Agenda 05/08/2018 Item #16A 405/08/2018
EXECUTIVE SUMMARY
Recommendation to approve a Purchase Agreement for the purchase of a fee simple parcel (Parcel
104FEE) and a Temporary Construction Easement (Parcel 104TCE) necessary for the construction
of roadway and related improvements required at the intersection of Airport-Pulling Road and
Davis Boulevard, Project No. 60148 (Fiscal Impact: Approximately $182,650)
OBJECTIVE: To acquire right-of-way for the construction of intersection improvements at Airport-
Pulling Road and Davis Boulevard (Project No. 60148) (the “Project”).
CONSIDERATIONS: Southbound Airport Road is a three-lane roadway. As it approaches Davis
Boulevard, however, the right lane becomes a “right-turn-only” lane for vehicles turning west onto Davis
Boulevard. This restricts traffic as it forces through traffic in the right lane to merge into the center lane.
The Project will add a dedicated right turn lane in this location, while retaining all three southbound
through-lanes and thereby improve the capacity of the intersection.
Collier County is seeking to purchase a fee simple estate in an irregularly shaped parcel of land (Parcel
104FEE) approximately 255 feet long by mostly 15 feet wide (4,098 square feet or 0.09 acres more or
less). Parcel 104FEE runs along the eastern boundary of the parent tract. Collier County is also seeking
to purchase a Temporary Construction Easement (Parcel 104TCE) that is more or less 255 feet long and
approximately 1300 square feet. Both parcels are owned by The Salvation Army, a Georgia cor poration,
and are required for construction of the dedicated southbound right turn lane on Airport-Pulling Road.
The accompanying Appraisal dated July 17, 2017 by Rachel M. Zucchi, MAI, CCIM, of RKL Appraisal
and Consulting, estimated the current market value of Parcels 104FEE and 104TCE to be $159,000 and
$10,800, respectively. The attached purchase agreement reflects an amicably-negotiated settlement
amount of $182,500.
Accordingly, staff is recommending that the Board of County Commissioners (the “Board”) approve the
accompanying agreement for the purchase of Parcels 104FEE and 104TCE.
FISCAL IMPACT: Funds in the amount of $182,650 ($171,700 purchase price for Parcel 104FEE,
$10,800 purchase price for Parcel 104TCE and approximately $150 recording fees) are available in the
Airport-Pulling Road & Davis Boulevard Transportation Capital Improvement Project No. 60148. The
primary funding source for the acquisition of right -of-way is impact fees. New roadway construction has
a maintenance curve of approximately five to seven years before any incremental costs are required for
repairs.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality and requires a
majority vote for Board approval. - ERP
GROWTH MANAGEMENT IMPACT: This recommendation is consistent with the Long Range
Transportation Plan and the Collier County Growth Management Plan.
RECOMMENDATION:
1. Approve the accompanying Purchase Agreement and authorize the Board’s Chairman to execute
same on behalf of the Board;
2. Accept the conveyance of Parcels 104FEE and 104TCE and authorize the County Manager, or his
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05/08/2018
designee, to record the conveyance instruments in the public records of Collier County, Florida;
3. Authorize the payment of all costs and expenses that Collier County is required to pay under the
terms of the Purchase Agreement to close the transaction;
4. Authorize the County Manager, or his designee, to take the necessary measures to ensure the
County’s performance in accordance with the terms and conditions of the Purchase Agreement;
and
5. Authorize any and all budget amendments required to carry out the collective will of the Board.
Prepared by: Sonja Stephenson, Property Acquisition Specialist, Transportation Engineering Division,
Growth Management Department
ATTACHMENT(S)
1. Purchase Agreement (PDF)
2. Location Map (PDF)
3. [Linked] Appraisal Report (PDF)
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05/08/2018
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.A.4
Doc ID: 5177
Item Summary: Recommendation to approve a Purchase Agreement for the purchase of a fee
simple parcel (Parcel 104FEE) and a Temporary Construction Easement (Parcel 104TCE) necessary for
the construction of roadway and related improvements required at the intersection of Airport -Pulling
Road and Davis Boulevard, Project No. 60148 (Fiscal Impact: Approximately $182,650)
Meeting Date: 05/08/2018
Prepared by:
Title: Property Acquisition Specialist – Transportation Engineering
Name: Sonja Stephenson
04/02/2018 1:33 PM
Submitted by:
Title: Division Director - Transportation Eng – Transportation Engineering
Name: Jay Ahmad
04/02/2018 1:33 PM
Approved By:
Review:
Transportation Engineering Kevin Hendricks Additional Reviewer Completed 04/02/2018 4:02 PM
Growth Management Department Anthony Khawaja Additional Reviewer Completed 04/02/2018 5:22 PM
Transportation Engineering Jay Ahmad Additional Reviewer Completed 04/03/2018 8:23 AM
Transportation Engineering Mark McCleary Additional Reviewer Completed 04/03/2018 9:44 AM
Growth Management Department Gene Shue Additional Reviewer Completed 04/05/2018 10:00 AM
Capital Project Planning, Impact Fees, and Program Management Rookmin Nauth Additional Reviewer Completed 04/05/2018 2:49 PM
Growth Management Department Diane Lynch Level 1 Reviewer Completed 04/10/2018 9:48 AM
County Attorney's Office Emily Pepin Level 2 Attorney Review Completed 04/10/2018 1:06 PM
Growth Management Department Thaddeus Cohen Department Head Review Completed 04/10/2018 1:42 PM
Growth Management Department James French Deputy Department Head Review Completed 04/13/2018 2:01 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 04/16/2018 7:45 AM
Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 04/19/2018 2:54 PM
Office of Management and Budget Susan Usher Additional Reviewer Completed 04/27/2018 2:23 PM
County Manager's Office Nick Casalanguida Level 4 County Manager Review Completed 04/30/2018 7:46 AM
Board of County Commissioners MaryJo Brock Meeting Pending 05/08/2018 9:00 AM
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Packet Pg. 530 Attachment: Purchase Agreement (5177 : 60148 - Airport & Davis Turn Lanes - Parcel 104 FEE & 104TCE)
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Packet Pg. 531 Attachment: Purchase Agreement (5177 : 60148 - Airport & Davis Turn Lanes - Parcel 104 FEE & 104TCE)
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Packet Pg. 532 Attachment: Purchase Agreement (5177 : 60148 - Airport & Davis Turn Lanes - Parcel 104 FEE & 104TCE)
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Packet Pg. 533 Attachment: Purchase Agreement (5177 : 60148 - Airport & Davis Turn Lanes - Parcel 104 FEE & 104TCE)
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Packet Pg. 534 Attachment: Purchase Agreement (5177 : 60148 - Airport & Davis Turn Lanes - Parcel 104 FEE & 104TCE)
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Packet Pg. 535 Attachment: Purchase Agreement (5177 : 60148 - Airport & Davis Turn Lanes - Parcel 104 FEE & 104TCE)
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Packet Pg. 536 Attachment: Purchase Agreement (5177 : 60148 - Airport & Davis Turn Lanes - Parcel 104 FEE & 104TCE)
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Packet Pg. 537 Attachment: Purchase Agreement (5177 : 60148 - Airport & Davis Turn Lanes - Parcel 104 FEE & 104TCE)
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Packet Pg. 538 Attachment: Purchase Agreement (5177 : 60148 - Airport & Davis Turn Lanes - Parcel 104 FEE & 104TCE)
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Packet Pg. 539 Attachment: Purchase Agreement (5177 : 60148 - Airport & Davis Turn Lanes - Parcel 104 FEE & 104TCE)
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Packet Pg. 540 Attachment: Purchase Agreement (5177 : 60148 - Airport & Davis Turn Lanes - Parcel 104 FEE & 104TCE)
Location Map
Project 60148 – Parcel 104FEE & 104TCE
16.A.4.b
Packet Pg. 541 Attachment: Location Map (5177 : 60148 - Airport & Davis Turn Lanes - Parcel 104 FEE & 104TCE)
4500 Executive Drive, Suite 300
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
REAL ESTATE APPRAISAL REPORT
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)
Commercial
1472 Airport Road South
Naples, Collier County, Florida, 34104
PREPARED FOR:
Mr. Harry Henderson
Review Appraiser
Collier County Transportation Right-Of-Way Group
2885 South Horseshoe Drive
Naples, Florida 34104
Client File: 104 FEE and TCE
EFFECTIVE DATE OF THE APPRAISAL:
July 17, 2017
DATE OF THE REPORT:
July 27, 2017
REPORT FORMAT:
Appraisal Report
PREPARED BY:
RKL APPRAISAL AND CONSULTING, PLC
RKL File Number: 2017-146 (Parcel No. 104 FEE and TCE)
4500 Executive Drive, Suite 300
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
July 27, 2017
Mr. Harry Henderson
Collier County Transportation Right-Of-Way Group
2885 South Horseshoe Drive
Naples, Florida 34104
Re: Real Estate Appraisal
Salvation Army Fran Cohen Youth Center (ROW)
1472 Airport Road South, Naples,
Collier County, Florida, 34104
Client File: 104 FEE and TCE
RKL File Number: 2017-146 (Parcel No. 104 FEE and TCE)
Dear Mr. Henderson:
At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying
appraisal for the above referenced property. The purpose of the appraisal is to estimate the
market value of the fee simple interest in the parent tract before and after the proposed
acquisition. The intended users for the assignment are Collier County Transportation Right-
Of-Way Group. The intended use of the appraisal is as a basis of value for determining full
compensation to the property owner for the loss of the real estate resulting from the property
rights and improvements (if any) which are proposed to be acquired, including all diminution
in value to the remainder land and improvements (if any) which can be attributed to the use
of, or activity upon, the proposed temporary construction easement (104 TCE) and the fee
simple interest in Parcel 104 FEE. We use the appraisal report option of Standards Rule 2-2
of USPAP to report the assignment results.
Please reference the appraisal scope section of this report for important information regarding
the scope of research and analysis for this appraisal, including property identification,
inspection, highest and best use analysis, and valuation methodology.
The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal
Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal
Practice of the Appraisal Institute.
The parent tract is a parcel of land containing an area of 2.68 acres, or 116,538 square feet.
The tract is improved with a commercial building containing 8,757 square feet of rentable
area and 13,448 square feet of building area under roof. The improvements were constructed
in 1999 with additions in 2000. It was originally used as an automotive dealership. After
purchase in November 2013 by The Salvation Army, the building was converted into a youth
center and a certificate of occupancy was issued June 16, 2017. The improvements located
outside the proposed acquisition area are considered to be unaffected by the acquisition.
Therefore, the contributory value of those improvements is not reported in the
following appraisal.
Mr. Harry Henderson
Collier County Transportation Right-Of-Way Group
July 27, 2017
Page 2
4500 Executive Drive, Suite 300
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
Based on the appraisal described in the accompanying report, subject to the Limiting
Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions
(if any), it is my opinion that the amount due the property owner, as a result of the loss of
real estate resulting from the property rights and improvements (if any) which are
proposed to be acquired, including all diminution in value to the remainder land and
improvements (if any) which can be attributed to the use of, or activity upon, the
proposed temporary construction easement (Parcel No. 104 TCE) and the fee simple
interest in Parcel 104 FEE (Parcel No. 104 FEE), as of July 17, 2017, is:
SUMMARY OF JUST COMPENSATION
Market Value, Fee Simple Interest Parcel 104 (FEE): $115,000
Value of Improvements Taken (FEE)*: $44,000
Amount Due Owner (FEE): $159,000
Value of Property Rights Taken (TCE): $10,800
Severance Damages: $0
Net Cost to Cure: $0
TOTAL AMOUNT DUE OWNER: $169,800
*The improvements taken are spread among all parcel segments impacting the parent tract. For ease of
computation, and considering the FEE parcel is a fee simple taking, the appraiser has allocated the estimate
of value of all the improvements taken within the FEE parcel.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and
proposed intersection improvements have been completed as of
the effective date of the appraisal.
Extraordinary Assumptions: None.
Respectfully submitted,
RKL APPRAISAL AND CONSULTING, PLC
Rachel M. Zucchi, MAI, CCIM
Florida State-Certified General Real Estate Appraiser RZ #2984
rzucchi@rklac.com; Phone 239-596-0800 Ext. 203
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) TABLE OF CONTENTS
TABLE OF CONTENTS
Summary of Important Facts and Conclusions ................................................................... 1
Introduction Information ..................................................................................................... 6
Subject Identification ...................................................................................................... 6
Current Ownership and Property History ....................................................................... 6
Appraisal Scope .............................................................................................................. 6
Client, Intended User, and Intended Use ........................................................................ 7
Definition of Market Value ............................................................................................. 7
Definition of Property Rights Appraised ........................................................................ 8
Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 8
Scope of Work ................................................................................................................ 8
Market Area Analysis ....................................................................................................... 10
Property Description and Analysis ................................................................................... 14
Site Analysis - Parent Tract .......................................................................................... 14
Improvements Analysis ................................................................................................ 23
Real Estate Taxes and Assessments .............................................................................. 24
Highest and Best Use .................................................................................................... 25
Valuation Methodology .................................................................................................... 27
Analyses Applied .......................................................................................................... 28
Valuation Analysis of Parent Tract ................................................................................... 29
Sales Comparison Approach ......................................................................................... 29
Contributory Value of the Site Improvements Taken ................................................... 37
Valuation Analysis of Part Taken and Remainder Property ............................................. 40
Description of Part Taken ............................................................................................. 40
Value Analysis Proposed Property Rights and Improvements Taken .......................... 47
Valuation Analysis of Remainder Property As Severed ................................................... 50
Description of Remainder Property as Severed ............................................................ 50
Value Analysis Remainder Property As Severed ......................................................... 51
Severance Damages to the Remainder Property ........................................................... 52
Cost to Cure Analysis ................................................................................................... 53
Special Benefits Analysis ............................................................................................. 53
Summary and Conclusion ............................................................................................. 54
Certification ...................................................................................................................... 56
Assumptions and Limiting Conditions ............................................................................. 58
Addenda
Appraiser Qualifications ....................................................................................... Addendum A
Property Information ............................................................................................ Addendum B
Comparable Data .................................................................................................. Addendum C
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Page 1
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
GENERAL
Subject:
Salvation Army Fran Cohen Youth Center (ROW)
1472 Airport Road South, Naples,
Collier County, Florida, 34104
Owner: The Salvation Army
Intended Use: The intended use is as a basis of value for determining full
compensation to the property owner for the loss of the real
estate resulting from the property rights and improvements (if
any) which are proposed to be acquired, including all
diminution in value to the remainder land and improvements (if
any) which can be attributed to the use of, or activity upon, the
proposed temporary construction easement (104 TCE) and the
fee simple interest in Parcel 104 FEE.
Intended User(s): Collier County Transportation Right-Of-Way Group
PARENT TRACT BEFORE THE TAKING
Current Use: Naples Fran Cohen Youth Center
Legal Description: Lots 24-35, Block B, Rock Creek Park, according to the Plat
thereof recorded in Plat Book 1, Page 79, in the Public Records
of Collier County, Florida.
Tax Identification: Portion of 61843680008
Land Area: Total: 2.67534 acres; 116,538 square feet
Shape: Rectangular
Flood Zone: Zone AE
Zoning: C-5 within Gateway Triangle Mixed Use Overlay - Heavy
Commercial District
Improvements:
Year Built: 1999
Renovations: 2000 and 2017
Gross Leasable Area (GLA): 8,757
Highest and Best Use
As Vacant
As Improved
Commercial development
The highest and best use is as currently improved.
VALUE INDICATIONS BEFORE THE TAKING
Land Value: $3,263,000
Improvements: $44,000
Total Market Value of Parent Tract: $3,307,000
Effective Date(s) July 17, 2017
Property Rights Fee Simple
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and
proposed intersection improvements have been completed as of
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Page 2
the effective date of the appraisal.
Extraordinary Assumptions: None.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Page 3
PART TAKEN
Identification: 104 FEE and TCE
Intended Use of the Proposed
Acquisition:
The intended use of the proposed FEE acquisition area is for
Airport-Pulling Road and Davis Boulevard intersection
improvement. The intended use of the proposed TCE
acquisition area is for the temporary (3 year) use for the
construction of the intersection improvements.
Description: FEE: Approximate 14.50' x 276.65' strip consisting of 4,098
square feet, fee simple taking along the westerly right-of-way of
Airport-Pulling Road South. TCE: Two approximate 5' x
123.83' and 5' x 129.32' strips consisting of 632 square feet and
659 square feet respectively, located adjacent to the FEE parcel.
Land Area (FEE): Total: 0.09408 acres; 4,098 square feet
Land Area (TCE): Total: 0.02964 acres; 1,291 square feet
Shape (FEE): Rectangular MOL
Shape (TCE): Two rectangular (MOL) parcels
Proposed Improvements Taken: The part taken (FEE) is landscaped with an electric ground
monument sign and includes a portion of the eastern berm of
the stormwater detention area. The temporary construction
easement (TCE) is landscaped and includes the eastern berm of
the stormwater detention area.
VALUE INDICATIONS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
Land Taken (FEE): $115,000
Improvements Taken (FEE): $44,000
Property Rights Taken (TCE): $10,800
Total: $169,800
Effective Date(s) July 17, 2017
VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE
Market Value of the Parent Tract, Before the Taking: $3,307,000
Less Market Value of the Proposed Part Taken: $169,800
Total Market Value of the Remainder Property, As Part of the Whole: $3,137,200
Effective Date(s) July 17, 2017
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and
proposed intersection improvements have been completed as of
the effective date of the appraisal.
Extraordinary Assumptions: None.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Page 4
REMAINDER PROPERTY, AFTER THE TAKING
Land Area: Total: 2.67534 acres; 116,538 square feet
Shape: Rectangular
Improvements: The subject parent tract is improved with a 8,757 square
foot former automotive dealership property. The property
has since been converted to a youth center with a playing
field.
Existing Easements and
Encumbrances:
We are not aware of any other easement, restrictions, or
encumbrances that would adversely affect value after the
taking. However, a current title report was not provided
for the purpose of this appraisal.
Proposed Easement and
Encumbrances:
Two temporary (3 year) construction easements (TCE)
consisting of 632 square feet and 659 square feet located
adjacent to the FEE parcel. The total TCE area is 1,291
square feet.
Highest and Best Use
As Vacant
As Improved
Commercial development
The highest and best use is as currently improved.
VALUE INDICATIONS REMAINDER PROPERTY, AFTER THE TAKING
Land Value: $3,137,200
Improvement Value: $0
Total Market Value of Reminder Property: $3,137,200
Effective Date(s) July 17, 2017
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and
proposed intersection improvements have been completed as of
the effective date of the appraisal.
Extraordinary Assumptions: None.
Value of the Whole $3,307,000
Less Value of the Part Taken $169,800
Value of the Remainder Property as Part of the Whole $3,137,200
Value of the Remainder Property as Severed $3,137,200
Difference (Severance Damages) $0
Rounded: $0
Severance Damages to the Remainder Property
Cost to Cure: $0
Special Benefits: $0
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Page 5
Fee Value per
SF
% of
Fee Indicated Value per SF Square Feet Indicated Value
Rounded
Value Total Value
Parent Tract Before the Taking
Land $28.00 100% $28.00 116,538 $3,263,064 $3,263,000
Improvements $44,000
Total $3,307,000
Proposed Part Taken
Land Taken (FEE) $28.00 100% $28.00 4,098 $114,744 $115,000
Improvements Taken (FEE)$44,000
Amount Due Owner (FEE)$159,000
Fee Value per
SF
Annual
Return
Indicated Net Income
Per SF Per Year # Years Indicated Net Income
over 3-year Term
Temporary Construction Easement (TCE) $28.00 10% $2.80 3.00 $8.40
Three-year TCE Rights Taken SF Encumbered 1,291 $10,844 $10,800
Total $169,800
Remainder Property, as Part of the Whole $3,137,200
Remainder Property
Land Area $28.00 100% $28.00 112,440 $3,148,320 $3,148,000
Fee Value per
SF
Annual
Return
Indicated Net Income
Per SF Per Year # Years Indicated Net Income
over 3-year Term
Temporary Construction Easement (TCE) $28.00 10% $2.80 3.00 $8.40
Less Three-year TCE Rights Taken SF Encumbered 1,291 -$10,844 -$10,800
Total Land 116,538 $3,137,200
Improvements $0
Total $3,137,200
Damages $0
Special Benefits $0
Net Damages $0
Land Taken (FEE) $28.00 100% $28.00 4,098 $114,744 $115,000
Value of Improvements Taken (FEE)$44,000
Amount Due Owner (FEE)$159,000
Temporary Construction Easement Taken (TCE) 1,291 $10,844 $10,800
Total $169,800
Net Damages $0
Net Cost to Cure $0
Total Amount Due Owner $169,800
Parcel No. 104 FEE and TCE
Summary of Total Compensation
*The improvements taken are spread among all parcel segments impacting the parent tract. For ease of
computation, and considering the FEE parcel is a fee simple taking, the appraiser has allocated the
estimate of value of all the improvements taken within the FEE parcel.
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and
proposed intersection improvements have been completed as of
the effective date of the appraisal.
Extraordinary Assumptions: None.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) INTRODUCTION INFORMATION
Page 6
INTRODUCTION INFORMATION
SUBJECT IDENTIFICATION
Subject:
Salvation Army Fran Cohen Youth Center (ROW)
1472 Airport Road South, Naples,
Collier County, Florida, 34104
Legal Description: Lots 24-35, Block B, Rock Creek Park, according to the
Plat thereof recorded in Plat Book 1, Page 79, in the
Public Records of Collier County, Florida.
Tax Identification: Portion of 61843680008
The parent tract is a parcel of land containing an area of 2.68 acres, or 116,538 square
feet. The tract is improved with a commercial building containing 8,757 square feet of
rentable area and 13,448 square feet of building area under roof. The improvements were
constructed in 1999 with additions in 2000. It was originally used as an automotive
dealership. After purchase in November 2013 by The Salvation Army, the building was
converted into a youth center and a certificate of occupancy was issued June 16, 2017.
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported.
The parent tract was originally identified as Collier County Tax Identification Number
70721480007. The Salvation Army combined the parent tract with their adjacent parcel
(Collier County Tax Identification Number 61843680008) after acquisition in November
2013.
CURRENT OWNERSHIP AND PROPERTY HISTORY
Owner: The Salvation Army
Sale History:
According to public records, the subject has not sold in
the last three years.
Current
Listing/Contract(s):
The subject is not currently listed for sale, or under
contract.
To the best of our knowledge, no other sale or transfer of ownership has occurred within
the past three years, and as of the effective date of this appraisal, the property is not
subject to an agreement of sale or option to buy, nor is it listed for sale.
APPRAISAL SCOPE
According to the Uniform Standards of Professional Appraisal Practice, it is the
appraiser’s responsibility to develop and report a scope of work that results in credible
results that are appropriate for the appraisal problem and intended user(s). Therefore, the
appraiser must identify and consider:
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) INTRODUCTION INFORMATION
Page 7
● the client and any other intended users;
● the intended use of the appraiser’s opinions and conclusions;
● the type and definition of value;
● the effective date of the appraiser’s opinions and conclusions;
● subject of the assignment and its relevant characteristics
● assignment conditions
● the expectations of parties who are regularly intended users for similar
assignments; and
● what an appraiser’s peer’s actions would be in performing the same or a similar
assignment.
CLIENT, INTENDED USER, AND INTENDED USE
The client and the intended user of the appraisal are Collier County Transportation Right-
Of-Way Group. The intended use is as a basis of value for determining full compensation
to the property owner for the loss of the real estate resulting from the property rights and
improvements (if any) which are proposed to be acquired, including all diminution in
value to the remainder land and improvements (if any) which can be attributed to the use
of, or activity upon, the proposed temporary construction easement (104 TCE) and the
fee simple interest in Parcel 104 FEE. The appraisal is not intended for any other use or
user.
DEFINITION OF MARKET VALUE
Market value definition used by agencies that regulate federally insured financial
institutions in the United States is defined by The Dictionary of Real Estate Appraisal,
6th ed. (Chicago: Appraisal Institute, 2015) as:
The most probable price that a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller each acting prudently
and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit
in this definition is the consummation of a sale as of a specified date and the passing
of title from seller to buyer under conditions whereby:
Buyer and seller are typically motivated;
Both parties are well informed or well advised, and acting in what they consider
their best interests;
A reasonable time is allowed for exposure in the open market;
Payment is made in terms of cash in United States 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.” (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register
34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9,
1992; 59 Federal Register 29499, June 7, 1994)
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) INTRODUCTION INFORMATION
Page 8
DEFINITION OF PROPERTY RIGHTS APPRAISED
Fee simple estate is defined as an: “Absolute ownership unencumbered by any other
interest or estate, subject only to the limitations imposed by the governmental powers of
taxation, eminent domain, police power, and escheat.” (Source: The Dictionary of Real
Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015)
The proposed property rights to be acquired include the fee simple interest (104 FEE) and
a proposed (TCE) temporary (3 year) construction easement over, under and across.
PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES
The purpose of the appraisal is to estimate the market value of the fee simple interest in
the parent tract before and after the proposed acquisition. The effective date of the subject
appraisal is July 17, 2017. The date of the most recent inspection was July 17, 2017. The
date of the report is July 27, 2017.
SCOPE OF WORK
The problem to be solved is to estimate the market value of the fee simple interest in the
parent tract before and after the proposed acquisition.
SCOPE OF WORK
Report Type: This is an Appraisal Report as defined by Uniform
Standards of Professional Appraisal Practice under
Standards Rule 2-2(a). This format provides a summary or
description of the appraisal process, subject and market
data and valuation analyses.
Property Identification: The subject has been identified by the legal description and
the assessors' parcel number.
Inspection: An on-site inspection was made and photographs were
taken.
Market Area and Analysis of
Market Conditions:
A complete analysis of market conditions has been made.
The appraiser maintains and has access to comprehensive
databases for this market area and has reviewed the market
for sales and listings relevant to this analysis.
Highest and Best Use Analysis:
A complete as vacant highest and best use analysis for the
subject has been made. Physically possible, legally
permissible, and financially feasible uses were considered,
and the maximally productive use was concluded.
Valuation Analyses
Cost Approach:
A cost approach was not applied as the subject tract is
analyzed as vacant land. However, the Cost Approach is
utilized to estimate the contributory depreciated value of
the site improvements (if any) taken.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) INTRODUCTION INFORMATION
Page 9
Sales Comparison Approach:
A sales approach was applied as typically this is the most
appropriate approach for the valuation of vacant land. This
approach is applicable to the subject because there is an
active market for similar properties and sufficient sales data
is available for analysis.
Income Approach:
An income approach was not applied as the subject is not
likely to generate rental income as vacant land. However,
the Income Approach is utilized to estimate the
compensation for the temporary easements.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and
proposed intersection improvements have been completed
as of the effective date of the appraisal.
Extraordinary Assumptions: None.
Comments
The individual sections of the report detail the additional research, confirmation, and
analysis of relevant data.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SCOPE OF WORK
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MARKET AREA ANALYSIS
Boundaries
The property is located in the East Naples Planning Community. This market area is
generally delineated as follows:
North Naples Airport
South Thomasson Drive
East County Barn Road
West Naples Bay
A map identifying the location of the property follows this section.
Market Area Access and Linkages
The roadways that are utilized for primary access to the subject area are as follows.
Tamiami Trail, the area’s major roadway, extends westward into Naples then swings
northward as the major arterial roadway through Naples and into Lee County. Tamiami
Trail extends south past Marco Island and then east to Miami.
Additionally, Davis Boulevard, another major roadway in the subject’s area, has its origin
at the western apex of the Triangle, a nickname for the area which originated from the
triangular shape the major roadways configure, and extends eastward as a major arterial
for the southeastern portion of the County. It provides a connection with I-75 and, thus, is
a significant linkage. Airport Pulling Road also has its origin at Tamiami Trail and
extends northward as a major arterial roadway providing access to the Naples Airport and
the northwestern portion of the County.
Two north-south streets, Commercial Drive and Shadowlawn Drive, and an east-west
street, Linwood Avenue, serve the internal portions of the Triangle. Shadowlawn Drive is
a northerly extension of the Bayshore Drive alignment and extends to the north of Davis
Boulevard into a residential area. Linwood Avenue extends from Airport Pulling Road to
Commercial Drive.
Bayshore Drive is a curbed four-lane section with a median from Tamiami Trail
southward to Thomasson Drive. South of Thomasson it is a two-lane facility with side
swale drainage facilities. Bayshore reaches a dead-end approximately 0.8 miles south of
Thomasson. Thomasson Drive is the second major street serving the Bayshore area by
providing two lanes of service extending eastward to Tamiami Trail.
Redevelopment Area
The Bayshore and Gateway Triangle Redevelopment area is located on the southeastern
edge of the City of Naples in Collier County. US Highway 41 (Tamiami Trail) is the
common boundary of the two sub-areas with the Gateway Triangle area lying to the north
of Tamiami Trail and the Bayshore area to the south. Davis Boulevard (State Road 84)
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SCOPE OF WORK
Page 11
further defines the Triangle on the north, with commercial properties facing the north side
of Davis being included in the redevelopment area. The eastern boundary of the Triangle
is defined by Airport Pulling Road (County Road 31) with properties facing the eastern
side the road being included. The area also includes the Collier County Government
Complex which extends further to the east. The name of the area is derived from the
triangle formed by these three arterial roads. The Triangle area contains approximately
291 acres.
The Bayshore area extends south of Tamiami Trail as a large rectangular area that is
accessed primarily by and extends to the east and west of Bayshore Drive. The eastern
and northern boundaries are defined by US-41. Thomasson Dr. identifies the southern
boundary and the western boundary is defined by Naples Bay.
The Bayshore and Gateway Triangle area is beset by many problems that are typical of
older urban areas that have been passed over in the wave of newer urban development:
dilapidated and vacant structures; inadequate site amenities; inadequate drainage and the
reuse of older structures by marginal or less-desirable users. At the same time, the area
possesses a number of assets and presents some clear opportunities that are supportive of
redevelopment.
Collier County approved the site development plan in August 2016 for Trio, the first
high-rise building in the Gateway Triangle. Reacting to market feedback, the developers
have redesigned the project and will now offer more floor plans with smaller residences
starting at $499,900. Of the 24 residences, 17 are price less than $1 million. Floor plans
range from one-bedroom, 1.5 baths and a den, to three-bedroom with three-bathrooms.
The nine-story building will have 48 hotel rooms (double the originally planned 24) and
the commercial footprint was increased from 12,000 square feet to 16,000 square feet.
Construction is projected to commence in late 2017 with completion by mid 2019.
Demand Generators
One of the strongest assets of the area is its location at the convergence of major regional
roadway facilities and the high capacity of these facilities. Tamiami Trail, Davis
Boulevard, and Airport Pulling Road are all six-lane arterial roads that link the area to all
parts of Collier County, Naples, and the region. These roadways bring thousands of local
commuters and visitors to and through the subject area daily.
Additionally, Naples Municipal Airport is located just north of the market area and the
Collier County Government Center is located at the intersection of Airport Road and
Tamiami Trail.
Demographics
The following table shows the historical, current and projected population, households,
housing, and income demographics for the immediate market area defined as a 3 mile
radius from the subject. The table was developed using data from STDBOnline.com.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SCOPE OF WORK
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Outlook and Conclusions
As with Collier County, the long term economic outlook for East Naples is positive. The
area had been experiencing revitalization/speculation through the recent real estate boom
as developers and users were looking for a well priced alternative to competing properties
on Tamiami Trail and Airport Road. The location of the subject and the surrounding area
indicates that it will be fully revitalized in the future. Overall, we expect for property
values are stabilizing and will likely begin to appreciate at a sustainable rate through
2017 and into 2018.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SCOPE OF WORK
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Surrounding Area Map
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SITE ANALYSIS - PARENT TRACT
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PROPERTY DESCRIPTION AND ANALYSIS
SITE ANALYSIS - PARENT TRACT
The following description is based on our property inspection, public records, and a
sketch and description of the proposed 104 FEE parcel and the TCE easement prepared
by AIM Engineering & Surveying.
Land Summary - Parent Tract Before Taking
Parcel ID Gross Land Area
(Acres)
Gross Land Area
(Sq Ft)
Portion of 61843680008 2.68 116,538
The parent tract was originally identified as Collier County Tax Identification Number
70721480007. The Salvation Army combined the parent tract with their adjacent parcel
(Collier County Tax Identification Number 61843680008) after acquisition in November
2013.
SITE
Location: The parent tract is located at the northwest corner of Airport Road
South and Terrace Avenue in Collier County, Naples, Florida.
Current Use of the Property: Naples Fran Cohen Youth Center
Shape: The site is roughly rectangular.
Road Frontage/Access:
The subject property has Good access with frontage as follows:
• Airport Road: 275 feet
• Terrace Avenue: 425 feet
The site has an average depth of 425 feet. It is not a corner lot.
Visibility: Good
Topography: The subject parent tract is improved with a 8,757 square foot former
automotive dealership property. The property has since been
converted to a youth center with a playing field.
Soil Conditions: We were not provided with a soils report for the purpose of this
appraisal. We are not experts in soils analysis; however, the soil
conditions observed at the subject appear to be typical of the region
and adequate to support development.
Utilities:
Electricity: FP&L
Sewer: Collier County sewer
Water: Collier County water
Underground Utilities: The site is not serviced by underground
utilities
Adequacy: The subject's utilities are typical and adequate for the
market area.
Site Improvements: • Street Lighting: There is street lighting along Airport Road.
• Sidewalks: There are concrete sidewalks along Airport Road and
Terrace Avenue
• Curbs and Gutters: The subject has one curb cut on Terrace
Avenue and can be accessed from the adjacent Salvation Army
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SITE ANALYSIS - PARENT TRACT
Page 15
parking lot with a direct curb cut with decel lane on Airport
Road.
• Curb Cuts: There are concrete curbs and gutters on Airport Road
South
Flood Zone: The subject is located in an area mapped by the Federal Emergency
Management Agency (FEMA). The subject is located in FEMA
flood zone AE, which is classified as a flood hazard area.
FEMA Map Number: 12021C 0394H
FEMA Map Date: May 16, 2012
The subject is in a flood zone. The appraiser is not an expert in this
matter and is reporting data from FEMA maps.
Environmental Issues: We were not provided with an environmental assessment report for
the purpose of this appraisal. Environmental issues are beyond our
scope of expertise; therefore, we assume the property is not
adversely affected by environmental hazards.
Encumbrance / Easements: We are not aware of any other easement, restrictions, or
encumbrances that would adversely affect value. However, a current
title report was not provided for the purpose of this appraisal.
Site Comments: The site has average and typical utility.
ZONING
Zoning Code C-5 within Gateway Triangle Mixed Use Overlay
Zoning Authority Collier County
Zoning Description Heavy Commercial District
Permitted Uses Accounting; full-service automotive repair; automotive dealers
(new and used); banks; carwashes; churches; dry-cleaning;
eating places; food stores; funeral services; gasoline service
stations; group care facilities; hardware stores; health services
and clinics; heavy construction equipment rental and leasing;
hotels and motels; laundries and dry-cleaning; medical and
dental laboratories; paint stores; retail nurseries; and veterinary
services; et al.
Current Use Legally Conforming The subject is legal and conforming use.
Minimum Lot Area 10,000
Minimum Floor Area 700 (ground floor) feet
Minimum Street Frontage 100 feet
Set Back Distance Front: 25 ; Rear: Non-residential 15; Residential or waterfront:
25 feet
Side Yard Distance Non-residential 15; Residential or waterfront: 25 feet
Maximum Density Hotels 60% / Destination resort 80%
Maximum Building Height 35 feet
Future Land Use Designation Bayshore/Gateway Triangle Redevelopment Overlay
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SITE ANALYSIS - PARENT TRACT
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Aerial - Parent Tract
Zoning Map
Parent Tract
Adjacent
Assemblage
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SITE ANALYSIS - PARENT TRACT
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Plat Map - Parent Tract
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SITE ANALYSIS - PARENT TRACT
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Site Photographs
Airport Road S. - Northerly (Parent Tract on Left)
(Photo Taken on July 17, 2017)
Airport Road S. - Southerly (Parent Tract on Right)
(Photo Taken on July 17, 2017)
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SITE ANALYSIS - PARENT TRACT
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Site Photographs
Terrace Avenue - Westerly (Parent Tract on Right)
(Photo Taken on July 17, 2017)
Shared entry into subject parent tract - Easterly (Parent Tract on Right)
(Photo Taken on July 17, 2017)
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SITE ANALYSIS - PARENT TRACT
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Site Photographs
Shared entry into subject parent tract - Westerly (Parent Tract on Lt)
(Photo Taken on July 17, 2017)
Monument sign located within FEE and TCE Part Taken - Southerly
(Photo Taken on July 17, 2017)
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SITE ANALYSIS - PARENT TRACT
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Site Photographs
Monument sign and landscaping located within FEE and TCE Part Taken -
Southerly
(Photo Taken on July 17, 2017)
Berm and landscaping located within FEE and TCE Part Taken - Southerly
(Photo Taken on July 17, 2017)
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SITE ANALYSIS - PARENT TRACT
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Site Photographs
Berm and landscaping located within FEE and TCE Part Taken - Northerly
(Photo Taken on July 17, 2017)
Berm and landscaping located within FEE and TCE Part Taken - Northerly
(Photo Taken on July 17, 2017)
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) IMPROVEMENTS ANALYSIS
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IMPROVEMENTS ANALYSIS
The parent tract is a parcel of land containing an area of 2.68 acres, or 116,538 square
feet. The tract is improved with a commercial building containing 8,757 square feet of
rentable area and 13,448 square feet of building area under roof. The improvements were
constructed in 1999 with additions in 2000. It was originally used as an automotive
dealership. After purchase in November 2013 by The Salvation Army, the building was
converted into a youth center and a certificate of occupancy was issued June 16, 2017.
Prior to the taking, we are not aware of any other easement, restrictions, or encumbrances
that would adversely affect value. However, a current title report was not provided for the
purpose of this appraisal. After the taking, there will be two temporary (3 year)
construction easements (TCE) consisting of 632 square feet and 659 square feet located
adjacent to the FEE parcel. The total TCE area is 1,291 square feet.
The remainder property’s improvements will not be damaged after the taking as the
setback of the building, which is currently approximately 265 feet before the taking, will
reduce to approximately 250 feet after the FEE taking from the right-of-way of Airport-
Pulling Road. This is consistent with competitive properties in the market area and far
exceeds the front set back requirements of 25 feet under the Heavy Commercial District
(C-5) zoning regulation; therefore, there is no functional obsolescence.
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported.
The contributory value of the improvements located within the part taken is reported. The
part taken (FEE) is landscaped with an electric ground monument sign and includes a
portion of the eastern berm of the stormwater detention area. The temporary construction
easement (TCE) is landscaped and includes the eastern berm of the stormwater detention
area.
For ease of computation, and considering the FEE parcel is a fee simple taking, the
appraiser has allocated the estimate of value of all the improvements taken within the
FEE parcel.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) REAL ESTATE TAXES AND ASSESSMENTS
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REAL ESTATE TAXES AND ASSESSMENTS
The real estate tax assessment of the subject is administered by Collier County.
The parent tract was originally identified as Collier County Tax Identification Number
70721480007. The Salvation Army combined the parent tract with their adjacent parcel
(Collier County Tax Identification Number 61843680008) after acquisition in November
2013. The following details the property tax identification number and assessed value of
the entire assemblage for tax year 2016:
ASSESSED VALUES
Tax Identification Number 61843680008
Land Assessed Value $4,679,818
Building Assessed Value $3,766,673
Total Assessed Value $8,446,491
10% Assessment Cap -$1,679,532
Total Taxable Value $6,766,959
Totals
Total Land Assessed Value $4,679,818
Total Building Assessed Value $3,766,673
Total Assessed Value $8,446,491
10% Assessment Cap -$1,679,532
Total Assessment $6,766,959
Rates, Taxes, More
Tax Rate 1.15%
Ad Valorem Tax Amount $77,840
Special Assessment Amount $0
Special Assessment Comments None
Total Tax Liability $77,840
Property Tax Comments The Salvation Army is wholly exempt
from real estate taxes.
The assessment for assembled land (subject parent tract and adjacent Salvation Army
parcel) is currently $9.60 per square foot. Based on our valuation analysis, the subject’s
assessment appears low.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) HIGHEST AND BEST USE
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HIGHEST AND BEST USE
Highest and best use may be defined as:
The reasonably probable use of property that results in the highest value. The four
criteria the highest and best use must meet are legal permissibility, physical
possibility, financial feasibility, and maximum productivity. 1
Physically possible for the land to accommodate the size and shape of the
ideal improvement.
Legally permissible under the zoning regulations, building codes,
environmental regulations, and other restrictions that apply to the site. A
property use that is either currently allowed or most probably allowable.
Financially feasible to generate sufficient income to support the use.
Maximally productive, or capable of producing the highest value from
among the permissible, possible, and financially feasible uses.
Highest and Best Use As If Vacant
Physically Possible
The subject site is 2.67534 acres or 116,538 square feet with 275 feet of frontage along
Airport Road and 425 feet of frontage along Terrace Avenue. We are not aware of any
other easement, restrictions, or encumbrances that would adversely affect value.
However, a current title report was not provided for the purpose of this appraisal. The
physical characteristics of the parent tract should reasonably accommodate any use that is
not restricted by its size.
The subject's utilities are typical and adequate for the market area. The site is roughly
rectangular. The site is located in a FEMA flood zone AE area per FEMA Floor Map
Number: 12021C 0394H, dated May 16, 2012, which is classified as a flood hazard area.
There are no known physical reasons that would unusually restrict development. The site
is considered to have a functional utility suitable for a variety of uses.
Legally Permissible
The subject site is zoned C-5 within Gateway Triangle Mixed Use Overlay, which
permits uses that include accounting; full-service automotive repair; automotive dealers
(new and used); banks; carwashes; churches; dry-cleaning; eating places; food stores;
funeral services; gasoline service stations; group care facilities; hardware stores; health
services and clinics; heavy construction equipment rental and leasing; hotels and motels;
laundries and dry-cleaning; medical and dental laboratories; paint stores; retail nurseries;
and veterinary services; et al. Therefore, only commercial uses are given further
consideration in determining the highest and best use of the site, as if vacant.
1 The Dictionary of Real Estate Appraisal 6th ed. (Chicago: Appraisal Institute, 2015)
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) HIGHEST AND BEST USE
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Financially Feasible
Financial feasibility is an analysis of the ability of a property to generate sufficient
income to support the use, or a reasonable probability of producing a positive income
stream net of operating expenses, financial costs, and capital amortization.
From 2006 through early/mid 2011 the Southwest Florida real estate market had been in
those stages of the real estate cycle best described by The Appraisal of Real Estate, 14th
Edition as decline and recession. Since early/mid 2011 to date, the commercial market
has been in the recovery stage which is characterized by increasing demand and
decreasing vacancy and is showing signs of the initial stages of expansion. The
residential market is stabilizing after several years of an expansion period, with sustained
growth in demand and increasing construction.
The commercial market lags the residential market and after several years of limited to no
new construction, commercial construction has commenced again in Southwest Florida.
Overall, the commercial market has been relatively stable since mid 2011 with significant
improvements in 2014 and 2015 as distressed bank owned sales reduced to a generally
negligible level, vacancies continued to decline, and rental rates continued to increase. In
general, commercial property values are returning to a more stabilized rate of increase.
We project property values will continue to increase at a stabilized rate through 2017.
Given current market conditions it is reasonable to expect that new commercial
development will largely consist of build-to-suit and special use or properties with
significant pre-leasing until we have a sustained improved finance and demand market.
On this basis, barring unforeseen changes in the market, a well-designed commercial
product that is appropriately marketed and priced, should be received favorably by the
market in late 2017 or 2018.
Maximally Productive
The maximally productive land use yields the highest value of the possible uses.
Commercial development is the only use that meets the tests of physically possible,
legally permissible, and financially feasible. Therefore, commercial development is
concluded to be the maximally productive and highest and best use of the site.
Highest and Best Use as Improved
A continuation of the current use is concluded to be financially feasible due to the
quality, age and location of the improvements.
There are no apparent alternative uses that would indicate a higher present value that the
current use. Furthermore, the value of the existing improvements, as is, exceeds the value
of the site. Therefore, the highest and best use is as currently improved.
Most Probable Buyer
Consider the size, class, and location of the property, the most probable buyer is an
owner-user.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) HIGHEST AND BEST USE
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VALUATION METHODOLOGY
Three basic approaches may be used to arrive at an estimate of market value. They are:
1. The Cost Approach
2. The Sales Comparison Approach
3. The Income Approach
Cost Approach
The Cost Approach estimates the current cost to construct the existing structure including
an entrepreneurial incentive, depreciation, and the estimated land value. This approach is
particularly applicable when the improvements represent the highest and best use of the
land and are relatively new. It is also applicable when the property has unique or
specialized improvements for which there is little or no sales data from comparable
properties.
Sales Comparison Approach
The Sales Comparison Approach compares sales of similar properties with the subject
property. Each comparable sale is adjusted for its inferior or superior characteristics. The
values derived from the adjusted comparable sales form a range of value for the subject.
By process of correlation and analysis, a final indicated value is derived. This approach is
most reliable in an active market, and is lease reliable when valuing a property for which
no direct comparable sales data is available.
Income Approach
The Income Approach converts the anticipated flow of future benefits (cash flows and
reversion) to a present value estimate through a capitalization and or a discounting
process. This approach generally reflects a typical investor’s perception of the
relationship between the potential income of a property and its market value.
Final Reconciliation
The appraisal process concludes with the Final Reconciliation of the values derived from
the approaches applied for a single estimate of market value. The reconciliation of the
approaches is based on an evaluation of the quantity and quality of the available data in
each approach. Furthermore, different properties require different means of analysis and
lend themselves to one approach over the others.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) ANALYSES APPLIED
Page 28
ANALYSES APPLIED
A cost analysis was considered and was not developed because as the subject tract is
analyzed as vacant land. However, the Cost Approach is utilized to estimate the
contributory depreciated value of the site improvements (if any) taken.
A sales comparison analysis was considered and was developed because typically this is
the most appropriate approach for the valuation of vacant land. This approach is
applicable to the subject because there is an active market for similar properties and
sufficient sales data is available for analysis.
An income analysis was considered and was not developed because the subject is not
likely to generate rental income as vacant land. However, the Income Approach is
utilized to estimate the compensation for the temporary easements.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SALES COMPARISON APPROACH
Page 29
VALUATION ANALYSIS OF PARENT TRACT
SALES COMPARISON APPROACH
The Sales Comparison Approach is based on the premise that a buyer would pay no more
for a specific property than the cost of obtaining a property with the same quality, utility,
and perceived benefits of ownership. It is based on the principles of supply and demand,
balance, substitution and externalities. The following steps describe the applied process
of the Sales Comparison Approach.
• The market in which the subject property competes is investigated; comparable
sales, contracts for sale and current offerings are reviewed.
• The most pertinent data is further analyzed and the quality of the transaction is
determined.
• The most meaningful unit of value for the subject property is determined.
• Each comparable sale is analyzed and where appropriate, adjusted to equate with
the subject property.
• The value indication of each comparable sale is analyzed and the data reconciled
for a final indication of value via the Sales Comparison Approach.
Comparables
I have researched five comparables for this analysis. These are documented on the
following pages followed by a location map and analysis grid. All sales have been
researched through numerous sources, inspected and verified by a party to the
transaction. For this analysis, we use the price per square foot as the appropriate unit of
comparison because market participants typically compare sale prices and property
values on this basis.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SALES COMPARISON APPROACH
Page 30
Comp Address Date Price Land SF
Comp City Price per SF Acres
Subject 1472 Airport Road South 7/17/2017 116,538
Subject Naples 2.68
1 894 Airport Pulling Road North 3/23/2015 $1,300,000 59,559
1 Naples $21.83 1.37
2 3031 Airport Pulling Road 2/10/2017 $2,500,000 72,672
2 Naples $34.40 1.67
3 5100 Tamiami Trail East 10/26/2016 $950,000 40,511
3 Naples $23.45 0.93
4 3475 Thrive Dr 2/14/2017 $2,500,000 87,120
4 Naples $28.70 2.00
5 3147 Davis Boulevard 10/31/2014 $2,300,000 93,819
5 Naples $24.52 2.15
Cleared lot located adjacent to Culver's in Shops at Hammock Co ve
Phase II. Parcel was listed for $26/sf. Remaining corner outlot is listed
for $28/sf and rear parcels 2.09 acres+ are listed for $15/sf a nd $24-$26/sf
for parcels along the east side bordering a large lake.
Listed at $3,450,000. Improvements were razed in late 2016 and
construction has commenced on a new 15,000 sf Porsche of Naples
dealership which is scheduled for completion by late 2017.
A two-story, 15,962 sf medical office building is planned. The site has
frontage along Pine Ridge Road. Access will be provided from Thrive
Drive.
Land condominium Unit 3 in Capital Center consists of a 70,614 SF
building pad, including a 2,076 SF area located at the Coach Hou se Lane
entrance for signage. Unit 3 is allocated a maximum of 37,425 s quare feet
of building area or 26.36% of the maximum allowable building area in the
entire development of 142,000 SF. Construction commenced in May
2017 on a 54-bed Alzheimer's and memory care assisted living
community. Supporting land area, based on 26.36% allocation, is 1.67
acres and includes a pro-rata share of the common area.
Flag shaped lot with entrance off Horseshoe Road. Improved with an
express tunnel 3,018 sf carwash.
Comments
Comparables Map
Subject
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SALES COMPARISON APPROACH
Page 31
Analysis Grid
The above sales have been analyzed and compared with the subject property. I have
considered adjustments in the areas of:
Effective Sale Price
This takes into consideration unusual conditions involved in the sale
that could affect the sales price, such as excess land, non-realty
components, commissions, or other similar factors. Usually the sale
price is adjusted for this prior to comparison to the subject.
Real Property Rights Property rights dissimilar to the subject which affect value.
Financing Terms
Favorable or unfavorable seller financing, or assumption of existing
financing.
Conditions of Sale
Circumstances that atypically motivate the buyer or seller, such as
1031 exchange transaction, assemblage, or forced sale.
Market Conditions Inflation or deflation since sale date due to economic influences
Location Market or submarket area influences on sale price; surrounding land
use influences.
Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc.
On the following page is a sales comparison grid displaying the subject property, the
comparables and the adjustments applied.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SALES COMPARISON APPROACH
Page 32
Name
Address
City
Date
Price
Land SF
Land SF Unit Price
Property Rights Fee simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee simple 0.0%
Financing
Conventio
nal 0.0%
Convention
al 0.0% Conventional 0.0%
Convention
al 0.0%
Conventio
nal 0.0%
Conditions of Sale
Arm's
length 0.0%
Arm's
Length 0.0% Arm's Length 0.0%
Arm's
Length 0.0%
Arm's
Length 0.0%
Market Trends Through 7/17/2017 5.0%
Location
% Adjustment
$ Adjustment
Land SF
% Adjustment
$ Adjustment
Topography
% Adjustment
$ Adjustment
Flood zone
% Adjustment
$ Adjustment
Shape
% Adjustment
$ Adjustment
Zoning
% Adjustment
$ Adjustment
Net Adjustments
Gross Adjustments
0.0%
$27.98$29.86
0.0%
0.0%
Adjusted Land SF Unit Price $29.29
3.6%
0% 0%
$24.29
$0.00
0%
Nearly rectangularRectangular
$0.00
Zone AE
Improved
-10%
-$2.80
Zone AH
$2.93
Sabal Bay MPUD
$0.00
0%
C-5 Heavy
Commercial
0%
$0.00
$0.00
0%
Byrnwood CPUD
$0.00
$0.00 $0.00
0.0%
10.0% 0.0%15.0%
$24.29
-15.0%
$26.89
10.0%
C-5 within Gateway
Triangle Mixed Use
Overlay
-5%
$0.00$0.00
$0.00
0%
Rectangular
0% 0%
$1.22
-$1.76
Rectangular Flag shaped
5%
Level at grade
Business Park
0%
C-3
$0.00
Zone AEAE
116,538
Zone X
0%
$0.00
$0.00
12.0%
$0.00
Central Naples
2.1%
$35.13
0%
Adjusted Land SF Unit Price $24.44
East Naples Central Naples
1472 Airport Road
South
3031 Airport Pulling
Road
NaplesNaples NaplesNaples
894 Airport Pulling Road
North
5100 Tamiami Trail East
40,51159,559
10/26/2016
Transaction Adjustments
Adjusted Land SF Unit Price $21.83 $23.45
$23.45
$34.40
Fee Simple
1472 Airport Road
South
Land Analysis Grid Comp 1
Collier Park of Commerce
Retail Center, Tract 3
Naples Memory
Center
Comp 2
3147 Davis
Boulevard
Porsch of Naples
Comp 3
Sponge Spa Express
Car Wash
Comp 4
Naples
3475 Thrive Dr
2/14/2017
Comp 5
Naples
Joint Replacement
Institute
$0.00
10/31/2014
$34.40
72,672
$1.22
-10%
-$3.51
Cleared and filled
with Common Area
Improvements
$0.00
Treed
72,672 40,511
5%
59,559
Level at grade
North Naples
$0.00
0%0%
87,120
Heavily Treed
$0.00
East Naples
$2,300,000
2.1% 14.1%
87,120
$0.00
0%
$0.00
0%
Zone AE
$0.00
10%
$28.70
$2.80
$24.52
0%
Rectangular
$29.29
0%
93,819
10%
$27.98
$24.52
East Naples
-$2.93
-10%
0%
0%
$21.83
2/10/20177/17/2017 3/23/2015
$2,500,000$1,300,000 $950,000
$28.70
$2,500,000
0%
0.0%
0%
116,538 93,819
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SALES COMPARISON APPROACH
Page 33
Comparable Sale Adjustments
Property Rights
All the comparable sales transferred in fee simple interest; therefore, no adjustment for
property rights is required.
Financing
All the comparable sales had market orientated financing; therefore, no adjustment for
financing is required.
Conditions of Sale
All the comparable sales were arm’s length transactions; therefore, no adjustments are
required.
Economic Trends
The following graph developed from CoStar shows all commercial land sales, excluding
outliers, less than 5.0 acres in Collier County since July 2014.
The trend indicates a slight upward trend in sales prices starting from July 2014 through
the current date. However, it is noted this is unadjusted raw data and does not relate
directly to the subject.
The sales all occurred with this time period and a 5.0% market conditions adjustment is
applied to account for the improving market conditions.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SALES COMPARISON APPROACH
Page 34
Location
The following table summarizes the population growth and average household income
within a three mile radius as well as traffic counts.
Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5
Location East Naples Central Naples Central Naples East Naples North Naples East Naples
2017 Population 52,674 57,532 49,506 49,235 48,176 52,674
2022 Population 56,050 61,952 54,216 53,066 52,897 56,050
% Change 6.41% 7.68% 9.51% 7.78% 9.80% 6.41%
Avg Household Income $82,052 $88,786 $97,086 $75,267 $100,140 $82,052
Airport Pulling Airport Pulling Airport Pulling
Tamiami Trail E
(US 41)Pine Ridge Davis Blvd
Traffic Count 46,500 48,500 48,500 42,000 57,000 26,000
Source: STDB Online and Department of Transportation
Locational Adjustment - Site to Do Business (3 Mile Radius)
Comparable 5 is located across Terrace Avenue from the subject with frontage along both
Terrace Avenue and Davis Boulevard. Comparables 1 and 2 are located along the Airport
Pulling Road corridor similar to the subject. Comparable 1 is located just north of the
Airport within the Collier Park of Commerce. Comparable 2 is located just north of
Golden Gate Parkway. It is located within the Capital Center land condominium.
Comparable 3 is located along Tamiami Trail East (US 41) adjacent to the Publix
anchored Shops at Hammock Cove.
Comparable 4 is located along Pine Ridge Road and is an outparcel to Thrive at Naples, a
197-unit assisted living, memory care, and independent living facility which broke ground in
March 2017.
As shown, the subject and the comparables have relatively similar sized surrounding
populations. The subject and adjacent comparable 5 have the lowest growth potential at
6.41%.
Comparables 1 and 5 have similar average household income levels while comparables 2
and 4 are higher and comparable 3 is lower.
The subject and comparables 1 and 2 all have similar traffic counts along Airport Pulling
Road. Comparable 3 is slightly lower along Tamiami Trail East (US 41); however, it is
adjacent to a Publix anchored shopping center. Comparable 4 has significantly higher
traffic counts along Pine Ridge Road just west of Interstate 75. Comparable 5 has the
lowest traffic count exposure along Davis Boulevard.
Overall, comparables 1, 2 and 3 are considered to have relatively similar locations and no
adjustments are required. Comparables 4 and 5 are adjusted for their superior and inferior
locations respectively.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SALES COMPARISON APPROACH
Page 35
Size
For this analysis, the comparable sales are relatively similar in terms of size and no
adjustments could be quantified; therefore, none are applied.
Topography
The existing site improvements are analyzed in the following improvements section.
Therefore, the underlying land is valued as a cleared site at grade similar to comparable
3. Comparables 1 and 4 are treed and are adjusted upward appropriately.
Comparable 2 is located within a land condominium. Common area parking and utilities
have been installed. The buyer will need to reconfigure some of the parking; however,
this comparable is considered superior to the subject underlying land and is adjusted
downward accordingly.
Comparable 5 was improved with an exotic car dealership at time of sale. The buyers
invested approximately $500,000 into the property after acquisition and used the
improvements to compliment their high end dealerships in town. The improvements were
razed in late 2016 and construction of a new Porsche dealership has commenced. The
sale is adjusted downward to account for the interim use of the improvements prior to
demolition as well as the impact fee credits obtained after demolition.
Flood Zone
The subject and comparables 1, 3, 4, and 5 are all located in the flood zone. Comparable
2 is located outside the flood zone and is adjusted downward accordingly.
Configuration
The subject and comparables 2 through 5 are relatively similar in terms of configuration;
therefore, no adjustments are required. Comparable 1 is adjusted upward for its inferior
flag shape.
Zoning
All the comparable are relatively similar in terms of zoning; therefore, no adjustments are
required.
Sales Comparison Approach Conclusion
The adjusted values of the comparable properties range from $24.29 to $29.86; the
average is $27.66. All of the value indications have been considered in arriving at my
final reconciled per square foot value of $28.00.
MARKET VALUE OF PARENT TRACT
Indicated Value per Square Foot: $28.00
Subject Size: 116,538
Indicated Value: $3,263,064
Rounded: $3,263,000
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SALES COMPARISON APPROACH
Page 36
Exposure and Marketing Times
Exposure time is always presumed to precede the effective date of the appraisal and is the
length of time the subject property would have been exposed for sale in the market had it
sold on the effective valuation date at the concluded market value. Marketing time is an
estimate of the amount of time it might take to sell a property at the estimated market
value immediately following the effective date of value.
Based on our review of recent sales transactions for similar properties and our analysis of
supply and demand in the local retail market it is our opinion that the probable marketing
and exposure time for the parent tract is 8 months to 12 months.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) CONTRIBUTORY VALUE OF THE SITE IMPROVEMENTS TAKEN
Page 37
CONTRIBUTORY VALUE OF THE SITE IMPROVEMENTS TAKEN
The part taken (FEE and TCE) are approximately described as follows. FEE:
Approximate 14.50' x 276.65' strip consisting of 4,098 square feet, fee simple taking
along the westerly right-of-way of Airport-Pulling Road South. TCE: Two approximate
5' x 123.83' and 5' x 129.32' strips consisting of 632 square feet and 659 square feet
respectively, located adjacent to the FEE parcel. The part taken (FEE) is landscaped with
an electric ground monument sign and includes a portion of the eastern berm of the
stormwater detention area. The temporary construction easement (TCE) is landscaped
and includes the eastern berm of the stormwater detention area. The improvements
located outside the proposed acquisition area are considered to be unaffected by the
acquisition. Therefore, the contributory value of those improvements is not
reported.
Value of Improvements Taken
The improvements taken are spread among all parcel segments impacting the parent
tract. For ease of computation, and considering the FEE parcel is a fee simple taking,
the appraiser has allocated the estimate of value of all the improvements taken within
the FEE parcel.
The depreciated replacement cost of the improvements taken is based on cost estimates
from Marshall & Swift, a nationally recognized cost service as well as a proposal from
Gulf Coast Signs of Sarasota, Inc (included in the addenda of this report). It is assumed
Collier County will remove and dispose of the existing concrete foundation for the
monument sign; therefore an allowance was not included in the following analysis.
The site improvements were recently completed; therefore, there is no depreciation.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) CONTRIBUTORY VALUE OF THE SITE IMPROVEMENTS TAKEN
Page 38
Cost Source:
No. of Stories Multiplier:1.000 Local Multiplier:0.950
Height/Story Multiplier:1.000 Current Cost Multiplier:1.030
Perimeter Multiplier:1.000 Combined Multipliers:0.979
Item Unit Type Cost Quantity Total
Grading, landscaping, berm Sq. Ft. $6.21 5,389 $33,451
Remove and Reinstall Monument Sign Lump Sum $6,923 1 $6,923
$40,374
Item Total
Soft Costs ………………… 10.0% $4,037
Total Soft Costs $4,037
$44,411
Component Eff. Age Life Percent Amount
Physical Depreciation: Site 0 15 0% $0
$0
$44,411
$44,000
Total Depreciation
Depreciated Value of Improvements
Marshall & Swift
Site Improvements
Total Site Improvement Costs
Percent Type
Soft Costs
% Bld. & Site Cost
Section 66Marshall & Swift
Rounded
Total Costs
Depreciation: Section 1 of 1
Total Cost
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) CONTRIBUTORY VALUE OF THE SITE IMPROVEMENTS TAKEN
Page 39
Based on the previous analysis, the following table summarizes the estimated market
value of the parent tract and the contributory of value of the site improvements.
Fee Value per SF % of
Fee Indicated Value per SF Square Feet Indicated Value
Rounded
Value Total Value
Parent Tract Before the Taking
Land $28.00 100% $28.00 116,538 $3,263,064 $3,263,000
Improvements $44,000
Total $3,307,000
Value Indications Proposed Property Rights and Improvements
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) DESCRIPTION OF PART TAKEN
Page 40
VALUATION ANALYSIS OF PART TAKEN AND REMAINDER PROPERTY
DESCRIPTION OF PART TAKEN
Parcel No. 104 FEE is a fee simple parcel for the Airport-Pulling Road and Davis
Boulevard intersection improvement. Parcel No. 104 TCE is a temporary (3 year)
construction easement for construction of the intersection improvements.
The part taken consists of the following. FEE: Approximate 14.50' x 276.65' strip
consisting of 4,098 square feet, fee simple taking along the westerly right-of-way of
Airport-Pulling Road South. TCE: Two approximate 5' x 123.83' and 5' x 129.32' strips
consisting of 632 square feet and 659 square feet respectively, located adjacent to the
FEE parcel.
FEE
Total Land Area: 0.09408 acres; 4,098 square feet
Shape: Rectangular
TCE
Total Land Area: 0.02964 acres; 1,291 square feet
Shape: Two rectangular parcels
Proposed Improvements Taken:
The part taken (FEE) is landscaped with an electric ground monument sign and includes a portion
of the eastern berm of the stormwater detention area. The temporary construction easement
(TCE) is landscaped and includes the eastern berm of the stormwater detention area.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) DESCRIPTION OF PART TAKEN
Page 41
Aerial - Part Taken
Approximate boundary lines of Parcel No. 104 FEE are shown in blue. The approximate
boundary lines of the proposed temporary construction easement (Parcel No. 104 TCE)
are shown in green.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) DESCRIPTION OF PART TAKEN
Page 42
Site Plan - Part Taken
Approximate boundary lines of Parcel No. 104 FEE are shown in blue. The approximate
boundary lines of the proposed temporary construction easement (Parcel No. 104 TCE)
are shown in green.
The monument sign is indicated with a grey line at the northern edge of the part taken.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) DESCRIPTION OF PART TAKEN
Page 43
Sketch and Legal Description of Proposed Part Taken (FEE)
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) DESCRIPTION OF PART TAKEN
Page 44
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) DESCRIPTION OF PART TAKEN
Page 45
Sketch and Legal Description of Proposed Part Taken (TCE)
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) DESCRIPTION OF PART TAKEN
Page 46
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
Page 47
VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
The market value of the fee simple interest of the parent tract was previously estimated
via the Sales Comparison Approach to have a unit value of $28.00 per square foot. The
part taken is valued as part of the whole; therefore, this value will serve as a basis of
value for the valuation of the property rights taken.
As previously stated, Parcel No. 104 FEE is a fee simple take. Accordingly, the proposed
parcel will take the entire (100%) bundle of rights.
Parcel No. 104 TCE is a temporary (3 year) easement for construction of the Airport-
Pulling Road and Davis Boulevard intersection improvements.
A temporary easement as defined by The Dictionary of Real Estate Appraisal, Sixth
Edition is an easement granted for a specific purpose and applicable for a specific time
period. A construction easement, for example, is terminated after the construction of the
improvement and the unencumbered fee interest in the land reverts to the owner.
Accordingly, the proposed easement will essentially take the entire bundle of rights for
the three year term.
Compensation for temporary easements is usually based on the market rent of the
affected area for the term of the temporary easement. In the absence of rental date, the
appropriate rate of return on the land for the term of the easement is utilized. In the case
of the subject parent tract; there is inadequate market rental rate data available to
determine an appropriate rental rate for vacant commercial zoned land. An appropriate
rate of return for the subject parent tract is estimated at 10.0% based on investor surveys.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
Page 48
Value of Improvements Taken
The improvements taken are spread among all parcel segments impacting the parent
tract. For ease of computation, and considering the FEE parcel is a fee simple taking,
the appraiser has allocated the estimate of value of all the improvements taken within
the FEE parcel.
The depreciated replacement cost of the improvements taken is based on cost estimates
from Marshall & Swift, a nationally recognized cost service as well as a proposal from
Gulf Coast Signs of Sarasota, Inc (included in the addenda of this report). It is assumed
Collier County will remove and dispose of the existing concrete foundation for the
monument sign; therefore an allowance was not included in the following analysis.
The site improvements were recently completed; therefore, there is no depreciation.
Cost Source:
No. of Stories Multiplier:1.000 Local Multiplier:0.950
Height/Story Multiplier:1.000 Current Cost Multiplier:1.030
Perimeter Multiplier:1.000 Combined Multipliers:0.979
Item Unit Type Cost Quantity Total
Grading, landscaping, berm Sq. Ft. $6.21 5,389 $33,451
Remove and Reinstall Monument Sign Lump Sum $6,923 1 $6,923
$40,374
Item Total
Soft Costs ………………… 10.0% $4,037
Total Soft Costs $4,037
$44,411
Component Eff. Age Life Percent Amount
Physical Depreciation: Site 0 15 0% $0
$0
$44,411
$44,000
Total Depreciation
Depreciated Value of Improvements
Marshall & Swift
Site Improvements
Total Site Improvement Costs
Percent Type
Soft Costs
% Bld. & Site Cost
Section 66Marshall & Swift
Rounded
Total Costs
Depreciation: Section 1 of 1
Total Cost
The concluded value of the Land and Property Rights Taken as well as the Improvements
Taken is shown in the following table.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)
Page 49
Proposed Part Taken
Land Taken (FEE) $28.00 100% $28.00 4,098 $114,744 $115,000
Improvements Taken (FEE)$44,000
Amount Due Owner (FEE)$159,000
Fee Value per SF Annual
Return
Indicated Net Income
Per SF Per Year # Years Indicated Net Income
over 3-year Term
Temporary Construction Easement (TCE) $28.00 10% $2.80 3.00 $8.40
Three-year TCE Rights Taken SF Encumbered 1,291 $10,844 $10,800
Total $169,800
Value Indications Proposed Property Rights and Improvements
The valuation of the remainder property, as part of the whole is shown in the following
table.
VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE
Market Value of the Parent Tract, Before the Taking: $3,307,000
Less Market Value of the Proposed Part Taken: $169,800
Total Market Value of the Remainder Property, As Part of the Whole: $3,137,200
Effective Date(s) July 17, 2017
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) DESCRIPTION OF REMAINDER PROPERTY AS SEVERED
Page 50
VALUATION ANALYSIS OF REMAINDER PROPERTY AS SEVERED
DESCRIPTION OF REMAINDER PROPERTY AS SEVERED
The remainder property will consist of 2.58127 acres or 112,440 square feet after the
taking of Parcel 104 FEE consisting of 0.09408 acres or 4,098 square feet.
Parcel 104 FEE includes the entire 10 foot landscape buffer as well as a portion of the
eastern berm of the stormwater detention area along Airport-Pulling Road South.
However, according to Section 9.03.07 C.3 of the Collier County Land Development
Code, the Remainder Property As Severed will be legally nonconforming.
Collier County Land Development Code Section 9.03.07 C.3:
Any other site related nonconformity or site related condition resulting from the
acquisition, including those rendered more nonconforming, shall be considered legally
nonconforming, including stormwater management facilities, landscaping, open space,
native vegetation, conservation areas, buffers and preserves, on- or off-site parking,
vehicle stacking, throat lengths, or non-structural architectural design standards. All
such nonconformities are allowed to remain legally nonconforming and in their existing
location(s) and/or configuration(s), provided they continue to function adequately to
meet their intended purpose, except where it is determined by the County Manager or
designee that such newly created or increased nonconformity or site related condition
constitutes an unsafe condition. In those cases where it is determined that the newly
created or increased nonconformity or related condition constitutes an unsafe condition,
the nonconformity or site related condition shall be relocated or modified in accordance
with paragraph 2.a. above, as applicable. In any case, such nonconformities are subject
to the limitations set forth in paragraph 2.c., above
The remainder property’s overall access, availability to utilities, topography, land use
designation, and zoning are unchanged.
REMAINDER PROPERTY, AFTER THE TAKING
Land Area: Total: 2.58127 acres; 112,440 square feet
Shape: Rectangular
Improvements: The subject parent tract is improved with a 8,757 square
foot former automotive dealership property. The property
has since been converted to a youth center with a playing
field.
Existing Easements and
Encumbrances:
We are not aware of any other easement, restrictions, or
encumbrances that would adversely affect value.
However, a current title report was not provided for the
purpose of this appraisal.
Proposed Easement and
Encumbrances:
Two temporary (3 year) construction easements (TCE)
consisting of 632 square feet and 659 square feet located
adjacent to the FEE parcel. The total TCE area is 1,291
square feet.
Highest and Best Use
As Vacant
As Improved
Commercial development
The highest and best use is as currently improved.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) VALUE ANALYSIS REMAINDER PROPERTY AS SEVERED
Page 51
VALUE ANALYSIS REMAINDER PROPERTY AS SEVERED
Parcel No. 104 TCE is a temporary (3 year) easement for construction of the Airport-
Pulling Road and Davis Boulevard intersection improvements.
We are not aware of any other easement, restrictions, or encumbrances that would
adversely affect value prior to or after the taking. However, a current title report was not
provided for the purpose of this appraisal.
A temporary easement as defined by The Dictionary of Real Estate Appraisal, Sixth
Edition is an easement granted for a specific purpose and applicable for a specific time
period. A construction easement, for example, is terminated after the construction of the
improvement and the unencumbered fee interest in the land reverts to the owner.
Accordingly, the proposed easement will essentially take the entire bundle of rights for
the three year term.
Value of Remainder Improvements
The remainder property’s improvements will not be damaged after the taking as the
setback of the building which, is currently approximately 265 feet before the taking, will
reduce to approximately 250 feet after the FEE taking from the right-of-way of Airport-
Pulling Road. This is consistent with competitive properties in the market area and far
exceeds the front set back requirements of 25 feet under the Heavy Commercial District
(C-5) zoning regulation; therefore, there is no functional obsolescence.
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported.
The concluded value of the Remainder Property is shown in the following table.
Remainder Property
Land Area $28.00 100% $28.00 112,440 $3,148,320 $3,148,000
Fee Value per SF Annual
Return
Indicated Net Income
Per SF Per Year # Years Indicated Net Income
over 3-year Term
Temporary Construction Easement (TCE) $28.00 10% $2.80 3.00 $8.40
Less Three-year TCE Rights Taken SF Encumbered 1,291 -$10,844 -$10,800
Total Land 116,538 $3,137,200
Improvements $0
Total $3,137,200
Value Indications Remainder Property, After the Taking
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SEVERANCE DAMAGES TO THE REMAINDER PROPERTY
Page 52
SEVERANCE DAMAGES TO THE REMAINDER PROPERTY
Severance damages are calculated as the negative difference between the value of the
remainder property, as part of the whole, and the value of the remainder property, as
severed. When the value of the remainder property, as severed, is less than the value of
the remainder property, as part of the whole, the difference is the actual measurement of
the damages to the remainder property. When the value of the remainder property, as
severed, is greater than the value of the remainder property, as part of the whole, the
difference is not damage but is considered a benefit. Severance damages are calculated in
the following table.
Value of the Whole $3,307,000
Less Value of the Part Taken $169,800
Value of the Remainder Property as Part of the Whole $3,137,200
Value of the Remainder Property as Severed $3,137,200
Difference (Severance Damages) $0
Rounded: $0
Severance Damages to the Remainder Property
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) COST TO CURE ANALYSIS
Page 53
COST TO CURE ANALYSIS
Parcel 104 FEE includes the entire 10 foot landscape buffer as well as a portion of the
eastern berm of the stormwater detention area along Airport-Pulling Road South.
According to Section 9.03.07 C.3 of the Collier County Land Development Code, the
Remainder Property As Severed will be legally nonconforming. Therefore, a landscape
buffer re-establishment cure is not required.
The cost to remove and relocate the monument sign was already included in the estimated
cost of the improvements.
Based on the analysis of the remainder property, there is no net cost to cure.
SPECIAL BENEFITS ANALYSIS
Based on the analysis of the remainder property, there are no special benefits.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SUMMARY AND CONCLUSION
Page 54
SUMMARY AND CONCLUSION
Based on the data and analyses developed in this appraisal, I have reconciled to the
following value conclusion(s), as of July 17, 2017, subject to the Limiting Conditions and
Assumptions of this appraisal.
Fee Value per
SF
% of
Fee Indicated Value per SF Square Feet Indicated Value
Rounded
Value Total Value
Parent Tract Before the Taking
Land $28.00 100% $28.00 116,538 $3,263,064 $3,263,000
Improvements $44,000
Total $3,307,000
Proposed Part Taken
Land Taken (FEE) $28.00 100% $28.00 4,098 $114,744 $115,000
Improvements Taken (FEE)$44,000
Amount Due Owner (FEE)$159,000
Fee Value per
SF
Annual
Return
Indicated Net Income
Per SF Per Year # Years Indicated Net Income
over 3-year Term
Temporary Construction Easement (TCE) $28.00 10% $2.80 3.00 $8.40
Three-year TCE Rights Taken SF Encumbered 1,291 $10,844 $10,800
Total $169,800
Remainder Property, as Part of the Whole $3,137,200
Remainder Property
Land Area $28.00 100% $28.00 112,440 $3,148,320 $3,148,000
Fee Value per
SF
Annual
Return
Indicated Net Income
Per SF Per Year # Years Indicated Net Income
over 3-year Term
Temporary Construction Easement (TCE) $28.00 10% $2.80 3.00 $8.40
Less Three-year TCE Rights Taken SF Encumbered 1,291 -$10,844 -$10,800
Total Land 116,538 $3,137,200
Improvements $0
Total $3,137,200
Damages $0
Special Benefits $0
Net Damages $0
Land Taken (FEE) $28.00 100% $28.00 4,098 $114,744 $115,000
Value of Improvements Taken (FEE)$44,000
Amount Due Owner (FEE)$159,000
Temporary Construction Easement Taken (TCE) 1,291 $10,844 $10,800
Total $169,800
Net Damages $0
Net Cost to Cure $0
Total Amount Due Owner $169,800
Parcel No. 104 FEE and TCE
Summary of Total Compensation
*The improvements taken are spread among all parcel segments impacting the parent
tract. For ease of computation, and considering the FEE parcel is a fee simple taking,
the appraiser has allocated the estimate of value of all the improvements taken within
the FEE parcel.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) SUMMARY AND CONCLUSION
Page 55
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and
proposed intersection improvements have been completed as of
the effective date of the appraisal.
Extraordinary Assumptions: None.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) CERTIFICATION
Page 56
CERTIFICATION
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, unbiased professional
analyses, opinions and conclusions.
3. I have no present or prospective interest in the property that is the subject of this
report, and have no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
5. Our engagement in this assignment was not contingent upon developing or
reporting predetermined results.
6. Our compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors
the cause of the client, 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.
7. The reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the requirements of the Code of Professional
Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute.
8. My reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the Uniform Standards of Professional
Appraisal Practice
9. The use of this report is subject to the requirements of the Appraisal Institute
relating to review by its duly authorized representatives.
10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property.
11. No one provided significant real property appraisal assistance to the person signing
this certification.
12. We have experience in appraising properties similar to the subject and are in
compliance with the Competency Rule of USPAP.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW) CERTIFICATION
Page 57
13. This appraisal is not based on a requested minimum valuation, a specific valuation,
or the approval of a loan.
14. We have not relied on unsupported conclusions relating to characteristics such as
race, color, religion, national origin, gender, marital status, familial status, age,
receipt of public assistance income, handicap, or an unsupported conclusion that
homogeneity of such characteristics is necessary to maximize value.
15. Rachel M. Zucchi, MAI, CCIM has not performed any 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 preceding acceptance of this assignment
16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the
continuing education program of the Appraisal Institute.
Rachel M. Zucchi, MAI, CCIM
Florida State-Certified General Real Estate Appraiser RZ #2984
rzucchi@rklac.com; Phone 239-596-0800 Ext. 203
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)ASSUMPTIONS AND LIMITING CONDITIONS
Page 58
ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is based on the following assumptions, except as otherwise noted in the
report.
1. The title is marketable and free and clear of all liens, encumbrances,
encroachments, easements and restrictions. The property is under responsible
ownership and competent management and is available for its highest and best
use.
2. There are no existing judgments or pending or threatened litigation that could
affect the value of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements
that would render the property more or less valuable. Furthermore, there is no
asbestos in the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale
price are in correct relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning,
and other federal, state and local laws, regulations and codes.
6. The information furnished by others is believed to be reliable, but no warranty is
given for its accuracy.
This appraisal is subject to the following limiting conditions, except as otherwise
noted in the report.
1. An appraisal is inherently subjective and represents our opinion as to the value of
the property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the
appraisal, and no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including,
without limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction
with this appraisal, and we reserve the right to revise or rescind any of the value
opinions based upon any subsequent environmental impact studies. If any
environmental impact statement is required by law, the appraisal assumes that
such statement will be favorable and will be approved by the appropriate
regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony,
respond to any subpoena or attend any court, governmental or other hearing with
reference to the property without compensation relative to such additional
employment.
6. We have made no survey of the property and assume no responsibility in
connection with such matters. Any sketch or survey of the property included in
this report is for illustrative purposes only and should not be considered to be
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)ASSUMPTIONS AND LIMITING CONDITIONS
Page 59
scaled accurately for size. The appraisal covers the property as described in this
report, and the areas and dimensions set forth are assumed to be correct.
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if
any, and we have assumed that the property is not subject to surface entry for the
exploration or removal of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other
legal matters such as legal title, geologic considerations such as soils and seismic
stability, and civil, mechanical, electrical, structural and other engineering and
environmental matters.
9. The distribution of the total valuation in the report between land and
improvements 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. The appraisal
report shall be considered only in its entirety. No part of the appraisal report shall
be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions
as to value, the identity of the appraisers, or any reference to the Appraisal
Institute) shall be disseminated through advertising media, public relations media,
news media or any other means of communication (including without limitation
prospectuses, private offering memoranda and other offering material provided to
prospective investors) without the prior written consent of the person signing the
report.
11. Information, estimates and opinions contained in the report, obtained from third-
party sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only
for the purpose of estimating value and do not constitute predictions of future
operating results.
13. If the property is subject to one or more leases, any estimate of residual value
contained in the appraisal may be particularly affected by significant changes in
the condition of the economy, of the real estate industry, or of the appraised
property at the time these leases expire or otherwise terminate.
14. No consideration has been given to personal property located on the premises or
to the cost of moving or relocating such personal property; only the real property
has been considered.
15. The current purchasing power of the dollar is the basis for the value stated in our
appraisal; we have assumed that no extreme fluctuations in economic cycles will
occur.
16. The value found herein is subject to these and to any other assumptions or
conditions set forth in the body of this report but which may have been omitted
from this list of Assumptions and Limiting Conditions.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)ASSUMPTIONS AND LIMITING CONDITIONS
Page 60
17. The analyses contained in the report necessarily incorporate numerous estimates
and assumptions regarding property performance, general and local business and
economic conditions, the absence of material changes in the competitive
environment and other matters. Some estimates or assumptions, however,
inevitably will not materialize, and unanticipated events and circumstances may
occur; therefore, actual results achieved during the period covered by our analysis
will vary from our estimates, and the variations may be material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992.
We have not made a specific survey or analysis of any property to determine
whether the physical aspects of the improvements meet the ADA accessibility
guidelines. In as much as compliance matches each owner’s financial ability with
the cost to cure the non-conforming physical characteristics of a property, we
cannot comment on compliance to ADA. Given that compliance can change with
each owner’s financial ability to cure non-accessibility, the value of the subject
does not consider possible non-compliance. A specific study of both the owner’s
financial ability and the cost to cure any deficiencies would be needed for the
Department of Justice to determine compliance.
19. The appraisal report is prepared for the exclusive benefit of the Client, its
subsidiaries and/or affiliates. It may not be used or relied upon by any other party.
All parties who use or rely upon any information in the report without our written
consent do so at their own risk.
20. No studies have been provided to us indicating the presence or absence of
hazardous materials on the subject property or in the improvements, and our
valuation is predicated upon the assumption that the subject property is free and
clear of any environment hazards including, without limitation, hazardous wastes,
toxic substances and mold. No representations or warranties are made regarding
the environmental condition of the subject property and the person signing the
report shall not be responsible for any such environmental conditions that do exist
or for any engineering or testing that might be required to discover whether such
conditions exist. Because we are not experts in the field of environmental
conditions, the appraisal report cannot be considered as an environmental
assessment of the subject property.
21. The person signing the report may have reviewed available flood maps and may
have noted in the appraisal report whether the subject property is located in an
identified Special Flood Hazard Area. We are not qualified to detect such areas
and therefore do not guarantee such determinations. The presence of flood plain
areas and/or wetlands may affect the value of the property, and the value
conclusion is predicated on the assumption that wetlands are non-existent or
minimal.
22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector.
RKL Appraisal and Consulting, PLC does not guarantee that the subject property
is free of defects or environmental problems. Mold may be present in the subject
property and a professional inspection is recommended.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)ASSUMPTIONS AND LIMITING CONDITIONS
Page 61
23. The appraisal report and value conclusion for an appraisal assumes the
satisfactory completion of construction, repairs or alterations in a workmanlike
manner.
24. The intended use of the appraisal is stated in the General Information section of
the report. The use of the appraisal report by anyone other than the Client is
prohibited except as otherwise provided. Accordingly, the appraisal report is
addressed to and shall be solely for the Client’s use and benefit unless we provide
our prior written consent. We expressly reserve the unrestricted right to withhold
our consent to your disclosure of the appraisal report (or any part thereof
including, without limitation, conclusions of value and our identity), to any third
parties. Stated again for clarification, unless our prior written consent is obtained,
no third party may rely on the appraisal report (even if their reliance was
foreseeable).
25. All prospective value estimates presented in this report are estimates and forecasts
which are prospective in nature and are subject to considerable risk and
uncertainty. In addition to the contingencies noted in the preceding paragraph,
several events may occur that could substantially alter the outcome of our
estimates such as, but not limited to changes in the economy, interest rates, and
capitalization rates, behavior of consumers, investors and lenders, fire and other
physical destruction, changes in title or conveyances of easements and deed
restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)ADDENDA - APPRAISER QUALIFICATIONS
ADDENDA
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)ADDENDUM A - APPRAISER QUALIFICATIONS
ADDENDUM A
APPRAISER QUALIFICATIONS
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)ADDENDUM A - APPRAISER QUALIFICATIONS
4500 Executive Drive, Suite 300
Naples, Florida 34119
Phone: 239-596-0800; Fax: 239-596-0801
www.rklac.com
RKL Appraisal and Consulting, PLC
COMPANY PROFILE:
RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members
of the Appraisal Institute. It is our mission to maximize our over 60-years of combined
appraisal experience to provide our clients with the highest quality of Real Estate
Appraisal and Consulting Services.
Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI
Partner / Managing Director Partner Senior Partner
rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com
BUSINESS FOCUS:
Practice is focused on community/neighborhood shopping centers, retail and office
buildings, industrial warehouse/distribution buildings, residential and commercial
condominium and subdivision projects, hotels and motels, vacant land and special
purpose properties. Specialized services include appraisal review, business valuations,
market feasibility studies, acquisition/disposition counseling, and litigation support in
connection with real estate transactions including bankruptcy, eminent domain, estate
valuations, and matrimonial and equitable distribution. Clients served include banks and
financial institutions, developers and investors, law firms, business/industry and
government, life insurance companies and pension fund advisors, and mortgage bankers.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)ADDENDUM A - APPRAISER QUALIFICATIONS
PROFESSIONAL QUALIFICATIONS OF
Rachel M. Zucchi, MAI, CCIM
EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC
Naples, FL (2009 – Present)
President of D&R Realty Group, Inc.
Naples, FL (2009 – Present)
Senior Real Estate Analyst, Integra Realty Resources – Southwest Florida
Naples, FL (2003 – 2009)
Research Associate, Integra Realty Resources – Southwest Florida
Naples, FL (2002-2003)
PROFESSIONAL
ACTIVITIES:
Member:
Member/Board of
Directors:
Member:
Member:
Member:
Licensed:
Licensed:
Appraisal Institute – MAI Certificate Number 451177
Appraisal Institute Florida Gulf Coast Chapter
(2015-2017)
CCIM Institute - CCIM Designation Pin Number 21042
Naples Area Board of REALTORS
The American Real Estate Society (ARES)
Florida State Certified General Real Estate Appraiser
License No. RZ 2984
Real Estate Broker (Florida)
License No. BK3077672
EXPERT
WITNESS:
Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier
County
EDUCATION: Bachelor of Arts
Major in Economics
Florida Gulf Coast University, 2002
Graduated Magna Cum Laude
Honor Society, Key Club, Phi Eta Sigma
Presented at Eastern Economic Association Conference
Successfully completed real estate and valuation courses and seminars sponsored by the
Appraisal Institute and others.
BUSINESS
FOCUS:
Actively engaged in real estate valuation and consulting since 2003. Practice is focused
on community/neighborhood shopping centers, power centers, office-buildings,
warehouse/distribution, multi-family and single family subdivisions, condominium
developments, hotels/motels, vacant land and special purpose properties. Specialized
services include appraisals, market feasibility studies, and litigation support in
connection with real estate transactions. Clients served include banks and financial
institutions, developers and investors, law firms, business/industry and government, and
mortgage bankers. Valuations have been performed for condemnation purposes, estate,
financing, and due diligence support.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)ADDENDUM A - APPRAISER QUALIFICATIONS
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)ADDENDUM B - PROPERTY INFORMATION
ADDENDUM B
PROPERTY INFORMATION
$ 1,000
$ 1,000
$ 670,000
$ 0
$ 125,000
$ 4,679,818
$ 3,766,673
$ 8,446,491
$ 1,679,532
$ 6,766,959
$ 0
$ 0
Parcel No.61843680008 Site Adr.3180 ESTEY AVE, NAPLES, FL 34104
Name / Address SALVATION ARMY, THE
PO BOX 8209
City NAPLES State FL Zip 34101-8209
Map No. Strap No. Section Township Range Acres *Estimated
5A02 504400 137 25A02 2 50 25 8.9
Legal
N G + T C L F NO 2 2 50 25 BEG NE CNR LOT 35 BLK B, ROCK CREEK PK, N641.50FT, W 252FT TO POB, CONT W 295.32FT, S 317.84FT, W 100FT, S 322.84FT,E 631.41FT, N 100FT, W 240FT, W 240FT, N 540.74FT TO POB, AND THE W 100FTOF N1/2 OF LOT 137, LESS W 25FT OF N 160FT, LESS R/W, AND ROCK CREEKPARK BLK B LOTS 24 THRU 35
Millage Area 85 Millage Rates *Calculations
Sub./Condo 504400 - N G & T C L F UNIT 2 School Other Total
Use Code 75 - ORPHANAGES, OTHER NON-PROFIT 5.245 6.258 11.503
Latest Sales History
(Not all Sales are listed due to Confidentiality)
Date Book-Page Amount
02/25/92 1689-2363
02/25/92 1689-2362
02/01/88 1325-436
12/01/80 893-1866
09/01/72 478-385
2016 Certified Tax Roll
(Subject to Change)
Land Value
(+) Improved Value
(=) Market Value
(-) 10% Cap
(=) Assessed Value
(=) School Taxable Value
(=) Taxable Value
If all Values shown above equal 0 this parcel was created after theFinal Tax Roll
http://www.collierappraiser.com/main_search/RecordDetail.html?Name...
1 of 1 7/3/17, 10:12 AM
Parcel No.61843680008 Site Adr.3180 ESTEY AVE, NAPLES, FL 34104
Name / Address SALVATION ARMY, THE
PO BOX 8209
City NAPLES State FL Zip 34101-8209
PermitsTaxYrIssuer Permit # CO Date Tmp CO Final Bldg Type
1958 COUNTY 57-
1963 COUNTY 62-3787 09/20/62
1966 COUNTY 66-256
1973 COUNTY 73-1133 08/31/73
1974 COUNTY 72-1817 02/19/74 07/13/72
1981 COUNTY 80-2727 08/18/81
1981 COUNTY 81-4
1985 COUNTY 84-2789
1985 COUNTY 85-2819 12/16/85
1990 COUNTY 90-3182 05/08/90
1993 COUNTY 92-6653 05/21/92
1993 COUNTY 92-6697 05/26/92
1998 COUNTY 9711-489 NO PICKUP
1999 COUNTY 199902-0069 02/22/99
1999 COUNTY 9806-1892
2000 COUNTY 0005-1348 01/11/01 ADDITION
2007 COUNTY 0604-3602
2007 COUNTY 0606-1942 ROOF
2007 COUNTY 0612-0357 ROOF
2008 COUNTY 0708-0631 07/17/07 DEMOLITION
2009 COUNTY 0509-4436 03/31/08 OTHER
2010 COUNTY 0909-0105 12/22/09 ADDITION
Land
# Calc Code Units
10 COMMERCIAL SF 487481
Building/Extra Features
#YearBuilt Description Area
AdjArea
10 1993 RESIDENTIAL 15088 15302
20 1987 CLF6 200 200
30 1966 GARAGE 990 990
40 1993 ASPH P 26000 26000
50 1999
ALUM OPENPORCH 600 600
60 2006 CLF4 200 200
70 2008 RESIDENTIAL 11078 11078
80 2008
ALUM OPENPORCH 976 976
90 1999
METAL-STEELFRAME 5257 5257
100 1999 ASPH P 80400 80400
110 1999 CLF6 370 370
120 2000
METAL-STEELFRAME 3510 3510
http://www.collierappraiser.com/main_search/RecordDetail.html?Name...
1 of 2 7/3/17, 10:13 AM
6 4365 Radio Road, Suite 201Naples, Florida 34104P: 239.434.6060 F: 239.434.6084Company Cert. of Authorization No. 00009496SALVATION ARMYYOUTH CENTER1527 SECOND STREETSARASOTA, FL 34236SALVATION ARMY YOUTH CENTER14DESIGNED BY:DRAWN BY:CHECKED BY:PROJECT NO.:JAWCCG13-0049JEFF L. DAVIDSON, P.E NO. 47161
ANDREW E. RATH, P.E NO. 73996
RYAN A. WHITE, P.E. NO. 67400
SHEET NO:
OF SHEET TITLE:PROJECT:DATE:REV.DESCRIPTIONREVISIONSCLIENT:1ST FIRST SUBMITTAL11/2015MASTER SITE PLANLEGEND
GENERAL NOTES:
PLANNING NOTES:
BENCHMARK INFORMATION
NGVD TO NAVD CONVERSION REVISED PER COLLIER COUNTY COMMENTS1/19/16BLDG. SETBACKS -
C-5/GTMUD MIXED USE DISTRICT
OVERALL SITE / LAND USE SUMMARY REVISED PER COLLIER COUNTY COMMENTS03/15/16REVISED PER COLLIER COUNTY BUILDING PERMIT COMMENTS10/11/16Reviewed and Approved
For Permit Issuance
11/01/2016
PL20160002901
Gulf Coast Signs of Sarasota, Inc. Client Confidential
FROM:DATE:7/23/17
TO:Attention:
Title:
Phone / Fax:239-596-0801
E - Mail
Project Title Phone Number
ITEM Quant.Unit Price Total Amount
PHASE A 1 1,896.79$ 1,896.79$
PHASE B 1 4,634.32$ 4,634.32$
PHASE C 1 2,632.20$ 2,632.20$
Total Before Fees & Taxes 9,163.31$
Local & State Taxes 549.80$
Permit Fees Permit
Procurement
Engineering
Fees $ - All Other Fees -$
No Bond /
Textura Fees Shipping Cost -$ Proposal TOTAL 9,713.11$
50% Deposit Full Payment
Credit Card
Payment
DATE
DATE
Salvation Army - monument location Job Contact Name
RKL Appraisal and Consulting, PLC
4500 Executive Drive Ste 300
Naples FL 34119
Rachel M. Zucchi
Fabrication - Installation - Service Maintenance and Extended Warranty Agreements
Rachel M. Zucchi
Reinstall one (1) illuminated monument sign copy "Fran Cohen Youth Center"
This sign needs to be moved west a approximately feet to allow for road
widening.
Remove one (1) illuminated monument sign copy "Fran Cohen Youth Center"
carefully for reinstallation.
Gulf Coast Signs Approval
Fabricate Before
Permit Obtained
1713 Northgate Blvd. Sarasota, FL 34234 · Phone (941) 355-8841 · (800) 741-1916 · Fax: (941) 351-3154
TERMS
FL 34104
$ -
This proposal is prepared for the exclusive use of prospective customer of Gulf Coast Signs of Sarasota, Inc. (GCS), as noted above. The proposal and the associated
design and drawings are confidential GCS intellectual property. As such, the prospective Client and their representatives must treat this information confidential and refrain
sharing with a third party consistent with legal and ethical business practices. GCS design may be purchased by the prospective client.
3.5% Credit Card Processing
Fees Accepted
Environmental Fees $ -
Payment Option
rzucchi@rklac.com
1472 Airport Rd
WORKING SAFELY …. PRODUCING QUALITY
Premier Custom Electric Sign Company Serving Florida and
United States For More Than Forty-Two Years
Hidayet L. Kutat
People - Quality - Safety &
Environmental Responsibility
PROPOSAL
239-596-0800 Ext. 203
Naples
239-596-0800 Ext.
203
0
State-Certified General Real Estate App
President
Supplementary
Information
Permit and Engineering are not required for this proposal.
Default payment is 50% deposit before job is released for production, 40% upon completion of the job and 10% when permit is finalized, when
applicable, or 30 days from substaintial completion, whichever is sooner. By signing this agreement customer agrees to the terms and conditions outlined
in EXHIBIT A on second page of this proposal.
This proposal is good for 30 days from the transmittal; The price will be escalated 6% per year or based on Construction Cost Index,
which ever is higher.
$ -
-$
SCOPE OF WORK
Option - remove concrete foundation and properly dispose.
Customer Signature
2017 ABC
Silver Award
20170723 SALVATION ARMY - MONUMENT RELOCATION - Proposal
Revised - 8/12/'12 Initial
4. WARRANTY:This agreement carries a 365-day warranty to the original
owner (not transferable ) on parts and labor, except for standard
manufactured lamps. The sign is warranted to be free from functional
defects in materials and workmanship at the time of original delivery. The
foregoing warranties shall not apply if the equipment has been repaired,
other than by Seller or a service facility designated by the Seller, or altered
by anyone other than Seller, or if the equipment has been subject to abuse,
misuse, negligence, accident, vandalism, and natural disasters beyond
Seller’s control. Seller shall not be liable for any damages or losses other
than the replacement of such defective work or material. Whenever there
are any circumstances on which a claim might be based, Seller must be
informed immediately or the provisions of this warranty may be voided.
The EWA program, per Paragraph 7, if executed at the time of signing this
contract will assure continued warranty coverage beyond 12-month period
approximately 20% lower price than if the EWA is executed later.
1. PERMITTING AND OTHER FEES:Gulf Coast Signs of Sarasota, Inc.
(GCS) will be responsible for obtaining engineered drawings, and permits.
Customer is responsible for permit fees and associated procurement
expenses. Fabrication will not commence without obtaining required
permits unless customer accepts full risk to cover the costs incurred if the
sign cannot be permitted.
5.OTHER CONDITIONS:Seller reserves the right to change, modify or
correct said sign in any way necessary to conform to any changes in City,
County or State law, regulation, or ordinance, and with conditions beyond
Seller’s control at job site, to insure proper installation thereof. Any change
that will have affect on cost will be covered as "Change Order" for firm
quotes, or "Extras" when the change is to be managed as T&M consistent
with paragraph 3. It is understood and agreed that this contract has been
executed in Sarasota County, Florida. Any and all causes or action arising
out of this contract shall be prosecuted in Sarasota County, Florida, in a
Court of proper jurisdiction and Buyer will be responsible for all expenses.
When this proposal is adapted to Buyer's standard contract format GCS
terms will govern the contract except for payment terms. Buyer hereby
waives any and all rights he may have to venue in some other jurisdiction.
10- REPOSSESSION:Buyer is solely liable for any and all damages to
materials delivered to the job site whether incorporated into the propertyor
not, unless the damage is caused by the negligence of Seller. Buyer hereby
grants Seller the irrevocable right to repossess any materials either installed
or uninstalled on the property in the event Buyer fails to pay Seller for the
work performed. The repossessed materials will be credited against any
amounts owed by Buyer to Seller at their resale or scrap value on the date
the materials are repossessed. Buyer agrees to indemnify, defend and save
and hold harmless the Seller from any and all claims, actions, proceedings,
disputes, and/or damages including, attorney’s fees and costs, alleged or
brought by Buyer’s Landlord and/or the owner of the real property, if
applicable, caused by removing any materials/signage provided by Seller to
Buyer. Buyer acknowledges that it has obtained permission from its Landlord
and/or the owner of the real property for Seller to install or uninstall its
materials/signage at any time without notice.
9- CONTRACT ACCEPTANCE:When signed or approved via e-mail by the
Buyer and approved by the Seller, this document shall become a binding
contract, and all terms and conditions hereof shall be binding upon the heirs,
personal representatives, successors or assigns of the respective parties, and
no assignment hereof shall be made by the Buyer without the written
consent of the Seller unless payments hereunder shall be completed. This
contract shall constitute the sole agreements between the parties hereto.No
other conditions shall be valid unless this contract shall be modified in writing
in the same manner as this agreement or following Change Order process
described in Paragraph 5. Buyer represents that he has read all of the Terms
and Conditions contained on both Scope and Terms & Condition pages.
TERMS AND CONDITIONS
EXHIBIT - A
7. EXTENDED WARRANTY AGREEMENT (EWA):The Extended Warranty
Agreement (EWA) program is designed to provide sign maintenance beyond
the 12 month warranty. In addition to sign maintenance, the annual sign
cleaning service is also an option. The is offered to signs within 150 miles
radius from GCS facilities. Signing up for EWA at the time of executing this
contract assures continued warranty coverage approximately 20% lower
price than if the EWA is executed one year later. GCS recommends customer
maintains their sign following best industry standards utilizing qualified
personnel. EWA is transferrable to new ownership providing payments are
current.
8- FINAL ACCEPTANCE:Seller will be responsible, where applicable,
arranging for Final Inspection and closing outthe permit. Buyer shall inspect
the signage included in the scope of work immediately upon installation, and
shall notify Seller in writing of any defects or variances therein. In the
absence of any such written notification within five (5) days after installation,
the display shall be deemed in all respects approved and satisfactory to
Buyer. If install date gets delayed due to customer driven reasons GCS
agrees to store finished product up to 1 month without additional charges.
After 1 month there will be storage fees ($110 per month per sign) and GCS
will not be responsible for damages during storage.
2. INSTALLATION:Signs, if electrical, to be hooked up to primary power
source provided by others if available at the time of installation. If primary
source of power is not available at the time of installation sign hook up
service will be provided on a time and material basis with minimum 2-hour
standard service fee, plus additional time required including travel time.
This contract quotation is based upon information supplied by the
representative(s) of customer, and represents our, GCS understanding and
interpretation of that information, including standard installation conditions.
Any non-standard installation conditions may warrant additional charges.All
time clocks, disconnect switches, primary wiring and electric panels to be
furnished by the Buyer. Adequate electric service to be run to sign by
Buyer unless otherwise specified in this contract.This shall become a
Contract of Sale when accepted by the buyer and approved by an Officer of
the Seller in the signature page of the main contract.
6. PAYMENT TERMS:Upon execution of this agreement BUYER agrees to
pay 50% down, 40% due upon completion of the work and 10% when
permit is closed, where applicable, or 30 days, whichever is sooner. All
unpaid balance upon completion of the work will be subject to 18% APR,
calculated at 1.5% per month interest. If total payment is made at the time
of executing the agreement, 2% of total contract price, before engineering,
permit fees and taxes will be rebated to the customer. Price escalations due
to project delays resulted from customer or its agents / contractors will be
applicable consistent with “Price Guarantee Period and Escalations”
paragraph of this Exhibit. GCS will accept Company or Cashier's check, Wire
Transfer or Credit Card for payment. 3% processing fees applicable with
credit card payments.
3. PRICE GUARANTEE, ESCALATIONS and CANCELLATION POLICY:
The prices, terms and conditions are guaranteed for 30 days from
transmittal of this proposal. If the Buyer does not accept the proposal
within 30 days from the transmittal of this proposed contract, the proposal
price will be escalated 5 % per month, rounded up to the nearest month
unless the scope of has changed; revisions to the scope of work will be
addressed through a "Change Order" for firm price or time & material
(T&M) basis and shown as "Extras" in final invoice. If the Buyer elects to
cancel the contract Buyer hereby agrees to pay Seller an amount equal to
percent completed in the shop plus 30% of this contract price for
administrative overhead.
SALVATION ARMY FRAN COHEN YOUTH CENTER (ROW)ADDENDUM C - COMPARABLE DATA
ADDENDUM C
COMPARABLE DATA
Land Sale No. 1
Property Identification
Record ID 546
Property Type Commercial, Outlot
Property Name Collier Park of Commerce Retail Center, Tract 3
Address 894 Airport Pulling Road North, Naples, Collier County,
Florida 34104
Location NWQ of Airport Road and Horseshoe Drive South
Tax ID 05575003223
Latitude N1 26° 9'43.56"N
Longitude N1 81°46'2.94"W
MSA Naples
Market Type Suburban
Sale Data
Grantor CPOC Development Company, LLC
Grantee Clean Machine Holdings, LLC
Sale Date March 23, 2015
Deed Book/Page Instr. 5100648
Property Rights Fee simple
Conditions of Sale Arm's length
Land Sale No. 1 (Cont.)
Financing Conventional - First Florida Integrity - $650K
Verification Matt Yaniglos w/LandQwest Commercial ; (239) 850-3510, July
01, 2015; Other sources: CoStar, Loopnet and public records,
Confirmed by KC Lowry
Sale Price $1,300,000
Cash Equivalent $1,300,000
Adjusted Price $1,300,000
Land Data
Zoning Business Park, Commercial
Topography Level at grade
Utilities All public
Dimensions 386' x 75' x 200'x 165' x 185' x 240'
Shape Flag shaped
Landscaping Treed
Flood Info Zone AE per FIRM 12021C 0392H
Depth 240
Land Size Information
Gross Land Size 1.367 Acres or 59,559 SF
Front Footage 461 ft Total Frontage: 386 ft Airport Road North; 75 ft
Horseshoe Drive South;
Indicators
Sale Price/Gross Acre $950,793
Sale Price/Gross SF $21.83
Sale Price/Front Foot $2,820
Remarks
Flag shaped lot with entrance off Horseshoe Road. Improved with an express tunnel 3,018 sf
carwash. The express car wash system by PECO Car Wash Systems includes a 115 foot conveyor
tunnel which can service 120 cars per hour.
Land Sale No. 2
Property Identification
Record ID 736
Property Type Office, Land Pad
Property Name Naples Memory Center
Address 3031 Airport Pulling Road, Naples, Collier County, Florida
34105
Location Capital Center Land Condo
Tax ID 25347000065
Latitude N1 26°11'0.63"N
Longitude N1 81°46'6.83"W
MSA Central Naples
Market Type Suburban
Sale Data
Grantor Dorset Associates, LLC
Grantee Naples Memory Care, LLC
Sale Date February 10, 2017
Deed Book/Page 5362-1554
Property Rights Fee Simple
Conditions of Sale Arm's Length
Financing Conventional
Sale History None in previous 3 years
Verification Ed Mace, CPA; 239-263-8257, July 21, 2017; Other sources:
Public Records, Confirmed by Rachel Zucchi
Sale Price $2,500,000
Land Sale No. 2 (Cont.)
Cash Equivalent $2,500,000
Land Data
Zoning C-3, Commercial
Topography Cleared and filled with Common Area Improvements
Utilities All Public
Shape Rectangular
Landscaping Average
Flood Info Zone X
Land Size Information
Gross Land Size 1.621 Acres or 70,614 SF
Useable Land Size 1.668 Acres or 72,672 SF , 102.91%
Allowable Units 37,425
Actual/Planned Building SF 37,425
Indicators
Sale Price/Gross Acre $1,542,187
Sale Price/Gross SF $35.40
Sale Price/Useable Acre $1,498,514
Sale Price/Useable SF $34.40
Sale Price/Allowable Unit $67
Sale Price/Planned Bldg. SF $66.80
Remarks
Land condominium Unit 3 in Capital Center. The original Units 3, 4, and 5 were re-configured
and Land Pad Unit 3 will consist of the northern most area of the site. The existing parking area
will be reconfigured. Unit 3 consists of a 70,614 SF building pad, including a 2,076 SF area
located at the Coach House Lane entrance for signage. Unit 3 is allocated a maximum of 37,425
square feet of building area or 26.36% of the maximum allowable building area in the entire
development of 142,000 SF. Construction commenced in May 2017 on a 54-bed Alzheimer's and
memory care assisted living community. The buyer is responsible for the reconfiguring of the
parking areas. There were no impact fee credits associated with the parcel. Supporting land area,
based on 26.36% allocation, is 1.67 acres and includes a pro-rata share of the common area.
Land Sale No. 3
Property Identification
Record ID 737
Property Type Commercial, Outlot
Property Name Sponge Spa Express Car Wash
Address 5100 Tamiami Trail East, Naples, Collier County, Florida
Location SEQ Tamiami Trail E and Thomasson Dr
Tax ID 71750002442
Latitude N1 26° 6'20.64"N
Longitude N1 81°44'51.01"W
MSA East Naples
Market Type Suburban
Sale Data
Grantor Collier Land Development, Inc.
Grantee Sir Sudz, LLC
Sale Date October 26, 2016
Deed Book/Page 5328-734
Property Rights Fee Simple
Marketing Time 3-4 years
Conditions of Sale Arm's Length
Financing Conventional
Sale History None in previous 3 years
Verification Pat Utter, Collier Enterprises; 239-261-4455, July 21, 2017;
Other sources: Listing Brochure, Confirmed by Rachel Zucchi
Sale Price $950,000
Land Sale No. 3 (Cont.)
Cash Equivalent $950,000
Land Data
Zoning Sabal Bay MPUD, Commercial
Topography Level
Utilities All Public
Shape Rectangular
Landscaping Cleared
Flood Info Zone AE
Depth 260
Land Size Information
Gross Land Size 0.930 Acres or 40,511 SF
Front Footage 155 ft Total Frontage: 155 ft Tamiami Trail E;
Indicators
Sale Price/Gross Acre $1,021,500
Sale Price/Gross SF $23.45
Sale Price/Front Foot $6,129
Remarks
Cleared lot located adjacent to Culver's in Shops at Hammock Cove Phase II (aka Sable Bay).
Parcel has frontage along Tamiami Trail East. Water management provided off-site. Located
adjacent to Shops of Hammock Cove, a Publix anchored shopping center, and Isles of Collier
Preserve master planned community. Parcel was listed for $26/sf. Remaining corner outlot is
listed for $28/sf and rear parcels 2.09 acres+ are listed for $15/sf and $24-$26/sf for parcels along
the east side bordering a large lake.
Land Sale No. 4
Property Identification
Record ID 738
Property Type Commercial, Commercial site
Property Name Joint Replacement Institute
Address 3475 Thrive Dr, Naples, Collier County, Florida
Location SS Pine Ridge Road, just east of Kraft Rd
Tax ID 00288162003
Latitude N1 26°12'40.09"N
Longitude N1 81°44'52.57"W
MSA North Naples
Market Type Suburban
Sale Data
Grantor Naples One, LLC
Grantee Von Doom Enterprises, LLC
Sale Date February 14, 2017
Deed Book/Page 5363-3143
Property Rights Fee Simple
Conditions of Sale Arm's Length
Financing Conventional
Sale History None in previous 3 years
Verification Phil Fischler; Fischler Property Company; 239-895-1060, July
21, 2017; Confirmed by Rachel Zucchi
Sale Price $2,500,000
Cash Equivalent $2,500,000
Land Sale No. 4 (Cont.)
Land Data
Zoning Byrnwood CPUD, CPUD
Topography Heavily Treed
Utilities All Public
Shape Rectangular
Flood Info Zone AH
Land Size Information
Gross Land Size 2.000 Acres or 87,120 SF
Allowable Units 16,600
Front Footage 325 ft Total Frontage: 325 ft Pine Ridge Rd; 260 ft Thrive Drive;
Actual/Planned Building SF 15,962
Indicators
Sale Price/Gross Acre $1,250,000
Sale Price/Gross SF $28.70
Sale Price/Allowable Unit $151
Sale Price/Front Foot $7,692
Sale Price/Planned Bldg. SF $156.62
Remarks
Parcel is the outlot to Thrive at Naples, a 197-unit assisted living, memory care, and independent
living facility which broke ground in March 2017. According to the deed, the maximum
permitted buildable area for the subject parcel is 16,600 SF. A two-story, 15,962 sf medical office
building is planned. Escrow was reportedly 6 months during which time the seller applied for a
replat of the parcel. Approximately 0.18 acre southeast corner of the site is designated as
Preserve. The site has frontage along Pine Ridge Road. Access will be provided from Thrive
Drive.
Land Sale No. 5
Property Identification
Record ID 735
Property Type Commercial, Commercial site
Property Name Porsch of Naples
Address 3147 Davis Boulevard, Naples, Collier County, Florida 34104
Location North side of Davis Blvd. approximately 140 feet west of
Airport Road
Tax ID 70720400101
Latitude N1 26° 8'20.55"N
Longitude N1 81°46'3.64"W
MSA Naples
Market Type Suburban
Sale Data
Grantor Liebig Management Inc.
Grantee TT of Naples, Inc
Sale Date October 31, 2014
Deed Book/Page 5090 / 3750
Property Rights Fee simple
Conditions of Sale Arm's Length
Financing Conventional
Sale History Title transfer Dec. 2016; $800,000 in Feb. 2012;
Verification Richard Curry w/Jones & Co. Realty; 239-849-4305, December
01, 2014; Other sources: CoStar, Loopnet, Business Observer
and public records, Confirmed by KC Lowry
Land Sale No. 5 (Cont.)
Sale Price $2,300,000
Cash Equivalent $2,300,000
Land Data
Zoning C-5 Heavy Commercial, Commercial
Topography Level at grade
Utilities All public
Dimensions 360' x 267.52' x 345' x 135' x 15'
Shape Nearly rectangular
Landscaping None
Flood Info Zone AE per Firm 12021C 0394H
Depth 267
Land Size Information
Gross Land Size 2.154 Acres or 93,819 SF
Front Footage 705 ft Total Frontage: 360 ft Davis Boulevard; 345 ft Terrace
Avenue;
Indicators
Sale Price/Gross Acre $1,067,886
Sale Price/Gross SF $24.52
Sale Price/Front Foot $3,262
Remarks
Listed at $3,450,000. Property was purchased in February 2012 from Embarq Florida Inc, a
hardline phone company, and converted from offices and garage to an preowned exotic car
dealership. The listing agent estimated that the seller incurred reconstruction costs at
approximately $500,000 after the $1.2M purchase in 2012. The resurfaced parking lot can hold
up to 300 cars. The new owner will use the lot to compliment their high end dealerships in town.
Improvements were razed in late 2016 and construction has commenced on a new 15,000 sf
Porsche of Naples dealership which is scheduled for completion by late 2017.