“Appraisal Report” of a Multi-tenant Office Building at ... · 624 Executive Park Court,...

“Appraisal Report”

of a

Multi-tenant Office Building

at

624 Executive Park Court

in

Apopka, FL 32703

Prepared For:

Byron Bonyadi

Associated Design & Construction, Inc

165 Sable Palm Drive

Suite 171

Longwood, FL 32779

Our File # 19-200

Date of Inspection March 28, 2019

Date of Value March 28, 2019

Dan Peele’s Certification Number RZ 887

Daniel L. Peele, ASA Accredited Senior Appraiser

By

Central Florida Appraisal Consultants

3956 Town Center Blvd, #133

Orlando, FL 32837

407-230-1023

624 Executive Park Court, Apopka, FL 32703 File # 19-200


April 8, 2019

Byron Bonyadi

Associated Design & Construction, Inc

175 Sabal Palm Drive

Suite 171

Longwood, FL 32779

As requested, we have appraised a fully leased multi-tenant office building in the Forest City

Executive Center, an established and desirable office park with an entrance on State Road 436 just

east of Hunt Club Blvd in Apopka, Seminole County, Florida.

The purpose of the appraisal was to “form an opinion” of the “As Is” market value of the leased fee

interest as of effective date of appraisal, the date of our most recent inspection, please see cover.

Market value, fee simple interest, leased fee interest and other appraisal terms are defined within the

text of the report.

As a result of our investigation into those matters which affect market value, and by virtue of our

experience and training, we have formed the following opinion of market value:

ONE-MILLION-TWO-HUNDRED-THOUSAND-DOLLARS

$1,200,000



As per your request, submitted herein is an "Appraisal Report" on the above referenced property.

The scope of this report is to provide an "Appraisal Report" which is intended to comply with the

reporting requirements set forth under Standards Rule 1 and 2-2 (a) of the Uniform Standards of

Professional Appraisal Practice for an "Appraisal Report".

Your attention is directed to the "General Assumptions", "General Limiting Conditions" and

"Certification" that are considered usual for this type of assignment and have been included within

the text of this report.

The appraisal analyses, opinions and conclusions were developed and this appraisal report has been

prepared in conformance with (and use of this report is subject to) all regulations issued by the

appropriate regulatory entities, regarding the enactment of Title XI of the Financial Institution

Reform, Recovery and Enforcement Act of 1989 (FIRREA), the Uniform Standards of Professional

Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation.

This letter of transmittal precedes the full narrative appraisal report, further describing the subject

and containing the reasoning and most pertinent data leading to the final value estimate. Your

attention is directed to the "General Assumptions", "General Limiting Conditions" and

"Certification" that are considered usual for this type of assignment and have been included within

the text of this report.

“This appraisal has been prepared in conformity with the code of ethics of the American Society of

Appraisers (ASA), and the Uniform Standards of Professional Appraisal Practice (USPAP) as

promulgated by the Appraisal Foundation."

Respectfully submitted,


Daniel L. Peele, ASA

State-Certified General Real Estate Appraiser RZ 887

[email protected]

407-230-1023

mailto:[email protected]



Certification



SUMMARY OF APPRAISAL

Property Type Multi-tenant Office

Location Apopka, Seminole County, Florida

Highest and Best Use As Built

Property Rights Appraised Leased fee interest

Insurable Value (No Site Improvements) $989,400 See Improvement Data Section

Flood Zone Panel Census Tract (CT) 121 17C 0140 F 09-28-07 217.04

Please see Addenda for complete flood information.

Flood Zone (FZ) & Hazard X Non-hazard

“As Is” Market Values

Sales Comparison Approach (Heated SF) $1,400,000 9,894 $141.50

Income Approach (net rentable area) $1,200,000 9,100 $131.87

Final Market Value $1,200,000 9,100 $131.87

Extraordinary Assumptions & Hypothetical Conditions See Overview of Appraisal

Conditions: This appraisal is subject to the "General Assumptions,” "General Limiting Conditions"

and "Certification" included in the text.



TABLE OF CONTENTS

INTRODUCTION:

Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

SUMMARY OF APPRAISAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

OVERVIEW OF APPRAISAL ASSIGNMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Intended User of Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Extraordinary Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Hypothetical Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Competency of Appraisers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Scope of Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Interest Appraised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Extraordinary Assumptions / Special Assumptions, Full Discussion . . . . . . . . . . . . . . . 11

Hypothetical Conditions, Full Discussion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Market Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Highest and Best Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

"Condominium Fee Interest" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Fee Simple Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

DATA PRESENTATION

SUBJECT PHOTOGRAPHS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

NEIGHBORHOOD DATA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

SUBJECT PROPERTY DATA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Legal Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Easements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Three (3) Year History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Concurrency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Tax Map Aerial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Site Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

SITE DATA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Future Land Use (FLU) Designation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Assessment and Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

IMPROVEMENT DATA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Type & Features . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Construction Details and Physical Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Floor Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Building Sketch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

HIGHEST AND BEST USE ESTIMATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35



Exposure Time . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

APPRAISAL PROCESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

SALES COMPARISON APPROACH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Office Building Sales Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Market Value Via Sales Comparison Approach . . . . . . . . . . . . . . . . . . . . . . . . . 50

Additional Support, Medical

Market Value Via Sales Comparison Approach . . . . . . . . . . . . . . . . . . . . . . . . . 58

INCOME APPROACH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Dentist Office Space

Market Rent Conclusion (Medical Office Space) . . . . . . . . . . . . . . . . . . . . . . . . 70

INCOME APPROACH SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

Costar Report, Construction and Deliveries, Office Market . . . . . . . . . . . . . . . . . . . . . . 74

RECONCILIATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

ADDENDA

Tax Card, Page 1 of 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77

QUALIFICATIONS OF DANIEL PEELE, ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

Resume of Daniel Peele . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80

Certified General Appraiser License RZ 887 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

Flood Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

FEMA Flood Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83

GENERAL ASSUMPTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85

GENERAL LIMITING CONDITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

Commercial Trade Area (Demographics) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87



OVERVIEW OF APPRAISAL ASSIGNMENT

Purpose of Appraisal

See “Letter of Transmittal”.

Intended Use of Report

To assist in documenting value for loan underwriting, risk classification, and/or other decision

making purposes.

Intended User of Report

Byron Bonyadi and his representatives and / or assigns. Any other party is considered an unintended

user who may not rely upon this appraisal without the written consent of the appraiser.

Extraordinary Assumptions

No soil contamination

No adverse easements

No building defects

Hypothetical Conditions

None

Competency of Appraisers

The appraisers specific qualifications are included within this report. These qualifications serve as

evidence of their competence for the completion of this appraisal assignment in compliance with the

competency provision contained within the Uniform Standards of Professional Appraisal Practice,

as promulgated by the Appraisal Standards Board of the Appraisal Foundation.



The appraisers' knowledge and experience, combined with their professional qualifications, are

commensurate with the complexity of this assignment, based on the following:

# Professional experience

# Educational background and training

# Business, professional, academic affiliations and activities

The appraisers have previously provided consultation and value estimates for all types of vacant

land, office, industrial, retail-commercial, sellout-properties (subdivisions and condominiums) and

all types of residential properties throughout central Florida.

Scope of Appraisal

The scope of this appraisal assignment involved the completion of several steps performed within

the guidelines of commonly accepted appraisal procedures. These include a thorough inspection of

the subject and surrounding neighborhoods; gathering comparable sales and other useful market data;

formulating opinions and judgments based on this data, including supply and demand factors and

specific property information, such as highest and best use; and, finally, analyzing the data to form

sound valuation judgments based on the appropriate valuation methods.

Interest Appraised

See “Summary of Appraisal”.



Extraordinary Assumptions / Hypothetical Conditions



Extraordinary Assumptions / Special Assumptions, Full Discussion

Appraisal Institute, Common Errors and Issues, April 15, 2015



Extraordinary Assumptions / Special Assumptions




Hypothetical Conditions, Full Discussion




DEFINITIONS

Market Value

Source: Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register,

Volume 75 Number 237, Page 77472.

Market Value—As defined in the Agencies’ appraisal regulations, 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 are 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 • 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.

Highest and Best Use

Highest and best use may be defined as: 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. Implied in these definitions is that the determination of highest and best

use takes into account the contribution of a specific use to the community and community

development goals as well as the benefits of that use to individual property owners. Hence, in

certain situations the highest and best use of land may be for parks, greenbelts, preservation,

conservation, wildlife habitats, and the like.

"Condominium Fee Interest"

According to “The Appraisal of Real Estate, Thirteenth (13 ) Edition, from the Appraisal Institute,th

page 126, “a condominium is a form of fee ownership of separate units or portions of multi unit

buildings that provides for formal filing and recording of a divided interest in real property”.



Fee Simple Interest

Absolute ownership unencumbered by any other interest or estate; subject only to the limitations of

eminent domain, escheat, police power, and taxation.

Leased Fee

A property held in fee with the right of use and occupancy conveyed by lease to others. A property

consisting of the right to receive ground rentals over a period of time, plus the right of ultimate

repossession at the termination of the lease.

This space intentionally left blank



DATA PRESENTATION



Forest City Executive Center



SUBJECT PHOTOGRAPHS

Front from entrance

Fitness Business Tenant



SUBJECT PHOTOGRAPHS 3 & 4

East elevation

West elevation



SUBJECT PHOTOGRAPHS 5 & 6

Looking north along Executive Park Court towards SR 436

Looking south along Executive Park Court from entrance on SR 436



Location Map



NEIGHBORHOOD DATA

Boundaries of the neighborhood are:

North State Road 436

South State Road 436

East Bear Lake Road

West Piedmont-W ekiwa Road

Forest City Executive Center

The entrance to the Forest City Executive Center is on the south side of SR 436, just east of a

signalized intersection at Hunters Creek Blvd. The Forest City Executive Center features (4)

restaurants that front State Road 436, also known as Semoran Blvd. Interior lots are improved with

(2) multi-tenant office buildings, one closed day care center, a soccer training facility and a medical

office building for DaVita.

Publix Anchored Center

A Publix anchored neighborhood shopping center is just west at the northwest corner of a signalized

intersection at SR 436 and Hunters Creek Blvd. An unanchored neighborhood shopping center is

across the street and features a Chik-Fil-A and a Burger King on outparcels.

Apopka

The City of Apopka is only (3) miles west and has experienced a plethora of mostly residential

growth over the past (15) years.

Major Arterials

State Road 436 is a beltway around Orlando that extends northward from the Orlando International

Airport and turns westerly in Casselberry. SR 436 continues west past Interstate 4 through

Altamonte Springs and terminates at U.S. Highway 441 in Apopka.

Conclusion

Values of properties with good locations, such as the subject, are expected to remain stable into the

foreseeable future.



SUBJECT PROPERTY DATA

Legal Description

The Uniform Standards of Professional Appraisal Practice (USPAP) allows appraisers to use a

Properties TAX ID # as a legal description, please see the Tax Card in the addenda.

Easements

No adverse easements were noted or came to our attention.

Three (3) Year History

Owner of Record Date of last transaction Price Paid OR Book Page

Byron Bonyadi April 2006 $345,000 6199 0144

Size (SF) PSF

Site Only 40,120 $8.60

Listing-for-Sale Information

Listed with Date Price Size (SF) PSF

NA -- -- -- --

Concurrency

The 1985 Amendments to Chapter 163, Florida Statutes, require local governments to adopt

comprehensive land use plans that must include adopted levels of service for seven types of public

services and facilities, including roads, mass transit, sanitary sewer, storm waters, potable water,

solid waste and parks and recreation.

Chapter 163 also prohibits local governments from issuing development permits if the developments'

impact would cause levels of service to fall below the adopted levels. In other words, the availability

of public facilities must be concurrent with the impact of development.



Tax Map Aerial of the Forest City Executive Center



SITE DATA

Size

Boundary Dimension (feet) Area (SF)

North 351 40,120

South 329 (Per Tax Map)

East 125

W est 118

Access

Access is provided by Executive Park Court.

Soil and Subsoil

We have no reason to believe that any contamination exists on the subject site. However, if the

subject is found to be contaminated, we reserve the right to alter our opinion of market value.

Flood Hazard Statement

See “Summary of Appraisal” for flood hazard information.

Easements & Encumbrances

We were not made aware of any adverse easements or encumbrances which would restrict the

development capabilities of the subject parcel in any unusual manner.

Street Improvements

Executive Park Court is an interior subdivision access roadway. State Road 436 is a six-lane, east-

west, major arterial in the vicinity.

Utilities and Services

All public utilities are available.



Impact Fees:

Each County (and it’s various municipalities, where applicable) charges impact fees for

transportation, and water. These fees are charged at the time building permits are issued and are an

attempt by local governments to tie the cost of additional infrastructure (roads, etc.) to new

development. The fees are charged on the proposed use based on the estimated burden the use will

place on existing infrastructure.

Zoning

Please see the highest and best use.

Future Land Use (FLU) Designation

The subject’s future land use designation is consistent with the zoning district now in affect.

Assessment and Taxes

Please see Tax Card in the Addenda

Parcel ID Number (TRS) 2129-18-527-0000-0010

Size (SF) Assessment PSF

Land (per Tax Card) 40,120 $290,870 $7.25

Building (see Building Sketch) 9,894 $741,966 $74.99

Extra Features $21,562

Total $1,054,398

Assessed Value 9,894 $635,763 $64.26

Millage 14.3199

Taxes $8,740

Includes 4% Discount for early payment in November as allowed by law



IMPROVEMENT DATA

Type & Features

Summary

Multi-tenant Office Yes Enclosed or Heated Area (SF) 9,894

Masonry W alls Yes Steel frame metal building on grade Yes

Standing seam metal roof Yes Year Built 2008

Visibility & Access Good Parking Spaces Adequate

Condition Excellent W ithin an office park Yes

Land-to-Building Ratio 4.06 Site Size (SF) 40,120

Age and General Condition

The physical or actual age of an improvement is the time which has elapsed since the original

construction. The effective age is the age indicated by the condition and utility of a structure.

Finally, the economic life of an improvement is the period of time over which improvements to real

property contribute to value.

Construction Quality

The building is classified by the Marshall Valuation Service (MVS) as a Class “S” (steel frame)

structure.

We assume no responsibility for hidden or unapparent conditions beyond our expertise as appraisers.

We are not expert in construction techniques and it is assumed that the building will be structurally

adequate and in conformance with applicable building codes.

Construction Details and Physical Conditions

The following is a breakdown of the construction components of the building. These items are based

upon a cursory inspection and reflect various assumptions regarding components not visible.

Foundation: Poured-in-place concrete footings, reinforced with steel reinforcing rods,

as required.

Flooring: Poured-in-place concrete slab



Exterior Walls: Split face concrete block

Interior Walls: Textured drywall

Ceiling: Acoustical tile on a suspended metal grid system

Floor Covering: Mostly carpet

Windows: Fixed frame

Electrical: Standard commercial

Plumbing: Standard commercial

Heating and Cooling: Central heat and air

Site Improvements:

On-site & off site stormwater retention Adequate parking

Adequate landscaping Good access & excellent location

Deferred maintenance:

At inspection, the subject was in good condition with no signs of deferred maintenance.

Insurable Value

Type Per Tax Card (SF) PSF Replacement Cost New (RCN)

Office 9,894 $100.00 $989,400

“Building Only” (No site improvements or other items)

Class Category Category Section Page

S Good 426 18 13

Based on the Marshall Valuation Service (MVS)



Building Sketch from the Seminole County Property Appraisers Office



HIGHEST AND BEST USE ESTIMATE

In order to estimate the highest and best use of the subject, we considered those uses which are

physically possible, legally permissible and economically feasible. The highest and best use of land

is defined as that use which is reasonably probable and which will result in the highest return to the

land. Consideration must be given to the individual features of the land, such as size, shape,

location, access to roadways and the availability and demand for the property in the current real

estate market. In addition, the legal uses permitted under zoning regulations were analyzed.

Highest and Best Use - as Vacant

Legally Permissible

The subject is zoned OP, Office District by Seminole County. The subject’s use is specifically

allowed.

Physically Possible

Office buildings require a minimum land-to-building-ratio of 4.0:1. If medical uses are present, this

minimum land-to-building-ratio increases due to a higher required parking above the typical ratio

of (4) spaces per 1,000 SF of building.

Financially Feasible & Maximally Productive

Any number of office uses.

Highest and Best Use - As Improved

Legally Permissible

The subject’s uses are permissible.

Physically Possible

Office buildings typically require a minimum of (4) parking spaces per 1,000 SF of building. The

subject has (5) parking spaces per 1,000 SF. The subject is fully developed with no “excess land”

to support additional improvements.



Financially Feasible & Maximally Productive

The present uses reflects two of the highest and best uses.

Comments

Reasonable Marketing Period Similar properties typically sell as shown below.

Typical Participant Investors

Forecasted Changes Neighborhood is stable.

Real Estate Commissions Between 6% and 8%

Existing Supply & Demand In balance

Exposure Time

An exposure time of (12) months is reasonable, defensible, and appropriate.

Exposure time is not intended to be a prediction of a date of sale or a one-line statement. Instead,

it is an integral part of the appraisal analysis and is based on one or more of the following:

- statistical information about days on the market

- information gathered through sales verification

- interviews of market participants.

(Paraphrased from USPAP)

The reasonable exposure period is a function of price, time, and use. It is not an isolated estimate

of time alone. Exposure time is different for various types of real estate and under various market

conditions. Exposure time is the estimated length of time the property would have been offered prior

to a hypothetical market value sale on the effective date of appraisal.

It is a retrospective estimate based on an analysis of recent past events, assuming a competitive and

open market. It assumes not only adequate, sufficient, and reasonable time but also adequate,

sufficient, and reasonable marketing effort. Exposure time is therefore interrelated with appraisal

conclusion of value.



In consideration of these factors, I have analyzed the following:

- exposure periods of comparable sales revealed during the course of this appraisal;

- knowledgeable real estate professionals.

Marketing Time

We have estimated a marketing time of (12) months.

USPAP states “The reasonable marketing time is 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.”

Based on statistical information about days on market, information gathered through sales

verification, interviews of market participants and anticipated changes in market conditions.



APPRAISAL PROCESS

There are three traditional approaches normally used by appraisers in the estimation of market value.

These three approaches analyze data from three market perspectives and are the Cost Approach, the

Income Approach and the Sales Comparison Approach.

The Cost Approach is the sum of the land value and the cost new of the improvements less accrued

depreciation. The Cost Approach is based on the premise that an informed, rational

investor/purchaser would pay no more for an existing property than it would cost him to replace a

substitute property with the same utility without undue delay.

The Sales Comparison Approach is the process for comparing prices paid for properties having a

satisfactory degree of similarity to the subject, adjusted for differences in time, location and physical

characteristics. This approach is based upon the principle of substitution, which implies that a

prudent purchaser will not pay more to buy a property than it would cost him to buy a comparable

substitute property in a similar location.

The Income Approach is based on the premise that a prudent investor would pay no more for the

subject than he would for another investment with similar risk and return characteristics. Since the

value of an investment can be considered equal to the present worth of anticipated future benefits

in the form of dollar income or amenities, this approach estimates the present value of the net income

that the property is capable of producing. This amount is capitalized at a rate which should reflect

risk to the investor and the amount of income necessary to support debt service for the mortgage

requirement.

Each technique or approach to value has its strengths and weaknesses, depending to a large extent

on the type of property being appraised and the quality of available data. In most instances, one of

the approaches will produce a more reliable value indication than the other approaches.

We used the Sales Comparison and Income Approaches.

We did not use the Cost Approach since similar properties are seldom, if ever, bought or sold based

on the value indication provided by this approach.



SALES COMPARISON APPROACH

The Sales Comparison Approach to value is the basis by which properties are compared, one to the

other, by some comparable measure.

Buildings similar to the subject are transacted on the basis of price per square foot (PSF) of enclosed

or heated building area.

Data Sources

We relied on data sources such as:

Co Star “Comps” Data, a national real estate data provider which sells data on a subscription basis

MLS or the Multiple Listing Service, a proprietary data service available only to Realtors

County Property Appraisers Offices

LoopNet, a national RE Listing Service, expired Listings on sold properties contain useful data

Our own company files which includes data from similar properties appraised by CFAC

Other appraisers with whom we share data

RE brokers active in the property type appraised

An exhaustive search produced “two sets” of comparable sales that are shown in the following

Improved Sales Summary.

The first set of sales supports a value for the non-medical part of the subject; the second set of sales

supports a value for the medical office portion (dentist office).



Office Building Sales Map



IMPROVED SALE 1

New office building in College Park, no interior at purchase



1005 Delridge Avenue, Location Map



IMPROVED SALE 2

2711 Rew Circle, Ocoee



Rew Circle, Tax Map Location



IMPROVED SALE 3

2501 Howell Branch Road, Casselberry, FL 32707



Howell Branch Road, Location Map



IMPROVED LISTING 4

Sabal Palm Drive, Longwood 32779



Sabal Palm Drive Location Map



Office Building Sales Summary

Comparable Subject Sale 1 Sale 2 Sale 3 Listing 4

Location Apopka College Park W Orange Co Casselberry Longwood

Fronts on Exec Park Ct Delridge Ave Rew Circle Howell Branch Rd Sabal Palm Dr

Nearest Cross St SR 436 Edgewater Dr SR 50 SR 436 W ekiva Springs Rd

Type Office Office Office Office Office

Sale Date -- July 2018 May 2018 Oct 2018 Listing

Financing Cash Equivalent Cash Equivalent Cash Equivalent Cash Equivalent Cash Equivalent

Sale Conditions Normal Normal Normal Normal Normal

Price Paid $809,900 $612,000 $650,000 $589,000

Interior Buildout -- $177,400 $0 $0 $0

Price as Builtout $987,300 $612,000 $650,000 $589,000

Conditions $0 $0 0% 0%

Adjusted Price $987,300 $612,000 $650,000 $589,000

Time Adjustment 0% 0% 0% 0%

Time Adjusted Prc $987,300 $612,000 $650,000 $589,000

Building Size (SF) 9,894 3,548 3,996 3,250 3,640

Price PSF $278.27 $153.15 $200.00 $161.81

Year Built 2008 2016 2001 1978 1999

Condition Good Good Good Good Good

Site Size (SF) 40,120 18,028 26,718 20,000 3,640

Land-Building-Ratio 4.06 5.08 6.69 6.15 1.00

Price PSF $278.27 $153.15 $200.00 $161.81

Adjustments to Price PSF

Size 0% 0% 0% 0%

Location -25% 0% -25% 0%

Age and Condition -20% 0% 0% 0%

Listing 0% 0% 0% -10%

Net Adjustment -45% 0% -25% -10%

Adjusted Val PSF $153.05 $153.15 $150.00 $145.63

“As Is” Market Value Conclusion, Equal Weight on Sales 1, 2, 3 & Listing 4

Size (SF) Value PSF Value

Office Space 9,894 $150.00 $1,484,100

Market Value (as rounded) 9,894 $150.09 $1,485,000



Financing: Sometimes sellers will finance or “hold paper” on a property at a non-

market interest rate and at non-market loan-to-value ratios.

Appraisers must consider the affect on the price paid and calculate a

“Cash Equivalent” price paid.

Sale Conditions: Properties are sometimes sold under duress and this condition must

be considered since it usually has a negative affect on the price paid.

This condition can be difficult to quantify and appraisers often don’t

rely on sale transactions that took place under duress. Part of the

definition of “Market Value” is that the sale occurred under typical or

normal sale conditions.

Time adjustment: Upward adjustments were applied as deemed appropriate and reflect

increasing prices paid over time. No adjustment reflects a stable

market in the time period between when the sale took place and the

date of appraisal.

Size: Larger buildings sell for less on a per unit basis than smaller

buildings, all other things being equal. If we believe that a sale

comparable sold for less (on a per unit basis), due to it being larger in

size than the subject, we then applied an upward adjustment to

account for this difference.

Location: Comps with superior locations were adjusted down and vice-versa.

Age & Condition: Upward adjustments (where applied) reflect inferior conditions and

quality of each respective sale comparable, when compared to the

subject. Conversely, downward adjustments were applied to the sales

which were considered superior to the subject.

Listing: When used, listings usually sell for less than the listing price. We

made adjustments as deemed appropriate.

Market Value Via Sales Comparison Approach

Please see the Improved Sales Summary page.



Cap Rate Table

Comparable Subject Sale 1 Sale 2 Sale 3

Location Apopka College Park W Orange Co Casselberry

Fronts on Executive Park Ct Delridge Ave Rew Circle Howell Branch Rd

Nearest Cross St SR 436 Edgewater Dr SR 50 SR 436

Type Office & Medical Office Office Office

Sale Date -- July 2018 May 2018 Oct 2018

Financing Cash Equivalent Cash Equivalent Cash Equivalent Cash Equivalent

Sale Conditions Normal Normal Normal Normal

Price Paid $809,900 $612,000 $650,000

Interior Buildout -- $177,400 $0 $0

Price as Builtout $987,300 $612,000 $650,000

Conditions $0 $0 0%

Adjusted Price $987,300 $612,000 $650,000

Time Adjustment 0% 0% 0%

Time Adjusted Prc $987,300 $612,000 $650,000

Building (SF) 9,894 3,548 3,996 3,250

Price PSF $278.27 $153.15 $200.00

Year Built 2008 2016 2001 1978

Condition Good Good Good Good

Site Size (SF) 40,120 18,028 26,718 20,000

Land-Building-Ratio 4.06 5.08 6.69 6.15

Price PSF $278.27 $153.15 $200.00

Cap Rate Analysis

Comparable Subject 1 2 3

Full Service Rent $21.00 $35.00 $21.00 $25.00

Less: Vac & Collection 10% 10% 10% 10%

Effec Gross Income $18.90 $31.50 $18.90 $22.50

Op Expenses PSF $5.00 $10.00 $5.00 $5.00

NOI PSF $13.90 $21.50 $13.90 $17.50

Price PSF Blended $278.27 $153.15 $200.00

Cap Rate 7.73% 9.08% 8.75%

Most Weight on Sales 2 and 3

Based on Above Market Sales 9.00%



Market Survey Overview by Realty Rates

Office Buildings

Realty Rates 9.00%

Overall Cap Rate from sale comparables 9.00%

Conclude, Equal Weight on Realty Rates and Market Extracted Rate 9.00%



Additional Support, Medical



MEDICAL BUILDING SALE 1

Bay Tree Center Office Park




Stirling Center Office Park




Lexington Office Park



Improved Sales Summary - Medical Buildings in Office Parks

Comparable Subject Sale 1 Sale 2 Sale 3

Location Apopka Lake Mary Lake Mary Sanford

Subdivision Forest City Exec Pk W aymont Stirling Lexington

Type Office Medical Medical Medical

Sale Date -- July 2018 Jan 2018 June 2018

Financing Cash Equivalent Cash Equivalent Cash Equivalent Cash Equivalent

Sale Conditions Normal Normal Normal Normal

Price Paid $575,000 $881,870 $625,000

Conditions $0 $0 0%

Adjusted Price $575,000 $881,870 $625,000

Time Adjustment 0% 0% 0%

Time Adjusted Prc $575,000 $881,870 $625,000

Building (SF) 9,894 3,000 4,902 3,418

Price PSF $191.67 $179.90 $182.86

Year Built 2008 1999 2001 2004

Condition Good Good Good Good

Site Size (SF) 40,120 6,534 2,614 3,485

Land-Building-Ratio 4.06 2.18 0.53 1.02

Price PSF $191.67 $179.90 $182.86

Adjustments to Price PSF

Size 0% 0% 0%

Location 0% 0% 0%

Age and Condition 0% 0% 0%

Medical -25% -25% -25%

Net Adjustment -25% -25% -25%

Adjusted Val PSF $143.75 $134.93 $137.14

This Table Provides Additional Support

All Comps are in Office Parks

“As Is” Market Value Conclusion, Equal Weight on Sales 1 through 3

Size (SF) Value PSF Value

Office Space 9,894 $135.00 $1,335,690




Financing: Sometimes sellers will finance or “hold paper” on a property at a non-

market interest rate and at non-market loan-to-value ratios. Appraisers

must consider the affect on the price paid and calculate a “Cash

Equivalent” price paid.

Sale Conditions: Properties are sometimes sold under duress and this condition must be

considered since it usually has a negative affect on the price paid. This

condition can be difficult to quantify and appraisers often don’t rely on

sale transactions that took place under duress. Part of the definition of

“Market Value” is that the sale occurred under typical or normal sale

conditions.

Time adjustment: Upward adjustments were applied as deemed appropriate and reflect

increasing prices paid over time. No adjustment reflects a stable

market in the time period between when the sale took place and the

date of appraisal.

Size: Larger buildings sell for less on a per unit basis than smaller buildings,

all other things being equal. If we believe that a sale comparable sold

for less (on a per unit basis), due to it being larger in size than the

subject, we then applied an upward adjustment to account for this

difference.

Location: Comps with superior locations were adjusted down and vice-versa.

Age & Condition: Upward adjustments (where applied) reflect inferior conditions and

quality of each respective sale comparable, when compared to the

subject. Conversely, downward adjustments were applied to the sales

which were considered superior to the subject.

Listing: When used, listings usually sell for less than the listing price. We

made adjustments as deemed appropriate.

Market Value Via Sales Comparison Approach

Please see the Improved Sales Summary page.



INCOME APPROACH

The Income Approach to value is an appraisal technique based on the premise that an investor would

pay no more for an income producing property than he would for an alternative investment offering

comparable risk and return characteristics. This approach to value is an estimate of net income, which

is quantified and qualified in terms of anticipated future income.

Income and expenses subsequent to the date of valuation are projected on the basis of an assumed

efficient operation of the subject. This projection yields an income estimate that is then translated

into value using either a process known as a Direct Capitalization or a Discounted Cash Flow

Analysis.

In our analysis, we have estimated a value for the subject, via the Income Approach, using Direct

Capitalization to estimate a market value for the subject.

Income and expenses were based on contract or market rental rates, actual or estimated operating

expenses, and an assumed efficient operation of the subject. These income and expense figures are

supported by the market.

Overview

We were supplied with a rent roll.



Rent Comp Map (Small Offices)



OFFICE RENT COMP 1

Sabal Palm Drive, Longwood



OFFICE RENT COMP 2

Executive Park Court, Apopka



OFFICE RENT COMP 3

Longwood Commerce Center



Real estate taxes were calculated as discussed in the Site Data Section. Tenants pay their own

taxes in a “net lease” arrangement and pay for any increases over the base year taxes in a “modified

gross lease” arrangement.

Insurance was estimated based on an industry standard of $0.35 per square foot of each $100 of the

estimated replacement cost new of the building components (doesn’t include land value).

Janitorial and Utilities typically run approximately $0.75 per square foot and $1.75 per square foot

respectively and are applicable on full service lease arrangements only.

Maintenance & repairs typically range between $0.10 per square foot and $0.25 per square foot

based on similar properties, where applicable.

Management expense generally ranges between 3% and 6%, based on similar to other properties

we are familiar with, depending in part upon the number of tenants and the amount of work involved

in managing the property.

Reserves for replacement is a non-cash deduction that provides funds for the continual upkeep

of “short-lived” items such as asphalt paving, air conditioning compressors and built-up roof

coverings (where applicable). “Short-lived” items typically have shorter useful lives than “long-

lived” items such as major building components and require periodic replacement.

Trash Removal etc. generally runs approximately $0.10 per square foot of leased area. This item

is paid for by the property owner when leases are written on a “gross” or “full service” basis. In a “net

lease” situation, tenants pay “pro-rata share” of this expense.

Capitalization

Capitalization reflects the relationship between prices paid for property and the properties income

generating power. An indication of market value can be obtained by dividing the projected net

operating income by a capitalization rate that is appropriate for the property.

Indicated value via the Income Approach

Capitalizing the projected net operating income (NOI) by the cap rate shown reflects a market value

estimate via the Income Approach as depicted on the Income Approach Summary.



Market Rent Conclusion

The upper portion of the following table converts different lease types to a common basis for

comparison purposes. The lower portion of the table begins with the adjusted rents and accounts for

differences in size, location and other factors.

NNN = Triple Net FS = Full Service

Rent Comparable Type Size (SF) Rent Adjustment FS

Sabal Palm Drive FS 195 $21.50 $0.00 $21.50

Forest City Executive Park FS 200 $21.00 $0.00 $21.00

Longwood Commerce Center MG 150 $18.00 $2.00 $20.00

Subject

Adjustments for Age / Condition, Location, Etc

from Above Size Location Condition Listing Net PSF

$21.50 0% -10% 0% -15% -25% $16.13

$21.00 0% 0% 0% -15% -15% $17.85

$20.00 0% -10% 0% 0% -10% $18.00

Conclusion Subject Market $17.00

Vacancy and Collection (Credit) Loss Allowance

The typical local tenant vacancy range for similar properties approximated 5% to 10%.

Effective Gross Income (EGI)

The vacancy and collection loss factor is deducted from the potential gross income, yielding the

annual effective gross income, as indicated on the Income Summary.

Operating Expenses-See Summary

Type of Lease Arrangement Appropriate Expenses to Deduct

Full Service All Operating Expenses

Gross Lease All Except for Janitorial and Electrical

Net or “Triple Net” Only Management & Reserves



RENT ROLL

624 EXECUTIVE PARK COURT



Market Survey Overview by Realty Rates

Office Buildings

Realty Rates 9.00%

Overall Cap Rate from sale comparables 9.00%

Conclude, Equal Weight on Realty Rates Survey & Extracted Market Rate 9.00%



INCOME APPROACH SUMMARY

Name Size (SF) Suite Monthly PSF Annual

Robert Topper 900 1000 $1,099 $14.65 $13,188

Heaven B Church 1,000 1008 $1,099 $13.19 $13,188

Grace B Church 6,000 1032-1072 $7,282 $14.56 $87,384

Mini-Suites 600 1016 $1,123 $22.46 $13,476

Mini-Suites 600 1024 $1,354 $27.08 $16,248

Net Rentable Area 9,100 -- $11,957 -- $143,484

Reimbursement 7,900 $800 $1.22 $9,600

PGI 9,100 PGI $16.82 $153,084

Less: Vacancy & Collection Loss @ 5% $7,174

Effective Gross Income (EGI) $145,910

Less: Operating Expenses PSF

Real Estate Taxes (PSF) 9,100 $0.96 $8,740

Insurance RCN $989,400 9,100 $0.38 $3,463

Janitorial (PSF) 9,100 $0.50 Tenant

Sewer, W ater & Common Area Electric 9,100 $0.13 $1,200

Electrical 9,100 $1.00 $9,100

Maintenance & Repairs 9,100 $0.20 $1,800

Trash Removal (PSF) 9,100 $0.00 Tenant

Management $145,910 7% $10,214

Reserves for Replacement (% EGI) $145,910 2% $2,918

Total Operating Expenses (PSF) 9,100 $4.11 $37,435

Operating Expense Ratio (% EGI) 25.66% $37,435

Net Operating Income (NOI) 9,100 $108,475

Market Value “As Is” 9.00% $1,205,278




Costar Report, Construction and Deliveries, Office Market



RECONCILIATION & FINAL VALUE ESTIMATE

The Sales Comparison Approach provided a good indication of market value and was given

secondary weight since similar multi-tenant income properties are seldom transacted based on the

value indication via this approach.

This approach can provide an excellent insight to market value when truly comparable sales are

available. However, we could not find any directly comparable properties.

By placing equal weight of the value indications from the two sets of sales, we concluded on a market

value via the Sales Comparison Approach of $1,400,000.

The Income Approach was given primary weight since multi-tenant income properties are typically

transacted based on the value indication via this approach. The Income Approach reflected a market

value of $1,200,000.

After placing most weight on the value indication via the Income Approach, we concluded on a final

value of $1,200,000.



ADDENDA



Tax Card, Page 1 of 3


Central Florida

QUALIFICATIONS OF DANIEL PEELE, ASA

EDUCATION

Graduated from Florida International University (FIU) in Miami

EXPERIENCE

Commercial Real Estate Appraiser with Pardue, Heid, Church, Smith & Waller, 1984 - 1994

President of Central Florida Appraisal Consultants (CFAC) since 1994

Over 35 years of full-time commercial real estate appraisal experience in Central Florida

APPRAISAL EDUCATION

Real Estate Major, Florida International University (FIU) in Miami (State College)

PROFESSIONAL AFFILIATIONS

ASA, American Society of Appraisers, (Designated Member) Accredited Senior Appraiser

NAR, National Association of Realtors

ORRA, Greater Orlando Area Board of Realtors, Realtor Member (we have MLS)

Broker-Associate with Acquisition Consultants (Commercial Real Estate)

State-Certified General Real Estate Appraiser RZ 887

PREPARED APPRAISALS FOR

Commercial Banks, Private Lenders, Buyers and Sellers, Governmental Agencies

PROPERTIES APPRAISED

Commercial (all types) Insurable Value for Condos Office Buildings (all types)

Special Use Properties Sellout type Properties Subdivisions (all types)

Hotels and Motels Industrial (All types) Residential (all types)

Self Storage Facilities Retail (all types) Vacant land (all types)



Resume of Daniel Peele



Certified General Appraiser License RZ 887



Flood Map



FEMA Flood Definitions



FEMA Flood Definitions - Page 2



GENERAL ASSUMPTIONS



GENERAL LIMITING CONDITIONS

Daniel Peele

COMMERCIAL TRADE AREA REPORT

Apopka, FL 32703

P |r |e |s |e |n |t |e |d | |b |y

Florida Real Estate License: 166385Florida Appraisal License: RZ 887

W|o|rk|: | |( |407|) | |286|- |5584 | M|o|b|i |l |e|: | |( |407|) | |230|- |1023

M|a|i |n|: | |d|a|n|@|d|a|n|p|e|e|l |e|. |c |o|mA |g|e|n|t |: | |www. |d|a|n|p|e|e|l |e|. |c |o|mDaniel L. Peele3956 | |T |o |w|n | |C|e |n |t |e |r | |B |l |v |dO|r |l |a |n |d |o, |F|L | |32837

Copyright 2019 Realtors Property Resource® LLC. All Rights Reserved. Information is not guaranteed. Equal Housing Opportunity.

3/28/2019

Criteria Used for AnalysisIncome:Median Household Income

Age:Median Age

Population Stats:Total Population

Segmentation:1st Dominant Segment

$49,929 36.4 53,117 American DreamersTotal dollars:$49,929 out of $18,392

Total years:36.4 out of 53,117.0

Consumer SegmentationLife Mode UrbanizationWhat are thepeople like thatlive in this area?

Ethnic EnclavesEstablished diversity--young, Hispanic homeowners withfamilies

Where do peoplelike this usuallylive?

Urban PeripheryCity life for starting families with single-familyhomes

Top TapestrySegments

AmericanDreamers

HomeImprovement Metro Fusion Southern Satellites Front Porches

% of Households 3,641 (19.8%) 1,806 (9.8%) 1,661 (9.0%) 1,587 (8.6%) 1,533 (8.3%)

% of Orange County 63,152 (14.2%) 19,206 (4.3%) 39,688 (8.9%) 4,324 (1.0%) 5,338 (1.2%)

Lifestyle Group Ethnic Enclaves Family Landscapes Midtown Singles Rustic Outposts Middle Ground

Urbanization Group Urban Periphery Suburban Periphery Urban Periphery Rural Metro Cities

Residence Type Single Family Single Family Multi-Unit Rentals;Single Family

Single Family orMobile Homes

Multi-Units; SingleFamily

Household Type Married Couples Married Couples Singles Married Couples Married Couples

Average Household Size 3.16 2.86 2.63 2.65 2.55

Median Age 31.8 37 28.8 39.7 34.2

Diversity Index 83.3 63.4 84 38.6 70.4

Median Household Income $48,000 $67,000 $33,000 $44,000 $39,000

Median Net Worth $53,000 $162,000 $12,000 $70,000 $21,000

Median Home Value $130,000 $174,000 – $119,000 –

Homeownership 65 % 80.3 % 25 % 78.6 % 47.8 %

Average Monthly Rent – – $880 – $890

Employment Services orAdministration

Professional orServices

Services,Administration orProfessional

Services, Professionalor Administration

Services, Professionalor Administration

Education High School Graduate College Degree College Degree High School Graduate High School Graduate

Preferred Activities Own feature-rich cellphones. Pay bills,socialize online.

Eat at Chili's, Chick-fil-A, PaneraBread. Shopwarehouse/club, homeimprovement stores.

Spend money onwhat's hot unlesssaving for somethingspecific. Followfootball, soccer.

Go hunting,fishing. Own a petdog.

Go online for games;visit dating websites,chat rooms. Playbingo, video games.

Financial Spend moneycarefully; buynecessities

Invest conservatively Shop at discountgrocery stores, Kmart,Walmart

Shop at Walmart Have loans to pay bills

Media Listen to urban orHispanic radio

Watch DIY Network Listen to R&B, rap,Latin, reggae music

Listen to countrymusic; watch CMT

Watch ComedyCentral, Nickelodeon,PBS Kids Sprout

Vehicle One or two vehicles Own minivan, SUV Owns used vehicles Own, maintain truck Enjoy fun-to-drive cars

Apopka, FL 32703

Copyright 2019 Realtors Property Resource® LLC. All Rights Reserved. Information is not guaranteed. Equal Housing Opportunity. 3/28/2019

Who We AreLocated throughout the South and West,most American Dreamers residents owntheir own homes, primarily single-familyhousing--farther out of the city, wherehousing is more affordable. Medianhousehold income is slightly belowaverage. The majority of householdsinclude younger married-couple familieswith children and, frequently,grandparents. Diversity is high; manyresidents are foreign born, of Hispanicorigin. Hard work and sacrifice haveimproved their economic circumstance asthey pursue a better life for themselvesand their family. Spending is focusedmore on the members of the householdthan the home. Entertainment includesmultiple televisions, movie rentals andvideo games at home or visits to themeparks and zoos. This market is connectedand adept at accessing what they wantfrom the Internet.

Our NeighborhoodAmerican Dreamers residents are family-centricand diverse. Most are married couples withchildren of all ages or single parents;multigenerational homes are common.Average household size is higher than U.S.average at 3.16.Residents tend to live further out from urbancenters--more affordable single-family homesand more elbow room.Tenure is slightly above average with 65%owner occupancy; primarily single-familyhomes with more mortgages and slightlyhigher monthly costs.Three quarters of all housing were built since1970.Many neighborhoods are located in the urbanperiphery of the largest metropolitan areasacross the South and West.Most households have one or two vehiclesavailable and a longer commute to work.

Socioeconomic TraitsWhile nearly 16% have earned a collegedegree, the majority, or 63%, hold a highschool diploma only or spent some time at acollege or university.Unemployment is higher at 10.7%; labor forceparticipation is also higher at 67%.Most American Dreamers residents deriveincome from wages or salaries, but the rate ofpoverty is a bit higher in this market.They tend to spend money carefully and focusmore on necessities.They are captivated by new technology,particularly feature-rich smartphones.Connected: They use the Internet primarily forsocializing but also for convenience, likepaying bills online.

Market ProfileWhen dining out, these residents favor fast-food dining places such as Taco Bell orWendy's, as well as family-friendly restaurantslike Olive Garden, Denny's or IHOP.Cell phones are preferred over landlines.Favorite channels include Animal Planet,MTV, Cartoon Network, and Disney, as well asprogramming on Spanish TV.Residents listen to urban or Hispanic radio.During the summer, family outings to themeparks are especially popular.

An overview of who makes up this segment across the United States

The demographic segmentation shown here can help you understand the lifestyles and life stages of consumers in a market. Data provider Esri classifiesU.S. residential neighborhoods into 67 unique market segments based on socioeconomic and demographic characteristics. Data Source: Esri 2017. UpdateFrequency: Annually.

This is the

#1dominant segmentfor this area

In this area

19.8%of households fallinto this segment

In the United States


About this segment

American Dreamers

Apopka, FL 32703


Who We AreMarried-couple families occupy well overhalf of these suburban households. MostHome Improvement residences aresingle-family homes that are owneroccupied, with only one-fifth of thehouseholds occupied by renters.Education and diversity levels are similarto the U.S. as a whole. These familiesspend a lot of time on the go and thereforetend to eat out regularly. When at home,weekends are consumed with homeimprovement and remodeling projects.

Our NeighborhoodThese are low-density suburbanneighborhoods.Eight of every 10 homes are traditional single-family dwellings, owner occupied.Majority of the homes were built between 1970and 2000.More than half of the households consist ofmarried-couple families; another 12% includesingle-parent families.

Socioeconomic TraitsHigher participation in the labor force andlower unemployment than US levels; mosthouseholds have 2+ workers.Cautious consumers that do their researchbefore buying, they protect their investments.Typically spend 4-7 hours per weekcommuting, and, therefore, spend significantamounts on car maintenance (performed at adepartment store or auto repair chain store).They are paying off student loans and secondmortgages on homes.They spend heavily on eating out, at both fast-food and family restaurants.They like to work from home, when possible.

Market ProfileEnjoy working on home improvement projectsand watching DIY networks.Make frequent trips to warehouse/club andhome improvement stores in their minivan orSUV.Own a giant screen TV with fiber-opticconnection and premium cable; rent DVDsfrom Redbox or Netflix.Very comfortable with new technology;embrace the convenience of completing taskson a mobile device.Enjoy dining at Chili's, Chick-fil-A and PaneraBread.Frequently buy children's clothes and toys.



This is the


In this area




About this segment

Home Improvement

Apopka, FL 32703


Who We AreMetro Fusion is a young, diverse market.Many residents do not speak Englishfluently and have moved into their homesrecently. They are highly mobile. More thanthree-quarters of households areoccupied by renters. Many householdshave young children; a quarter are single-parent families. The majority of residentslive in midsize apartment buildings. MetroFusion is a hard-working market withresidents who are dedicated to climbingthe ladders of their professional andsocial lives. This is particularly difficult forthe single parents due to median incomesthat are 35 percent lower than the U.S.average.

Our NeighborhoodOver 60% of the homes are multi-unitstructures located in the urban periphery.Three quarters of residents are renters, andrents are about ten percent less than the U.S.average.The majority of housing units were built before1990.Single-parent and single-person householdsmake up over half of all households.

Socioeconomic TraitsThey're a diverse market with 30% black, 34%Hispanic and 20% foreign born.Younger residents are highly connected, whileolder residents do not have much use for thelatest and greatest technology.They work hard to advance in their professions,including working weekends.They take pride in their appearance, considertheir fashion trendy, and stick with the samefew designer brands.They spend money readily on what's hot unlesssaving for something specific.Social status is very important; they look toimpress with fashion and electronics.

Market ProfileThey enjoy watching MTV, BET, Spanish TVnetworks and pay-per-view.They listen to R&B, rap, Latin and reggaemusic.Football and soccer are popular sports.They shop at discount grocery stores, Kmartand Walmart.They often eat frozen dinners, but when diningout prefer McDonald's, Wendy's and IHOP.



This is the


In this area




About this segment

Metro Fusion

Apopka, FL 32703


Who We AreSouthern Satellites is the second largestmarket found in rural settlements, typicallywithin metropolitan areas located primarilyin the South. This market is generally non-diverse, slightly older, settled married-couple families, who own their homes.Almost two-thirds of the homes are single-family structures; a third are mobilehomes. Median household income andhome value are below average. Workersare employed in a variety of industries,such as manufacturing, health care, retailtrade and construction, with higherproportions in mining and agriculture thanthe U.S. Residents enjoy country living,preferring outdoor activities and DIY homeprojects.

Our NeighborhoodAbout 79% of households are owned.Married couples with no children are thedominant household type, with a number ofmulti-generational households.Most are single-family homes (65%), with anumber of mobile homes.Most housing units were built in 1970 or later.Most households own 1 or 2 vehicles, butowning 3+ vehicles is common

Socioeconomic TraitsEducation: almost 40% have a high schooldiploma only; 41% have college education.Unemployment rate is 9.2%, slightly higherthan the U.S. rate.Labor force participation rate is 59.7%, slightlylower than the U.S.These consumers are more concerned aboutcost rather than quality or brand loyalty.They tend to be somewhat late in adapting totechnology.They obtain a disproportionate amount of theirinformation from TV, compared to othermedia.

Market ProfileUsually own a truck; likely to service itthemselves.Frequent the convenience store, usually to fillup a vehicle with gas.Typical household has a satellite dish.Work on home improvement and remodelingprojects.Own a pet, commonly a dog.Participate in fishing and hunting.Prefer to listen to country music and watchCountry Music Television (CMT).Read fishing/hunting and home servicemagazines.Partial to eating at low-cost family restaurantsand drive-ins.Use Walmart for all their shopping needs(groceries, clothing, pharmacy, etc.).



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Southern Satellites

Apopka, FL 32703


Who We AreFront Porches blends household types,with more young families with children orsingle households than average. Thisgroup is also more diverse than the U.S.Half of householders are renters, andmany of the homes are older townhomesor duplexes. Friends and family are centralto Front Porches residents and help toinfluence household buying decisions.Residents enjoy their automobiles andlike cars that are fun to drive. Income andnet worth are well below the U.S. average,and many families have taken out loans tomake ends meet.

Our NeighborhoodNearly one in five homes is a duplex, triplex orquad; half are older single-family dwellings.Just over half the homes are occupied byrenters.Older, established neighborhoods; threequarters of all homes were built before 1980.Single-parent families or singles living alonemake up almost half of the households.

Socioeconomic TraitsComposed of a blue-collar work force with astrong labor force participation rate, butunemployment is high at 11%.Price is more important than brand names orstyle to these consumers.With limited incomes, these are notadventurous shoppers.They would rather cook a meal at home thandine out.They seek adventure and strive to have fun.

Market ProfileGo online for gaming, online dating and chatrooms.Use their cell phones to redeem mobilecoupons and listen to hip hop and R&B music.Drink energy and sports drinks.Participate in leisure activities including sports,indoor water parks, bingo and video games.Watch Comedy Central, Nickelodeon and PBSKids Sprout.



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Front Porches

Apopka, FL 32703


20172022 (Projected)

Total PopulationThis chart shows the total population inan area, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually


Population DensityThis chart shows the number of peopleper square mile in an area, comparedwith other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually


Population Change Since 2010This chart shows the percentage changein area's population from 2010 to 2017,compared with other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

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Total Daytime PopulationThis chart shows the number of peoplewho are present in an area during normalbusiness hours, including workers, andcompares that population to othergeographies. Daytime population is incontrast to the "resident" populationpresent during evening and nighttimehours.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

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Daytime Population DensityThis chart shows the number people whoare present in an area during normalbusiness hours, including workers, persquare mile in an area, compared withother geographies. Daytime population isin contrast to the "resident" populationpresent during evening and nighttimehours.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually


Average Household SizeThis chart shows the average householdsize in an area, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually


Population Living in FamilyHouseholdsThis chart shows the percentage of anarea’s population that lives in ahousehold with one or more individualsrelated by birth, marriage or adoption,compared with other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Women 2017Men 2017Women 2022 (Projected)Men 2022 (Projected)

Female / Male RatioThis chart shows the ratio of females tomales in an area, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

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Median AgeThis chart shows the median age in anarea, compared with other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually


Population by AgeThis chart breaks down the population ofan area by age group.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

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MarriedUnmarried

Married / Unmarried AdultsRatioThis chart shows the ratio of married tounmarried adults in an area, comparedwith other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

MarriedThis chart shows the number of people inan area who are married, compared withother geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Never MarriedThis chart shows the number of people inan area who have never been married,compared with other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

WidowedThis chart shows the number of people inan area who are widowed, comparedwith other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

DivorcedThis chart shows the number of people inan area who are divorced, compared withother geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

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Average Household IncomeThis chart shows the average householdincome in an area, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually


Median Household IncomeThis chart shows the median householdincome in an area, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually


Per Capita IncomeThis chart shows per capita income in anarea, compared with other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Average Disposable IncomeThis chart shows the average disposableincome in an area, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

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ApopkaOrange CountyFloridaUSA

Unemployment RateThis chart shows the unemploymenttrend in an area, compared with othergeographies.Data Source: Bureau of Labor Statisticsvia 3DLUpdate Frequency: Monthly

Employment Count byIndustryThis chart shows industries in an areaand the number of people employed ineach category.Data Source: Bureau of Labor Statisticsvia Esri, 2017Update Frequency: Annually

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Less than 9th GradeThis chart shows the percentage ofpeople in an area who have less than aninth grade education, compared withother geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Some High SchoolThis chart shows the percentage ofpeople in an area whose highesteducational achievement is some highschool, without graduating or passing ahigh school GED test, compared withother geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

High School GEDThis chart shows the percentage ofpeople in an area whose highesteducational achievement is passing ahigh school GED test, compared withother geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

High School GraduateThis chart shows the percentage ofpeople in an area whose highesteducational achievement is high school,compared with other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Some CollegeThis chart shows the percentage ofpeople in an area whose highesteducational achievement is somecollege, without receiving a degree,compared with other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

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Associate DegreeThis chart shows the percentage ofpeople in an area whose highesteducational achievement is an associatedegree, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Bachelor's DegreeThis chart shows the percentage ofpeople in an area whose highesteducational achievement is a bachelor'sdegree, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Grad/Professional DegreeThis chart shows the percentage ofpeople in an area whose highesteducational achievement is a graduateor professional degree, compared withother geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

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Average Commute TimeThis chart shows average commute timesto work, in minutes, by percentage of anarea's population.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

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How People Get to WorkThis chart shows the types oftransportation that residents of the areayou searched use for their commute, bypercentage of an area's population.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

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Median Estimated Home ValueThis chart displays property estimates foran area and a subject property, whereone has been selected. Estimated homevalues are generated by a valuationmodel and are not formal appraisals.Data Source: Valuation calculationsbased on public records and MLS sourceswhere licensedUpdate Frequency: Monthly

12-Month Change in MedianEstimated Home ValueThis chart shows the 12-month change inthe estimated value of all homes in thisarea, the county and the state. Estimatedhome values are generated by avaluation model and are not formalappraisals.Data Source: Valuation calculationsbased on public records and MLS sourceswhere licensedUpdate Frequency: Monthly

Median Listing PriceThis chart displays the median listingprice for homes in this area, the countyand the state.Data Source: On- and off-market listingssourcesUpdate Frequency: Monthly

12-Month Change in MedianListing PriceThis chart displays the 12-month changein the median listing price of homes inthis area, and compares it to the countyand state.Data Source: On- and off-market listingssourcesUpdate Frequency: Monthly

Apopka, FL 32703: Home Value Comparison

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Best Retail Businesses: Apopka, FL 32703

This chart shows the types of businesses that consumers are leaving an area to find. The business types represented by blue bars are relatively scarce in the area,so consumers go elsewhere to have their needs met. The beige business types are relatively plentiful in the area, meaning there are existing competitors for thedollars that consumers spend in these categories.Data Source: Retail Marketplace via Esri, 2017Update Frequency: Annually

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