockbetween 110 12434617450010000 300 W ATLANTIC AVE 4.13 Police Station Continued Use until surplu $ 16,000,000 W Atlantic Ave and SW 1st St. nextto the County Court Property Data & Value Summary (Tier 3) MAP PCN Address Acres CurrentUso Highest and Best Use Concluded Parcel Description Value Continued Use Single Vacant lot with new single family house under 6 12434617420020021 108 NW 12TH AVE 0.17 Single Farrily Family $45,000 construction N W 12th Ave surrounded by residential properties Trian gul ar she ped p aved parce I alo ng Old 12 12424625000001120 OLD GERMANTOWN RD 0.35 Fire Station Continued Use Community $150,000 Germanbwn Rd frontof400 Old Germanbwn Rd Fire station surrounded by commeicial and residential properties 49 12424612000005020 4321 LAKE IDA RD 0.66 Fire Station Continued Use Community $1,500,000 Fire station atcomer of Barwick Rd and Lake Ida Rd surrounded by residential properties Fire Station on Andrews Ave west of Ocean Blvd 50 1243461 6E3002000C 35 ANDREWS AVE 0.46 Fire Station Continued Use Community $2,500,000 and the AtlanticOcean surrounded bycondosand be ach fron t motel s 79 12424625000001130 `000 OLD GERMANTOWN 1.08 Fire Station Continued Use Community $87,000 Fire station on Old Germs bwn Rd. surrounded RD by residential properles 108 12434617250020250 232 NW 8th Ave 0.25 House Continued Use Single $140,000 Single family home between NW 8th & 9th Ave Family surrounded by residential properties Fire station (New) between NW 51h &6thAveaIon g 13512434616010200010 501 W AT LAN TIC AVE 2.18 Fire Station Continuedusecommundy $2,450,000 W Atla ntic Ave. Sa me blo ck a s pol ice station a nd cou my court surrou nde d by resi den ti al pro pe rt es City of Delray Beach — RFP 2015-50 13 +' 1.08 �;LCD4-+I�ray,B ch Property Data & Value Summary (Tier 4) MAP PCN Address Acres Current Use HMeet and Beet Use Conduded Value P-1 Description 1 1243463210DODO730 Tmpc Isles Dr Oz Buffer BuffedUtility $75 7 small gas; mveed medians ten mall forany nsealong S. fecEml Hn� and Tm c Isle Dr. 8 121316D62 9014 001 0 PE ZO AVE 0.10 Buffer BufrerNtllity $1,077 Small hiargdar bnffer(toonarrav fcr deelcpmmt) m the wma ofNE 2idAve& W-EthSt. and FanCtsammd?dby 9 12421624D2DODOD00 POSSI BLE PARCEL DEDI CATED TOPUBLIC PB27PG 161 Oz Buffer BuffenNdity $52 Bufferpamis(� namwfor�vdcpnert) Twoalmg South Military Trail andone almu Deva Rd 14 1243461 fBOB00012 MN 3RDST 0.01 Buffer BuffenUtility $3 Small sggae psmel (toosrrall for daadopnert)almg SE3rd Ston mma d food pmessing p antsismrde]by resl deck 21 124346161830D8500 Andme s Ave and Vista Dal Ma O.02 Buffer BuffedUf ity $3,500 Small biargdar median (ten small fQ development) m N Vista Del Ma and Ardmws Ave.surrounled tesdmbalproperbes 39 12434616010620000 ALLEY 0.03 Parlang Area BufredU6lity $42,500 Small bdfedulility tuonamwfa davelcpment 44 1243162@30010082 WALLACEDR 0.01 Buffer BuffedUtIity $365.OD Small hiargular shaped mai(toonamw for deelcp t)m WallxeDr. sur coded by indminal bldgslntte varetnrse 47 12434609162850D31 NN 9IHAVE 0.01 Buffer BufferN6lity $23]00 Small buffers Wp (tm namwfor lvd cpnrert)between PE9fh Ave& Pa lm Trail situalaJ belvsen Palm Trail Plaeaard an 51 12134629290010130 485 NSWINTCN AVE 0.20 Buffer BufrerNtility $22,500.00 Lag=triairyla mma paw Po irregular for deelcpmmt) bdweenN D>aa Blvdard N Swinton Ave mTwrded mainlyb 56 1243461742 07OD10 SW3RD ST 0.63 Buffer BufferNtility $11,000,00 BufFerpamlalorg 1-95justmrlh ofSW3rdSL Located behind residential prcpabes 63 1"604000007191 NE 22PDLN 021 Buffer BuffedUllity $65 Small raved rd "long SeareetBlvd. Sibstedbetween a sic hodardredZ al m sties 75 12434616010320220 SW4THAVE 0.9 Buffer BufferN6lity $5,225 Lendodiedparml 76 12134620130130140 ZEDER AVE 0.07 Butter BufferNtilily $1,75$3 VarattpamlbeMeenSW 9h&4ffn Ave. surrmndadby residential o lies 80 12431617010010260 29R WV Bh Ave 0.10 Buffer BufFetlU6lity $1,8m 00 BuReroflardbawa°nNW7th&MN Bh bdwennvaant acts and residential sties 89 1 12131616210160170 MN 3RDST 0.11 Buffer BufFerN6lity $2250.00 Small buffer( bonamwfa davelcpment) between mostly residential o lies 102 1243461601013@00 DEEDED FROM PBCCRB 20584- 0711 -ALLY 0.16 Buffer Buffetft161ity $2.x70 Bulferpamlm ffne �rerd ,th A—SW lst St sueourdedb resi mortal m Nes 111 1213462@00010022 1105R SW7THAVE 0.06 Buffer BufrerN6lity 57,050 Varaantpaml situated botweenresidertal pmp-dies along SWI BhSL &SW Ah St 115 12434616210210020 SWSTHAVE O.lp Buffer BuffedU lily $500.00 Small v antpaod as;urnedtm small fordeelcpment 123 12434617410010300 FDO4QUiCLAIM ORB 19185-721 0.05 Buffer BufreeU6lity $1,500 Small biffer(toon or davelcpment) mar 1-95 132 12434629159020280 ALLEN AVE 0.05 Buffer BufferA.Ality $1,300 Small buffer(toonamwfa development) 138 12434616210190170 BMJ 6h Ave O.OB Buffer BuffedUllity $1,500 Bufrer(tw namwfnr tutee ckvdopnert)betveen Bh &6Un Ave bdwcenre;id=_rti"l m Nies and flan Ids 141 1243462013DWOD50 DOUGLASAVE 024 Buffer BufferNtility $5,450 Vacant pawl"longludry Law surrmndedby res icdttal m Nes 144 305 SE51H ST 0.03 Buffer BufrenUlf ity $7a 00 Small tuffer(wonamwfa development) between residential pmpeNesbetween SE3rd &41hAvesammckd b/ msidenal 146 12423624D100DOD00 PCSSI BLE PARCH DEDICATED TOPUBLIC PB26PG 187 0.71 Buffer BufrerNtility $223 Buiferpamis(trn namwfor �vd cprrert } Twoalmg South Mi((rta Trail entlore elm Dwa Fd 119 12334628010030000 Eve Street 0.07 Buffer BufletN6lity 852 Small stripoflard.(kn namwfor �velcprrert)bstvveen Dalay Plam and SpedshTrail. Samunclad by residentld City of Delray Beach — RFP 2015-50 15 'I 47 � r `- ., __ - . — - _ -jam,,": - •. _ _ " r "�'i - 51 8 138 iL _ HI 80 ., i O n 1 102 -- 33 +. 115 lo 146 75~ i 1.44 L Summary of Initial Results ■ Based on the VCP concluded values, the City has almost $125,000,000 of value within the 75 properties included in RFP 2015-50. • The graph on page 7 shows that over 75%, or $95,000,000 of the VCP values, are Tier 1 properties that would have strong activity if exposed to the open market. • On the same graph, 179/o, or $21,500,000 of the VCP values are in Tier 2 properties and are considered "continued use" properties forthe near future. • 94% of the overall property values are Tier 1 and Tier 2 properties. • Presenting the study results on a "Tier" basis hopefully al lows the City to gain an even better understanding of the future potential of these properties. • Details of each individual property value along with exhibits, maps, and photos, will be presented in the full VCP appraisal report. • This executive summary is only being presented prior to issuance of the VCP report for ease of reference. Supporting information necessary to fully understand the VCP value estimates will be contained in their full report. • The VCP report and totals assume the 75 properties would yield their respective values individually, given reasonable market exposure, and without all being exposed to the market simultaneously. City of Delray Beach — RFP 2015-50 venue City of Delray Beach 100 Beach, L334 Delray Beach, FL 33444 Legislation Text File #: 16-199, Version: 1 COMMISSION COMMENTS City of Delray Beach Page 1 of 1 Printed on 2/3/2016 powered by LegistarTM