Hardee County · Web view26fiLE 1113-801WILUAM K. lloYD, INC. 26 fiLE 1113-801 WILUAM K. lloYD,...

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WILLIAM 1{. BOYD, INC.REAL ESTATE APPRAISERS & CONSULTANTS

MAIN OFFICE

1564 LAKEVIEW ORNE SEBRING, fi 33870

SATELLITE OFFICE 410 NORTHWEST 2ND ST

OKEECHOBEE, fL 34972

December 12, 2013

Hardee County EDC/IDA Attn: Sarah Pelham107 E. Main St. Wauchula, FL 33873

PHONE: (863) 385-6192 fAX: 1-866-384-0258

WKBOYD@SmA'I'O.NET

VIA: [email protected]

Dear Sarah:

At your request, I appraised the commercial building formerly known asScotty's located at 897 61 Ave. S., Wauchula, FL 33873 and is more particularlydescribed within the body of this Summary Appraisal Report. The intended user of this appraisal report is the client, Hardee County EDC/IDA.

The purpose of the appraisal is to provide an independent op1n1on of the estimated market value of the fee simple interest in the subject real property. The function and intended use is to assist the intended user in evaluating the subject for possible acquisition purposes. Any other use is prohibited as per Standard Rule 1-2 (b) of Uniform Standards of Professional Appraisal Practice.

The subject was observed on November 4, 2013, which is the effective date of the appraised value of the subject. The time period during which the appraisal process was conducted and the report produced October 28- December 12, 2013.

This is a Summary Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, it presents only summary discussions of the data, reasoning, and analysis that were used in the appraisal process to develop my opinion of value. Supporting documentation concerning the data, reasoning, and analysis is retained in my file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated.

fiLE 1113-801 WILLIAM K. 13oYD, INC.

2fiLE 1113-801 WILUAM K. lloYD, INC.

My scope of work included the following:

• A review of the Hardee County Property Appraiser's web page for the subject including property card, building sketch and GIS map

• A review of the survey by SWH Investors, LLC dated 01-25-07• A review of the report by Halfacre Construction Company reviewing the

condition of the property and their suggestions for renovation• A cursory observation of the subject• A review and analysis of the Hardee, Highlands, Desoto, Polk, Glades &

Okeechobee County's Property Appraiser's website and the Heartland & My Florida Regional Multiple Listing Services and Florida Realtors MLS Advantage for sales of warehouse/manufacturing buildings exceeding 12,000 square feet that have closed since December 2012.

It is with consideration of the above that I formed an independent opinion of value for the subject property by applying the sales comparison approach. The sales comparison approach is the most applicable approach for this property type and was the only approach applied. The cost approach is not typically applicable to properties of the subject's age and the income approach was not applied since properties similar to the subject are generally purchased to be primarily owner occupied.

Based upon my investigation of the subject property, analysis of the data in this appraisal report, and my general experience with these types of properties, I have estimated the "As Is Value," which is defined as the market value of the subject as of the effective appraisal date. Therefore, it is my independent opinion that the market value of the subject "As Is" is $493,000.

This letter of transmittal is part of the Summary Appraisal report that follows, setting forth the most pertinent data and reasoning used to conclude the final value. Use of this report constitutes acceptance of the General Assumptions and Limiting Conditions listed at the conclusion of this report.

Respectfully Submitted,

/(IJeyd-WILLIAM K. BOYDSTATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ338

WKB/Iyb


PARCEL IDENTIFICATION NUMBER:

10-34-25-0000-07300-0000

LEGAL DESCRIPTION:

See Addendum

SALES HISTORY:

Per the Hardee County Clerk of Courts Instrument #201325001340, the current

owner acquired the subject through foreclosure proceedings via certificate of title for

$100 in March 2013. There have been no other transfers within the past three years.

This is being reported in compliance with Uniform Standards of Professional

Appraisal Practice Standards Rule 1-S(b).

LISTING HISTORY

Per My Florida Regional MLS the subject was listed for sale in March 2013 for

$720,000 then reduced to $675,000 in June 2013, then reduced again in September

2013 to $625,000.

This is being reported in compliance with Uniform Standards of Professional

Appraisal Practice Standards Rule 1-1(b) and FAQ 226 & 228.

PENDING CONTRACT:

According to Kelly Eckersen, agent for Keller Williams Realty, the subject is

currently under contract for $510,000 with no concessions disclosed.

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DESCRIPTION OF NEIGHBORHOOD:

The subject is located between 61Ave Sand 51 AveS, both also known as US

17. US 17 serves as the major north/south traffic route for Wauchula and Hardee

County. The immediate neighborhood consists of tableside restaurants, fast food

restaurants, retail businesses, professional offices and automotive shops. Located

east, across 51Ave S, is a citrus grove and vacant acreage. Downtown Wauchula is

located five blocks north.

Nannsl Re6CU'Ce & Mhng 143 5 333 Natural Re!IOUtCO & MN!g 26.0% 0,9%

CMIUUC!""' 35 57,598 COnsltU<llon 6.4% 9.5%nvfacb;ring 15 18,372 Monufoc\Jring 2.7% 3.0%

Trade, Transportation and Utlttu 119 139947 Trade, Transponaoan and Utl!tu 21.6% 23.0%!fliOf'YNlfOfl 4 10,215 lrlfOtr'Ml!Orl 0.1% 1.7'11fi\anlcAct.-vities l4 98,547 FinMtktl Act.vit.c s 6.2% 10.9%Protess.onal & 8UI(M$S Sernces 65 139,195 PnXess10nal& 8usm5s. SerYCes 11,8% 22.9%£ducHbon s.Hea s •a 6'263 Educa JOn & H6ahh Sorvk:oo 8.7% 10.6'11L•i•ond Hl?!y 2 52.481 ...._..ond o lity 7.6% 8.6%Other Services 52.741 O':herSeMces. 7,8% B,7%Gov&nYnent •2 6 723 Clovernment 7.6% 1.1%

Same..,..,.


HARDEE COUNTY PROFILE:

Hardee County

F orida's 50th most populous county

with 0.1% of Fl orida's popu ation

Population Housing

C•n t us Population,NO u&

Hardoe County20.357

Fl orida9.7<6,961

HousingCountsHout.ng' unM, 2000 Con&u5

t-latdH County9,820

Floftda7.302,947

1990C«t.sul 19.499 12.93$.071 Occupied 8.166 6 337.929%d>atlg6 1- ...2% 32,7% OW>\ot 5,997 . ......1,799

2000C4nsu• 2$,93$ 15,982.824 RO<Itc-=c:upiod 2,169 1 896,130% cl>oroge '100 3$.2% 23.5% Vacant 1. 965,018

2010Cen&us 27.731 18.801.332 Hou-unhs, 2010 C.OtuS 9.722 8 969.580%200(>.10 2.9% 17.8% Oc""'""' 8,245 7 420.802

Ov.no<-occup<ed 5,733 •998,979Hrsp;:molr Ut!ino 11,895 4,223,806 Rente,o.occ::upiad 2,512 2.421,823

II. Hlspot>lc 0< Lalilo 42.9% 22.5% Vacool 1,4n 1568,neUnOw 18 or \Do 7.675 4.002.113

% Undor 18 yeaof age 21,1% 21,3% Unlta P•rmlnfod65 r1of i'QO and OVfl 3,675 3.269,602 1990 57 12$,3$<

'% 66 years o18Q6 and over 12.9% 17.3% 2000 S6 155,269Medlin Age 32,8 40,7 % mange •990-2000 ·1,8% 22,9%

2010 12 3$,679Estimates and Proj•c:lion s ""m•"9<1 zooo.1o 8.6% 5.1%2012 Es.llma! 27,762 19,07.• 434 2012 17 64,810%ch3-201().12 0.1% 1.5% %mange 201G-12 41.7% 67.6%2015 Projecdon based oo 2012 f!l$tmate 27,910 19,760,5n

%-201().15 0.6% 5.0% Populaton Characteristics2020 Pro)ftellon t>oso>d on 2012 est..- 28,192 21,1•1,318

% 2015-20 1.0% 1.0% H•rd•• County Flortda

•;><>!<on a1 homo olher lhanDenaity Eng1shPtnons per squaremikl: PoriOnS5 M6 ov• 41.5%•,L1,9% 27.0% +J.- 0.1%

2000 42,3 296,4 loco of birth2010 43,5 360.6 F .Qnootn 21.7% ....3% 19.2%+-"0.1%2012 43.5 355.7 Veteron status

CNil an popuiation ·a end over 7,7%•-"1.3% 11,2%•).. 0,1%Households and Family Households

Hou..holds Hardee County Florido P•rona age<1•nd overTotalhoti.!Wihcld5,2000 CeniUS 8,168 8,338,075 85,6% •J- 3,0% 83,!1% 0.1"-Family houU/IOido, 2000 Cemuo 6.253 4,210,760 OIHarenl house nUle U.S. 13.3% •,<.3.0% 15.7%•-" 0.1%

'% ...,.. own Chiktn:n Undf}J 18 45.5l'o 42.3Y. Oltferent county 1n Florida 4,0% •J.- 1.3% 3.0% T,""' O.t%Totalhouse004ds,2010 Cenaus 8.245 7,420.802 Ofleten1 county tn another state 2,7%.... 1.7% 2,6% •·.'-0,1%Farntfy households,2010 'Jus 6,112 4,835.47-5 Ab<ood 1,0% •,1.. 0.6 0.8%+;...0,1"4

'% 'Mlh own chlktten undt)r 18 45.5% <0.0% J,.a fnllO(ll!lfr<W'btt!Jedon a90% 00r.rdene. lf:I'Vd,

AveraHouMtQd Slz.9.2010 Cenaus 3.12 2.48Av&rage Fay Slze.2010 CensU! 3.52 3,01

Atrord4nt: to C&draflnlt.mH,1ftaUKt akllnd..Jiiu ;aloiV..pecpt.who aat.Pf a haUS<f!C L.lniL '"l'w: ou .;pru P"Y bt: a lk'fla IH I)f, re . . . lllf"•, twoar n re tDw:tatt.ina ta p·ar any othlr J!'O:IP ofor I'"'IOf•other- Dc IMnc.,tht "'tr..c

retakllef :wC""tD' ui:n'IeR-Ir»eU..dtc:pOetoooV.twwhoho\sls.caMutlehemr bt"quGensut CDU!Ib,.,8(be CCII'tected for ten""'Cou r t Que:"eMllutJon (t'Q_M.)_

l:llrt". .mo.t";ll e.or ;a40Pl0"1.

Employmont by Ind ustry

Number of E1t1bllthment• 2012 Hardee County orlela P.rcent of All lncruttr1ee 2012 Hardee County Flortda

....

6fiLE 1113-801 Wil.UAM K. lloYD, INC.

"' by C•1•wO<Y. 2012 Hardee County FIO<Id• 2012All lndU$:rMo$

H•rdc• County527,928

Florida$42,446

40,1% 1,4 % Natural Re « rCS& '-1111"19 526,111 527,0003.8% 5.4% ContlflJCiio<1 529,71!4 $41,5613.&% 5.0'1. Manufa.ctunng $34,222 553,284

Trade, Tram;portatiOO and Uti11.AS 17.6% 2".3% Trade, Tran portat100: and Ul11Un 532.821 $38,621lnf otmatKm 0.6% 2.1'4 lnfonnauon 531,991 $66,794FiNnc ol .1\(:lviltcs , ,3% 7,8V. FIMnCW)IAl;tNibct 537.901 561.400Professional& Bum951 Service& 3,9% 17,0% Protesstonal& Buaile.ss Servaces $27,701 553,121EducabOn & HsaMh Servtoes 17.8% 17.3% Ectucaton & Hea"h Se-Mces 529.46-4 $45,172Leisur•tr•d Hot.ptolrty 6.6% 15.8% Ler....o ond Ho$4>1tol11y 513,173 522,305Other S.rvQs 1.9% 3.8% O.her Services 519,685 $30,380Govef'1"1n')('J nt 27.3% 16.3% Government 536,762 $47,896

'!1. "'""9010 42.2'!1. 54,3%2011

11cnanoo 2o1Go1,$694,343

3.6%$755,357,550

4,9%

17,1% 49.6%524,091 $38.210

36,9'!1. 31,4%$?4,893 $39,638

3.3% 3.7%

HARDEE COUNTY PROFILE (CONTD)

Hardee County .....Aver•v• Annua l Em ployment..

Employment by IndustryAv•ra.g• Aonu-itl Wag•,

Labor ForceL.bor f or1:41 •• Percent of PopultionAged 18 and Old•r Hardaa County Florida Urutmplayment R,ala Hard-County Florida1990 67.4% 60% 1990 12.0% 6.3%2000 5S.1% 63.8% 2000 5.9% 3.8%2010 61.4% 61.7% 2010 11.1% 11.3'!1.2012 53.5% 62.5% 2012 9.2% 8.6%

Income and Financial Health

P.:.rwonllncomc (SODO•) H011r·th1:e County Florida Pc.r Coapita Pc:,..onlnc;o"'- H•rdce County Florid;1990 $295,646 5253,324,396 1990 $15,032 $19,4372000 $4/1,119 S466,&u.10 2000 511,599 $29,079

'!1. cllange 199().2000 59.4 % 1!4.2%2010 9.

9«$719.828,473

%c:ftealge 1990.002010%cmngo2000.10

2011% -2 DI D-11

Emllns• by POI <c of Wor11(SOOOs)1990 $177,685

$161,178.0932000 $293,695 5312,145,18

'!1. change 199().2000 65.3% 93.7%2010 $338.625 S442,407,289

'!I.<Nnge10 32.3'!1. 41.7%

Mc:dii!ln klc:omeMedl;.1n Household lncotn451 $38..046 -+I• $4,300Median FerNy lncomB $48260 -t /- $4,130•-= motf911'1 ot et"rOt 104 on 'QQNidl{lnc.levd.

Pwcent ln Poveny, 2011

547,827 • 1-$16>1$57,592 •1-$2S8

zon $400,941 $459,056 456'!1. change 201().11 J.2% 3.8%

Penon•l 8ant(ru ptey Filing •

All ages In pov0!1'(Undor agte 18 Wt pover;yAgBs 5-17!n famll6.$ In pcweny

31.8%45,4-443.Q'll

17,0'!1.25,1%23.5%

(J"!r 10000 popu l.tion)20112012

Stale Rank..:otr. r' I"'U'Tibu8dude &.tlarl -«ndeCOU'Itv.

H•r<l•• Co ,nty1,071,56

55

Floridf4,76•.06M Pu blic

EducttJonlnsUiutlonsTotal

Education

HaJdHCounty9

Fl da3,4

Elementa:y 1,917Middle 599

Quamty of Ufe Senior High 600Combinaion 378

Crime Hardea County FloridaCrme nt:e, 20121)ndex c:nne. per

100,000 popula11on) 2.601.8 3.805.8Admis:sir;;ltllllo pneon FY 2011 12 47 32 279Mmi$$ion$ to pnson '*100,000

populooon FY 2011 12 169.3 169.2

Work•ra Ag•d 16 and Ov•rPlocooiWO<I<

Worked outside county of res.kience 22.1'!1. +1-3.8% 17.6% ·I 0.1%

Tmwoel 1.me to '.'.lotk

Edut.iltion,.l •t:QJnmtm1P•rsona agod 25.nd older

% HS graduate or t'wgher% bodlelo(•d"'lree "' hogi'.w

63.2% •.L 2,9%9.3%•.<. 1.9%

85.5% 0.1%26.0% 0.1'!1.

M03n ovcl lo"""' (rnlou1o•l 25.1 •1 1,7 25.7+/o<),1-


27 6 6411 IOI O..ticts•M!.Ttl11-d..d.IHI In Net County>-'N\de· -,ty" ataplfl

0.7529 0.0000

Stat• Fu:llltfetBulldings/FoeiRio• (mn. 300 Sq"""'Feel)

89 15 533Square Footag-e 612,324 220,185,642

Sut• UndtConaetV8ticn l..ancll

P="rcds 15 38681

A<rtoaiiO 702.4 3.222.919.8

5638

HARDEE COUNTY PROFILE (CONTD)

Hardee County ....,Reported County Government Revenues and Expenditures

Rovenua HO!ird..County Fol rid•• Ellp•ndituru H011rdn County Florida•Totii •AI Rilv8111A Codes($000s) $35,175.6 $35 205.022.3

TOUII AI t:O<pOI1<Lt""' A«<<unt c-.($000$) 37,709.0 $ 36 616,300,3

Por Caplta; .$ $1.212.04 $1.9515.

Por Capita $ 1,359.81 ' 2,041.38

%of Total 100.0% 100.0% % ofToOII 100.0% 100.0'1.T8lles(SOOOI) $15.2'5.6 $11 053.678.4

Ge<ler8l G<wemmont Sor<lces-(SOOlls) 12,371.8 $ 6_2M.042.

Pm C;lpiia S $550.23 5612.72 Por C.,pil3 S 318.13 $ 350.3<'%of Total 3

.3%31A% %of Total 32.8% 11.2'4

Petm.a.Fee.and Specal Asseumentl Public Safety(5000s) $2,950.9 S1 084,990,8 (SOOOt) 17,759.5 $ 8.098.6<0.5

Par Capll:. S $106.71 560.14 Per CDpli a S 4 56,45 $ 451.50%of Total 8.4% 3.1% %of Toto! 47.1% 22.1%

tr.tergcwemmental Re..,ei"'UU(WOOl) 59,324,0 $4 518.810.2

Physicol Env"""'*'t(5000.) 5,038.9 s 4 075.797.4

Per C&pl1a S $337.18 $260.48 Per CapltaS 129,51 $ 227.23%of Total

cnarge, for SeMCeS26.5% 12.8% %of Toea!

Transponanon13.4% 11.1'4

(SOOOs) ss.n4.s $10 870,626.5 (WOOl) 7.891.8 $ 4.A54.28o.8Por C:.pit$ $136..9 5002.57 P(Jr Co $ 20?.83 $ ?48,33%of Total 10.7% 30.9% %of Total 20.9% 12.2'4

Judgment11.f ines.and Forfeits Economc EnYI'Onment(WOOl) $3\3,0 $127,609.8 (5000s) 995.9 $ 1.389,572.1

P(lr Caplla $ $11.32 $7.07 Pcu Copli 3 $ 25.60 $ n.7%of Total 0.9% 0.4% o!Totol 2.611 3.8%

MJ.ice w.tous Revenues($000s) $1.248.5 $967.823.5

Human ServicM($000.) $ 939.6 s 3.339.215.3

Per Capha S $45.08 $53.65 Per Cap/b $ $ 24,15 $ 186.16%of Total 3.5% 2.7% %ofTocol 2.5% 9.1%

Othor Sourcos Ct.lturo I Rocrution($000s) $2,351.4 $6 581,483.1 (5000.) 711,, $ 1,640,080.8

P8r Capha S $8M3 $364.82 Per Capita S 18.29 $ 91.44%of Total 6.7% 18,7% % ofToOII 1.9% 4,5'4

O.hor \JM$ Wid N mtng(SOOOtl 17,()4.4,3 $ 6 457,672.2

• "'' CoullyGavmwnenl'l ExuptOuIT·hll can.d datad CltY ci Jacborvii•J Ouv"l Cculty Per CapM 5 438.07 s 360.02''JurM _.,.. tndYded lnrrll!el10&i:ll s 1'91htt ""'" county pemmtnlIOIs. % oiTooal 45.2% 17,6%

tL\:&G Exp6f'ld&,.-es•·(Sot Ccur!;.A:ellllod) ($000S) 11?2,8 $ 876,998.8

Por Cepita 5 31.43 s 48.89ll.ofTo:el 3.2'4 2.4%

State Infrastructure State and Local Taxation

TranaportAtion HardHCounty florida 2012 A.d Valorem Millav- RltuStale Hgh'o\'8)

(Anh)rh Mlos 94,7 12.75.8 CountyLanMrt.-J 210.9 43,138.2 School

S..1e Bridges MuniCI.pal

HardHCountyCounr:)'-Wkie Noc CounWk:le

8.5S40 0.00007.6540

0.6425

Non.Cons.fM\'aUQI'I LandsP..a..r,c.e..ls_ 26

111W.MIOsan r..r.Su.57• Tal,l\.as,w.e, Fl Jll99-4SA fii50)U71.40l m pJ/aksuteJI_.J1


NEIGHBORHOOD MAP:


DESCRIPTION OF THE SUBJECT:

The subject is approximately 3.446 acres with 329± feet of frontage on 6th Ave

S and 576± feet of frontage on 5th Ave S. According to the City of Wauchula Zoning

and Future Land Use Map dated August 22, 2011, the subject is zoned C-1

(Commercial) with a future land use designation of Commercial. It is the intended

user's responsibility to obtain an interpretation letter regarding zoning classification,

future land use designation and conforming uses of the subject present or proposed

by any and all governmental regulatory agencies.

Improvements include a steel frame modular metal building that was originally

built in 1974. The building contains 35,200 sq. ft. consisting of 22,240 sq. ft. of former

retail area and 12,960 sq. ft. of warehouse space. The interior has a 1,200 sq. ft.

office and customer restrooms and a second floor with offices and restroom. In the

southeast corner of the building is a small office area with overhead storage. It

appears that the building is equipped with a wet sprinkler system. At the rear of the

building is a fenced area with a concrete ramp.

Site improvements include 57,016 sq. ft of asphalt paving for approximately

136 parking spaces and a connection to the City of Wauchula central water & sewer

system.

See addendum for a copy of a review conducted by Halfacre Construction

Company regarding the condition of the subject along with recommendations for

renovation, additional information and photographs.


ENVIRONMENTAL CONDITIONS:

I am not aware of any environmental conditions that would have a negative

affect on the subject however it is at the intended user's discretion to obtain an

environmental audit.

EXISTING USE: Vacant Former Hardware/Lumber Store

USE REFLECTED IN THIS APPRAISAL: Warehouse/Distribution Center

HIGHEST AND BEST USE: Owner-OccupiedWarehouse/Distribution Center

EXPOSURE TIME:

The market indicated that exposure time (i. e., 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 opinion based upon an analysis of a past event assuming a

competitive and open market) would have been about months.


IMPROVED COMPARABLES:COMPARABLE ONE

LOCATION 22501 Hwy 27Lake Wale FL 33859

GRANTOR

PROPERTY ID # 27-29-22-000000-044020

CLASSIFICATION SALES PRICE DATE OF SALE TERMS CONCESSIONSCASH EQUIVALENCY PRICE LOT SIZEZONINGFUTURE LAND USE DESIGNATION LEGAL DESCRIPTION

BUILDING SIZE

YEAR BUILTCONDITION UTILITIES

ELECTRICWATER SEWER

VERIFICATION WITHPRICE PER BUILDING SQ. FT. COMMENTS

10-25-13Suntrust $562 500None Disclosed$750 005.21 usable acres Ius 6.91 acres of wetlandsLimited Commercial-IndustrialLimited Commercial-IndustrialLong legal description retained in appraiser's filePolk Cou FL42,000 sq. ft.

1984Above Avera e

Duke EnergyCity of Lake WalesCity of Lake Wales

This property is located on the east side of US 27 approximately one mile south of Eagle Ridge Mall. This steel frame modular building with store front has 8,500 sq. ft. of finished office space with a break room & eight restrooms. The remainder of the building is open air conditioned warehouse manufacturing area. The ceiling height is 10 to 14 feet and it has a three phase electrical service. There are two dock high bay doors and 54,000 sq. ft. of asphalt paving. The property had been exposed to the open market for over a year. The grantee has a business interest with the tenant that was occu about one-half of the buildin .


IMPROVED COMPARABLES:COMPARABLE TWO

LOCATION 4121 Drane Field RdLakeland, FL

GRANTOR Jack L. HooverGRANTEE Specialty Maintenance &

Construction, Inc.PROPERTY ID# 23-28-32-138060-000170P N/A

RECORDED OR 8843 PG 1492

Warehouse w/officesSALES PRICE $721,000DATE OF SALE 12-31-12TERMS CashCONCESSIONS None DisclosedCASH EQUIVALENCY PRICE

LOT SIZE

$721,000& real estate commi

ZONING PC-2FUTURE LAND USE DESIGNATION LEGAL DESCRIPTION

BUILDING SIZE

IndustrialLong legal description retaining in appraiser's filePolk Coun , FL

YEAR BUILT 1984CONDITION UTILITIES

ELECTRICWATER SEWER

VERIFICATION WITH UNIT PRICE COMMENTS

Above Avera e

Lakeland ElectricCentralCentral

This property is located on the north side of SR572 in southwest Lakeland. This steel frame modular building has 3,000 sq. ft. of office space& 9,000 sq. ft. of open warehouse. The eave height is 16 feet and it has three phase electrical service. Reportedly the roof has been re-roofed and there is 10,800 sq. ft. of asphalt paving. Grantee is an adjoining property owner and plans to convert the entire building into office space.


IMPROVED COMPARABLES:COMPARABLE THREE

LOCATION 6100 SR 66Sebring, FL 33872

PROPERTY ID# C-22-35-28-010-0143-0000MAP N/ARECORDED OR 2406 PG1640

Manufacturi WarehouseSALES PRICE $471,000DATE OF SALE 11-26-13TERMS Seller Financing $421,000- according to Ronnie

Carter the seller financing did not influence the sales

CONCESSIONSCASH EQUIVALENCY PRICE

FUTURE LAND USE DESIGNATION CommercialLEGAL DESCRIPTION Long legal description retained in appraiser's file

H hlands Coun , FLBUILDING SIZE 15,000 sq. ft.

YEAR BUILT 2000CONDITION Above AveUTILITIES

ELECTRIC WATER SEWER

Duke EnergyWell

COMMENTS This property is located at the northeast corner of SR 66 & CR 635. This steel frame modular building has 5,750 sq. ft. of office space & 9,250 sq. ft. of warehouse/manufacturing space with one loading dock & one large opening at the north end and a1,000 sq. ft. office overhead. The building eave height ranges from 12 to 16 feet and there is three phase electrical service. Grantee is an internet retailer and intends to use the building as a distribution center.


IMPROVED COMPARABLES:COMPARABLE FOUR

LOCATION 2910 & 2930 Maine AveLakeland, FL 33801

GRANTOR Hendricks Commercial Properties, LLC

GRANTEE DSZ Group, Inc.

PROPERTY ID# 24-28-27-000000-04200124-28-27-000000-042003

BUILDING SIZE YEAR BUILT

Long legal description retained in appraiser's work filePolk Cou FL

1973/1988CONDITION AveUTILITIES

ELECTRIC WATER SEWER

Lakeland ElectricCentralCentral

This property is located on the north side of Maine Ave. with a railroad line between the street & the property however there is no access to the railroad track. This steel frame modular metal building has approximately 3,500 sq. ft. of office area & the remainder 1s open warehouse/manufacturing area with five loading doors, 18 foot eave height and three phase electric service. The building was expanded in 1988. Grantee purchased for their movin e business.


IMPROVED COMPARABLES ADJUSTMENT GRID:

SUBJECT COMP1 COMP2 COMP3 COMP4LOCATION 6TH AveS

Wauchula, FLHwy27

Lake Wales, FLDrane Field RdLakeland, FL

SR66Sebring, FL

Maine AveLakeland, FL

SALES PRICE N/A $750,000 $721,000 $471,000 $650,000SALES DATE N/A 10-13 12-12 11-13 12-12LAND AREA 3.446 acres 5.21 acres 1.5 acres 4.89 acres 4.02 acres

ZONING C-2Commercial

Limited Commercial-

Industrial

BPC-2 B-3Business District

BPC-2

FUTURE LAND USE

DESIGNATION

Commercial LimitedCommercial-

Industrial

Industrial Commercial Industrial

BUILDING AREA 35,200 sq. ft. 42,000 sq. ft. 12,000 sq. ft. 15,000 sq. ft. 49,800 sq. ft.YEAR BUILT 1974 1984 1984 2000 1973/1988

CONDITION Average Above Average Above Average Above Average AverageDESIGN Former Retail/

WarehouseLight

Manufacturing/ Distribution

Warehouse w/offices

ManufacturingWarehouse

Warehouse forManufacturing

PRICE PERSQ. FT.

N/A $17.86 $60.08 $31.40 $13.05

QUALITATIVE ANALYSISLOCATION 6TH AveS

Wauchula, FLSuperior Highly Superior Inferior Slightly Inferior

LAND AREA 3.446 acres Slightly Superior Inferior Slightly Superior SimilarZONING C-2

CommercialSlightly Superior Slightly Superior Similar Slightly Superior

FUTURE LAND USE

DESIGNATION

Commercial Slightly Superior Slightly Superior Similar Slightly Superior

BUILDING AREA 35,200 sq. ft. Similar Superior Superior SimilarYEAR BUILT 1974 Superior Superior Highly Superior Slightly Superior

CONDITION Average Superior Superior Superior SimilarDESIGN Former Retail/

WarehouseSuperior Slightly Superior Slightly Superior Slightly Superior


ANALYSIS OF COMPARABLES AND SUMMATION:

Comparable One is superior in location, age, condition & design and slightly superior in

land area, zoning & future land use designation. I have determined the adjusted price per

building square foot to be $9.86.

Comparable Tvvo is highly superior in location, inferior in land area, slightly superior in

zoning, future land use designation & design and superior in building area, age & condition.

have determined the adjusted price per building square foot to be $20.08.

Comparable Three is adjusted for inferior location, slightly superior land area & design,

superior in building & condition and highly superior in age. I have determined the adjusted

price per square foot to be $15.40.

Comparable Four is slightly inferior in location and slightly superior in zoning, future

land use designation, age and design. I have determined the adjusted price per building

square foot to be $11.05.

Based upon my review and analysis of this data, it is my opinion that the

indicated "as is" market value1 of the subject real property with improvements as of the

effective date by the Sales Comparison Approach is as follows:

35,200 sq. ft. @ $14 per sq. ft. = $493,000 (R)

1 " As Is" market value is defined as the market value of the subject as of the effective appraisal date.

DS

abson Park

Comparabl

e# 122501 Hwy 2730.39 m

es NE

G


COMPARABLE SALES MAP:

Aubu'r"ndale

§) lAKE MARION

Toll

Comparable# 42910 Maine Ave33. 26 miles N

Eaton Park .,..- _Poll< -

Lake HamiltonInwood

Winter Haven Dundee

f<>REST

1eo" Pkwy CypressGardens

Eagle Lake

Wahneta

CITRUS HtGHI.AN

1.1At

Wave

il

® 13 Lake Wales

Alturas

· Crooked Lake Park

•B0.UICE HENDRY

HEJGHTS

iD ,.. EUCALYPTA

{,McJbdy

4von Paolc CutofF-!'qHICKORY LAICE

Bereah

Bowling GreenE County Une Rd

Fort GreenSpnngs

flolio,-.Cracker Io:aijH A

Onn

Moffitt

GriffinsCornfi

SteVe Roberts Special

§ 13 AvonPa

GooseI'O 'd Rd Brodges Buchanan Sweetwater


GENERAL ASSUMPTIONS AND LIMITING CONDITIONS:

The certification that appears in the appraisal report is subject to the following conditions. Please see letter of transmittal for additional assumptions, which apply directly to the subject property.

1. Acceptance of and/or use of this report constitutes acceptance of the foregoing GeneralAssumptions and General Limiting Conditions.

2. Possession of the report, or copy thereof, does not carry within the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without my written consent, and in any event only with proper written qualifications and only in its entirety. Neither all nor any part of the contents of this report, or copy thereof, shall be conveyed to the public through advertising, public relations, news, sales or any other media without written consent and approval.

3. I will not be required to give testimony or appear in court because of having made this analysis, with reference to the property in question, unless arrangements have been previously made thereof.

4. It is assumed that the legal descriptions as given are correct, that the utilization of the land and improvements are entirely and correctly located on the property described and that there are no encroachments or overlapping boundaries. I have not made a survey of the property and no responsibility is assumed in connection with such matters. Should a current survey indicate a discrepancy in the subject site size, this report would be subject to review and change. Sketches in this report are not to scale and are included only to assist the reader in visualizing the property.

5. No responsibility is assumed for matters of legal nature affecting title to the property nor is an opinion of title rendered. I have not reviewed an abstract of title relating to the subject property unless otherwise stated. No title search has been made and the reader should consult an attorney or title company for information and data relative to the property ownership and legal description. It is assumed that the subject title is marketable but the title should be reviewed by legal counsel. Any sales history information given has been researched and to the best of my knowledge is accurate, but not warranted.

6. Information and data furnished by others is usually assumed to be true, correct and reliable.When such information and data appears to be dubious and when it is critical to the analysts, a reasonable effort has been made to verify all such information; however, no responsibility for its accuracy is assumed.

7. All mortgages, liens, encumbrances, leases, and servitudes have been disregarded unless so specified within the report.

8. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in this report.

9. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a non-conformity has been stated, defined and considered in this report.


GENERAL ASSUMPTIONS AND LIMITING CONDITIONS (cont.)

10. It is assumed that all required licenses, consents or other legislative or administrative authority from any local, state, or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based.

11. It is assumed that the subject property conforms with the 1985 Growth Management Act's"concurrency" requirements.

12. Improvements proposed, if any, on or off-site, as well as any repairs required, are considered, for the purpose of this appraisal, to be completed in a good and workmanlike manner according to information submitted and/or considered by us. In cases of proposed construction, the report is subject to change upon inspection of the property after construction is complete. This estimate of value is as of the date shown, as proposed, as if completed and operating at levels shown and projected.

13. It is assumed that there are no hidden or unapparent conditions of the property or structures which would render it more or less valuable. As an appraiser, I am not a licensed exterminator, licensed roofer, hazardous substance and environmental expert or structural engineer. Inspections by qualified experts in these fields would be required to determine any adverse conditions. No responsibility is assumed for such conditions or for inspections which may be required to discover them. If any adverse conditions are found, this report would be subject to review and changes.

14. No environmental impact studies were either requested or made in conjunction with this analysis, and I hereby reserve the right to alter, amend, revise or rescind any of the value opinions based upon any subsequent environmental impact studies, research or investigation.

15. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test such substances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them.

16. Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from the county public health unit.

17. The appraised value is subject to documentation being provided that there are no inground or above ground fuel/storage tanks existing on the subject site. In the event that such fuel/storage tanks are found, it is assumed that they comply with all local, state and federal regulations regarding fuel or storage tanks. If they are not in compliance, this report would be subject to review and change.


GENERAL ASSUMPTIONS AND LIMITING CONDITIONS (cant)

18. The distribution of the total valuation in this report between land and improvements, if any applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used.

19. The estimated market value is based upon no changes in the existing Federal Tax Laws that are in effect on the date of the appraisal.

20. It is assumed that the property, which is the subject of this report, will be under prudent and competent ownership and management over the entire life of the property. If prudent and competent management and ownership are not provided, this would have an adverse effect upon the value of the property appraised.

21. The estimated value is subject to change with market changes over time. Value is highly related to interest rates, exposure, time, promotional effort, supply and demand, terms of sale, motivation, and conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property physically and economically in the market place. The estimate of value in the report is not based in whole or in part upon race, color, or national origin of the present owners or occupants of the properties in the vicinity of the property appraised.

22. In the event this appraisal includes the capitalization of income, the estimate of value is a reflection of such benefits and my interpretations of income and yields and other factors which were derived from general and specific market information. Such estimates are made, as of the date of the estimate of value. As a result, they are thus subject to change over time. The date as of which the value estimate applies is only as of the date of valuation as stated in the letter of transmittal. I assumed no responsibility for economic or physical factors occurring at some later date which may affect the opinion stated herein.

23. An appraisal is the product of a professionally trained person but nevertheless is an opinion only, and not a provable fact. As a personal opinion, a valuation may vary between appraisers based upon the same facts. Thus, I warrant only that the value conclusions are my best estimate as of the date of value. There are no guarantees, either written or implied, that the property would sell for the expressed estimate of value.

24. The Americans with Disabilities Act (ADA) became effective January 26, 1992. I have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detained requirements of the ADA. I did not consider possible noncompliance with the requirements of ADA in forming my independent opinion of the value of the subject property.


CERTIFICATE OF APPRAISAL:

I certify that, to the best of my knowledge and belief:

-The statements of fact contained in this report are true and correct.

- The reported analyses, opinions, and conclusions are limited only by the reported Assumptions and Limiting Conditions, and are my personal, impartial and unbiased professional analyses, opinions and conclusions.

- I have no present or prospective interest in the property that is the subject of my appraisal report, and Ihave no personal interest or bias with respect to the parties involved.

- I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three year period immediately proceeding acceptance of this assignment.

- This appraisal assignment was not made, nor was the appraisal rendered on the basis of a requested minimum valuation, specific valuation, or an amount, which would result in approval of a loan.

- My compensation is not contingent upon the developing or reporting of a predetermined value or direction in value that favors the cause of the client/intended user, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

- My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with: the requirements of the State of Florida for state certified appraisers; the requirements of the Uniform Standards of Professional Appraisal Practices of the Appraisal Foundation; and the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute.

- The use of this appraisal report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board and to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

- I currently hold an appropriate state certification allowing the performance of real estate appraisals in connection with federally related transactions in the state of Florida in which the subject property is located.

- As of the date of this report, I have completed the mandatory continuing education requirements of theAppraisal Foundation and the State of Florida.

-1 certify that if this report was transmitted as an "electronic record" containing my "electronic signature" as those terms are defined in applicable federal and/or state laws, or a facsimile transmission of this report containing a copy or representation of my signature, the report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature.

-I certify that my education, experience, and knowledge is sufficient to perform the appraisal assignment

- I made a personal observation of the subject property that is the subject of this report.

- No one provided significant professional assistance in the preparation of my appraisal.


-This appraisal meets the minimum requirements of 13 CFR (Code for Federal Regulators) Part 323 concerning Real Estate Appraisals for FDIC (Federal Deposit Insurance Corporation) or institutions regulated by FDIC and the minimum appraisal standards as listed in the engagement letter.

22fiLE #13-801 Wn.uAM K. BoYD, INC.

-This appraisal report recognizes the following definition of value:

*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 knowledgeable, 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 interests;

(3) A reasonable time is allowed for exposure in the open market;

(4) Payment is made in terms of cash in United States' 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 sale concessions granted by anyone associated with the sale."

*This example definition is from regulations published by federal regulatory agencies pursuant to Title XIof the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 51990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. 2006 Advisory Opinion 22 The Appraisal Foundation.

J(/5;d--WILLIAM K. BOYDSTATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ338

Dated: December 12, 2013

WKB/Iyb


ADDENDUM

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.


HARDEE COUNTY PROPERTY APPRAISER'S PROPERTY CARD:

Hardee County Property Appraiser Property Record Card 10-34-25-0000-07300-0000

l.62 AC COli Al' h'll COR OF S1/2OF Slll/ 4 OF !lln/ 4 II 23.60 FTTO A P'r ON Nll R/11 OF OS lll(Y 17FOR POS Nli/LY 253.93 FT II

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2013 RCARD 001 a t 001

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BOSH OOUOO lllll!R STORliOD 6 llf.A.RBROUSK BATH!001 15 CONC RLOa PIXT50' 25 MOD METAL SDRII

ll?N 36400 lrrD .ARBA 92.928 lND2I 94:5.00 DUCBULA. ACGE PUSHSHU l!PF Alll!A 11.500 B-RAT!! 100 .000 IliDX STR 1 0- H- 25

61l,642 RCN 1974 AYR MrT llR2il. 0270 .00 1>GOOD 429 , 549 B BLDG VllL 1974 BYR ( PUD1

OOHOO LOXBBR YARD

429,549 RLDG22,073 XPOB

RS'I'R 10 STIII!L Pillll! RliSRCVR 12 MOD MIITAL tlllrS

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3.582 273,081 !.Alii)0 CLAS

' e-nIliTII 01 Mllllll1lM RGRT

JoLOCt 897 6111 APPR CO CR2 2 CNDO

0 Krr!JSII724 , 703 Jl!ST

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TXDT 902 724 , 701 COTXJIL724 • 703 C ITDL 724 .70 3 O'I'TZBL

-------------- HLDG l'RAVRRSB -------------' IIAS1971-112DOS40SDA3974-S150 POP19H-S10ll

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J/23/2006FOP74 1600 50 800 5979 , -- ------- - -- - -- -- - SALH --- - -- ----- - - -

--- -AOP14 1200 215 2580 19278 , , goo·r: PAG2 DA.Til

l / 04/2013 0 IPRICE

100, GRANTOR RARD21z: COUY'I'T CE.diRI OF COURT

ll GRANTllB BRANCH RAMIING AND TRUST COMPANY721 836 J /08/2007 0 I 1030000

ll G:RA.k"TOR S1fR ThVBSTORS LLCTOTAL 38000 5H84 •29549 ----- - - - --- - ------ - - ----- - - - - -- --- - --- - ----- - ---------- -IIXYRA FIIA11!RHS--------------------------------- PIIILD CJ:• 5/13/2009 HR

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SPCD' 'GOOD XPOB Vli.LO'I!35.00 1,l2035.00 20,953

-------------------------------------------------------- ------------- -------------------------------------------------------------LAND DKSC ZONll ROAD DBMS COND FRONT DBPTH PIIILD cr. 5/13/2009 BR

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N 001100 STOR2 C-2 0015 Ul 290 1.00 1.00 1.00 .so 51070.000 SP l.500 1.75 92,972

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HARDEE COUNTY PROPERTY APPRAISER'S BUILDING SKETCH:

H:udee County Property Appn1isHs Office

Par«l l'umbor: 10.3-1-25-0000-07300-0000Tn\"usal Iniorm:uion:

IL-\5197.1=W100SJOSDAIJ7.1=51511F0l'IJ'74=SIOD6Cr<IOWl60$DIOI"TR,£l£.\On97 !i1GIUOSlOSWlOSI7! 8U01'1401nU'i.I0\\-'7 764GE.ll4."805

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HARDEE COUNTY PROPERTY APPRAISER'S GIS MAP:


LEGAL DESCRIPTION:

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S\V /4 OF ' •J /4 W 23.60 IFii TO A PT

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FT'W 1 83 fT NW/ Y 9. 95 FT /LY143.45 FT I 68 FT 0 f OF SWY 7 Y 75•.ll.O F I 1 0 PO 9 & IJI

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llJe obtained fl'ltmm the recordeddeedll

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fiLE #13-80128 WD..UAM K. lloYD, INC.


REVIEW OF PROPERTY BY HALFACRE CONSTRUCTION COMPANY:

Mr.8411 LambertHardee County IDA107 EaS1 Main StreetWauchu.al ,Fl 33873

RE:897 South 6tt> Ave -Wauchula, FL (Old Scotty's

Building) Dear Bill:

Below is a review of our findings on the e isting building lotated at 897 South 6"' Ave- Wauchula:

1. Site-ell exist ng landscaping (if any) should be completely removed and new landscape plantings should be installed. The large oak tree in front of the building should be trimmed and dressed up. I am not sure if there Is existing irrigation,but new inigation should be lnst lled to maintain new sod and/or new plant ma-teria.l

2. Site-the existing asphalt surface seems to be in rough shape. Yhe parking lot should be patched In areas needed, sealed and/or resurfaced.and re-strlped completely with new ADA accessible spaces and proper signage per building code.

3. 8olldlng Envelope -the e Cterior of the building )hould be pre»ure washed and cleaned up andmade ready for new painting.

4. Building Envelope- the existing automatic sliding doors should be removed and replaced with new storefront doors and glazing.

5. Building Envelope ·the roof type Is unknown at this time. Inoticed 6 visible roofleaks (primarily at the skylightlocations). We lire having 2 qualified roofing contractors provide a more detailed report and proposal for the roof - report and pricing is forthcoming.

6. Interior-there is significaot cracking In the e Cisting cQncrete slab about mid way along the eastmasonry wan. The crack appears to be caused by sett11ng. The east masonry wall appears to have structuralIssues as well. There Is stair-step type cracking In this wall along the mortar joints and daylight is visible through the wall if standing on the interior side. It is recommended that a structuralengine-er evaluate this further to provdi e more details on repari s.

7. Interior-the acousticalceiling tile area In the NW corner of the building should be evaluated forre-use is desired. If not,these ceilings and all systems should be completely demolished. If the ceilingsystem is to remain In this area,the ceiling tiles should all be removed and disposed asthey are in bad shape. The g.rid system should b!! fine if the intent Is to have ceilings in this area. The ductwork and electricalebove the ceiling should be checked to see if s.lvageable if code compliant a11d In good shape. My guess is that the duct work is not and should be replaced. The VCTfloorcoverlng In this area undef the tousticillceilings should be removed and stripped tothe bare concrete floor.

8. Interior - there are severalexisting partition walls. A lot of the existing walls are In good shape and could be re-used for the future tenant if desired. If additionalwalls are to be added,we will need a sketch of the new partitioning layout to price accordingly.

7015 ProfessionalParkway East • Sarasota,Florida 34240 • Phone 941-907-9099 • Fax 941- 7·99 • lic._:r GC0595. _ - · - -

30 \Vlu.IAM It BoYD,lNc.f'IL£ II13-001

--

9. Interior-tne e lstlng space is very dirty with cob webs due to old age. Thespa<:e should becleaned thoroughly and pressure washed to clean the entire interior space for new painting.

10. Interior the office area on the west sdi e of the building has no ADA restrooms or compliant In anyway Pi!r current building code. These offi ces should be demolished and new office space· hQuld bt built to suit the proposed tenant and to brll'\fl the building up to current codes.

11. Interior·there are two large sectionaldoors that are no longerin operation as wall panels havebHn installedIn the opening preventing use. tf doon;are desiredin these locations,new sectionaldoors shouldinstalled.

12.Interior - thereI$ no existing loadine dock area for this building. The bui lding Is a gradeelevation. If loadlns docks are desired,truck wells will have to be installed.

13. Interior - fire suppressi onsystems are in place. lnSPi!ctions from a licensed fire suppression contractor will need to be me de in order to assess the current system properly. Certain UPfitades willneed to be made to the f!)Ci$tlrtg s.ystem to bring It up to current codes. Also,any new offices will be required to be protected with sprinklers. so additionalpiping and heas will brequired depending on the new layout.

14. Interior · the existing HVAC systems are roof top units. Power will need to be turned on to the building In order to completely assess these units for re-use. Allexisting duct work should be removed and disposed.

15. Interior the exsi ting el ectrical service is 800 AMP,3-Pha se. All exist ng lighting is T-12fluorescent fixtures thare now obsolete and discontinued. Alllighting should be replaced withcurrent fixtures such as T-5 I T B fluorescent,or high-bay warehoHIDllth t ng. AllWiring will need to assessed further for roe-use. Power willneed to be turnl!don to the buildingIn order to completely assess the electrical$¥Stems .

16.Asbestos can also be a coocem in a building this old. An asbestos survey should be performed to assess all possbi le materials for asbestos.If any asbestosis present,proper abatement should be made.

These are the points and observiltions in our first Inspection 1111d revi-ew of the existing building. Further orvatlol'ls will be made as we move forward. If you have any quutions or concerns with our

findings,·please feelfree to contact me any time.

31 WILLIAM K. BoYD, INC.I'ILE: lt13-801

ptember 17, 2013

Mr. 8111 LambertHardee County IDA107 East Main StreetWauchula, Fl 33873

RE:897 South 6 111 Ave- Wauchula,FL (Old Scotty's Bulld rog)-ROOf E\IAWADQN

Dear Bill:

Below is a review and assessment of our findings on the existing roof of the building located at 897SOuth 6..Ave- Wauchula:

Halfacre Construction utilized two (2) localroofing contractors (Crowther Roofing and Sutter Roofln&) to provide an assessment end evaluation for the eJ<si ting roof at the old Scotty's bl!ildint located at 897SOuth 6" Ave - Wauchula. Both roofing contractors have determined that the eXisting roof ls in poor shape and shOuld be replaced.

The e)(isting roof consists of a pouredIn place gypsoum deck substrate (Installed on top of the bar-joist structure) withan asphalt hot-mopped,multi-ply,built-up roof with graveltopping. There is very little R value in the existing roof assembly.

Both roofing contractors {Crowther andSutter) ha'le estimated the following for a new root:

1. Tear off old multl ply,built-up roof down to the eJCistins 8Yr»!Jm <lee!< substr!lte.

2. Install new poly-lso rigid Insulation (minimum R-value per current buildins code) mechanically fastened through deck into existing structure.

3. Install new thermoplastic polyolefln (TPO) membrane roof on top of the new poly-lso rigid insulation deck (new TPO roofs are gene.rally getting a life expectancy of about 20 years),

Th e e s i t mate d cog range fo r a tea r oft a nd new J P O r o o f b a ed eo buil d l pg s l z. e o f 38.0 Q Q s 1bo y 1 $342.0QQ to S38Q 000 {$9 t o StO per sguare foot ) ,

Another Idea to consider is a roof-over assembly. We offer a system from Varco Pruden Bulldlnss that would essentially utilize the existing roof as an underlayment. Install framing members on top of·the existing rooffastened io the elllstlng structure,and sheeted with a new standing seam metalroof. This roof willhave a 20-year weather-tightness warranty with a life expectancy of about 30 years (vs. 20 years from a TPO).

The estlm ted cost range for a roof-over assembly btsed on the building size of 38,000 Is about$304.000 to S3 4 . 2 QQQ ($8 to $9 per square foot l .

7015 Professi04.1alParkway Eil5t • Sara$0ta,Florida 34240 • Phone 941-907-9099 • Fax 941-907-9079 • Lie. #CGCOS9556

mrwWiiiiiiltlLiu.ebctitSW..GI&iiLu¥'ffilWWxit iM2 AA!IJ&iua:m " .. . . &

32FiLE 1113-001 Wll.:U.UI K BoYD, INC.

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mThese evaluations and estimat.es are preliminary. We willundergo further evaluation and stabllsh amore firm rost on tl'le roof If needed. Please let me know If you have any questions or corrcerns.

Project Manager


NORTH SIDE NORTH SIDE

REAR REAR FACING NORTH


SOUTHWEST SIDE SOUTH SIDE

FRONT PARKING LOT NORTH PARKING LOT

FRONT PARKING LOT FACING NORTH SOUTH PARKING LOT FACING EAST


5TH AVES FACING NORTH 5TH AVES FACING SOUTH

6TH AVES FACING NORTH 6TH AVES FACING SOUTH


FIRST FLOOR OFFICE FIRST FLOOR RESTROOM


HALLWAY ON 2ND FLOOR BREAKROOM ON 2ND FLOOR


2ND FLOOR OFFICE 2ND FLOOR OFFICE

ENTRANCE WET SPRINKLER SYSTEM

WAREHOUSE AREA WAREHOUSE AREA


WAREHOUSE OFFICE

LOFT STORAGE OVER WAREHOUSE OFFICE

WAREHOUSE OFFICE


APPRAISER QUALIFICATIONS & CONTINUING EDUCATION

FOR

WILLIAM K. BOYDSTA T C RTIFID G N RAL

R AL ESTA TAPPRAISR RZ33S

As a Real Estate Analyst and Consultant I have been actively engaged as a real estate broker since 1982 and as a State-Certified General Real Estate Appraiser since 1990. I am also qualified as an expert witness in the 10111 JudicialCircuit Court for the State of Florida which indudes Highlands. Hardee and Polk Counties.

My appraisal experience indudes the valuation of many types of properties includingresidential. recreational. agricultural. commercial. industrial. special purpose. eminent domain and development properties. Specialized services include market

feasibility studies. acquisition/disposrtion counseling and litigation support in connection with realestate transactions.

Clients served include individuals. banks. mortgage companies. savings & loans.insurance companies. developers & investors, associations. attorneys, government agencies and corporations.

COLLEGE EDUCATION1981 Bachelor of Arts Degree.Major in

FinanceUniversity of South

Florida.Tampa

PROFESSIONAL AFFILIATIONS

Highlands Association of Realtors Heartland Multiple Listing ServiceFlorida Realtors My Florida RegionalMLS National Association of Realtors Desoto County Assn of Realtors

PGPCNP Association of Realtors

APPROVED APPRAISER FOR THE FOLLOWING LENDERS

Bank of America Bank of Belle Glade Bank of Central FloridaChase Manhattan MortgageFannCredit of FloridaFirst Bank of ClewistonFirst National Bank of Wauchula

HeartlandNational BankHighlands Independent BankMid-Florida Federal Credit UnionPNC BankPub ix Employees FederalCredit UnionRegent BankRegions Bank

Seacoast National Bank Sun State Bank SunTrust BankTO BankUSDA RuralDevelopment Wauchula State Bank Wells Fargo Bank


SUCCESSFULLY COMPLETED COURSES

2012 - Continuing EducationFREAS117941 Florida Appraiser's State Law Update OBPR 112429FREAS lf8906 NationalUSPAP Update (2012-2013) AQB 1110059FREAS117742 The Dirty DozenFREAS118838 The Nuts & Botts of Green Building for Appraisers FREAS lf8976 AppraisalApplications of Regression Analysis ACE lf8961 Dairy AppraisalSeminar ASFMRA Approved11508

2010 -Contin uing Ed ucationFREAB117333 Florida Laws andRegulations AQB1110059FREAS lf8723 NationalUSPAP Update (201Q-2011) AQB 1110059FREASif8237AOO<IoApproisoiSUpeMsot-TroilleeRaes& AQBII10059FREAS lf8712Risky Business:Ways to MinimiZe Liability AQB 1110059FREAS lf8714 The Chang1119 World of FHA Appraising AQB1110059

2008 -Continuing EducationFREAS117333 Florida Laws andRegulations AQB1110719FREAB117301 NationalUSPAP Update (2008-2009) AQB 1110719FREAS #8237 AOO<IoApproisols..,emsor T......., roles and Relaconsllfs AQB1110719FREAS lf8421 Introduction to Expert Witness Testimony AQB1110719FREAS ll8063 Even Odder: More OddbaO Appraisals AQB1110719

2006-Contin uing EducationFREAS li0007333 Florida Laws and Regulabons AQB1110239FREAS110007631 Oisdosures & Disclaimers AQB 1110239FREAS li0007672 The Cost Approach AQB1110239FREAS li0007669 Apprathe Oddball:Nonconforming

& OifficuProperties AQB1110239FREAS110007666 National USPAP Update AQB 1110239

2004-Continuing EducationFREAS Florida Laws & Regulations ACE117333FREAS lncane CapitaliZation ACE116928FREAS National USPAP Update Equivalent (2004) ACE 117332FREAS Developing & Growing an AppraisalPraclice ACE116929FREAS Factory Built Housing ACE 116927

2002-Continuing EducationFREAB Communicating the Appraisal f#ACEOt-22FREAS ResidentialSubdivision Analysis IIACEOt-24FREAS AppraisalResearch and Analysis IIACE01-26FREAS NeJQhborhood Analysis IIACE 01-23FREAS Sales Companson ApproachIIACE01-25FREAS Florida RealEstate Appraisal!Jcense Law

and Appraisal Board Regulations IIACE01-27

2000-Continuing EducationFREAS How to Appraise a Business ACE111519868500Uriform Standards of ProfessionalAppraisal USPAP and Florida Chapter 475 Part II AppraisalLaw ACE 112162

1998- Contin uing Educationcase StudieS in Uniform Standards Part A &

B RealEstate Education Speciail stsStandards of ProfessionalPractice Part A & B

The AppraisallnsbtuteUSPAP/Law Update

RealEstate Education Specialists

1996- Continuing EducationStandards Review & Law Update 5.0A

National Association of Independent Fee AppraiSersMar!(et Abstraction Review 1.2A

National Association of Independent Fee AppraisersRevieWing ResidentialAppraisa s 4.6

National Association of Independent Fee Appraisers

1995 - Contin uing EducationFair Lending and the Appraiser (Ace1727)

The AppraisallnsbtuteEthics and Profes5101la1 Standards

Florida Association of RealtorsAppraiser's Utigation andCore Law (1994)

1983 - 88 - Contin uing Ed ucation1988 - Residential Valuation -Exam 8-2

Amencan Institute of Real Estate Appraisers1987 - Case Studies in RealEstate Valuation Exam 2-1

Arnencan Institute of RealEstate Appraisers1985 - CapitaliZation Theory and Tedvtiques Part A - Exam 1B-

A CapitaliZation Theory and Tedvtiques Part B - Exam 1 8-B

Amencan Institute of Real Estate AppraiSE!I'S1983 - Standards of Profess1011alPractice Exam 2-3

Basic Valuation Procedures Exam 1 A-2

RealEstate AppraisalPrincipals Exam 1A-1American Institute of Real Estate Appraisers


ADDITIONAL SEMINARS 8c TRAINING

2001 - The New Florida Builcfrlg Code & TheResdeft:lal Buidet CILBII0005949

Florida Home Builders Association

1999 - Citrus Seminar- REALTORS Land InstituteThe Good, The Bad & The Board -West Coast Flonda Chapter AJ

1998 - UnderstandW!g and Using DCF Software (ACE 112178) West Coast Florida Chapter of the AppraJSal lnstitute

1997 - Appraiser Florida Core Law (ACE111814)Flolida Condemnation Valuation & Appraiser Liability

West Coast Florida Chapter of AppraisallnstiMe

1996 - Citrus SeminarREALTORS Land Institute

1995 - Eminent Domain and !he RealEstate AppraiserWest Coast Florida Chapter of the AppraisalInstitute

1994 - Electro-Magnetic Fields - West Coast Florida Chapter A I.UnderstandingLimtted Appraisals and Reporting Options- General

East Ronda Chapter of the Appraisal Institutel.JI!Mted Appraisai/Evaluaboos Roundtable Panel DiscussiOI'I

The Appra sallnstituteResidentialAppraisalReview - East Flonda Chapter A.I.

1992 - Citrus Seminar- Farm and Land InstituteRealEstate OWned Properties - FederalNationalMortgage Association

1991 - Mandatory AppraisalReform- John Neven,Mgt.Ot FNMAProperty standards Division Federal National Mortgage Association

1990 - PersuaSIVe Style in the Narrabve Appraisal ReportAmerican Institute of Real Estate Appraisers

1987 - Accrued Depreciation Breakdown MethodResidentialDemonstration AppraisalReport Wnting

American Institute of Real Estate Appraisers

1986 - Highest and Best Use - American Institute of RealEstate Appraisers

R&:PIIii.RJii;NCJii;S

James ClinardHeartland NationalBank

320 US 27 NorthSebring,FL 33870

863-386-1300

Kerry MeekerWauchula State Bank

106 E. Main Street

Wauchula. FL 33873863-773-4151

John ShoopHighlands Independent Bank

2600 US 27 NorthSebring,FL 33870

863-385-8700

CURR.ENT LICENSEEXPIRE& Nov&:MB&:R 30, 20

14

T...S OOCUUEttT HAS A COLORED BACKCROUNO .. MICROPRINnNG • UNEUARK '..PATENTED PAP£R

AC#669574 STATE OF FLORIDADBPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

FLORIDA REAL ESTATE APPRAISAL BD SEQ#L1211130159 0

:· LICENSE NBR

128146869 RZ338The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIEDUnder the proviaions of ChapterExpiration date: NOV 30, 2014

BOYD, WILLIAM K1564 LAKEVIEW DRSEBRING PL 33B70

RICK SCOTTGOVERNOR ni PIAY ARFOIIIRFn RY I AW

KEN LAWSON SBCRBTARY

Hardee County · Web view26fiLE 1113-801WILUAM K. lloYD, INC. 26 fiLE 1113-801 WILUAM K. lloYD,...

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