Agenda 04/22/2025 Item #16A16 (Agreement for Sale and Purchase- 17.66-acre property, consisting of four parcels of land, within North Golden Gate Estates for the Conservation Collier Program)4/22/2025
Item # 16.A.16
ID# 2024-2324
Executive Summary
Recommendation to approve an Agreement for Sale and Purchase under the Conservation Collier Land Acquisition
Program with Hendrix House, Inc., and Restoration Church, Inc. (“Hendrix House”), for a 17.66-acre property at a cost
of $502,500, for a total cost not to exceed $507,870, inclusive of closing costs.
OBJECTIVE: To purchase a 17.66-acre property, consisting of four parcels of land, within North Golden Gate Estates
for the Conservation Collier Program.
CONSIDERATIONS: On June 25, 2024, Agenda Item No. 16.A.13., the Board of County Commissioners (Board)
approved a Conservation Collier Land Acquisition Advisory Committee (CCLAAC) recommended Cycle 12B Active
Acquisition List (AAL) and directed staff to actively pursue acquisition of the properties under the Program. The
Hendrix House parcel was approved as an A-list property on the Cycle 12B AAL.
Frankie Hendrix, a Hendrix House Inc. representative, owns and has a home on the parcel of land adjacent to the
northwest corner of the Hendrix House property. In January 2022, Ms. Hendrix nominated the 17.66-acre property,
along with over 100 acres surrounding the property, to Conservation Collier because of the abundance of wildlife in the
area. In February and March 2022, Conservation Collier sent interest letters to all property owners but received no
responses. In October 2022, Hendrix House, Inc. purchased the 17.66-acre property in partnership with Restoration
Church with the intention of creating a conservation area for the community similar to the Conservation Collier Dr.
Robert H. Gore III Preserve. However, Hendrix House, Inc. and Restoration Church, Inc. now wish to sell the property.
Hendrix House Parcels 41711000002, 41770120004, 41770080005, 41770040003 – West end of 40th Ave. SE in
North Golden Gate Estates, adjacent to the Miller Canal and I-75
• 17.66 acres of vacant, unimproved land consisting of scrubby flatwoods, pine flatwoods, mixed scrub-shrub
wetlands, and oak hammock plant communities.
• Adjacent to the Miller Canal wildlife crossing under I-75 leading to Picayune Strand State Forest.
• Seller will provide an approved sitting area for wildlife observation and approved signage within an area of the
property designated by the Purchaser.
• Staff contracted with two independent, state-certified, general real estate appraisal firms to appraise the Hendrix
House property. The cost of obtaining these appraisals was $3,400.
• On August 26, 2024, an offer of $477,500 was made and rejected. On October 21, 2024, the negotiated
purchase price of $502,500 was accepted.
• The purchase price is 100% of the appraised value.
As amended, the Hendrix House property met the Initial Screening Criteria identified in the Conservation Collier
Ordinance, No. 2002-63. These criteria included the presence of native habitat, potential for nature-based recreational
and educational opportunities, protection of water resource values and wetland-dependent species habitat, presence of
significant biological/ecological values, listed species habitat, connectivity, and restoration potential.
Preservation of this property would secure safe passage for wildlife, including the Florida panther, between North
Golden Gate Estates and Picayune Strand State Forest. The property is also adjacent to private conservation lands and
undeveloped property within North Belle Meade, which is to the west across the Miller Canal. Multiple wildlife species,
including the Florida panther, American alligator, bald eagle, wild turkey, fox, black bear, and white-tailed deer, have
been observed on the property.
Trails exist throughout the property and could be expanded – providing hiking, fishing, and horseback riding
opportunities.
All four parcels are zoned as Estates, allowing a maximum of one single-family unit per 2.25 acres.
Page 1536 of 6355
4/22/2025
Item # 16.A.16
ID# 2024-2324
This acquisition is consistent with Conservation Collier Purchasing Policy, Resolution No. 2023-10, which allows the
offer amount to be determined by staff but shall be no more than the appraised value.
Pursuant to Ordinance 2002-63, as amended, a Project Design Report (PDR) for this property is provided herewith.
This item is consistent with the Collier County strategic plan objectives to preserve and enhance the character of our
community and to protect our natural resources.
FISCAL IMPACT: The funds for this vacant land acquisition will be withdrawn from the Conservation Collier Trust
Fund (1061). The property identified herein is comprised of a not-to-exceed acquisition cost of $507,870 as follows:
Seller
Name Acres Appraised
Value
Purchase
Price
Closing Costs
(title
commitment, title
policy, closing fee,
recording fees)
Total
Purchase
Price
Initial 5 Yr.
Maint.
Costs
Long-term
Annual
Maint. Costs
Hendrix
House
17.66 $502,500 $502,500 $5,370 $507,870 $59,600 $6,600
As of April 22, 2025, the estimated property acquisition costs for Conservation Collier properties, including this
property and those under contract, total $128,928,861. The funds for managing this property will be expended from the
Conservation Collier Maintenance Fund (1062). The initial maintenance costs are provided in the attached PDR. The
total maintenance costs for this parcel for the first five years (initial maintenance costs) are estimated at $59,600. After
initial restoration, the estimated maintenance costs for this parcel will be approximately $6,600 annually.
GROWTH MANAGEMENT IMPACT: Fee simple acquisition of conservation lands is consistent with and supports
Policy 1.3.1(e) in the Conservation and Coastal Management Element of the Collier County Growth Management Plan.
LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires a majority vote for Board
approval. -SAA
RECOMMENDATIONS: 1) To approve the attached Agreement and accept the Warranty Deed once approved by the
County Attorney’s Office.
2) To authorize the Chairman to execute the Agreement and any and all other County Attorney’s Office approved
documents related to this transaction; and
3) To authorize the County Manager or designee to prepare related vouchers and warrants for payments and to take all
reasonable steps necessary to ensure performance under the Agreement.
PREPARED BY: Melissa Hennig, Environmental Specialist I, Conservation Collier, Development Review Division
ATTACHMENTS:
1. Hendrix House Agreement
2. Hendrix House-PDR-PWP
3. Carlson Norris Hendrix House appraisal 8.21.24
4. Carroll & Carroll Hendrix House appraisal 8.26.2024
Page 1537 of 6355
CONSERVATION COLLI€R
TAX lD NUMSER 11711000002 41770040003 41770080005 a1770120004
THIS AGREEMENT is made and entered into by and between Hendrix House,
lncorporated, a Florida corporation, as to an undivided 50o/o interest whose post office
address is 2560 40rh Ave SE, Naples, FL 34117 and Restoration Church, lnc., a Florida
Not For Profit Corporation as to an undivrded 50o/o interest whose post offic€ address is
13510 Tamiami Trail N.. Suite 5, Naples, FL 34110 as tenants in common (hereinafter
referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of
Florida, its successors and assigns, whose address is 2685 Horseshoe Dr. S., Suite
103, Naples, FL 34104 (hereinafter referred to as "Purchase/').
WITNESSETH
CC AgreerEnt 06/1012024 Page 1 of 14
AGREEMENT FOR SALE AND PURCHASE
WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter
referred to as "Property"), located in Collier County, State of Florida, and being more
particularly described in Exhibit "A", attac,hed hereto and made a part hereof by
reference.
wllEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions
and olher agreements hereinafter set forth, and seller is agreeable to such sale and to
such conditions and agreements.
NOW, THEREFORE, and for and in consideration of the premises and the respeclive
undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the
receipt anJ sufficiency of whic+r is hereby acknowledged, it is agreed as follows:
I. AGREEMENT
1.01 ln consideration of the purchase price and upon the terms and condilions
hereinafter set forth, seller shall sell to Purchaser and Purchaser shall purchase
from Seller the Property, described in Exhibit "A'.
II, PAYMENT OF PURCHASE PRICE
2.01 The purchase price (the "Purchase Price") for the Property shall be Five
Hundred and Two Thousand, Five Hundred Dollara and 00/100 dollars
($502,500.00), (U.S. Cunency) payable at time of closing'
m. cLoslNG
3.01 The Closing (THE "CLOSING DATE" "DATE OF CLOSING", OR "CLOSING'') of
the transaction itratt Ue held on or before one hundred and eighty (180) days,
following execution of this Agreement by the Purchaser, or within thirty (30) days of
Page 1538 of 6355
Purchaser's receipt of all closing documents, whichever is later. The Closing shall
be held at the otfice of the insuring title eompany or by mail. The procedure to be
foltowed by the parties in connection with the Closing shall be as follows:
3.011 Seller shall convey a marketable title free of any liens, encumbrances,
exceptions, or qualifications. Marketable title shall be determrned according lo
applicable title standards adopted by the Flotida Bar and in accordance with law.
At the Closing, the Seller shall cause to be delivered to the Purchaser the items
specified herein and the following documents and instruments duly executed and
acknowledged. in recordable form:
3.0111 Warranty Deed in favor of Purchaser conveying title to the Propefi,
free and clear of all liens and encumbrances other than:
(a) The lien for current taxes and assessments
(b) Such other easements, restrictions, or conditions of record.
3. 0 1 1 2 Combined Purchaser-Seller closing statement
3.01 13 A "Gap Tax Proration, Owner's Non-Foreign Affidavit", as required by
Seclion 1445 of the lnternal Revenue Code and as required by the title
insurance underwriter to insure the "gap" and issue the policy contemplated
by the title insurance commitment.
3.01 14 A W-9 Form, "Request for Taxpayer ldentification and Certification"
as required by the lnternal Revenue Service.
3.012 At the Closing, the Purchaser, or its assignee, shail cause to be
delivered to the Seller the followtng.
3.0121 A negoliable instrument (County Warrant) in an amount equal to the
Purchase Piice. No funds shall be disbursed to Seller until the Title
Company verifies that the state of the title to the Property has not changed
adversely since the date of the last endorsement to the commitment'
referenced in Section 4.01 1 thereto, and the Title Company is irrevocably
commitled to pay the Purchase Price to Seller and to issue the Owner's title
policy to Purchaser in accordance with the commitment immediately afler the
recordrng of the deed.
3.0122 Funds payable to the Seller representang the cash payment due at
Closing in accordince with Article lll hereof. shall be subiect to adjustment for
prorations as hereinafler set forth.
CC Agr€en d 06i/10r2024
CONSERVANON COTUER
TAX lD NUMBERT 41711000002 {1770(xmo3 4r77m8O0O5 41770120@4
Pagc 2 ot t,t ,{:\
i:a
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CONSERVATION COLLI€R
TAX rD NUMB€R 41711mOOd2 41770040003 41770080005 41770120004
3.02 Each party shall be responsible for payment of its own attorney's fees. Seller,
at rts sole cost and expense, shall pay at Closing all documentary stamp taxes due
relating to the recording of the Warranty Deed, in accordanc€ with Chapter 201.01.
Florida Statutes, and the cost and electronic fee of recording any instruments
necessary to clear Seller's title to the Property. The cost of the Owner's Form B
Title Policy, issued pursuant to the Commitment provided for in Section 4.011
below. shall be paid by Purchaser. The cost of the title commrtment shall also be
paid by Purchaser. lf required by a Phase I report and desired by Purchaser,
Seller shall pay for a Phase ll Environmental Assessment selected by Purchaser.
3.03 Purchaser shall pay for the cost of recording the Warranty Deed. Real
Property taxes shall be prorated based on the current year's tax with due
allowance made for maximum allowable discount. homestead and any other
applicable exemptions and paid by Seller. lf Closing occurs at a date which the
current year's millage is not fixed, taxes will be prorated based upon such prior
year's millage.
IV. REOUIREMENTS D CONDITIONS
4.01 Upon execution of this Agreement by both parties or at such other time as
specified wilhin this Article, Purchaser and/or Seller, as the case may be. shall
perform the following within the times stated, which shall be conditions precedent
to the Closing;
4.0'11 Wthin fifteen (15) days after the date hereof, Purchaser shall obtain as
evidence of title an ALTA Commitmenl for an G,vne/s Title lnsurance Policy
(ALTA Form 8-1970) covering the Property, together wlth hard copies of all
exceptions shown theteon. Purchaser shall have thirty (30) days. following
receipt of the title insurance commitment, to notifu Seller in writing of any
objection to title other than liens evidencing monetary obligations' if any, which
obiigations shall be paid at closing. lf the title commitment contains exceptions
thaimake the title unmarketable, Purchaser shall deliver to the Seller written
notice of its intention to waive the applicable contingencies or lo terminate this
Agreement.
4.012 ll Purchaser shall fail to advise the Seller in writing of any such
ob.iections in Seller's title in the manner herein requrred by this Agreement, the
ti e shall be deemed acceptable. upon notification of Purchase/s ob,ection to
title. Seller shall have thirty (30) days to remedy any defects to convey good
and marketable title at Seller's expense, except for liens or monetary
obligations which will be satisfied at closing. seller, at its sole expense, shall
use-its best efforts to make such title good and marketable. ln the event seller
is unable to cure said ob.iections within said time period, Purchaser' by
providing written notice to s-etler within seven (7) days after expiration of said
irlcC Agreernenl @1 0/2024 Pag€ 3 ol la
Page 1540 of 6355
CONSERVATIOIi COLLIER
TAX tD NUMBER 4171r@OO02 {177@t0003 41770080005 41770120004
thirty (30) day period, may accept title as it then is, waiving any objection; or
Purchaser may terminate the Agreement. A failure by Purchaser to give such
written notice of termination within the time period provided herein shall be
deemed an election by Purchaser to accept the exceptions to title as shown in
the title commitment.
4.013 Seller agrees to furnish any existing surveys of the Property in Seller's
possession to Purchaser wilhin ten (10) days oI the effective date of this
Agreement. Purchaser shall have the option. at its own expense, to obtain a
current survey of the Property prepared by a surveyor licensed by the State of
Florida. No adiustments to lhe Purchase Price shall be made based upon any
change lo the total acreage referenced in Exhibit "A." unless the difference in
acreage revealed by survey exceeds 5% of the overall acreage. lf the survey
provided by Seller or obtained by Purchaser, as certified by a registered
Flonda surveyor, shows: (a) an encroachment onto the propertyi or (b) that an
improvement located on the Property prqects onto lands of others, or (c) lack
of legal access to a public roadway, the Purchaser shall notify the Seller in
writing of such encroachment, projection, or lack of legal access, and Seller
shalt have the option of cunng said encroachment or projection, or obtaining
legal access to the Property from a public roadway, within sixty (60) days of
receipt of said written notice from Purchaser- Purchaser shall have ninety (90)
days from the effective date of lhis Agreemenl to notify Seller of any such
objections. Should Seller elect not to or be unable to remove the
encroachmenl, proiection, or provirJe legal access to the property within said
sixty (60) day period, Purchaser, by providing written notice to Seller within
seven (7) days after expiration of said sixty (60) day period. may accept the
Property as it then is, waiving any objection to the encroachment, or pro,ection,
or lack of legal access, or Purchaser may terminate the Agreement, A failure
by Purchaser to give such written notice of termination within the time period
provided herein shall be deemed an election by Purchaser to accept the
Property with the encroachment, or proiection, or lack of legal access.
V, INSPECTION P R
5.01 Purchaser shall have one hundred twenty (120) days from the date of this
Agreement, ("lnspection Period"), to determine through appropriate investigation
that:
1. Soil tests and engineering studies indacate that the Property can be develop€d
without any abnormal demucking, soil stabilization or foundations.
2. There are no abnormal drainage or environmental requirements to the
development of the Property.
3. The Pioperty is in compliance with all appticable State and Federal environ-
mental laws and the Property is free from any pollution or contamination.
14.CC Ag.cement 06/1 0/2024 Page 4 ot 14
Page 1541 of 6355
4. The Property can be utilized for its intended use and purpose in the
Conservation Collier program-
5.02 lf Purchaser is not satisfied, for any reason whatsoever, with the results of
any investigation, Purchaser shall deliver to Seller prior to the expiration of the
lnspection Period, written notice of its intention to waive the applicable
contingencies or to terminate this Agreement. lf Purchaser fails to notity the Seller
in writing of its specific obiections as provided herein within the lnspection Period,
it shall be deemed that the Purchaser is satisfied with the results of its
investigations and the contingencies of this Article V shall be deemed waived. ln
the event Purchaser elects to termtnate this Agreement because of the right of
inspection, Purchaser shall deliver to Seller copies of all engineering reports and
environmental and soil testing results commissioned by Purchaser with respect to
the Property.
5.03 Purchaser and its agents, employees and servants shall, at their own risk and
expense, have the right to go upon the Property for the purpose of surveying and
conducting site analyses, soil borings and all other nec€ssary investigation.
Purchaser shall. in performing such tests, use due care. Seller shall be notified by
Purchaser no less than twenty-four (24) hours prior to said inspection of the
Properly.
VI, INSPECTION
6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have
the right to inspect the Property at any time prior to the Closing
VII, POSSESSION
7.01 Purchaser shall be entitled to full possession of the Property at closing.
7.02 Seller will provide an approved sitting area for wildlife observation and
approved signage within an area on the property designated by the Purchaser'
VIII. PRORATIONS
8'0lAdvaloremtaxesnextdueandpayable,afterclosingontheProperty,shall
n" prorat"O at Closing based upon the gross amount oI current year taxes' and
shall be paid by Seller.
IX. TER INATION AND REM EDIES
9.01 lf Seller shall have failed to perform any of the covenants and/or agreements
contained herein which are lo be performed by seller, within ten (10) days of
CC Agreerient 06/10,?024
Page 5 of 1,4
CONSERVATION COLLIER
YAX lD NUUBER 41 71 1000002 {1 770040q)3,01 770080005 41 7 f 01 2C0o1
,/-:\-i<!
Page 1542 of 6355
COI{SERVATION COLLIER
TAX lO NUMBER 41711000002 41770&t0003 41770080005 417701?0{n4
written notification of such failure, Purchaser may, at its option, terminate this
Agreement by giving written notice of termination to Seller. Purchaser shall have
the right to seek and enforce all rights and remedies available at law or in equity to
a contract vendee, including the right lo seek specific performance of thls
Agreement.
9.02 The parties acknowledge that the remedies described herein and in the
other provisions of this Agreement provide mutually satisbctory and sufficient
remedies to each of the parties and take into account the peculiar risks and
expenses of each of the parties.
X. SELLER'S A ND P URCHASER'S REPRES ENTATIONS AND RRANTIES
10.01 Seller and Purchaser represent and wanant the following:
10.01 1 Seller and Purchaser have full right and authority to enter into and to
execute this Agreement and to undertake all actions and to perform all tasks
required of each hereunder. Seller is not presently the sub.iec{ of a pending,
threatened or contemplated bankruptcy proceeding. Seller further represents
the Property is free from any and all occupanls, tenants. and other persons or
entities claiming possession of the Property at the time of closing. This
provision shall survive closing
10.0'12 Seller has full right, power, and authority to own and operate the
Property, and to execute, deliver, and perform its obligations under this
Agreement and the instruments execuled in connection herewith' and to
consummate the transaction contemplated hereby All necessary
authorizations and approvals have been obtained authorizing Seller and
Purchaser to execute and consummate the transaction contemplated hereby'
At Closing, certified copies of such approvals shall be delivered to Purchaser
and/or Seller, if necessary.
10.013 The warranties set forth in this paragraph shall be true on the date of
this Agreement and as of the date of Closing. Purchaser's acceptance of a
deed io the said property shall not be deemed to be full performance and
dischargeofeveryagreementandobligationontheparloftheSellertobe
performed pursuant to the provisions of this Agreement
l0.0l4sellerrepresentsthatithasnoknowledgeofanyactions,suits,claims,
proceedings, litigation or investigations pending or th-reatened against Seller' at
Lw, equiti or in-arbitration before or by any federal, state, municipal or other
goremm"ntal instrumentality that relate to this agreement or any other
iiopert, that could, if continued, adversely affect Selle1s ability to sell the
Froperty to Purchaser accoding to the terms of this Agreement'
CC AgreenEnt 06'1 01?024
Pag! I of ti /':\
l.il
Page 1543 of 6355
CONSERVATION COLLIER
TAX lD NUMBER ,11711000002 41770010003 41770OE0005 a17701200O4
10-015 No party or person other than Purchaser has any right or option to
acquire the Property or any portion thereof.
10.016 Until the date fixed for Closing, so long as this Agreement remains in
force and effect, Seller shall not encumber or convey any portion of the
Propefi or any rights therein, nor enter into any agreemenls granting any
person or entity any rights with respect to the Property or any part thereof,
without first obtaining the written consent of Purchaser to such conveyance,
encumbrance, or agreement which consent may be withheld by Purchaser for
any reason whatsoever.
10.017 Seller r€presents that they have (it has) no knowledge that there is or
ever has been incinerators, septic tanks, or cesspools on the Property; all
waste, if any, is discharged into a public sanitary sewer system; Seller
represents that they have (it has) no knowledge that any pollutants are or have
been discharged from the Property, directly or indirectly into any body of water.
Seller represents lhat to lheir knowledge the Property has not been used for
the production, handling, storage, transportation, manufacture, or disposal of
hazardous or toxic substances or wastes, as such terms are defined in
applicable laws and regulations, or any other activity that would have toxic
results, and no such hazardous or toxic substances are cunently used in
connection with the operation of the Property, and lhere is no proceeding or
inquiry by any authority with respect thereto. Seller represents that they have
tn nait nb knowledge t'hat there is ground water contamination on the Property
or potential of ground water conlamination from neighboring properties' Seller
represents tnaithey have (it has) no knowledge that there is or ever has been
any storage tanks for gasoline, or any other substances are or were located on
tne eropJrty at any time during or prior to Seller's ownership thereof- Seller
represents ih"t tttey have (it has) no knowledge that any part of the Property
has ever been used as a sanitary landfill.
10.018 Seller has no knowledge that the Property and Seller's operations
concerning the Property are in violation of any applicable Federal' Slate or
local statite, law oi regulation, or of any notice from any governmental body
t as Oeen served upon Selbr claiming any violation of any law, ordinance' code
or regulation or requiring or calling attention to the need for any work' repairs'
consi;uction, alterationJor installition on or in connection with the Property in
;;;;'i; comply with any laws, ordinanccs, codes or regulation with which
Seller has not comPlied.
10.019 Seller has no knowledge of unrecorded leases, licenses or other
poaiu"tory interests, restriction;, easements, or rights of way (other than
lritrg ..ini"g regulations) that restrict or affect the use of the Property' and
Page 7 ot ta 4'.
CC Aqreemenl 06/t 0/2024
Page 1544 of 6355
CONSERVATION COLLIER
TAX tD NUMBER 41711A00002 4177@a0003 4t770080@5 {1770120004
there are no maintenance, conslruction, advertising, management, leasing,
employment, service, or other contracts affecting the Property.
'10.020 Seller has no knowledge that there are any suils, actions or arbitration,
bond issuances or proposals therefor, proposals for public improvement
assessments, pay-back agreements, paving agreements, road expansion or
improvement agreements, utility moratoriums, use moratoriums, improvement
moratoriums, administrative or other proceedings or governmental
investigations or requirements, formal or informal, existing or pending or
threatened which affects the Property or which adversely affects Seller's ability
to perform hereunder, nor is there any other charge or expense upon or related
to the Property which has not been disclosed to Purchaser in writing prior to
the effective date of this Agreement.
1 0.021 Seller acknowledges and agrees that Purchaser is entering into lhis
Agreement based upon Seller's representations stated above and on the
understanding that Seller will not cause the zoning or physical condition of the
Property to change from its existing state on the effeclive date of this
Agreement up to and including the Date of Closing. Therefore, Seller agrees
not to enter into any contracts or agreements pertaining to or affecting the
Property and not to do any act or omit to perform any act which would change
the zoning or physical condition of the Proper$ or the governmental
ordinan@s or laws governing same. Seller also agrees to notify Purchaser
promptly of any change in the facts contained in the foregoing representations
and of any notice or proposed change in the zoning, or any other action or
notice, that may be proposed or promulgated by any third parties or any
governmental authorities having jurisdiction of the development of the property
which may restrict or change any other condition of the Property.
10.022 Al the Closing. Selbr shall deliver to Purchaser a statemenl
(hereinafter called the "Closing Representative Statement") reasserting the
ioregoing representations as of the Date of Closing' which provisions shall
survive the Closing.
'10.023 Seller represents, wanants and agrees to indemnifo, reimburse, defend
and hold Purchaser harmless from any and all costs (including attomey's fees)
asserted against, imposed on or incurred by Purchaser, directly or indirectly'
pursuant tior in connection with the application of any federal, state, local or
lor*on law relating to pollution or protection of the environment which shall
beinaccordancewith,butnotlimitedto,theComprehensiveEnvironmental
Response, Compensation, and Liability Act of 1980, 42 U S'C' Section 9601'
"i-.-Jq., ttenclA" or "superfund"), wirich was amend-ed and upraded by.the
a;;;;Jfu"ndment and Reauihorization Act of 1986 (,'SARA)' including
any amendments or successor in function to these acts' This provision and
CC Agreemenl 081012024
Page E of 14
I
Page 1545 of 6355
CONSERVATION COLLIER
TAX lO NUMBER: 4'l711mOOO2 {1770040003 41770080005 4110'120@4
the rights of Purchaser, hereunder, shall survive Closing and are not deemed
satisfied by conveyance of title.
10.024 Any loss and/or damage to the Property between the date of this
Agreement and the date of Closing shall be Seller's sole risk and expense.
XI. NOTICES
lf to Purchaser:Summer Araque, Coordinator
Conservation Collier Program
Collier County Parks and Recreation Division
Public Services Department
Golden Gate Community Park
3300 Santa Barbara Blvd.
Naples, Florida 341 16
With a copy to Attn: Grant Cox
Collier County Real Property Management
2685 Horseshoe Dr. S., Suite 103
Naples, Florida 34104
Telephone number: 235-252-537 3
Fax number: 239-252-8876
lf to Seller Hendrix House, lncorporated, a Florida Profit Corporation
2560 4Oh Ave SE
Naples, FL 34117
Telephone number. 239-248-21 0B
Fax number: __N/A-
Email : rac-.1gples@gmail. coE
Restoration Church, lnc., a Florida Not For Profit Corporation
'13510 Tamiami Trail N. Suite 5
Naples, FL 34110
Telephone number: 239-352-0881
Fax number: -N/A*
11.01 Any notice, request, demand, instruction, or other communication to be
given to either party hereunder shall be in writing, sent by facsimile with
automated confirmation of receipt, or by registered, or certified mail, return receipt
requested, postage prepaid, addressed as follows:
Email : dtomei @restorat tonc hurch.crm
CC AgIeem€nt 06/10/2024
Page 1546 of 6355
CONSERVATION COLLIER
TAX tD NUMBER 11 7 I 10oOO02 4r77004@0i 11 770080005 41 r0',12000a
1 1 .02 The addressees and numbers ,or the purpose of this Article may be
changed by either party by giving written notice of such change to the other party
in the manner provided herein. For the purpose of changing such addresses or
addressees only, unless and until such written notice is received, the last
addressee and respeclive address stated herein shall be deemed to continue in
effect for all purposes.
XII, REAL ESTATE BROKERS
12.01 Any and all brokerage commissions or fees shall be the sole responsibility
of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from
and against any claim or liability for commission or fees to any broker or any other
person or party claiming to have been engaged by Seller as a real estate broker,
salesman or representative, in connection with this Agreement. Seller agrees to
pay any and all commissions or fees at closing pursuant to the terms of a separate
agreement, if any.
XIII, MISCELLANEOUS
13.01 This Agreement may be executed in any manner of counterparts which
together shall constitute the agreement of the parties.
13,02 This Agreement and the terms and provisions hereof shall be effective as of
the date this Agreement is executed by both parties and shall inure to the benefit
of and be binding upon the parties hereto and their respective heirs, executors,
personal representatives, successors, successor trustee, and assignees
whenever the context so requires or admrts.
13.03 Any amendment to this Agreement shall not bind any of the parties hereof
unless such amendment is in writing and executed and dated by Purchaser and
Seller. Any amendment to this Agreement shall be binding upon Purchaser and
Seller as soon as it has been executed by both parties
13.04 Captions and section headings contained in this Agreement are. for
convenience and reference only; in no way do they define, describe, extend, or
limit the scope or intent of this Agreement or any provisions hereof'
13.05 All terms and words used in this Agreement, regardless of the number and
gender in which used, shall be deemed to include any other gender or number as
the context or lhe use thereof may require.
,l'
CC Ag,ee.ncnt CA10/2021 Pag€ 10 ot 1'a
Page 1547 of 6355
CONSF.RVATION COLLIER
tAx rD NUMAER 4r7rr000002 41770040003 a1770080005 II770120004
13.06 No waiver of any provision of this Agreement shall be effective unless it is in
writing signed by the party against whom it is asserted, and any waiver of any
provision of this Agreement shall be applicable only to the specific instance to
which it is related and shall not be deemed to be a continuing or future waiver as
to such provision or a waiver as lo any other provision.
13.07 lf any date specifted in this Agreement falls on a Salurday, Sunday, or legal
holiday, then the date to which such reference is made shall be extended to the
next succeeding business day.
13.08 Seller is aware of and understands that the "offer'' to purchase represented
by this Agreement is subject to acc€ptance and approval by the Board of County
Commissioners of Collier County, Florida.
13.09 lf the Seller holds the Property in the form of a partnership, limited
partnership, corporation, trust, or any form of representative capacity whatsoever
for others, Seller shall make a written public disclosure, according to Chapter 286'
Florida Statutes, under oath, of the name and address of every person having a
beneficial interest in the Property before Propefi held in such capacity is
conveyed to Collier County. (lf the corporation is registered with the Federal
Securities Exchange Commission or registered pursuant to Chapter 517, Florida
Statutes, whose stock is for sale to the general public, it is hereby exempt from the
provisions of Chapter 286, Florida Statutes.)
13.10 This Agreement is governed and construed in accordance with the laws of
the State of Florida.
CC Agroement 06/1 0P024
SIGNATURES APPEAR AN THE FOLLOW1NG PAGES
XIV. ENTIRE AGREEMENT
14.01 This Agreement and the exhibits attached hereto contain the entire
agreement between the parties, and no promise' representation, warranty, or
c6venant not included in this Agreement, or any such referenced agreements has
been or is being relied upon by either party. No modilication or amendment of this
Agreement shall be of any force or effect unless made in writing and executed and
oiteO Uy both Purchaser and Seller. Time is of the essence of lhis Agreement'
XV. ACKNOWLEDGMENT OF POTENTIAL FUTURE USE
ls,olAnydevelopmentrightsorcredilsavailableonthePropertyarerelinquished
by the Seller and'conveyJd to the Purchaser at closing as part of the sale of the
Property.
a)
Pag. 1'l ot 14
Page 1548 of 6355
CONSERVATION COLLIER
TAX tD NUMSER 41711000002 41770040003 a177@80005 417701?0@4
lN WITNESS WHEREOF. the parties heteto have signed below.
Dated ProjecUAcquisition Approved by BCC:.....".-...-....."....._----_
AS TO PURCHASER:
ATTEST:
CRYSTAL K. KINZEL, Clerk of the
Circuit Court and Comptroller
By
, Deputy Clerk Burt L.Chairman
REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY. FLORIDA
CC Agreorneot 06/1 012024
Pago 12 of la
Page 1549 of 6355
CONSERVA'iON COLLIER
TAX lO Nut BER:,(t7t1OOO@2 41770(}.0003 41770080005 41n0120oo1
AS TO SELLER:
Hendrix House, lncorporated, a Florida Profit Corporation
DATED:/,>zr
By:
Print Name: Frankie S. Hendrix '/r*/
/cTitle:
Restoration Church, lnc., a Florida Not For Profit Corporalion
DATED:r./=,da <-
By:
Print Name: Dominic Tomei
Title:
/-22r
Approved as to torm and legality:
Assistanl County Attomey
CC Agroemenl 06/10/2024 Hr,*tu
PagB ,3 of l,r
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CONSERVATION COLLIER
TAX lO NUMB€R 41 71 1 000002 4 r 7700.a@03 4t 7700E0005 41 7701 20004
EXHIBIT "A"
PROPERTY IDENTIFICATION NUMBER: 417'l 1000002 41770040003 41770080005
4177012A004
Folio # 417'l 1000002
PARCEL ONE: The West 105 fuet of Tract 16, GOLDEN GATE ESTATES, UNIT NO.
93, according to the map or plat thereof, as recorded in Plat Book 5, Page 32, of the
Public Records of Collier County, Florida.
Folio # 41770040003
PARCEL TWO: All of Tract 129,GOLDEN GATE ESTATES, UNIT NO. 93-A. according
to the map or plat thereof, as recorded in Plat Book 9, Page 1 1 , of the Public Records of
Collier County, Florida.
Folio # 41770080005
PARCEL THREE, The East 180 feet of Tract 130, GOLDEN GATE ESTATES, UNIT
NO. 93-A, according to the map or plat thereof, as recorded in Plat Book 9, Page 11, of
the Public Records of Collier County, Florida.
Folio * 417701200M
PARCEL FOUR: The West 150 feet of Tract 1 30, GOLDEN GATE ESTATES, UNIT
NO. 93-A, according to the map of plat thereof, as recorded in Plat Book 9, Page 1 1. of
the Public Records of Collier County, Florida.
17.66 ACRES
P.ge l,l o, t4
t),
CC Agre€ment 06/101202,1
Page 1551 of 6355
1
Conservation Collier Land Acquisition Program
Project Design Report
Hendrix House Property
Date: January 2025
Property Owner: Hendrix House, Inc. and Restoration Church, Inc.
Folio(s): 41711000002, 41770120004, 41770080005, 41770040003
Location: GOLDEN GATE EST UNIT 93 TR 16 and 93A TR 129 and 130
Size: 17.66 acres
Purchase Price: $502,500
History of Project:
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications:
These parcels are located between 40th Ave. SE and 42nd Ave. SE, west of Everglades Blvd. S.,
adjacent to the Miller Canal to the west and I-75 to the south. The Hendrix House property met
the Initial Screening Criteria identified in the Conservation Collier Ordinance, No. 2002-63, as
amended, including presence of native habitat, potential for nature-based recreational and
educational opportunities, protection of water resource values and wetland dependent species
habitat, presence of significant biological/ecological values, listed species habitat, connectivity,
and restoration potential.
This parcel offers access from 40th and 42nd Ave SE west of Everglades Blvd – a paved public road
– and could accommodate seasonal outdoor recreation.
The parcel contains Scrubby flatwoods, Pine flatwoods, Mixed scrub shrub wetlands, and Oak
hammock communities which are habitat for the Florida panther. Listed plant species observed
include giant airplant (Tillandsia utriculate) and cardinal airplant (Tillandsia fasciculata).
The most desirable aspect of this property is its location adjacent to the Miller Canal wildlife
crossing under I-75. Preservation of this parcel would secure safe passage for wildlife, including
the Florida panther, between North Golden Gate Estates and Picayune Strand State Forest. The
property is also adjacent to private conservation lands and undeveloped property within North
Belle Meade to the west across the Miller Canal.
Selected for the “A” category, #1
priority, on the Active Acquisition
List (AAL) by CCLAAC
Selected for the “A”
category, #1 priority, on
AAL by BCC
Purchase offer
made to owners
Purchase offer
accepted
3/6/2024 6/25/2024 8/26/2024 10/21/2024
Page 1552 of 6355
2
Miller Canal I-75 wildlife underpass looking south towards Picayune Strand State Forest – yellow
line is the approximate Hendrix House property boundary
Miller Canal I-75 wildlife underpass
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3
Zoning, Growth Management and Land Use Overlays: The Hendrix House property is within
the Northern Golden Gate Estates. The zoning classification for all the parcels is Estates (E), a
rural residential classification. There are no additional land use overlays applicable.
Projected Management Activities: No hydrologic changes are necessary to maintain wetland
characteristics on the project site. Projected management activities include the removal of invasive
plants, the development of a Land Management Plan, and development of public access to selected
portions of the preserve.
Estimated Management Costs:
Management
Element 2025 2026 2027 2028
2029
Exotics $7,100 $5,300 $5,300 $3,600 $3,600
Fireline and trail
creation/maintenance $20,000 $3,000 $3,000 $3,000 $3,000
Signage $1,000
Total $28,100 $8,300 $8,300 $8,300 $6,600
SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL.
Page 1554 of 6355
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APPRAISAL REPORT
Prepared For:
Collier County Board of County
Commissioners
Attention: Roosevelt Leonard, R/W-AC,
Senior Review Appraiser
Real Property Management
3335 Tamiami Trail East, Suite 101
Naples, Florida 34112
Prepared By:
ON, NORRIS &
1919 Courtney Drive. Suite 14
Fort Myers, FL 33901
(239) 936-1991
www.carlsonnorris.com
File #20-100
17.66 Acres of Vacant Land
Along 40th Avenue SE & 42nd Avenue SE
Naples, Florida 34117
File #: 24-221
Purchase Order #: 4500232250
Page 1557 of 6355
1919 Courtney Drive | Fort Myers, FL 33901 | Phone 239.936.1991 | www.carlsonnorris.com
Real Estate Valuation Experts
Trusted since 1985
August 21, 2024
Collier County Board of Commissioners
Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser
Real Property Management
3335 Tamiami Trail East, Suite 101
Naples, Florida 34112
Re: 17.66 Acres of Vacant Land
No Address – Located along 40th Avenue SE & 42nd Avenue SE
Naples, Florida 34117
Our File Number: 24-221
PO #4500232250
Dear Mr. Leonard,
At your request and authorization, Carlson, Norris and Associates, Inc. have prepared an appraisal
presented in an Appraisal Report of the market value for the above referenced real property. Per
the request of the client, we have provided the market value of the subject on an As-Is basis. The
interest appraised includes the fee simple estate of the subject property.
The subject property is vacant land that is located along 40th Avenue SE and 42nd Avenue SE in
Naples, Florida. The site consists of 4 rectangular shaped parcels that contain a combined 17.66
acres or 769,269 square feet. The site has access from two roadways which are 40th Avenue SE and
42nd Avenue SE. The site is vacant, fully wooded and contains approximately 30% forested/shrub
wetlands with land cover being primarily scrubby and pine flatwoods, mixed scrub shrub wetlands,
and oak hammock. There are no structural improvements. The site will be more fully described within
the body of the attached report.
Data, information, and calculations leading to the value conclusion are incorporated in the report
following this letter. The report, in its entirety, including all assumptions and limiting conditions, is an
integral part of, and inseparable from, this letter. Any special assumptions and limiting considerations
were especially noted in Section 7 of this report. Your attention is directed to these General
Assumptions and Limiting Conditions which are part of this report.
The following appraisal sets forth the most pertinent data gathered, the techniques employed, and
the reasoning leading to the opinion of value. The analyses, opinions and conclusions were
developed based on, and this report has been prepared in conformance with, our interpretation of the
guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal
Practice (USPAP) of the Appraisal Foundation, the requirements of the Code of Professional Ethics
and Standards of Professional Appraisal Practice of the Appraisal Institute, the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 (FIRREA) and Title XI Regulations.
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3
August 21, 2024
Page 2
Carlson, Norris and Associates, Inc. does not authorize the out-of-context quoting from or partial
reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be
disseminated to the general public by the use of media for public communication without the prior
written consent of the appraiser signing this report.
Based on market conditions existing as of the effective date of appraisal, and in consideration of the
property as it existed on this date, it is our opinion the subject property, under the extraordinary
assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple
ownership on July 25, 2024 of:
FOUR HUNDRED SIXTY THOUSAND DOLLARS ................................................... ($460,000.00).
Please refer to the attached appraisal report, plus exhibits, for documentation of the value estimates
contained herein. It has been a pleasure to assist you in this assignment. If you have any questions
concerning the analysis, or if Carlson, Norris and Associates can be of further service, please contact
us.
Respectfully submitted,
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Zachary Kazak
State-registered trainee appraiser RI24996
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SUBJECT AERIAL PHOTOGRAPH
17.66 ACRES OF VACANT LAND
Located along 40th Avenue SE & 42nd Avenue SE
NAPLES, FLORIDA 34117
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TABLE OF CONTENTS
SUBJECT AERIAL PHOTOGRAPH ............................................................................................................ 4
SECTION 1 - SUMMARY OF SALIENT FACTS ....................................................................... 6
CONSERVATION FEATURES SUMMARY OVERVIEW ........................................................................................... 8
SECTION 2 – PREMISES OF THE APPRAISAL ...................................................................... 9
INTENDED USE AND USER OF APPRAISAL ........................................................................................................ 9
SCOPE OF WORK.............................................................................................................................................. 9
SALES HISTORY ............................................................................................................................................. 12
VALUATION HISTORY ...................................................................................................................................... 13
APPRAISAL ANALYSIS AND REPORT TYPE ...................................................................................................... 13
EXPOSURE TIME ............................................................................................................................................. 13
MARKETING TIME ........................................................................................................................................... 14
SECTION 3 – DESCRIPTION OF REAL ESTATE APPRAISED ................................................ 16
COLLIER COUNTY AREA ANALYSIS ................................................................................................................ 16
LOCATION MAP .............................................................................................................................................. 33
MARKET AREA DESCRIPTION ......................................................................................................................... 34
LEGAL DESCRIPTION ...................................................................................................................................... 36
OWNER OF RECORD ...................................................................................................................................... 37
ASSESSED VALUE AND TAXES ....................................................................................................................... 37
SITE DESCRIPTION .......................................................................................................................................... 38
SUBJECT PROPERTY PHOTOGRAPHS ............................................................................................................. 44
SECTION 4 – HIGHEST AND BEST USE ANALYSIS ............................................................. 49
HIGHEST AND BEST USE AS THOUGH VACANT ............................................................................................... 49
SECTION 5 – VALUATION OF THE SUBJECT ...................................................................... 51
VALUE ESTIMATE BY THE COST APPROACH ................................................................................................. 51
VALUE ESTIMATE BY THE INCOME APPROACH .............................................................................................. 51
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH ......................................................................... 52
SECTION 6 – RECONCILIATION OF VALUE ........................................................................ 68
SUMMARY OF VALUE CONCLUSIONS .............................................................................................................. 68
SECTION 7 – CERTIFICATION AND LIMITING CONDITIONS ................................................. 69
CERTIFICATION OF MICHAEL JONAS, MAI, AI-GRS, CCIM ........................................................................... 69
CERTIFICATION OF ZACHARY KAZAK ............................................................................................................. 71
GENERAL ASSUMPTIONS & LIMITING CONDITIONS ......................................................................................... 73
SECTION 8 – ADDENDA .................................................................................................... 78
SUBJECT WARRANTY DEED……………………………………………………………………………….…..79
SOIL MAP ....................................................................................................................................................... 81
FLOOD MAP .................................................................................................................................................... 82
APPRAISER'S LICENSES ................................................................................................................................. 83
QUALIFICATIONS OF MICHAEL JONAS, MAI, AI-GRS, CCIM ......................................................................... 84
QUALIFICATIONS OF ZACHARY KAZAK ........................................................................................................... 86
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Section 1 - Summary of Salient Facts
Property Reference: 41711000002, 41770120004, 41770080005, 41770040003
Property Type: Vacant Land
Property Address: No Address – Located along 40th Avenue SE & 42nd Avenue SE
Naples, Florida 34117
Report Format: Appraisal Report
Date Of Inspection: July 25, 2024
Date Of Value: July 25, 2024
Date Of the Revised
Report:
August 21, 2024
Real Estate Interest
Appraised:
Fee Simple
Purpose Of Appraisal: The purpose of this appraisal is to provide our estimate of the
"as is" market value of the fee simple interest of the subject
property for our client according to the reporting standards of the
Uniform Standards of Professional Appraisal Practice (USPAP),
and subject to the extraordinary assumptions stated herein.
Use of the Appraisal: The intended use of the appraisal is to assist the user, the
Collier County Board of County Commissioners, in the potential
acquisition of the subject property.
Intended Users:
Appraisal Client:
The intended user of this appraisal is the Collier County Board of
County Commissioners.
The client for this appraisal assignment is the Collier County
Board of County Commissioners.
Location: The property is located along the south side of 40th Avenue SE
and along the north side of 42nd Avenue NE which is directly
north of I-75 in Naples, Florida. The subject property can be
found in Section 31, Township 49, Range 28, in Collier County,
Florida.
Site Description: The subject property is vacant land located along 40th and 42nd
Avenue SE in Naples, Florida. The site consists of 4 rectangular
shaped parcels with a combined 17.66 acres or 796,296 square
feet. The site has access from two roadways. 40th Avenue SE is
a paved roadway which is the primary access point for the
subject property. The subject property is also located along 42nd
Avenue SE which is a gravel roadway. The subject site is just
north of I-75. The site is vacant, fully wooded and contains
approximately 30% forested/shrub wetlands with land cover
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being primarily scrubby and pine flatwoods, mixed scrub shrub
wetlands, and oak hammock. A screening report provided by
Collier County indicates the sites contains soils of Pineda Fine
Sand, Limestone Substratum which is hydric and is poorly
drained soil, and Boca Fine Sand which is non hydric and is also
a poorly drained soil. In addition, the USDA Web Soil Survey
Map shows the subject as containing Cypress Lake fine sand,
and Pineda fine sand. The property is currently vacant and
unimproved. The subject site contains a drainage canal that
encompasses approximately 1.125 acres of the total site area of
17.66 acres. The useable site area of 16.535 acres will be
utilized within the report. The site will be more fully described
within the body of the attached report.
Comprehensive Land Use
Plan Designation:
Estates Designation
Zoning Classification: E-Estates
Highest And Best Use As
Vacant:
The highest and best use for the site would be for low density
residential development consistent with the comprehensive land
use plan classification and zoning classification affecting the
property.
Highest And Best Use As
Improved:
The subject property is a vacant unimproved parcel and as such
an analysis of the site as improved is not appropriate in this
analysis.
Market Value Indications
“As Is”:
Cost Approach: Not Applicable
Income Capitalization Approach: Not Applicable
Sales Comparison Approach: $460,000
Market Value Estimate as
of July 25, 2024:
$460,000
Appraisal Firm: Carlson, Norris and Associates, Inc.
Appraisers Completing
Report:
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Zachary Kazak
State-registered trainee appraiser RI24996
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Conservation Features Summary Overview
Project Name: Hendrix House Appraisal
Folio numbers with owner(s) of record:
41711000002
41770120004
41770080005
41770040003
Hendrix House Inc
Restoration Church Inc
2560 40th AVE SE
NAPLES, FL 34117
Zoning and overlays: E-Estates
Zoning Considerations for TDR’s, PHU, other endangered species: No
Was the cost to mitigate wetlands or endangered species taken into consideration? If
Yes, provide details.
No
Scope of proposed mitigation: None
Land Area: 17.66 acres or 769,269 square feet of total site area. There is 16.535 acres or
720,764 square feet of useable site area. (Canal encompasses approximately 1.125 acres or
49,005 square feet.)
Access for the parcel taken into consideration:
Yes-Access is from public road 40th Avenue SE (paved) and 42nd Avenue SE (gravel)
Highest and Best Use: Single-Family Residential
Date of estimated value: July 25, 2024
Estimated value: $460,000
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Section 2 – Premise of the Appraisal
Purpose of Appraisal: The purpose of this appraisal is to estimate the market value of the fee
simple interest of the subject property described on an “as is” basis, under the reporting requirements
of the Uniform Standards of Professional Appraisal Practice (USPAP), as defined by the Appraisal
Foundation.
Use of the Appraisal: The intended use of this appraisal is the user, the Collier County Board of
County Commissioners, in the potential acquisition of the subject property.
Intended User of Appraisal: The intended user of the appraisal is the Collier County Board of
County Commissioners.
Client: The client for this report is the Collier County Board of County Commissioners.
Competency of Appraiser: The appraisers' specific qualifications are included within this report.
These qualifications serve as evidence of their competence for the completion of this appraisal
assignment in compliance with the competency provision contained within the Uniform Standards of
Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal
Foundation. The appraisers' knowledge and experience, combined with their professional
qualifications, are commensurate with the complexity of this assignment based on the following:
• Professional experience
• Educational background and training
• Business, professional, academic affiliations and activities
The appraiser has previously provided consultation and value estimates for vacant parcels located
throughout Southwest Florida.
Scope of Work: The Uniform Standards of Professional Appraisal Practice (USPAP) define the
scope of work as: “the type and extent of research and analyses in an assignment”. “The scope of
work includes but is not limited to: the extent to which the property is identified, the extent to which
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tangible property is inspected, the type and extent of market research and the type and extent of
analysis applied to arrive at opinions or conclusions.”
The scope of this appraisal has been to collect, confirm, and report data. Other general market data
and conditions have been considered. Consideration has been given the property’s zoning and
surrounding improvements and neighborhood. The work performed for this assignment included but
is not limited to the following:
• Extent to which the property was identified
o The property was identified by its STRAP Numbers and legal description.
• Extent to which the property was inspected
o An inspection of the property being appraised as well as the neighborhood in which it is
located was done on July 25, 2024. The owner, Frankie Hendricks was contacted and
asked if she would like to attend the inspection. The owner accepted the invitation and
attended the inspection which occurred on July 25, 2024. During the inspection, an
inventory of the property attributes was collected based on visual observation. Please
note, the appraiser was not able to gain full access to the interior portions of the site and
therefore also relied on aerial visuals from the Collier County Property Appraisers
website.
• Type and extent of analysis applied
o The value opinions presented in this report are based upon review and analysis of the
market conditions affecting real property value, including land values and sales data for
similar properties.
o Three approaches were considered to be utilized in determining value. 1) Cost Approach
– either replacement or reproduction cost is used to develop a value indication for the
subject property. 2) Income Approach – valued on the ability of a property generating a
cash stream. 3) Sales Comparison Approach – value indication is derived by comparing
sales of similar properties. It is the most common and preferred method of land valuation
when an appropriate supply of comparable sales is available.
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o As the subject property contains no improvements, the Cost Approach is not considered
to be an applicable appraisal tool.
o Vacant land is not generally purchased for its ability to generate a cash stream; therefore,
the Income Approach is not utilized.
o The analyst will utilize the Sales Comparison Approach exclusively in estimating the
market value for the subject property.
o Collection and analysis of comparable land sales in order to perform an opinion of value
for the underlying land.
▪ An investigation of comparable land sales and active listings of similar
unimproved properties were utilized. The sales were considered in order to make
a comparative analysis which would lead to the completion of the Sales
Comparison Approach.
o The value opinion presented in this report is based upon review and analysis of the
market conditions affecting real property value, including land values, the attributes of
competitive properties, and sales data for similar properties.
o Reconciling the value indications from the appropriate approaches to value into a final
value opinion for the subject property; all as of the effective date of this report.
o Preparation of a written report.
To develop the opinion of value, Carlson, Norris and Associates, Inc. performed an appraisal as
defined by the Uniform Standards of Professional Appraisal Practice (USPAP). In this appraisal,
Carlson, Norris and Associates, Inc. used the Sales Comparison Approach to develop a reliable
value indication.
Furthermore, the value conclusion reflects information about the subject and market conditions. The
appraisal of the subject parcel has been presented in the form of an Appraisal Report, which is
intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of the
USPAP.
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Property Rights Appraised: The property ownership rights appraised in this appraisal are those
known as fee simple.
Fee Simple Estate is defined as: “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.”1
Market Value Definition is defined in the Agencies’ appraisal regulations 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 are the consummation of a sale as of a
specified date and the passing of title from seller to buyer under conditions whereby:
• Buyer and seller are typically motivated;
• Both parties are well informed or well advised, and acting in what they consider their own
best interests;
• A reasonable time is allowed for exposure in the open market;
• Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
• The price represents the normal consideration for the property sold unaffected by special
or creative financing or sales concessions granted by anyone associated with the sale.”
(Source: Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal
Register, Volume 75, Number 237, Page 77472)
Date of Property Inspection: July 25, 2024
Date of Value Estimate “As Is”: July 25, 2024
Date of the Revised Report: August 21, 2024
Sales History: The Uniform Standards of Professional Appraisal Practice requires a statement of
the listings, purchase contracts and sales history of the subject property for the three years prior to
the appraisal date. The most recent transfer of the subject parcels occurred on October 27, 2022 for
the purchase price of $325,000. The transaction is recorded in Warranty Deed OR 6188 page 835. A
1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal, Seventh Edition, the Appraisal
Institute, Chicago, Illinois (U.S., 2015)
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copy of the deed is included in the addenda section of this report. The subject property is currently
listed for sale by owner. The owner has listed the property for approximately one year. When asked
about the list price, the owner stated that the list price is $850,000. There has been interest in the
property while it has been listed for sale with offers below the asking price. Interested parties mostly
inquire about subdividing and purchasing a smaller tract with acreages of 2 to 5 acres. No other
qualified transactions for the subject have occurred within the past five years.
Valuation History: The Uniform Standards of Professional Appraisal Practice requires the appraiser
to divulge any services provided on the subject property during the preceding three years. Carlson,
Norris and Associates has not previously appraised the subject in the past three years, nor have we
provided additional services related to the subject property during this time period.
Appraisal Analysis and Report Type: The Appraisal Standards Board controls the process of
making an appraisal of a parcel of real estate. The Board issues rules and guidelines from which all
appraisals and resulting reports are made. The process of administration of those rules and
guidelines is addressed to the Real Estate Appraiser Commission of each respective state. The
Appraisal Standards Board issues the rules and guidelines in the form of a document update
published each year by The Appraisal Foundation. That document is entitled “The Uniform Standards
of Professional Appraisal Practice” (USPAP).
As of January 1, 2016, the two types of appraisal types are; Appraisal Report and Restricted
Appraisal Report. The following definitions have been adopted for each type of report:
• An Appraisal Report: A written report prepared under Standards Rule 2-2(a).
• Restricted Appraisal Report: A written report prepared under Standards Rule 2-2(b)
This appraisal is reported in an Appraisal Report format.
Exposure Time: Exposure time is the estimated length of time the property would have been
offered prior to a hypothetical market value sale on the effective date of appraisal. It is a retrospective
estimate based on an analysis of recent past events, assuming a competitive and open market. It
assumes not only adequate, sufficient, and reasonable time but also adequate, sufficient, and
reasonable marketing effort. Exposure time is therefore interrelated with appraisal conclusion of
value.
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An estimate of exposure time is not intended to be a prediction of a date of sale or a simple one-line
statement. Instead, it is an integral part of the appraisal analysis and is based on one or more of the
following:
• statistical information about days on the market
• information gathered through sales verification
• interviews of market participants.
The reasonable exposure period is a function of price, time, and use. It is not an isolated estimate of
time alone. Exposure time is different for various types of real estate and under various market
conditions.
In consideration of these factors, we may have analyzed the following:
• Exposure periods of comparable sales revealed during the course of this appraisal;
• Macroeconomic exposure times for the subject property type across the Subject MSA and
the entire United States as published in multiple articles and websites.
• Knowledgeable real estate professionals.
We have also had numerous discussions with brokers active in the Collier County - Southwest
Florida area. All of these persons have indicated the land market has had varying degrees of activity
dependent on type and location.
We have also had discussions with multiple persons having active listings within the market area.
These properties have been on the market from a few months to a few years. The realtors indicated
that they have received mixed levels of interest in the properties at the list prices.
Based on this information it is our opinion an exposure time of twelve months or less appears to be
reasonable and appropriate. This exposure time assumes the subject parcel would have been
competitively priced and aggressively promoted within the market area.
Marketing Time is defined as: “An opinion of the amount of time it might take to sell a real or
personal property interest at the concluded market value level during the period immediately after the
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effective date of an appraisal. Marketing time differs from exposure time, which is always presumed
to precede the effective date of an appraisal.”
Marketing time is the period a prospective investor would forecast to sell the subject property
immediately after the date of value, at the value estimated. The marketing time is an estimate of the
number of months it will require to sell the subject from the date of value, into the future. The
anticipated marketing time is essentially a measure of the perceived level of risk associated with the
marketability, or liquidity, of the subject property. The marketing time estimate is based on the data
used in estimating the reasonable exposure time, in addition to an analysis of the anticipated
changes in market conditions following the date of appraisal. The future price for the subject (at the
end of the marketing time) may or may not equal the appraisal estimate. The future price depends on
unpredictable changes in the physical real estate, demographic and economic trends, real estate
markets in general, supply/demand characteristics for the property type, and many other factors.
Based on the premise that present market conditions are the best indicators of future performance, a
prudent investor will forecast that, under the conditions described above, the subject will require a
marketing time of twelve months or less.
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Section 3 – Description of Real Estate Appraised
COLLIER COUNTY AREA ANALYSIS
Collier County is located in southwest Florida and was established in 1923 when it was separated
from Lee County. Collier County is named for Barron Collier, a New York City advertising mogul and
real estate developer who moved to southwest Florida and established himself as a prominent
businessman and landowner. By the end of the 1920s, railroads and the Tamiami Trail were in-place,
which opened the area to agricultural and resort development. Florida’s first commercial oil well was
drilled in 1943, and the county’s pine and cypress logging industry flourished into the 1950s. The
county’s economy boomed along with its population shortly after World War II. In a short span of 30
years the population increased from 6,500 to 86,000 by 1980. The economy was sustained from
agribusiness, tourism and real estate. This turned the county into one of the fastest growing areas in
the country.
PHYSICAL FACTORS
Collier County is the largest county in the state in terms of land area with 1,998 square miles which
includes 821,600 acres of preserves, parks, and refuges. Along with the land area, Collier County
also includes 307 square miles of water, giving Collier County a total size of 2,305 square miles. The
most highly developed areas within the county are west of Interstate 75 and along the coastline of the
Gulf of Mexico. Development becomes increasingly sparse when traveling east in the county. These
eastern areas of the county contain a considerable amount of preserved land. There are three
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incorporated cities within the county; namely the City of Naples, the City of Marco Island, and
Everglades City. The county is famous for its subtropical climate with average high temperatures
ranging from 74o Fahrenheit in January to 90o Fahrenheit in August. The average annual precipitation
for the county is 54 inches during the months of May through October. This area is also subject to
tropical storms and hurricanes. The hurricane season runs from June through November.
ECONOMIC-FINANCIAL FACTORS
There are numerous economic factors that impact the supply and demand for all types of real estate
and housing in any given area. These factors will be considered and discussed in the following
paragraphs. Although these factors are considered individually, they do not act as independent
agents in the marketplace. They interact and effect, one another. Therefore, the economic-financial
factors considered, should be considered in totality, as a part of the economic framework.
Population: According to the most recently published Census (July 2023), Collier County has
404,310 people living within, making Collier County Florida’s 19th most populous county. The median
age in Collier County is 53.2. While the median age in Collier County is above 50, there are
approximately 55,251 millennials (ages 25-39). The national average for an area this size is 80,926.
Racial diversity is about average in Collier County, which equates to 152,115. The national average
for an area this size is 163,672 racially diverse people. Collier County has 22,747 veterans. The
national average for an area this size is 20,330. Retirement probability is high in Collier County which
equates to 189,934. The national average for an area this size is 119,272 people 55 or older.
Collier County population estimates reflect population projections from 1990 to 2045 and compare
the three coastal counties in the southwest Florida area. The counties include Charlotte, Collier, and
Lee. Collier County’s population is predicted to increase to around 517,000 by year 2045. According
to the most recent Collier County’s Economic Development report, population is expected to increase
by 3% between 2023 and 2028.
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Tourism: Tourism is an important industry for Naples, Marco Island, and the Everglades. According
to the Tourist Development Council, Collier County is the leading employer and the primary
economic engine for the region. As of 2024, the tourism industry is responsible for over 34,400 jobs
in Collier County. As of March 2024, an estimated 266,200 visitors spent approximately $4.6 billion
dollars, resulting in a total economic impact of approximately $6 billion dollars to Collier County. While
the number of visitors declined by 2% from March 2023 numbers, direct spending and economic
impact increased by 10.9% and 10.8% (respectively) from March 2023. Collier County enacts a 5%
tax on all hotel, campground, and vacation rental stays of less than six months. The distribution of
tourist development tax dollars is set according to Collier County ordinance. The funds are dispersed
as follows; beach related projects with 42.56% of the total Tourist Tax, tourism promotion with
47.85%, and museums with 9.59%. Of the 42.56% for beach related projects, 3.58% is allocated for
beach park facilities and the remaining 39.98% is used for nourishment, pass & inlet management.
Of the 47.85% for tourism promotion, 33.57% is used for destination promotion and administration
and the remaining 14.28% is used for amateur sports complex/debt. Lastly, of the 9.59% allocated for
museums, 7.68% is used for county museum operations, and the remaining 1.91% is used for non-
county museum grants.
New Development: A relatively new town is developing in the eastern part of Collier County known
as Ave Maria. The town is located on what was once largely agricultural land. This new town is
centered around Ave Maria University, the county’s newest Catholic University. The university
opened its doors in 2007, and as of May 2024, it has approximately 1,270 students, and offers 66
major and minor degree programs. The school expects to continue to expand. The town of Ave Maria
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is designed to be compact, walk-able, and self-sustaining, reflecting the community’s rural roots while
offering a full range of residential options and commercial services to its residents. The Ave Maria
community totals about 6,656 acres, of which 113 acres are designated as the University Campus.
The Town Core, anchored by the landmark oratory, includes retail, commercial, and residential
spaces. It serves as a central link between the town and the university.
Business is expanding in Collier County. In 2013, the surgical device company Arthrex opened a $47
million manufacturing plant near Ave Maria University. This brought approximately 500 construction
jobs to the area and currently employs around 350 workers. Ave Maria has experienced a severe
mosquito problem, resulting in the region being sprayed more than 30 times via airplane with
pesticides by the Collier Mosquito Control District in 2015, making it the most sprayed area in
southwest Florida.
A new town has also been proposed in Eastern Collier County. Collier Enterprises received the
Rivergrass project through the Collier County Commission on January 28th, 2020, allowing them to
begin planning to develop a 1,000-acre township in Eastern Collier County. The plans were stalled as
the project’s impact on approximately 700 acres of primary panther habitat is being heavily opposed
by wildlife organizations such as the Conservancy of Southwest Florida, among others. However, a
recent 2021 court ruling rejected the Conservancy groups’ challenge to the development of
Rivergrass. Furthermore, Collier County commissioners voted to approve Collier Enterprises project
plans for two additional villages and a town hub in Eastern Collier County called Longwater, Bellmar,
and the Town of Big Cypress. These two additional villages along with Rivergrass will encompass
over 12,000 acres with the neighboring Town of Big Cypress, most of which will be for environmental
preservation. Each of the villages will be 1,000 acres, with the Town of big Cypress acting as an
anchor for all three. See site plan below for reference.
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Employment & Income: According to Collier County’s Economic Data, from 2018 to 2023, jobs
increased by 10.9% in Collier County, from 166,895 to 185,082. This change outpaced the national
growth rate of 3.6% by 7.3%. As the number of jobs increased, the labor force participation rate
increased from 55.7% to 56.2% between 2018 and 2023. Collier County’s unemployment rate is at
3.1 percent as of March 2024, which was slightly higher than in March 2023 (2.5%). The overall trend
of unemployment has been fluctuation slightly since the spike in 2020 due to Covid-19. Historically,
from January 2010 until March 2020, Collier County experienced downward trends with
unemployment being as low as 3%. Then in April 2020, the effects of COVID-19 resulted in
unemployment peaking to 13.5% from only 2.5% in February two months prior. Unemployment
remained elevated in the following months. The most recent data from 2024 shows that the
unemployment rate has leveled back out to around 3% and has stayed consistent. See the table
below.
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Collier County’s largest employment concentrations continue to be in industries that are fueled by
population growth. In 2019, the Retail Trade industry was the largest sector, with 23,534 industry
jobs. Health Care and Social Assistance was second, and Real Estate and Rental Leasing was third.
The latest report published in 2024 (data 2022) suggests that this trend has shifted. Health Care and
Social Assistance are leading the industry with 23,222 jobs. Retail Trade is in second place with
22,743 jobs. The third industry is in Accommodation and Food Services, with 21,809 jobs.
Interestingly, Real Estate and Rental and Leasing has been knocked down to 10th on the list.
With its growing economy, Collier County has an expanding network of professionals with
competitive wages. According to the Federal Reserve Economic Data’s latest numbers (published
2024, data from 2023), the median household income for 2022 in Collier County was $81,821.
Additionally, According to Collier County’s Economic Development latest published report (published
2024, data from 2022), the highest paying positions are Management (with an estimated wage of
$43/hour), Computer and Mathematics ($39/hour), and Healthcare Practitioner and Technical making
$36/hour. The bottom wage-earning professionals include Farming, Fishing, and Forestry ($14/hour),
Personal Care and Service ($15/hour), and Food Preparation and Serving Related ($15/hour). See
tables below.
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Taxes: Florida is one of the few remaining states without a personal income tax. The absence of
personal income taxes draws many people to Florida. Businesses enjoy additional incentive of low
corporate income taxes. The Florida’s tax rate of 6% is one of the lowest in the U.S. and far below
the 12% levied by some states. The largest share of households in Collier County pay $3,000+ in
property taxes. Collier county’s sales tax rate continues to be 6% as of 2024.
The Florida statutes provide for the annual assessment and collection of property taxes on real and
personal property. Property taxes are assessed and collected at the county level as revenue for
counties, municipalities, school districts and special taxing districts. The tax rate is set by the taxing
authority. One mill is equal to $1 per $1,000 of property value. The total just value for all real estate
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property types in Collier County for 2023 was $221,906,729,456, which resulted in a 19.75%
increase over the previous year.
Prices: A price index is a tool that simplifies the measurement of price movements in a numerical
series. Movements are measured with respect to the base period, when the index is set to 100. The
current cost of living index in Collier County is 113 meaning that generally speaking the cost of living
is more expensive in Collier County than the average cost of living throughout the United States.
Specifically, Groceries are at 107.7, Housing is at 140.9, and Health is at 106.7. Below you can see
the rest of the table and how it compares to the United States.
Banking/Interest Rates/Financing: As of May 7, 2024, the prime rate was reported at 8.5%.
Approximately one year ago the prime rate was 7.75%. The federal discount rate is most recently
reported to be 5.5%; a year ago it was 4.75%. The federal funds rate is 5.5%, while a year ago it was
4.75%. Please see the table below.
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As of May 2024, the 30-year fixed-rate mortgage national average is currently at 7.35%, while a 15-
year fixed rate mortgage is currently 6.76%. The five-year adjustable arm rate is at 6.74%.
Financing both commercial and residential properties became difficult during the downturn in the
economy. Financing for vacant land is the most difficult. Vacant land is currently being purchased by
investors with cash and expectation of longer holding periods. Generally financing of improved
properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for
residential properties.
Real Estate and Housing: Collier County experienced a significant increase in residential and
commercial property values from 2004 through 2006. Several news publications rated Naples as the
most over-valued area of the country with respect to residential housing values. The decline in
residential property values began in 2006. Inventory levels began to rise as investors and owners
positioned themselves to sell at a significant profit. However, buyers were reluctant to purchase any
property with a sense that the economy was headed for trouble. Many investors were not able to
meet their carrying costs and properties went into foreclosure. Southwest Florida became the
epicenter for residential property foreclosures with communities such as Golden Gate at the forefront
of the crisis in Collier County.
Residential construction projects in various stages of development were stopped as housing
inventories continued to rise, and prices began to fall significantly. Southwest Florida thrived on the
residential construction industry; and with no homes to build, this industry was quickly decimated.
Contractors that supplied this industry typically ran their businesses from various industrial locations
in Collier and Lee Counties. This type of property was the first commercial property to be adversely
affected with retail and office properties following.
There are 24+/- industrial parks and parks of commerce located throughout Collier County. Each
park is proximate to Interstate-75 for connection to major air transportation and water ports. Collier
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County’s zoning allows the flexibility of properties of 19 acres or more to be zoned as Research and
Technology Parks, which are based on commerce parks and offer advanced infrastructure to attract
technology-based businesses.
New construction building permits are an indicator of health in an economy of a given area. Below is
a chart showing new construction building permits issued by month, starting April 2022 to April 2024.
In the bottom of the recession in 2009, Collier County fell below 50 permits per month. In Collier
County, 191 permits were issued in April 2024, an increase of 23 permits from April 2023. New
construction building permits include houses under construction and therefore reflect jobs in the
construction industry.
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The median closed price of single-family Collier County home sales was $500,000, as of May 2024,
a decrease of $125,000 (20 percent) compared to May 2023. The median price in Collier County
reached its most recent peak in early 2023, with median home prices at $625,000. See chart below.
Transportation: The infrastructure of the county continues to see improvements. Interstate 75 has
been widened to six lanes from Fort Myers to Golden Gate Parkway in Naples. The County recently
widened several major corridors such as Immokalee Road, Collier Boulevard, Rattlesnake Hammock
Road and Goodlette-Frank Road. East Naples was not overlooked, with road widening projects along
Collier Boulevard, Santa Barbara Boulevard and Radio Road. Major north south roads are: US 41,
Interstate 75, Airport Pulling Road and Livingston Parkway. The Collier County Government has
worked diligently to develop an efficient road system that will accommodate future growth; and it is
likely to continue to develop the necessary road infrastructure in the years to come.
Southwest Florida International Airport (RSW) in Fort Myers, Florida satisfies the passenger traffic
needs for the fast-growing population of Southwest Florida. RSW is one of the fastest growing
airports in the nation, servicing more than 10 million passengers a year. More than two dozen
commercial airlines currently serve Southwest Florida Regional Airport with non-stop service to more
than 27 domestic and two international destinations. The Southwest Florida International Airport also
maintains customs clearing facilities for international cargo. RSW is located off Interstate-75 in South
Lee County, an approximate 30-minute drive from most areas of Naples. In 2005 the airport was
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completely updated and expanded to meet the growing demand of area businesses and visitors. The
$386 million ultra-modern complex includes a two-story terminal with 28 aircraft gates along three
concourses, a new taxiway, and new parking options that includes a three-story parking structure.
The facility will allow for incremental expansion up to 65 gates. Construction was recently completed
on a direct access connection between I-75 and the airport.
Total passenger activity for the Southwest Florida International Airport exceeded 1,100,000 in
January 2020, before a historical decrease in traffic in April 2020, when total passengers fell to
53,379 for the month. As we have noted earlier, the COVID-19 pandemic was keeping both
Floridians and non-Floridians at home. However, recent statistics show that passenger activity has
generally returned to pre-COVID-19 conditions. Total passenger traffic at RSW was 10,343,802 in
2022, up 1.1 percent from the total passenger traffic in 2019. These numbers indicated that the
region continues to improve from the dip in passenger activity experienced in April 2020. At the end
of 2023, the airport saw 10,069,849, almost 300,000 less passengers than in 2022. This fluctuation is
most likely due to impacts in tourism from Hurricane Ian. The chart below shows the overall number
of passengers from 1983 through March of 2024.
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The Naples Municipal Airport is a fully certificated air carrier airport. The airport also provides FBO
services for general aviation including fueling and catering. It is the home to charter airlines, aircraft
maintenance facilities, a restaurant, fire/rescue services, mosquito control, car rental agencies, the
Collier County Sheriff’s Aviation Unit, flight schools, the Humane Society, and over 40 additional
aviation and non-aviation businesses. The airport encompasses approximately 732 acres of land,
approximately two miles northeast of Old Naples with convenient access to major roads and
Interstate-75.
POLITICAL-GOVERNMENTAL FACTORS
The county government is headed by a Board of Commissioners. There are five commissioners,
each assigned to a specific geographical area within the county. A County Manager coordinates
most of the departments including county services, public services, community
development/environmental services, utilities and transportation. Collier County has experienced an
increase of 2% in budget between FY 2023 and FY 2024. The FY 2024 total net county budget is
now $1,998,258,000.
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Education: The Collier County public school system currently contains a total of 64 schools with
50,000 students and 3,165 teachers. Collier County averages 3,200 graduates per year. The below
chart shows more detail with regards to the public-school system.
Collier County is home to several colleges and universities. As mentioned, Ave Maria University is a
newly established Catholic University offering liberal arts-oriented baccalaureate degrees as well as
some graduate degree programs. The county is also home to branch campuses of Florida
Southwestern State College and Florida Gulf Coast University.
Collier County has a high level of education attainment compared to other counties in Florida.
According to the US Census Bureau numbers most recently published, Collier County has 38.7% of
the population Age 25+ with a bachelor’s degree or higher, compared to 32.3% in Florida and 37.7%
in the United States. Only 10.5% of those within Collier County have less than a high school
education.
SOCIOLOGICAL FACTORS
Recreation: Collier County offers a vast array of natural and historical attractions. Places to visit
include the 52-acre Naples Zoo, the Collier County Museum, the Big Cypress National Preserve, the
Museum of the Everglades, and the Naples Botanical Gardens. In addition to these listed, there are
numerous other reserves, museums, zoos, etc. that are available for tourists to visit.
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Healthcare: Within Collier County, there are the Naples Community Hospital, the North Collier
Hospital, Regional Heart Institute, NCH Wellness Centers, and various other clinics. As the largest
county in Florida with a total area of 2,305 square miles, these medical facilities must provide
services effectively to the entire county.
Access to healthcare services is a vital aspect of public health in Collier County, Florida. According to
recent data from the Health Planning Council of Southwest Florida (published 2024, data 2021),
approximately 87.9% of the population in Collier County possesses health insurance coverage,
compared to 87.4% of Florida. Despite the majority having health insurance, there remains a
significant portion of the population without coverage. Approximately 12.1% of individuals in Collier
County lack health insurance, compared to 12.6% of Florida. The high percentage of insured
individuals suggests a relatively robust healthcare infrastructure and accessibility in Collier County.
Below is a char of mortality and leading causes of death in Lee County.
County Health Rankings by the Robert Wood Johnson Foundation rank all counties in a state based
on health data. Collier County was ranked 1st out of the 67 counties in Florida overall. For both
Health Outcomes and Health Factors, Collier County ranked among the healthiest counties in Florida
(Highest 75-100%). The data below are some of the factors tracked by County Health Rankings:
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SUMMARY
Collier County, situated in southwest Florida, is a vibrant and rapidly growing region with a rich
history, diverse economic landscape, and substantial real estate opportunities. As the largest county
in Florida, encompassing 1,998 square miles of land and 307 square miles of water, Collier County
includes extensive preserves, parks, and refuges. Its subtropical climate, characterized by mild
winters and hot summers, along with significant annual precipitation, makes it an attractive
destination for tourists and residents alike. The coastal areas, especially west of Interstate 75, are the
most developed, while the eastern parts remain largely preserved.
Economically, Collier County is robust and diversified. As of 2023, the county's population stood at
404,310, with projections suggesting continued growth. The population demographics indicate a high
median age and a substantial retirement community, contributing to the county's economic stability.
Tourism remains a critical industry, employing over 34,400 people and generating significant
revenue. In 2024, tourism contributed approximately $6 billion to the local economy despite a slight
decline in visitor numbers from the previous year.
New developments in Collier County, such as the town of Ave Maria, reflect the area's ongoing
growth and investment potential. Ave Maria, centered around a new Catholic university, exemplifies
the county's blend of residential, commercial, and educational expansion. Additionally, the proposed
Rivergrass project and other developments in Eastern Collier County indicate substantial future
growth, despite environmental concerns and opposition from wildlife organizations.
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The employment landscape in Collier County is dynamic, with significant job growth outpacing
national averages. Key industries include healthcare, retail trade, and accommodation and food
services, reflecting the county's reliance on population-driven sectors. The median household income
is relatively high, and the job market is supported by competitive wages across various sectors.
Collier County's real estate market has experienced fluctuations, particularly during the economic
downturns of the late 2000s. However, the market has since rebounded, with new construction
permits indicating a healthy economy. The cost of living in Collier County is above the national
average, particularly in housing, which is a critical consideration for potential investors and residents.
Transportation infrastructure in Collier County is well-developed, with ongoing improvements to major
roads and highways, enhancing connectivity and accessibility. The Southwest Florida International
Airport serves as a crucial hub for the region, supporting both passenger and cargo traffic, which is
essential for the county's economic vitality.
Healthcare services in Collier County are comprehensive, with numerous hospitals and clinics
serving the population. The county ranks highly in health outcomes and factors, indicating a robust
healthcare infrastructure.
Overall, Collier County presents a strong economy, strategic location, and extensive amenities. Its
growth trajectory, coupled with a diverse economic base and well-maintained infrastructure, makes it
an attractive destination for residents, businesses, and investors alike.
We invite your attention to the location map, which shows the relative location of the subject property
in Naples.
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Location Map
.
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Market Area Map
Market Area Description: Market area is defined as “The geographic or locational delineation of the
market for a specific category of real estate, i.e., the area in which alternative, similar properties
effectively compete with the subject property in the minds of probable, potential purchasers and
users.”
Market Area:
Boundaries: Northern Immokalee Road
Southern Interstate Highway 75
Eastern State Road 29
Western Interstate Highway 75
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Life Stage: “Because market areas are perceived, organized, constructed, and used
by people, each has a dynamic quality. Appraisers describe this quality as
a market area’s life cycle. The complimentary land uses that make up
neighborhoods and homogeneous land uses within districts typically evolve
through four stages:
• Growth – a period during which the market area gains public favor
and acceptance
• Stability – a period of equilibrium without marked gains or losses
• Decline – a period of diminishing demand
• Revitalization – a period of renewal, redevelopment, modernization
and increasing demand” 2
It is our opinion that the subject market area is currently in the growth cycle.
Recently the market has shown increased activity. Sales and permit
activity for commercial and residential construction have been increasing.
Public Transportation: Public transportation is provided by Collier Transit.
Maintenance/Condition: The majority of improvements are well maintained and in good condition.
Property Compatibility: There is an established retail, commercial, retail and office area along
Airport Pulling Road, Immokalee Road, Pine Ridge Road, Vanderbilt Beach
Road, and Tamiami Trail (US-41). Due to the high traffic counts in this area,
retail uses include shopping centers, restaurants, and various other single-
tenant retailers. Supporting residential abounds along secondary roadways
and land uses are primarily single-family residential or multifamily.
Generally speaking, agricultural and rural residential use is located east of
Interstate Highway 75.
Appeal/Appearance: This area has strong appeal. Appearance ranges from mostly newer
construction and some older structures with generally good to average
appearance.
Neighborhood Access: Good access exists from major north-south corridors including Collier
Boulevard, Goodlette Frank Road, Livingstone Road, Airport Pulling
Road, US-41 (Tamiami Trail), and I-75.
The major east-west corridors include Golden Gate Boulevard,
Vanderbilt Beach Road, Pine Ridge Road, and Immokalee Road.
Police/Fire: Police: Collier County Sheriff / Fire-rescue: Collier County
Development Potential: There is residential, agricultural, and commercial zoned vacant land
available in the market area. Most exists is to the east portion of the market
area. Future commercial development will be seen mainly along US-41,
Airport-Pulling Road, Vanderbilt Beach Road, Immokalee Road and Collier
Boulevard. Agricultural properties being subdivided into smaller rural
residential parcels.
2 The Appraisal of Real Estate, Fourteenth Edition, , The Appraisal Institute, Chicago, Illinois (U.S., 2014)
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Development Trend: Residential and commercial properties have had decreasing vacancies and
increasing lease rates. Brokers estimate continued improvement in this
area that could lead to new development in the near future.
Characteristics of Land
Usage:
Immediate properties in the subject market are mostly agricultural and
residential uses.
Supply of Vacant Tracts: Vacant land is available in the market.
Demand for Vacant Tracts: The supply appears to be in balance with demand at this time.
Neighboring Property Uses: Residential, both single and multi-family, general business, office, retail and
agricultural uses.
Allowable Uses in the
District:
Residential both single and multi-family, general business, office, retail,
agricultural and governmental uses.
Vacancy rates: Commercial/Agricultural: 2% - 5%
Single Family: 3% - 8%
Interview with market participants: The appraiser was able to speak via phone conversations with
real estate brokers who are knowledgeable of the market area. These individuals were contacted to
verify sales prices and asking prices of surrounding properties similar to the subject. Specific names
and phone numbers of the individuals contacted were found by using the services of LoopNet and
CoStar and MLS. For the benefit of the reader, we have listed the names, contact information on the
sales exhibits found later in this report.
Legal Description: The legal description of the subject parcels was obtained from the most recent
deeds on file with Collier County Property Appraiser’s Office and are displayed as follows:
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Owner of Record: According to information obtained from the Collier County Property Appraiser’s
office and the Collier County Tax Collector’s office, the current owner of record for the subject
property is listed as follows:
HENDRIX HOUSE INC
RESTORATION CHURCH INC
2560 40TH AVE SE
NAPLES, FL 34117
Assessed Value and Taxes: According to the Collier County Tax Collector’s Office the subject
property is identified by Parcel Numbers 41711000002, 41770120004, 41770080005, and
41770040003. For the tax year of 2023 the subject property had a combined assessed value of
$381,370 at a millage rate of 10.3117 resulting in a total annual tax burden of $3,932.60. Please
note the 2021-2023 tax analysis in tabular form that follows. The tax summary chart represents
resents a summary of the assessed values, taxable values, ad valorem taxes, non-ad valorem taxes
and millage rates.
Year Assessed Value Taxable Value County Millage
Rate Ad Valoreum Non-Ad-Valorem Tax Liability
2023 $56,445 $56,445 10.3117 $582.04 $0.00 $582.04
2022 $52,073 $52,073 10.9632 $327.51 $0.00 $327.51
2021 $26,235 $26,235 11.4183 $215.25 $0.00 $215.25
Year Assessed Value Taxable Value County Millage
Rate Ad Valoreum Non-Ad-Valorem Tax Liability
2023 $61,845 $61,845 10.3117 $637.73 $0.00 $637.73
2022 $30,390 $30,390 10.9632 $239.58 $0.00 $239.58
2021 $14,546 $14,546 11.4183 $166.10 $0.00 $166.10
Year Assessed Value Taxable Value County Millage
Rate Ad Valoreum Non-Ad-Valorem Tax Liability
2023 $74,830 $74,830 10.3117 $771.64 $0.00 $771.64
2022 $36,760 $36,760 10.9632 $289.72 $0.00 $289.72
2021 $17,584 $17,584 11.4183 $200.80 $0.00 $200.80
Year Assessed Value Taxable Value County Millage
Rate Ad Valoreum Non-Ad-Valorem Tax Liability
2023 $188,250 $188,250 10.3117 $1,941.19 $0.00 $1,941.19
2022 $127,400 $127,400 10.9632 $960.04 $0.00 $960.04
2021 $60,760 $60,760 11.4183 $654.77 $0.00 $654.77
41711000002 Tax Analysis
41770120004 Tax Analysis
41770080005 Tax Analysis
41770040003 Tax Analysis
Delinquent Taxes: According to information obtained from the Collier County Tax Collector’s office,
the 2023 taxes for parcel number 41711000002 have not been paid.
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Site Description: We invite your attention to the following aerial and plat maps which shows the
relative size, configuration and location of the subject property. This will be followed by general site
information and data as well as information on the physical characteristics and economic factors that
affect the property.
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Subject Aerial Map
Plat Map
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General Site Information
Address:
Parcel Numbers:
No Address – Located along 40th Avenue SE and 42nd Avenue SE,
Naples, Florida 34117
41711000002, 41770120004, 41770080005, 41770040003
Physical Characteristics of the Site
Frontage: Approximately 105 feet along the south side of 40th Avenue SE,
and 858 feet along the north side of 42nd Avenue SE.
Total Site Area: 17.66 acres or 796,296 square feet per the screening report
provided by the Collier County Growth Management Department.
There is a canal to the west of the subject that contains 1.125
acres or 49,005 square feet of site area. Due to this, there is
16.535 acres or 720,764 square feet of useable site area. We were
not provided with a site survey.
Shape of Tract: Rectangular (Individual)
Access: The subject has paved access from the south side of 40th Avenue
SE which has access from Everglades Boulevard to the east.
There is also access via a gravel roadway from 42nd Avenue SE
which also has access from Everglades Boulevard.
Waterway Access: The subject property has approximately 807 feet of frontage of a
canal along the westerly side of the subject site. The canal does
not have access to any major waterways and is categorized by the
plat maps as a 95 foot in width drainage easement.
Corner Influence: This property is not located on a corner.
Utilities to Site:
Flood Designation:
Electric and cable appear to be available to the most northernly
parcel (41711000002). The remaining three parcels appear to not
have any utilities available.
Flood Zone Code AH with a small portion Zone X, Flood Zone
Panel 120067-12021C0445H, Dated May 16, 2012. See Flood
Map in addenda.
Easements: Per the plat records, the westerly side of parcel 41770040003
contains a 170-foot drainage easement that also includes the
canal. Parcels 41770040003, 41770120004, and 41770080005
contain a 145 foot in width drainage easement that runs along the
northernly side of these parcels.
Site Improvements: The site has no improvements.
Topography: The subject parcel is vacant, fully wooded and contains
approximately 30% forested/shrub wetlands with land cover being
primarily cypress and mixed wetlands hardwoods. A screening
report provided by Collier County indicates the sites contains soils
of Pineda Fine Sand, Limestone Substratum which is hydric and is
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poorly drained soil, and Boca Fine Sand which is non hydric and is
also poorly drained soil. In addition, the USDA Web Soil Survey
Map shows the subject as containing Cypress Lake fine sand, and
Pineda fine sand. The property is currently vacant and
unimproved. Due to the wetlands indicated on the subject property,
it can be assumed an Environmental Resource Permit from the
Florida Department of Environmental Protection would be required
for any activities involving the alteration of surface water flows.
Economic Factors Affecting the Site
Supply of Vacant Tracts: There is an adequate number of vacant residential/agricultural
zoned and residential/agricultural permissible sites located within
the immediate and general vicinity of the subject property.
Demand for Vacant Tracts: Supply and demand appear to be in-line with each other, although
demand has been improving recently.
Neighboring Property Uses: Properties located along 40th Avenue SE generally consist of
limited semi-rural residential uses. Zoning allows for a maximum of
one development unit per 2.25 gross acres
Land Use Designation: Estates
Zoning Classification: E-Estates
Allowable Uses in the
District:
Wetlands:
Allowable uses in the district will be discussed in detail in the
following comprehensive land use plan classification discussion
and zoning discussion. In addition, they will be considered in the
highest and best use analysis for the property.
The report indicates that the land is mostly scrubby flatwoods, pine
flatwoods, mixed scrub shrub wetlands, and oak hammock. I was
not provided with any environmental studies or wetland
determinations, but based on the ground cover, aerials, and
information from surrounding properties, the property appears to
contain wetlands to the south. There is approximately 5.7 acres of
depression area which equates to 30% of the total site area.
Comprehensive Land Use Plan Classification: According to information obtained from the
Collier County Planning Development department, the subject site has a comprehensive land use
plan classification known as Estates.
ESTATES DESIGNATION
The Estates Land Use Designation is characterized by low density semi-rural residential lots with
limited opportunities for other land uses. Typical lots are 2.25 acres in size. However, there are some
legal non-conforming lots as small as 1.14 acres. Residential density is limited to a maximum of one
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unit per 2.25 gross acres, or one unit per legal non-conforming lot of record, exclusive of
guesthouses. Multiple family dwelling units, duplexes, and other structures containing two or more
principal dwellings, are prohibited in all Districts and Subdistricts in this Designation.
Generally, the Estates Designation also accommodates future non-residential uses, including:
● Conditional uses and essential services as defined in the Land Development Code, except as
prohibited in the Neighborhood Center Subdistrict. Also, refer to the Conditional Uses Subdistrict.
● Parks, open space and recreational uses.
● Group Housing shall be permitted subject to the definitions and regulations as outlined in the Collier
County Land Development Code (Ordinance No. 04-41, adopted June 22, 2004, effective October
18, 2004) and consistent with locational requirements in Florida Statutes (Chapter 419.001 F.S.).
● Schools and school facilities in the Estates Designation north of I-75, and where feasible and
mutually acceptable, co-locate schools with other public facilities, such as parks, libraries and
community centers to the extent possible.
Group Housing includes the following type facilities:
• Family Care Facility if occupied by not more than six (6) persons shall be permitted in
residential areas.
• Group Care Facility,
• Care Units,
• Adult Congregate Living Facilities, and
• Nursing Homes.
All of the above uses shall be consistent with all of the Goals, Objectives and Policies of the Golden
Gate Area Master Plan.
Zoning Classification: Estates District (E).
The purpose and intent of the Estates Zoning District (E)* is to provide lands for low density
residential development in a semi-rural to rural environment, with limited agricultural activities. In
addition to low density residential density with limited agricultural activities, the E district is also
designed to accommodate as Conditional Uses, Development that provides services for and is
compatible with the low density residential, semi-rural and rural character of the E district. The E
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district corresponds to and implements the estate land use designation on the future land use
map of the Collier County GMP, although, in limited instances, it may occur outside of the
estates land use designation. The maximum density permissible in the E district shall be
consistent with and not exceed the density permissible or permitted under the estates district of
the future land use element of the Collier County GMP or as provided under the Golden Gate
Master Plan. Permitted uses include:
1.Single-family dwelling.
2.Family care facilities, subject to section 5.05.04.
3.Essential services, as set forth in section 2.01.03.
4.Educational plants, as an essential service.
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Subject Property Photographs
View: Looking
easterly along 40th
Avenue SE
Photograph date:
July 25, 2024
Taken by: Zachary
Kazak
View: Looking
westerly along 40th
Avenue SE with
access to the
subject property on
the left
Photograph date:
July 25, 2024
Taken by: Zachary
Kazak
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Subject Property Photographs
View: Interior of
the subject parcels
Photograph date:
July 25, 2024
Taken by: Zachary
Kazak
View: Interior of
the subject parcels
Photograph date:
July 25, 2024
Taken by: Zachary
Kazak
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Subject Property Photographs
View: Gravel
roadway leading
south
Photograph date:
July 25, 2024
Taken by: Zachary
Kazak
View: Canal on the
west side of the
subject parcels
Photograph date:
July 25, 2024
Taken by: Zachary
Kazak
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Subject Property Photographs
View: Gravel
roadway leading to
42nd Avenue SE on
the right
Photograph date:
July 25, 2024
Taken by: Zachary
Kazak
View: 42nd Avenue
SE looking easterly
Photograph date:
July 25, 2024
Taken by: Zachary
Kazak
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Subject Property Photographs
View: Interior of
the subject parcels
from 42nd Avenue
SE
Photograph date:
July 25, 2024
Taken by: Zachary
Kazak
View: Subject
parcels from 42nd
Avenue SE
Photograph date:
July 25, 2024
Taken by: Zachary
Kazak
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Section 4 – Highest and Best Use Analysis
The principal of highest and best use is defined as: “The reasonably probable use of property
that results in the highest value. The four criteria that the highest and best use must meet are
legal permissibility, physical possibility, financial feasibility, and maximum productivity.”
The four criteria the highest and best use must meet are legal permissibility, physical possibility,
financial feasibility, and maximum profitability.
• Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site
in question?
• Possible Use- to what uses is it physically possible to put the site in question?
• Feasible Use-, which possible and permissible uses will produce any net return to the owner
of the site?
• Highest and best Use- among the feasible uses, which use will produce the highest net return
or the highest present worth?
HIGHEST AND BEST USE AS VACANT
Legally Permissible Use: Factors that impact the legally permissible uses for the subject property
include such things as the comprehensive land use plan classification, zoning classification, deed
restrictions and government regulations. No specific deed restrictions are known relating to the
property. The subject has a comprehensive land use plan classification of Estates and is zoned (E)
Estates. Some of the uses permitted include; Low-density residential with limited agriculture,
including, but not limited to: single-family dwelling; fruit and vegetable growth for personal
consumption; keeping fowl or poultry (max 25); educational plants as an essential service; keeping
horses and livestock (2/acre); recreational facilities that are an integral part of residential
development. Residential use is not to exceed 1-DU per/2.25-acres. Due to the wetlands indicated
on the subject property, an Environmental Resource Permit from the Florida Department of
Environmental Protection would be required for any activities involving the alteration of surface water
flows.
Physically Possible Uses: The physical aspects of the subject impact legally permissible
development. The site has a combined total of 796,296 square feet or 17.66 acres of site area or
16.535 acres or 720,764 square feet of useable site area, more or less. The property has good
frontage of 105 feet along the southernly side of 40th Avenue SE and 858 feet along the northernly
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side of 42nd Avenue SE. There are wetlands present on site and the property is fully wooded with
brush covering. This impacts developability and value for properties of this nature. Currently, no
utilities were present on site with electric and cable appear to be available to the most northernly
subject parcel. The size of the parcel is sufficient to support low density residential use.
Economically and Financially Feasible Uses: Typically, the highest and best use analysis is a
process to eliminate potential uses. In other words, once the uses that are legally permissible have
been determined, consideration of uses which are physically possible will tend to reduce the legally
permissible uses or reinforce them. Likewise, consideration of the economic and financial aspects
of a given property will tend to further refine the uses which have been previously described as
legally permissible and physically possible.
The physical characteristics of this property include vacant low density residential along 40th Avenue
SE. There is an abundance of Estate zoned vacant land in the immediate area. The most economic
and financially feasible uses of the property would be for development of the site as limited
agriculture under the permitted uses or for low-density residential development.
Maximally Productive Uses: At this point in the highest and best use analysis, the analyst has
considered which uses are reasonably considered to be legal, physically possible as well as
economically and financially supported. The zoning and land use allow for a range of uses including
agricultural such as fruit and vegetable growth for personal consumption and low-density horse and
livestock as well as low density residential.
Considering the near-by low density residential properties, it is our opinion that low density residential
use has the most development potential given the location of the property.
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Section 5 – Valuation of the Subject
VALUE ESTIMATE BY THE COST APPROACH
Cost Approach is defined as: “A set of procedures through which a value indication is derived for the
fee simple estate by estimating the current cost to construct a reproduction of (or replacement for) the
existing structure, including an entrepreneurial incentive or profit; deducting depreciation from the
total cost; and adding the estimated land value. Adjustments may then be made to the indicated
value of the fee simple estate in the subject property to reflect the value of the property interest being
appraised.”
Since there are no improvements to consider, the cost approach will not be used in this appraisal.
VALUE ESTIMATE BY THE INCOME APPROACH
The Income Approach is defined as “A set of procedures through which an appraiser derives a value
indication for an income-producing property by converting its anticipated benefits (cash flows and
reversion) into property value. This conversion can be accomplished in two ways. One year's income
expectancy can be capitalized at a market-derived capitalization rate or at a capitalization rate that
reflects a specified income pattern, return on investment, and change in the value of the investment.
Alternatively, the annual cash flows for the holding period and the reversion can be discounted at a
specified yield rate.”
The Income Approach is widely applied in appraising income-producing properties. Anticipated future
income and/or reversions are discounted to a present worth figure through the capitalization process.
Since vacant land is typically not purchased for its ability to generate a positive cash stream, the
income approach is not used in this appraisal.
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VALUE ESTIMATE BY THE SALES COMPARISON APPROACH
Sales Comparison Approach is defined as: “A set of procedures in which a value indication is derived
by comparing the property being appraised to similar properties that have been sold recently, then
applying appropriate units of comparison and making adjustments to the sale prices of the
comparables based on the elements of comparison. The sales comparison approach may be used to
value improved properties, vacant land, or land being considered as though vacant; it is the most
common and preferred method of land valuation when an adequate supply of comparable sales are
available.”
The Sales Comparison Approach involves the direct comparison of sales of similar properties,
adjustments for variances, and correlation of the results into a property value indication. Adjustments
to the sale prices of competitive properties selected for comparison are considered as they relate to
the subject property and to the various dissimilar investment features.
The application of this approach produces an estimate of value for a property by comparing it with
similar properties which have been sold or are currently offered for sale in the same or competing
areas.
The valuation of the subject site involves research, analysis, and comparison of sales of similar
properties to the subject. There are several units of comparison applicable for appraisal purposes.
Due to the nature of the subject property and comparable sales, it is our opinion the sales price per
acre would be the most appropriate for utilization. This unit is calculated by dividing the sale price of
the comparable sales by the number of acres contained within the sale.
The subject site is being valued based on highest and best use; and as such, data selection begins
by limiting the sales considered to include only those sites with a highest and best use similar to that
of the subject. From these sales, only the most similar to the subject in terms of physical and
locational characteristics were selected. The appraiser’s research uncovered multiple sales of sites
considered appropriate for comparison purposes. These transactions were included in the analysis
process.
In the analysis process, the analyst will utilize a quantitative procedure. In the initial step the
appraiser will utilize a cumulative adjustment for each of the sale properties considering property
rights, financing, conditions of sale, expenditures immediately after the sale and market conditions
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(commonly known as time). As the adjustments are cumulative in nature, they must be performed in
the order in which they occur.
Next the analyst will utilize a quantitative procedure by considering physical characteristics including
location, site size, land use/zoning classification, utilities, access and site condition/topography. After
completion of the analysis and adjustment process, the appraiser will estimate an appropriate value
per acre and multiply this by the number of acres contained within the property in order to estimate
the market value for the site. This value estimate will then be rounded to an appropriate figure for
appraisal purposes.
We now invite your attention to a land sales location map which follows. This map shows the relative
location of each of the comparables to that of the subject property. Following this will be a land sales
exhibit which will contain land sales data sheets for each transaction utilized in the analysis process
showing the relative size, configuration and location of the site as well as the relative information for
each individual sales transaction.
The comparable sales map is displayed below.
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COMPARABLE SALES MAP
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COMPARABLE 1
Property Reference:
Property Type: Rural Residential Vacant Land
Address: 42nd Avenue SE
Naples, FL 34117
County: Collier
STRAP/ID: 41660280106 & 41660280009
Grantor: Robert D. Basham
Grantee: JLC Auto Services, Auto Scan, SRR Development,
Quality Premier, LLC
Legal Data:
Sale Date: May 06, 2024
Sale Price: $168,000
Sale Price per Sq. Ft.: $0.58
Sale Price per Acre: $25,075
Recording: 6360/2609
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Residential Estates Subdistrict
Zoning: E; Estates Designation
Highest and Best Use: Low Density Residential Development
CNA Data # 3305
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Site Data:
Site Dimensions: N/A
Site Size: 291,852 square feet, 6.700 acres
Shape: Rectangular
Topography: Mostly leveled/Wooded
Corner/Visibility Influence: No/Average
Utilities: Well & Septic
Access: Average
Wetlands/Uplands: Approximately 18% Wetlands
Soils: Typical
Sale Analysis:
Sale Price: $168,000
Financing: Cash to seller
Price per SF: $0.58
Price per Acre: $25,075
Sale Confirmation:
Verification: Collier County Property Appraiser,
Verifying Appraiser: Zack Kazak, August 20, 2024
Sale History: No qualified sales within previous 3 years.
Comments:
This is the sale of two residential parcels totaling 6.7 acres in Naples, FL. The wooded parcels
include a well and septic system. Approximately 18% of the property designated as wetlands.
The property was listed for $250,000 and was on the market for approximately 18 days.
CNA Data # 3305
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COMPARABLE 2
Property Reference:
Property Type: Agriculture/Residential Vacant Land
Address: 6820 Fawn Lane
Naples, FL 34120
County: Collier
STRAP/ID: 00105000002
Grantor: Jihad Khalill
Grantee: Brooke S. Beardsley
Legal Data:
Sale Date: January 24, 2024
Sale Price: $550,000
Sale Price per Sq. Ft.: $0.56
Sale Price per Acre: $24,434
Recording: Instr# 6502451
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: RF - Neutral
Zoning: Agriculture- RFMUO Neutral
Highest and Best Use: Agricultural/Recreation, Low Density Res.
CNA Data # 3290
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Site Data:
Site Dimensions: 1300' x 600' and 300' x 600'
Site Size: 980,536 square feet, 22.510 acres
Shape: Rectangular
Topography: Wooded
Corner/Visibility Influence: None
Utilities: None
Access: Gravel Road
Wetlands/Uplands: 43% Wetlands
Soils: Immokalee Fine Sand & Holopaw Okeelanta pond
Sale Analysis:
Sale Price: $550,000
Financing: Cash Sale
Price per SF: $0.56
Price per Acre: $24,434
Sale Confirmation:
Verification: Roger Stening-Listing Agent, 239-770-4707
Verifying Appraiser: Zack Kazak, July 23, 2024
Sale History: No qualified sales in previous 3 years.
Comments:
This is the sale of a 22.51-acre vacant site that is located in Naples, FL. The parcel is
wooded and does not contain any improvements. The site is accessible from two
gravel roadways that are Fawn Lane and Friendship Lane. A wetlands report was
obtained on this site which stated that the site contains 43% wetlands with the
remaining area labeled as uplands. The land use and zoning allows for 1du per 5
acres as well as low density agricultural uses. The property was originally listed at
$795,000 and decreased as the property was marketed for approximately 9 months.
The property sold for $550,000. This was an arm's length transaction.
CNA Data # 3290
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COMPARABLE 3
Property Reference:
Property Type: Agriculture/Residential Vacant Land
Address: Along Tobias Street
Naples, FL 34117
County: Collier
STRAP/ID: 00308080007 & 00308160008
Grantor: Joanne Lynch Murphy
Grantee: HBH Farms, LLC
Legal Data:
Sale Date: September 18, 2023
Sale Price: $250,000
Sale Price per Sq. Ft.: $0.57
Sale Price per Acre: $25,000
Recording: Instr# 6455052
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: RF - Receiving
Zoning: Agriculture/RFMUO-NBMO-Receiving
Highest and Best Use: Agricultural/Recreation, Low Density Res.
CNA Data # 3291
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Site Data:
Site Dimensions: Approximately 665' x 665'
Site Size: 435,600 square feet, 10.000 acres
Shape: Rectangular
Topography: Wooded
Corner/Visibility Influence: None
Utilities: None
Access: Gravel Road Access
Wetlands/Uplands: 100% Uplands
Soils: Riviera Fine Sand
Sale Analysis:
Sale Price: $250,000
Financing: Cash Sale
Price per SF: $0.57
Price per Acre: $25,000
Sale Confirmation:
Verification: Sam Wells - Listing Agent, 239-404-4889
Verifying Appraiser: Zack Kazak, July 23, 2024
Sale History: No qualified sales in previous 3 years.
Comments:
This is the sale of two adjoining 5.00 acre lots. The total site size is 10.00 acres. The
parcel is entirely wooded and does not contain any improvements. The National
Wetlands Inventory Map shows that the property contains 100% uplands. The land is
zoned Agriculture; Rural Fringe Mixed Use Overlay within the North Belle Meade
Overlay, Receiving Lands. The agent associated with the transaction stated that there
were no TDR credits were transferred to the site prior to the sale. The land use and
zoning allows for 1du per 5 acres as well as low density agricultural uses. The property
was listed for approximately for 4 months at an original asking price of $599,000 with
list price decreases throughout the four months of marketing. The parcels were
collectively sold for $250,000. This sale was verified with the listing agent.
CNA Data # 3291
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COMPARABLE 4
Property Reference:
Property Type: Rural Residential Vacant Land
Address: Along 38th Avenue SE
Naples, FL 34117
County: Collier
STRAP/ID: 41710200007
Grantor: Thomas E. Sams
Grantee: Anupma Sharma Singh
Legal Data:
Sale Date: August 17, 2023
Sale Price: $210,000
Sale Price per Sq. Ft.: $0.65
Sale Price per Acre: $28,150
Recording: 6280/954
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Residential Estates Subdistrict
Zoning: E; Estates Designation
Highest and Best Use: Low Density Residential Development
CNA Data # 3306
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Site Data:
Site Dimensions: N/A
Site Size: 324,958 square feet, 7.460 acres
Shape: Rectangular
Topography: Mostly leveled/Wooded
Corner/Visibility Influence: Yes/Average
Utilities: Well & Septic
Access: Average
Wetlands/Uplands: Approximately 8% Wetlands
Soils: Typical
Sale Analysis:
Sale Price: $210,000
Financing: Cash to seller
Price per SF: $0.65
Price per Acre: $28,150
Sale Confirmation:
Verification: Collier County Property Appraiser,
Verifying Appraiser: Zack Kazak, August 20, 2024
Sale History: No qualified sales within previous 3 years.
Comments:
This is the sale of a residential parcel totaling 7.46 acres in Naples, FL. The wooded parcels
include a well and septic system. Approximately 8% of the property designated as wetlands.
CNA Data # 3306
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Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4
Location Along 40th & 42nd Avenue SE 42nd Avenue SE 6820 Fawn Lane Along Tobias Street Along 38th Avenue SE
Naples Naples Naples Naples Naples
Recording -6360/2609 Instr# 6502451 Instr# 6455052 6280/954
Sales Price -$168,000 $550,000 $250,000 $210,000
Sale/Appraisal Date July 25, 2024 May 6, 2024 January 24, 2024 September 18, 2023 August 17, 2023
Parcel Size (sf)720,769 291,852 980,536 435,600 324,958
Parcel Size (Acres)16.54 6.70 22.51 10.00 7.46
Sale Price -$168,000 $550,000 $250,000 $210,000
Sale Price per Acre -$25,075 $24,434 $25,000 $28,150
Property Rights -Fee Simple Fee Simple Fee Simple Fee Simple
Financing -Cash to seller Cash Sale Cash Sale Cash to seller
Conditions of Sale -None noted Arm's length Arm's length None noted
Expenditures Immediately after Sale -$0 $0 $0 $0
Market Conditions -$0 $0 $0 $0
Adjusted Sale Price -$168,000 $550,000 $250,000 $210,000
Adjusted Sale Price per acre -$25,075 $24,434 $25,000 $28,150
Location Naples Naples Naples Naples Naples
Parcel Size (AC)16.54 6.70 22.51 10.00 7.46
Land Use Estates Residential Estates Subdistrict RF - Neutral RF - Recieving Residential Estates Subdistrict
Zoning E-Estates E; Estates Designation Agriculture- RFMUO Neutral Agriculture/RFMUO-NBMO-Receiving E; Estates Designation
Utilities None Well & Septic None None Well & Septic
Access 40th & 42nd Ave SE - Paved and Gravel Average Fawn Ln & Friendship Ln - Gravel Tobias St. - Gravel Average
Wetlands 30% Wetlands 18% Wetlands 43% Wetlands 100% Uplands 8% Wetlands
Miscellaneous/Site Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded
Location 0%-5%-5%0%
Parcel Size -5%0%0%-5%
Land Use 0%0%0%0%
Zoning 0%0%0%0%
Utilities 0%0%0%0%
Access 0%20%20%0%
Wetlands 0%0%-10%-10%
Miscellaneous/Site Topography 0%0%0%0%
Overall Percentage of Adjustments -5%15%5%-15%
$23,821 $28,099 $26,250 $23,928Final Adjusted Sale Price per acre
Land Sales Adjustment Analysis - Quantitative
Transactional Adjustments
Physical Properties
Physical Property Adjustments
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Adjustment Analysis: The sales were compared to each other individually and collectively as well
as being compared to the subject property in order to assist in the adjustment process.
Property Rights: “An element of comparison in the sales comparison approach; comparable sales
can be adjusted for the effect of differences in the real property rights (fee simple, leased fee,
leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared.”
In this analysis all property rights conveyed were fee simple, no adjustments were necessary.
Financing: “The manner in which a transaction was financed; an element of comparison in the sales
comparison approach whereby comparable properties can be adjusted for the influence of
differences between a transaction’s financing terms and those assumed in the valuation of a subject
property.” In this analysis all of the transactions were cash to the seller, no adjustments were
necessary.
Conditions of Sales: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the comparable sales are all “arm’s length” transactions including no
conditions of sale.
Expenditures Immediately After Sale: “An element of comparison in the sales comparison
approach; comparable properties can be adjusted for any additional investment (e.g., curing deferred
maintenance) that the buyer needed to make immediately after purchase for the properties to have
similar utility to the subject property being valued.” The appraiser is not aware of any expenditures
after sale for the comparables; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale are
often compared, although the usage can be misleading because property values do not change
merely as the result of the passage of time.”
The sales transactions occurred between August 2023 (Sale 4) and May 2024 (Sale 1). Realtors
familiar with this market area confirmed that both land and improved property values had been
increasing, especially in the subject’s immediate neighborhood towards the end of 2022 and early
2023 but have leveled off in recent months. No adjustments were warranted for this category.
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Physical Characteristics: Next the sales were considered and compared with one another and the
subject for physical characteristics. These include location, parcel size, land use classification, zoning
classification, utilities, access and site condition. The comparables presented adequately bracketed
all features of the subject.
Location Adjustment: The subject property is located along the south side of 40th Avenue SE and
on the north side of 42nd Avenue SE in Naples. The subject parcels all have road access. Sales Two
and Three are located north of the subject which is regarded as superior. Sales Two and Three were
each adjusted 5% downward.
Size: The subject property contains a combined 16.535 acres or 720,764 square feet of useable site
area. Sales 1 and 4 were each adjusted 5% downward for the smaller/superior site area. The
remaining comparables were deemed similar and were not adjusted.
Land Use Classification: The subject property has a land use classification of Estates Designation.
All of the comparable sales have relatively similar land use designations and were not adjusted.
Zoning Classification: The subject property is zoned (E) Estates District. All of the comparable
sales have relatively similar zoning designations and were not adjusted.
Utilities: The subject site currently has no utilities. The comparables were considered overall similar
and not adjusted in this category.
Access: The subject property is accessible from 40th Avenue SE which is a paved roadway and 42nd
Avenue SE which is a gravel roadway. Sales Two and Three are located along gravel roadways
which is regarded as inferior. Sales Two and Three were each adjusted 20% upward for the inferior
access.
Wetlands: The subject is within a freshwater forested wetlands area with an FDEP wetlands
determination map also indicating the site contains portions of hydric soils estimated to be 30% of the
ground coverage. Sales Three and Four contain mostly upland which is regarded as superior,
therefore, Sales Three and Four were each adjusted 10% downward. Sales One and Two are
regarded as similar.
Miscellaneous/Site Topography: The subject is vacant, fully wooded with ground brush covering.
All of the sales are considered similar to the subject in this category.
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Land Sales Discussion: Following will be a brief discussion of each of the sales utilized in this
analysis to estimate the market value for the subject property.
Land Sale One is the May 6, 2024 purchase of the vacant site located along the southernly side of
40th Avenue SE, Naples, Florida. The site contains 6.70 acres and was acquired for $168,000 or
$25,075 per acre. Overall, this sale was adjusted downward 5% for a final adjusted sale price per
acre of $23,821.
Land Sale Two is the January 24, 2024 purchase of the vacant site located south of Fawn Lane,
Naples, Florida. The site contains 22.51 acres and was acquired for $550,000 or $24,434 per acre.
Overall, this sale was adjusted upward 15% for a final adjusted sale price per acre of $28,099.
Land Sale Three is the September 18, 2023 purchase of the two adjoining parcels located along the
west side of Tobias Street, Naples, Florida. The site contains 10.00 acres and was acquired for
$250,000 or $25,000 per acre. Overall, this sale was adjusted upward 5% for a final adjusted sale
price per acre of $26,250.
Land Sale Four is the sale of the subject that occurred on August 17, 2023. The site contains 7.46
acres of site area and was acquired for $210,000 or $28,150 per acre. Overall, this sale was adjusted
downward 15% for a final adjusted sale price per acre of $23,928.
Please note the statistical data from the final adjusted closed sale prices presented below.
Range of Values Adj. Sales Price Per AC
Maximum $28,099
Minimum $23,821
Mean $25,524
Median $25,089
Reconciliation of Sales Comparison Approach
Final Analysis: Four sales were utilized in the analysis process. The value indicators show an
adjusted range from a low of $23,821 per acre (Sale 1) to a high of $28,099 per acre (Sale 2). The
mean and median value indications are $25,524 per acre and $25,089 per acre, respectively.
The four sales utilized in this report were considered the best available for comparison purposes.
Sale 2 received the most weight in this analysis which is due to the physical characteristics in relation
to the subject site. Sale 3 received secondary consideration after the necessary adjustments. Based
on all the preceding information it is our opinion the subject property warrants a value of $28,000 per
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acre, which is slightly higher than the mean and median of all of the comparables. Multiplying
$28,000 by the useable site area of 16.535 acres contained within the subject site provides a value
indication of $462,980 or $460,000 rounded.
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Section 6 – Reconciliation of Value
Summary of Value Conclusions “As-Is”
Cost Approach Not Applied
Income Approach Not Applied
Sales Comparison Approach $460,000
The Cost Approach is based upon the principle of substitution, which states that a prudent purchaser
would not pay more for a property than the amount required to purchase a similar site and construct
similar improvements without undue delay, producing a property of equal desirability and utility.
Since there are no improvements to consider, the cost approach was not used in this appraisal.
The Income Approach compares rentals of similar properties to the subject. The derived market
rental rates are capitalized at a rate which considers available market financing and investor equity
return requirements. Vacant land is typically not purchased for its ability to generate a positive cash
stream. Therefore, the income approach was not used in this appraisal.
The Sales Comparison Approach references sales of similar properties located in competitive areas
in the market area as researched. The sales analyzed provide a range of value indications which
supports the final value conclusion. The sales utilized in this analysis provide a range of actual
purchase prices for properties considered to be similar to the subject. The appraiser properly
considered each of the sales studied and analyzed each of these properties in relationship to the
subject in order to arrive at a value estimate for the subject property.
Based on market conditions existing as of the effective date of appraisal, and in consideration of the
property as it existed on this date, it is our opinion the subject property, under the extraordinary
assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple
ownership on July 25, 2024 of:
FOUR HUNDRED SIXTY THOUSAND DOLLARS ................................................... ($460,000.00).
Respectfully submitted,
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Zachary Kazak
State-registered trainee appraiser RI24996
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Section 7 – Certification and Limiting Conditions
Certification of Michael Jonas, MAI, AI-GRS, CCIM
I certify to the best of my knowledge and belief:
• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and
conclusions.
• I have no present or prospective interest in or bias with respect to the property that is the subject of
this report and have no personal interest in or bias with respect to the parties involved with this
assignment.
• My engagement in this assignment was not contingent upon developing or reporting predetermined
results.7
• My 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.
• This appraisal assignment was not based upon a requested minimum valuation, a specific
valuation, or the approval of a loan.
• My analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal
Foundation and the requirements of the Code of Professional Ethics and the Standards of
Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State
of Florida relating to review by its duly authorized representatives. This report also conforms to the
requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989
(FIRREA).
• 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 and Standards of
Professional Practice of the Appraisal Institute.
• The use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
• As of the date of this report, Michael Jonas has completed the Standards and Ethics Education
Requirements for Candidates of the Appraisal Institute.
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• As of the date of this report, Michael Jonas has completed the continuing education program for
Designated Members of the Appraisal Institute.
• Michael Jonas has completed the requirements of education for registration through the State of
Florida is current until November 30, 2024.
• Michael Jonas has not made a personal inspection of the property that is the subject of this report.
• Although other appraisers may be contacted as a part of our routine market research
investigations, absolute client confidentiality and privacy are maintained at all times with regard to
this assignment without conflict of interest.
• Michael Jonas is in compliance with the Competency Provision in the USPAP as adopted in
FIRREA 1989 and has sufficient education and experience to perform the appraisal of the subject
property.
• Michael Jonas has not appraised the subject in the last three years. He has not provided any other
services related to the property in the last three years.
• Zachary Kazak, Registered Appraiser Trainee License: RI24996, contributed five hours relating to
development, research, inspection, and writing of this report.
• I, the supervisory appraiser of a registered appraiser trainee who contributed to the development
or communication of this appraisal, hereby accepts full and complete responsibility for any work
performed by the registered appraisal trainee named in this report as if it were my own work.
Based on market conditions existing as of the effective date of appraisal, and in consideration of the
property as it existed on this date, it is our opinion the subject property, under the extraordinary
assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple
ownership on July 25, 2024 of:
FOUR HUNDRED SIXTY THOUSAND DOLLARS ................................................... ($460,000.00).
Respectfully submitted,
CARLSON, NORRIS & ASSOCIATES
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
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Certification of Zachary Kazak
I certify to the best of my knowledge and belief:
• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions and is our personal, impartial and unbiased professional
analyses, opinions, and conclusions.
• I have no present or prospective interest in or bias with respect to the property that is the
subject of this report and have no personal interest in or bias with respect to the parties
involved with this assignment.
• My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
• My 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.
• This appraisal assignment was not based upon a requested minimum valuation, a specific
valuation, or the approval of a loan.
• My analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal
Foundation and the requirements of the Code of Professional Ethics and the Standards of
Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the
State of Florida relating to review by its duly authorized representatives. This report also
conforms to the requirements of the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989 (FIRREA).
• Zachary Kazak has completed the requirements of the continuing education program of the
Appraisal Institute. Certification is current through November 30, 2024.
• Zachary Kazak has made a personal inspection of the property that is the subject of this
report.
• No one has provided significant real property appraisal assistance to the persons signing this
report.
• Although other appraisers may be contacted as a part of our routine market research
investigations, absolute client confidentiality and privacy are maintained at all times with
regard to this assignment without conflict of interest.
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• Zachary Kazak is in compliance with the Competency Provision in the USPAP as adopted in
FIRREA 1989 and has sufficient education and experience to perform the appraisal of the
subject property.
• Zachary Kazak has not appraised the subject in the last three years. He has not provided
any other services related to the property in the last three years.
Based on market conditions existing as of the effective date of appraisal, and in consideration of the
property as it existed on this date, it is our opinion the subject property, under the extraordinary
assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple
ownership on July 25, 2024 of:
FOUR HUNDRED SIXTY THOUSAND DOLLARS ................................................... ($460,000.00).
Respectfully submitted,
Zachary Kazak
State-registered trainee appraiser RI24996
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General Assumptions & Limiting Conditions
Information Used: No responsibility is assumed for accuracy of information furnished by others or
from others, including the client, its officers and employees, or public records. We are not liable for
such information or for the work of contractors, subcontractors and engineers. The comparable data
relied upon in this appraisal has been confirmed with one or more parties familiar with the transaction
unless otherwise noted; all are considered appropriate for inclusion to the best of my factual
judgment and knowledge.
Certain information upon which the opinions and values are based may have been gathered by
research staff working with the appraiser. Names, professional qualifications and extent of their
participation can be furnished to the client upon request.
Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil: No
responsibility is assumed for matters legal in character or nature nor matters of survey, nor of any
architectural, structural, mechanical or engineering nature. No opinion is rendered as to the legal
nature or condition of the title to the property, which is presumed to be good and marketable. The
property is appraised assuming it is free and clear of all mortgages, liens or encumbrances, unless
otherwise stated in particular parts of this report.
The legal description is presumed to be correct, but I have not confirmed it by survey or otherwise. I
assume no responsibility for the survey, any encroachments or overlapping or other discrepancies
that might be revealed thereby.
I have inspected, as far as possible by observation, the land thereon; however, it was not possible to
personally observe conditions beneath the soil or hidden; as a result, no representation is made
herein as to such matters unless otherwise specifically stated. The estimated market value assumes
that no such conditions exist that would cause a loss of value. I do not warrant against the
occurrence of problems arising from any of these conditions. It is assumed that there are no hidden
or unapparent conditions to the property, soil, subsoil or structures, which would render them more or
less valuable. No responsibility is assumed for any such conditions or for any expense or
engineering to discover them.
Information relating to the location or existence of public utilities has been obtained through inquiry to
the appropriate utility authority, or has been ascertained from visual evidence. No warranty has been
made regarding the exact location or capacities of public utility systems. Subsurface oil, gas or
mineral rights were not considered in this report unless otherwise stated.
Legality of Use: The appraisal is based on the premise that there is or will be full compliance with all
applicable Federal, State and local environmental regulations and laws, unless otherwise stated in
the report; and that all appropriate zoning, building and use regulations and restrictions of all types
have been or will be complied with and required licenses, consent, permits or other authority, whether
local, State, Federal and/or private, have been or can be obtained or renewed for the use intended
and considered in the value estimate.
Component Values: The distribution of the total valuation of this report between land and
improvements applies only under the proposed program of utilization. The separate valuations of
land and buildings must not be used in conjunction with any other appraisal, and are invalid if so
used.
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A report related to an estate that is less than the whole fee simple estate applies only to the fractional
interest involved. The value of this fractional interest, plus the value of all other fractional interests,
may or may not equal the value of the entire fee simple estate considered as a whole.
A report relating to the geographic portion of a larger property applies only to such geographic portion
and should not be considered as applying with equal validity to other portions of the larger property or
tract. The value for such geographic portions, plus the value of all other geographic portions, may or
may not equal the value of the entire property or tract considered as a single entity.
All valuations in the report are applicable only under the estimated program of the highest and best
use and are not necessarily appropriate under other programs of use.
Auxiliary and Related Studies: No environmental or impact studies, special market study or
analysis, highest and best use analysis study or feasibility study has been requested or made by us
unless otherwise specified in this report or in my agreement for services. I reserve the unlimited right
to alter, amend, revise or rescind any of these statements, findings, opinions, values, estimates or
conclusions upon any subsequent study or analysis or previous study or analysis that subsequently
becomes available to us.
Dollar Values, Purchasing Power: The value estimates and the costs used herein are as of the
date of the estimate of value. All dollar amounts are based on the purchasing power and price of the
United States dollar as of the date of value estimate.
Inclusions: Furnishings and equipment or business operations, except as otherwise specifically
indicated, have been disregarded, with only the real estate being considered.
Proposed Improvements Conditioned Value: For the purpose of this appraisal, on- or off-site
improvements proposed, if any, as well as any repairs required, are considered to be completed in a
good and workmanlike manner according to information submitted and/or considered by us. In cases
of proposed construction, the report is subject to change upon inspection of the property after
construction is complete. The estimate of value, as proposed, is as of the date shown, as if
completed and operating at levels shown and projected.
Value Change, Dynamic Market Influences: The estimated value is subject to change with market
changes over time. Value is highly related to interest rates, exposure, time, promotional effort, supply
and demand, terms of sale, motivation and conditions surrounding the offering. The value estimate
considers the productivity and relative attractiveness of the property both physically and economically
in the marketplace.
The estimate of value in this report is not based in whole or in part upon race, color or national origin
of the present owners or occupants of the properties in the vicinity of the property appraised.
In the event this appraisal includes the capitalization of income, the estimate of value is a reflection of
such benefits and my interpretation of income and yields and other factors which were derived from
general and specific market information. Such estimates are made as of the date of the estimate of
value. As a result, they are subject to change, as the market is dynamic and may naturally change
over time. The date upon which the value estimate applies is only as of the date of valuation, as
stated in the letter of transmittal. The appraisal assumes no responsibility for economic or physical
factors occurring at some later date which may affect the opinion stated herein.
An appraisal is the product of a professionally trained person, but nevertheless is an opinion only,
and not a provable fact. As a personal opinion, a valuation may vary between appraisers based
upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best
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estimate as of the date of valuation. There are no guaranties, either written or implied, that the
property would sell for the expressed estimate of value.
Title Review: Unless otherwise stated, the appraiser has not reviewed an abstract of title relating to
the subject property. No title search has been made, and the reader should consult an attorney or
title company for information and data relative to the property ownership and legal description. It is
assumed that the subject title is marketable, but the title should be reviewed by legal counsel. Any
information given by the appraiser as to a sales history is information that the appraiser has
researched; to the best of my knowledge, this information is accurate, but not warranted.
Management of the Property: It is assumed that the property which is the subject of this report will
be under prudent and competent ownership and management over the entire life of the property. If
prudent and competent management and ownership are not provided, this would have an adverse
effect upon the value of the property appraised.
Confidentiality: We are not entitled to divulge the material (evaluation or valuation) content of this
report and analytical findings or conclusions, or give a copy of this report to anyone other than the
client or his designee, as specified in writing, except as may be required by the Appraisal Institute, as
they may request in confidence for ethic enforcement, or by a court of law with the power of
subpoena.
All conclusions and opinions concerning the analyses as set forth herein are prepared by the
appraisers whose signatures appear. No change of any item in the report shall be made by anyone
other than the appraiser, and the firm shall have no responsibility if any such unauthorized change is
made.
Whenever our opinion herein with respect to the existence or absence of fact is qualified by the
phrase or phrases "to the best of our knowledge", "it appears" or "indicated", it is intended to indicate
that, during the course of our review and investigation of the property, no information has come to our
attention which would give us actual knowledge of the existence or absence of such facts.
The client shall notify the appraiser of any error, omission or invalid data herein within 10 days of
receipt and return of the report, along with all copies, to the appraiser for corrections prior to any use
whatsoever. Neither our name nor this report may be used in connection with any financing plans
which would be classified as a public offering under State or Federal Security Laws.
Copies, Publication, Distribution, Use of Report: Possession of this report, or any copy thereof,
does not carry with it the right of publication, nor may it be used for other than its intended use. The
physical report remains the property of the firm for the use of the client, with the fee being for the
analytical services only. This report may not be used for any purpose by any person or corporation
other than the client or the party to whom the report is addressed. Additional copies may not be
made without the written consent of an officer of the firm, and then only in its entirety.
Neither all nor any part of the contents of this report shall be conveyed to the public through
advertising, public relations effort, news, sales or other media without my prior written consent and
approval of the client.
It has been assumed that the client or representative thereof, if soliciting funds for his project, has
furnished to the user of this report complete plans, specifications, surveys and photographs of land
and improvements, along with all other information which might be deemed necessary to correctly
analyze and appraise the subject property.
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Authentic Copies: Any copy that does not have original signatures of the appraiser is unauthorized
and may have been altered and, therefore, is considered invalid.
Testimony, Consultation, Completion of Contract for Appraisal Services: A contract for
appraisal, consultation or analytical services is fulfilled and the total fee payable upon completion of
the report. The appraisers or those assisting in the preparation of the report will not be asked or
required to give testimony in court or hearing because of having made the appraisal in full or in part,
nor will they be asked or required to engage in post appraisal consultation with client or third parties
except under separate and special arrangement and at an additional fee.
Any subsequent copies of this appraisal report will be furnished on a cost-plus expenses’ basis, to be
negotiated at the time of request.
Limit of Liability: Liability of the firm and the associates is limited to the fee collected for preparation
of the appraisal. There is no accountability or liability to any third party.
Fee: The fee for this appraisal or study is for the service rendered, and not for time spent on the
physical report. The acceptance of the report by the client takes with it the agreement and
acknowledgement that the client will pay the negotiated fee, whether said agreement was verbal or
written. The fee is in no way contingent on the value estimated.
Special Limiting Conditions: The Americans with Disabilities Act became effective January 26,
1992. Notwithstanding any discussion of possible readily achievable barrier removable construction
items in this report, Carlson, Norris and Associates, has not made a specific compliance survey and
analysis of this property to determine whether it is in conformance with the various detailed
requirements of the A.D.A. It is possible that a compliance survey of the property together with a
detailed analysis of the requirements of the A.D.A. could reveal that the property is not in compliance
with one or more of the requirements of the A.D.A.; If so, this fact could have a negative effect on the
value estimated herein. Since Carlson, Norris and Associates has no specific information relating to
this issue, nor is Carlson, Norris and Associates qualified to make such an assessment, the effect of
any possible noncompliance with the requirements of the A.D.A. was not considered in estimating
the value of the subject property.
This analysis is made in conformity with the requirements with the Uniform Standards of Professional
Appraisal Practice and the Standards of Professional Conduct of the Appraisal Institute.
Extraordinary Assumption is defined as: “An assumption, directly related to a specific assignment,
as of the effective date of the assignment results, which, if found to be false, could alter the
appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain
information about physical, legal, or economic characteristics of the subject property; or about
conditions external to the property, such as market conditions or trends; or about the integrity of data
used in an analysis.” An extraordinary assumption may be used in an assignment only if:
• It is required to properly develop credible opinions and conclusions.
• The appraiser has a reasonable basis for the extraordinary assumption.
• Use of the extraordinary assumption results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary
assumptions.
Please note the following extraordinary assumptions:
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• A soil analysis for the site has not been provided for the preparation of this appraisal. In the
absence of a soil report, it is a specific assumption that the site has adequate soils to support
the highest and best use. The analyst is not an expert in area of soils, and would
recommend that an expert be consulted.
• It is assumed that there are no hidden or unapparent conditions to the property, soil, or
subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral rights
were not considered in this report unless otherwise stated. The analyst is not an expert with
respect to subsurface conditions, and would recommend that an expert be consulted.
• It is assumed that there are no hazardous materials either at ground level or subsurface.
None were noted during the property inspection. The analyst is not an expert in the
evaluation of site contamination, and would recommend that an expert be consulted.
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Section 8 – Addenda
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SUBJECT WARRANTY DEED
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USDA SOIL MAP
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FLOOD MAP
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APPRAISERS' LICENSES
LICENSE FOR MICHAEL JONAS, MAI, AI-GRS
LICENSE FOR ZACHARY KAZAK
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QUALIFICATIONS OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM
STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ2623
EDUCATION:
University of Central Florida - 1999 BSBA – Finance
PROFESSIONAL EDUCATION:
Appraisal Institute: National USPAP Update Course, 2012, 2014, 2016, 2020, 2022
Appraisal Institute: 2018 Legislative VALUEvent , 2018
Appraisal Institute: Advanced Income Capitalization, 2003
Appraisal Institute: Advancing the Appraisal Profession, 2019
Appraisal Institute: Analyzing Distressed Real Estate, 2007
Appraisal Institute: Appraisal Laws and Rules, 2000, 2002, 2004, 2020, 2022
Appraisal Institute: Appraisal Report Writing, 2005
Appraisal Institute: Artificial Intelligence, AVMS, 2019
Appraisal Institute: Business Practice and Ethics, 2012, 2016, 2019, 2020
Appraisal Institute: Capital Reserve Studies 2022
Appraisal Institute: Central Florida Real Estate Forum, 2022
Appraisal Institute: Desktop Appraisals 2020
Appraisal Institute: Evaluations for Commercial and Residential Appraisers, 2022
Appraisal Institute: FL State Law for Real Estate Appraisers, 2004
Appraisal Institute: Florida Appraisal Laws and Rules, 2012, 2014, 2016
Appraisal Institute: Florida Real Estate Valuation, 2011
Appraisal Institute: Florida State Law for Real Estate Appraisers, 2006
Appraisal Institute: Fundamentals of Separating Real Estate, 2012
Appraisal Institute: Insurance Appraisal, 2011
Appraisal Institute: National USPAP Update Course, 2000, 2002, 2004, 2006, 2008, 2010, 2012
Appraisal Institute: Real Estate Damages, 2011
Appraisal Institute: Reappraising, Readdressing, Reassigning, 2007
Appraisal Institute: Review Involving Appraisals by Multiple Appraisers, 2022
Appraisal Institute: Review Theory – General, 2014
Appraisal Institute: Roles/Responsibilities Supervisor/Trainee, 2006, 2008
Appraisal Institute: Specialty Appraisal Continued Education, 2000, 2002, 2004, 2006, 2008,
2012, 2014, 2016 2020, 2022
Appraisal Institute: State Law for Real Estate Appraisers, 2008, 2010, 2012
Appraisal Institute: The Appraiser as an Expert Witness, 2016
Appraisal Institute: The Paperless Real Estate Appraisal Office, 2022
Appraisal Institute: Trial Components, 2016
Appraisal Institute: Uniform Appraisal Standards for Federal Land Acquisitions, 2007
Bert Rodgers: Continuing Real Estate Education, 2004, 2006, 2021
Bob Hogue: CE for Florida Real Estate Professionals, 2016
CCIM Institute: Financial Analysis Commercial Investment, 2008
CCIM Institute: Financial Analysis for Commercial, 2008
CCIM Institute: Investment Analysis Commercial Investment, 2009
CCIM Institute: Investment Analysis Commercial, 2009
CCIM Institute: Market Analysis Commercial Investment, 2008
CCIM Institute: User Decision Analysis Commercial Industrial, 2009
CLE International: Eminent Domain, 2006
Cooke: CE for Real Estate Professionals, 2015
DPBR: FREAB Board Meeting, 2007
Larson Educational Services: Core Law, 2010
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McKissock: Supervisor – Trainee Course for Florida, 2019
NABOR Ethics Training: 2004, 2008, 2012, 2016
EXPERIENCE:
1999 – 2000 Clayton, Roper & Marshall Orlando, FL
2000 – 2001 Chapman & Associates Sarasota, FL
2001 – 2008 Coast Engineering Consultants, Inc Naples, FL
2008 – 2009 Orion Bank. Naples, FL
2009 – 2011 Iberia Bank Naples, FL
2011 – 2014 Integra Realty Resources Naples, FL
2014 – 2016 Capstone Valuation Advisors, LLC Naples, FL
2016 – 2019 MPJ Real Estate Services, Inc. Naples, FL
2019 – Present Carlson, Norris & Associates Fort Myers & Naples, FL
PROFESSIONAL MEMBERSHIP:
Appraisal Institute, Member (MAI / AI-GRS) No. 12480
Certified Commercial Investment Member, CCIM No. 18275 Certification,
State Certified General Appraiser RZ2623 Member, Naples Area Board of Realtors
State of Florida, Registered Real Estate Broker BK700992
Properties appraised include: subdivisions, retail centers, motels, commercial buildings, industrial
buildings, warehouses, mobile home parks, professional offices, medical offices, office/warehouse
condominiums, single family homes, duplexes, apartment projects, individual condominium projects,
residential lots, acreage, wetlands, special use properties, ranches, conservation easements hotels,
marinas, mixed-use subdivisions, regional malls, gas stations, self-storage facilities and eminent
domain cases.
Appraisal clients include: banks, savings and loan associations, attorneys, corporations, builders,
developers, mortgage companies, insurance companies, home transfer companies, private
individuals, and local, state and federal government agencies.
Qualified as an expert witness in Monroe and Collier County Circuit Court
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QUALIFICATIONS OF ZACHARY D. KAZAK
REGISTERED TRAINEE APPRAISER RI24996
EDUCATION:
Edward Waters College – Bachelor of Business Administration – Management
PROFESSIONAL EDUCATION:
Basic Residential Appraisal Principles – November 2020
Basic Residential Appraisal Procedures – December 2020
Residential Property Inspection for Appraisers - 2022
Florida Appraisal Law – 2020, 2022
National USPAP Update – 2020, 2022
Florida Appraisal Laws and Regulations – 2022
Income Approach Overview – 2022
Cost Approach Overview - 2022
National Appraising for Supervisor and Trainee – December 2020
EXPERIENCE:
2021-Present: Carlson, Norris and Associates, Inc.
Fort Myers, Florida
PROFESSIONAL MEMBERSHIP:
Certification State-Registered Trainee Appraiser RI24996
Properties appraised/assisted include: retail centers, commercial buildings, industrial buildings,
warehouses, professional offices, medical offices, office/warehouse condominiums, vacant
commercial land, vacant industrial land, special use properties, and other miscellaneous properties.
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APPRAISAL REPORT
FOR
THE CONSERVATION COLLIER
PROGRAM AND THE COLLIER
COUNTY BOARD OF COUNTY
COMMISSIONERS
SUBJECT PROPERTY:
HENDRIX HOUSE
17.66-ACRES ALONG 40TH AVENUE SE
NAPLES, FL 34117
AT THE REQUEST OF:
ROOSEVELT LEONARD, R/W-AC
REVIEW APPRAISER II
COLLIER COUNTY FACILITIES
MANAGEMENT/REAL PROPERTY
3335 TAMIAMI TRAIL E., STE. 102
NAPLES, FL 34112
ASSIGNMENT NO.:
6789-TS
APPRAISAL EFFECTIVE DATE:
AUGUST 2, 2024
DATE OF REPORT:
AUGUST 26, 2024
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6789 Report Table of Contents
Carroll & Carroll
Table of Contents
SUMMARY OF IMPORTANT DATA AND CONCLUSIONS ......................................................... 1
CONSERVATION FEATURES SUMMARY OVERVIEW ................................................................. 3
CERTIFICATION ..................................................................................................................................... 4
SCOPE OF WORK ................................................................................................................................... 6
ESTATE APPRAISED .............................................................................................................................. 7
DEFINITION OF MARKET VALUE ..................................................................................................... 8
ASSUMED EXPOSURE TIME ................................................................................................................ 8
AREA INFORMATION .......................................................................................................................... 9
MARKET AREA ..................................................................................................................................... 18
PROPERTY INFORMATION ............................................................................................................... 30
SITE DESCRIPTION .......................................................................................................................... 31
SUBJECT PHOTOGRAPHS .............................................................................................................. 34
ENVIRONMENTAL CONTAMINATION .................................................................................... 37
NATURAL RESOURCE CONCERNS ............................................................................................ 38
ZONING .............................................................................................................................................. 44
ASSESSMENT AND TAXES ............................................................................................................ 46
FLOOD ZONE DATA ....................................................................................................................... 47
TRANSACTIONAL HISTORY ........................................................................................................ 48
CURRENT STATUS ........................................................................................................................... 48
HIGHEST AND BEST USE ................................................................................................................... 49
CONSIDERATION OF APPROACHES ............................................................................................. 50
SALES COMPARISON APPROACH ................................................................................................. 51
LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 52
VACANT LAND COMPARABLES ................................................................................................ 53
LAND SALES ADJUSTMENT GRID .............................................................................................. 60
ESTIMATE OF VALUE ..................................................................................................................... 66
ADDENDA ............................................................................................................................................. 67
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6789 Report Summary of Important Data & Conclusions
Carroll & Carroll 1
SUMMARY OF IMPORTANT DATA AND CONCLUSIONS
This information is summarized only for convenience. The value given is the final, rounded
conclusion of the appraisal. To use this summary without first reading the appraisal report
could be misleading.
PROPERTY INFORMATION
Property Identification
Hendrix House
17.66 gross acres located along the south side of 40th
Avenue SE, Naples, FL 34117
Property Description
A total of 17.66 gross acres located along the south side of
40th Avenue SE and north side 42nd Avenue NE in Naples,
Florida.
Property Type Vacant Land
Owner of Record Hendrix House, Inc. and Restoration Church, Inc.
Property ID # 41711000002, 41770120004, 41770080005, 41770040003
CLIENT INFO & VALUE CONCLUSIONS
Client Collier County Facilities Management Department
Intended Use
To assist the Conservation Collier Program and the Collier
County Board of County Commissioners.
Intended Users
Conservation Collier Program and the Collier County
Board of County Commissioners.
Appraisal Effective Date August 2, 2024
Date of Report August 26, 2024
Date of Inspection August 2, 2024
Purpose of Appraisal Estimate market value “As Is”
Estate Appraised Fee Simple
Interest Appraised 100%
Estimated Market Value $545,000
GENERAL INFO
Appraiser
Timothy W. Sunyog, MAI
State-Certified General Appraiser RZ 3288
Scope of Work All applicable approaches to value were developed.
EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS
I was not provided with any environmental studies or wetland determinations but based
on the ground cover, aerials, and information from surrounding properties, the property
appears to contain a portion of wetlands. For the purposes of this appraisal, I have
assumed the property contains 30-40% wetlands. If an informal wetland determination is
conducted on the subject property indicating a higher or lower presence of wetlands, I
reserve the right to reconsider my opinion of market value.
HYPOTHETICAL CONDITIONS
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6789 Report Summary of Important Data & Conclusions
Carroll & Carroll 2
None
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6789 Report Conservation Summary Overview
Carroll & Carroll 3
CONSERVATION FEATURES SUMMARY OVERVIEW
Project Name:
Hendrix House Appraisal Project
17.66 gross acres located along the south side of 40th Avenue SE and the north side of 42nd
Avenue SE, Naples, FL 34117
Folio Number & Owner(s) of Record:
41711000002, 41770120004, 41770080005, 41770040003
Hendrix House, Inc. and Restoration Church, Inc.
Zoning/Overlays:
E – Estates
Zoning Considerations for TDR’s, PHU, other endangered species:
N/A
Was the cost to mitigate wetlands or endangered species taken into consideration?
A portion of the property appears to be covered in wetlands. Portions of the property could be
mitigated in order to construct single-family residences.
Scope of Proposed Mitigation:
N/A
Land Area:
17.66 gross acres
Access for the Parcel Taken Into Consideration:
Full-service access is provided from 40th Avenue NE and 42nd Avenue NE.
Highest and Best Use:
The highest and best use is to develop the property with four or six single-family residences
which could potentially require mitigation.
Date of Estimated Value:
August 2, 2024
Estimated Value:
$545,000
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CERTIFICATION
I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF:
I personally inspected the subject property and the comparable sales.
The statements of fact contained in this report are true and correct.
The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions and our personal, impartial and unbiased
professional analyses, opinions and conclusions.
I have no present or prospective interest in the property that is the subject of this report
and no personal interest with respect to the parties involved.
In the three years immediately prior to acceptance of this assignment I have not
performed any services regarding the subject property as appraisers, or in any other
capacity.
I have no bias with respect to the property that is the subject of this report or the parties
involved with this assignment.
My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
My 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.
My analyses, opinions and conclusions were developed, and this report was prepared,
in conformity with the Uniform Standards of Professional Appraisal Practice. I am also
subject to the Code of Ethics and Standards of Professional Practice of the Appraisal
Institute, which includes provisions for peer review.
The use of this report is subject to the requirements of the State of Florida relating to
review by the Florida Real Estate Appraisal Board and to the requirements of the
Appraisal Institute relating to review by its duly authorized representatives.
No one other than the undersigned prepared the analyses, opinions and conclusions
concerning real estate that are set forth in this report.
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As of the date of this report, I have completed the requirements of the continuing
education program of the State of Florida, and for Designated Members of the
Appraisal Institute.
CARROLL & CARROLL
Timothy W. Sunyog, MAI
Cert Gen RZ3288
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SCOPE OF WORK
All applicable approaches to value were developed and the value conclusion reflects all
known information about the subject property, market conditions, and available data.
The scope of work was:
• Inspected the subject property and the comparable sales.
• Reviewed aerial photographs, land use plans, the Land Development Code, the
Conservation Collier Initial Criteria Screening Report and other documentation.
• Reviewed how the property relates to its neighborhood and to the broader market area
in development of an opinion of highest and best use.
• Researched vacant land comparable sales, listings, and pending sales.
• Developed the sales comparison approach.
• Estimated the market value of the fee simple estate.
• Prepared an appraisal report summarizing the appraisal assignment, the property
appraised, the application of the appraisal methodology, and the logical support for the
value conclusion.
Sources of market data included local and regional MLS systems, CoStar, LoopNet, public
records, and interviews with real estate brokers.
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ESTATE APPRAISED
The estate appraised is the Fee Simple Absolute. For appraisal purposes Fee Simple
Absolute is synonymous with Fee Simple.
The Dictionary of Real Estate Appraisal, Seventh Edition, published 2022 by the Appraisal
Institute, defines Fee Simple Estate as:
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.
We consider easements, but only to the extent that they are known to us. Appraisal of the
fee simple means that an improved property is vacant and available to be put to its highest
and best use.
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DEFINITION OF MARKET VALUE
In United States tax law, the definition of Fair Market Value is found in the United States
Supreme Court decision in the Cartwright case:
The fair market value is the price at which the property would change hands between a
willing buyer and a willing seller, neither being under any compulsion to buy or to sell
and both having reasonable knowledge of relevant facts.
United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S.
Tax Case. (CCH) ¶ 12,926 (1973) (quoting from U.S. Treasury regulations relating to Federal
estate taxes, at 26 C.F.R. sec. 20.2031-1(b)).
ASSUMED EXPOSURE TIME
The reasonable exposure time is assumed to have already occurred as of the appraisal
effective date. The assumed reasonable exposure time was between 4 and 6 months.
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AREA INFORMATION
COLLIER COUNTY ANALYSIS
An analysis of geography, transportation, population, employment, income, and education
for Collier County is performed using data provided by Site to Do Business, Florida Office
of Economic & Demographic, United States Department of Labor, all recognized source(s).
GEOGRAPHY
Collier County is the most southerly county on Florida's west coast offering mainland
coastal development. Collier County is west of Ft. Lauderdale and south of Tampa. With
2,025 square miles of land area, it is the largest county in Florida. About 63% of the land
area is in public ownership, is set aside for environmental preservation, or is scheduled for
public land acquisition.
The region enjoys a climate that is classified as subtropical. Summers are relatively mild,
and winters are usually frost free. A hard freeze is a rarity. The climate, especially in winter,
is one that attracts and is enjoyable to most people.
The geography of the area runs generally northwest and southeast as indicated by the trend
of the coastline. Beaches extend from the northern county line south to Cape Romano and
then, as the coastline trends further to the southeast, beaches give over to mangrove islands
and swamps. Moving northeastward from the beaches, elevations increase very slowly.
Most of the county is less than 15 feet above mean sea level. Although changes in elevation
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are gradual, they are well defined by variations in vegetation. Much of the county is, or was
once, wetland. The once plentiful marine resources are largely depleted, but still provide
good sport fishing.
Population centers include the coastal communities of Naples, Marco Island and
Everglades/Chokoloskee. Immokalee, the single large interior community, is in north
Collier County and is the agricultural center of the region.
POPULATION
“The social forces studied by appraisers primarily relate to population characteristics. The
demographic composition of the population reveals the potential demand for real estate,
which makes the proper analysis and interpretation of demographic trends important in an
appraiser’s analysis.” The total population, it's composition by age and gender, and the rate
of household formation and dissolution strongly influence real property values. (The
Appraisal of Real Estate 14th Edition)
Collier County’s population has continued to increase year after year. The population has
increased only 0.1% as of 2022 from 2020. The population forecasts through 2027 calls for a
continued steady growth cycle with an estimated 4.4% population growth from 2022 to
2027.
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Collier County is a popular retirement destination. As of 2022, 55.9% of the County’s
residents are over the age of 45. The 2027 forecasts depict an aging community with 56.5%
of the population 45 years of age or older.
EMPLOYMENT
Collier County is a largely service based economy with 32.1% of the employees in the
leisure, hospitality, education, and health service industries and 26% in professional,
business, financial and other services. Trade, transportation, & utilities along with
government jobs account for 36.4% of the County’s employees. Industries such as natural
resources/mining, construction, and manufacturing make up only 5.5% of the market.
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The unemployment
rate in Collier County exceeded the state average by a slight margin in the years 2015 and
2016. The unemployment rate then declined through 2020 as the economy improved and,
until recently, Collier County’s unemployment rates decreased more rapidly than the state.
Top 10 Largest Employers SWFL-2022
Rank Company Employees
1 Lee Health 13595
2 Lee County School District 12936
3 Lee County Local Government 9038
4 Publix 8728
5 NCH Healthcare System 7017
6 Walmart 6516
7 Collier County School District 6422
8 Collier County Government 5000
9 Florida Gulf Coast University 3430
10 Arthrex, Inc 3000
Source: SOUTHWEST FLORIDA ECONOMIC DEVELOPMENT
ALLIANCE NOTE: * DATA AS RECENT AS 2018 Q3; ** DATA AS
RECENT AS 2017
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INCOME
Collier County’s per capita income and median household income levels are higher than
state statistics. The most substantial difference between Collier County and the state is the
large percentage difference in household incomes above $100,000 where Collier County
exceeds the state by over 12%. Collier County's percentage household incomes ranging
from $25,000 to $74,999 is slightly lower than the percentage of household incomes in the
state, only mirroring that of the state at $75,000 to $99,000, and from there exceeding the
percentage of the state. Income levels vary greatly within different areas of Collier County,
and so will be discussed in greater detail in the Market Area descriptions.
TRANSPORTATION
The transportation system reflects local geography, population densities and the primary
motivators of tourism, service industry employment, the construction industry, agriculture,
and leisure activities.
ROADS
The earliest roads were coastal, extending from north to south in the early twentieth century
with the first settlers. Principal among these is US-41, commonly referred to as the Tamiami
Trail because it was built to connect Tampa and Miami. Where it passes through the coastal
community US-41 is a four or six lane divided highway with landscaped medians, curb and
gutter, streetlights and often with concrete sidewalks. The Trail is the principal coastal
arterial and one that defines several important boundaries. Often there is a noticeable land
value difference east and west of US-41 because the affluent coastal population prefers to
shop and trade close to home. As the highway turns southeast from downtown Naples
toward Miami the Trail defines the boundary of the coastal management zone which affects
development densities and storm evacuation requirements. The eastern segment of US -41
is a designated national scenic highway popular with tourists, especially during the winter
season as they seek adventure in the Everglades.
A system of asphalt surfaced arterials, major collectors, minor collectors, and neighborhood
streets extend into the urban area east and west from US-41. North-south arterials and
major collectors are established about one mile apart. From west to east, these include
Goodlette-Frank Road, Airport-Pulling Road, Livingston Road, Santa Barbara Boulevard
and Collier Boulevard. The east-west grid is spaced about two miles apart; from north to
south being Immokalee Road (CR-864), Vanderbilt Beach Road (CR-862), Pine Ridge Road
(CR-896), Golden Gate Parkway (CR-886), Radio Road (CR-856), Davis Boulevard (SR-84),
and Rattlesnake Hammock Road (CR-864). Within the urban area all of these are at least 4
lane divided highways.
East of Collier Boulevard the road system reflects the economies of scale of Golden Gate
Estates subdivision (the Estates) where 102 square miles of rural subdivision is supported
by a grid system of paved and unpaved 2 lane streets, with 2 and 4 lane asphalt surfaced
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major collectors. Golden Gate Boulevard, a 4-lane divided road for five of its eleven miles
east of CR-951, is the principal east-west collector. Everglades Boulevard (2 lane and
asphalt surfaced) is the north-south major collector extending south from Immokalee Road
14 miles to the grade separation at I-75 where it continues into the Picayune Strand State
Forest. Most of the neighborhood streets in Golden Gate Estates are asphalt. Collier
County is planning to extend east-west collectors through the Estates along the alignment of
Vanderbilt Beach Road and somewhere south of Golden Gate Boulevard. A north-south
connection is also planned from the eastern terminus of White Boulevard (Pine Ridge Road)
north to Golden Gate Boulevard.
Interstate highway 75 (I-75) was extended from north to south through Collier County in
the mid-1980s along a flood-proof route about five miles inland. Directly east of the City of
Naples I-75 joins the original alignment of State Road 84 (Alligator Alley) connecting with
Florida's east coast at Ft. Lauderdale. The coastal community I-75 interchanges are spaced
three to four miles apart at Immokalee Road (CR-864), Pine Ridge Road (CR-896), Golden
Gate Parkway (CR-886), and at Collier Boulevard/Davis Boulevard (CR-951/SR-84). Twenty-
one miles east of the coastal community is an interchange at State Road 29; the last
interchange in Collier County. Collier County and the FDOT continue to study the
feasibility of an interchange at Everglades Boulevard.
The advent of I-75 signaled a change in the relationship of Collier County to the rest of
Florida and the United States. While US-41 was the only north-south arterial, Collier
County was dominated by the conservative mid-western influences of seasonal residents
and somewhat isolated from the larger urban areas of Florida. After the late 1980s, road
access to Collier was made much more convenient to the northeast via connections with I -4
and I-95. This had the effect of broadening Collier’s market exposure and it stimulated
growth. The extension of I-75 south into Dade County promoted better access for European
tourists and made Collier County transient lodging attractive for east coast weekenders.
Strategic connections exist where Collier Boulevard and CR-92 extend south and west from
US-41 providing access to the City of Marco Island from the greater Naples area and from
Florida's east coast, respectively. State Road 29 connects the southwest Florida agricultural
center of Immokalee with points north, with the Naples coastal community via CR-846,
with the Ft. Myers coastal community via SR-82, and with US-41 at Everglades City which
is the western gateway to Everglades National Park and the 10,000 Islands region of
Collier's southwest coast.
The road transportation system is well planned, well maintained, and operating at
acceptable capacity. Ambitious road construction projects undertaken in anticipation of
growth projections and funded by impact fees have caught up with development. The road
system reflects Collier's position at the southerly limit of development on Florida's west
coast.
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MASS TRANSIT
Collier Area Transit (CAT), operated by Collier County Alternative Transportation Modes
Department, provides inexpensive alternative transportation throughout the county linking
major employment centers of Naples with Marco Island and Immokalee. There are several
circulation routes with stops at the County government complex, hospitals, and major
shopping establishments. The system accommodates bicycle transport and personal items.
The same County department administers the Collier Area Para Transit system which
provides subsidized transportation services for the disabled and economically
disadvantaged.
This is a successful and growing system that connects people with jobs, essential services,
and shopping while reducing transportation costs and road congestion.
AIRPORTS
Collier County is supported by a system of five public airports. Southwest Florida
International Airport (RSW) is located in Lee County 25 miles north of Naples; a 45-minute
drive via I-75 from the Collier center of population. This facility serves the five county
southwest Florida regions offering domestic and international air carrier service. It is
modern, convenient, and has planned expansion to keep up with regional growth.
Naples Municipal Airport (APF) owned by the City of Naples and operated by the
independently constituted Naples Airport Authority which derives its revenue principally
from fuel sales. This small airport (about 1 sq. mi.) is located one mile east of downtown
Naples. It serves the coastal community and is especially convenient to affluent residents
who own private aircraft, to the corporate convention business of the large beachfront
hotels, and to essential services like mosquito control, Emergency Medical Services (EMS),
the Sheriff’s office, and private air ambulance services. The two paved runways (5/23 @
5,290’ and 14/32 @ 5,000’) will support jets including the G4 and Challenger series. Naples
airport is tower controlled and fully certified for commercial operations and is home to
several aircraft charter services and flight training schools. In 2005, Naples Municipal
Airport accommodated 163,434 aircraft operations, a record high. Annual operations
decreased by nearly 50% from 2005 to 2011. The total operations for 2020 were 104,479,
which is a 5.2% increase from the previous year. Due to its downtown location, Naples
airport has restricted operations of the noisiest jet aircraft and is at the leading edge of noise
abatement measures.
The Collier County Airport Authority owns and operates airports at Marco Island, in
Everglades City, and at Immokalee. These are primarily funded through fuel sales and
hangar leases. Marco Island Airport (MKY) is a very small (64.47 acres) general aviation
facility on the mainland four miles northeast of Marco Island. The single paved runway
(17/35 @ 5,000') will support light jet traffic. Hanger and ramp space is very limited. Fuel is
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available. This airport is convenient to Marco Island residents and to the corporate
convention business of the Island hotels. Immokalee Regional Airport (IMM) is one mile
east of Immokalee and 35 miles by road northeast of Naples. This 2 square mile airport has
two paved 5,000-foot runways (18/36 and 09/27) a third diagonal runway is now used as a
weekend drag racing strip. The airport is in the Florida Rural Enterprise Zone and a HUB
Empowerment Zone. A 60-acre zone in and around the airport is a designated Foreign
Trade Zone. To date, the economic potential of this airport is largely unrealized. However,
the field is active as a training destination for coastal-based flight schools, it hosts aerial
firefighting and crop-dusting operations, and it bases numerous private aircraft. The
Everglades Airpark (X01) is a light duty general aviation facility of 29.14 acres that is within
walking distance of downtown Everglades City. The single paved strip (15/33 @ 2,400')
supports itinerant coastal traffic and half a dozen-based aircraft. Fuel, a comfortable pilot
center and bicycles are available.
The aviation community Is well supported. The greater Naples area is the beneficiary of the
winter season influx of corporate executives and affluent individuals who can afford luxury
private jet travel.
MARINE TRANSPORTATION
There is no deep-water port and no commercial marine activity other than that associated
with commercial fishing, charter sport fishing, and the marine towing services that support
the pleasure boat industry. The controlling depth to the municipal dock in Naples Bay is six
feet at mean low water. The US Coast Guard maintains a dredged and well-marked
intracoastal waterway from the head of Naples Bay to Coon Key southeast of Marco Island.
Local geography requires vessels northbound from Naples to transit 30 miles of the Gulf of
Mexico before returning to the sheltered intracoastal system at Sanibel Island. According to
the Marine Industries Association of Collier County, as of early 2018 there were 57,685
registered vessels in Southwest Florida. In 2022, Florida registered over 1 million
recreational boats. Seasonally, excursions from Marco Island to Key West and from Ft.
Myers Beach to Key West are scheduled daily.
EDUCATION
The Collier County School District provides public education to about 47,000 students
encompassing grades K-12 and employs almost 7,000 people of which 3,200 are teachers.
The district has 51 public schools consisting of 31 elementary, 10 middle, 8 high schools, one
K-12 (Everglades City School), and 1 virtual school. There are also 12 alternative school
programs and two technical colleges, Lorenzo Walker Technical College, and Immokalee
Technical College, which offer short term and long-term training to adults and high school
students.
Between 2015 and 2020, the school district had an overall population growth of more than
6,000 students but recently student population growth has leveled off and slightly
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decreased. The student population is a diverse culture. 55% of students live in homes where
English is not the first language. Students come from 76 different countries of origin and
speak 104 different languages.
Collier County School District continues to receive an “A” grade by the State of Florida
Department of Education. The district and all schools are accredited by the Southern
Association of Colleges and Schools Council. Collier County is the leader in Florida in
educational technology. It is also a leader in advanced educational programs, offering dual
enrollment and Advance Placement courses, Cambridge Advanced International Certificate
of Education and Laureate diplomas. Career training is available through 32 career
academies.
In addition to the public-school system, there are numerous private schools throughout the
county. Approximately, 16% of all K-12 students in Collier County are educated in private
schools.
Collier County is also home to several colleges and accredited universities. Three colleges
have campuses in Collier County: Ave Maria University, Keiser University and Florida
Southwestern State College (formerly Edison Community College). Ave Maria University is
a private catholic university that offers both undergraduate and graduate programs
including a law school has around 1,245 students. Keiser University is a private university
that offers both undergraduate and graduate programs to over 17,990 students throughout
20 campuses in Florida and an online learning program. Florida Southwestern State College
with campuses in Naples, Punta Gorda, and Ft. Myers, offers both two-year and four-year
degree programs for 14,714 students. Formerly located in Naples, now in Fort Myers,
Hodges University is a private four-year college that offers bachelor’s and master’s degrees
in 20 disciplines for around 1,676 students. Nearby Florida Gulf Coast University (located
in southern Lee County) is one of the state's fastest growing institutions and home to over
16,000 students.
CONCLUSION
At the southerly limit of urban development on Florida's west coast, Collier County offers
the climate, natural resources, and sporting opportunities to support a superb retirement
community. The quality of infrastructure, schools, and social services is what one would
expect of such an area. We are experiencing a surge in new development projected to take
us through the next several years. In the long term, the attractions of the climate and
location, and the stability of fixed-account affluence promise continuing prosperity
although probably without the strong emphasis on new development.
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MARKET AREA
Market Area is defined as:
“The geographic region from which a majority of demand comes and in which the
majority of competition is located.” (The Dictionary of Real Estate Appraisal 7th Edition)
“A market area is defined in terms of the market for a specific category of real estate
and thus is the area in which alternative, similar properties effectively compete with the
subject property in the minds of probable, potential purchasers and users.” (The
Appraisal of Real Estate 15th Edition)
A market area includes those surrounding land uses which impact the value of a property
and it can encompass one or more neighborhoods or districts. An appraiser focuses on the
market area in analyzing subject property value influences.
BOUNDARIES
The subject property is located within the Golden Gate area of Collier County. For
appraisal purposes, the Golden Gate or market area boundaries are shown below:
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Introduction
The portion of Golden Gate within this market area is approximately 157 square miles in
size. Three separate land uses are worth noting. Golden Gate City, which is not
incorporated, is a 4-square mile development of high residential density consisting of both
single-family and multifamily units. Commercial services for this market area are
centralized here. The rural estates consist of approximately 116 square miles and is zoned
for estate living. This low-density development serves a rural lifestyle desired by many in
the area. A third area, Orange Blossom PUD located on Immokalee Road, is a 4-square mile
residential subdivision with commercial support near the Immokalee Road and Randall
Boulevard intersection. It is approximately 80% developed with primarily single-family
units. Collier County Fairgrounds, a high school, middle school, and elementary school are
located here.
Demographics for Golden Gate City and rural estates will be discussed separately, where
appropriate, Data for Orange Blossom PUD will be included in the rural estate’s
demographics.
Environmental Influences
This area is desired because of mild winter weather and rural lifestyle. Even though it is
inland from the coast there is still easy access to miles of beaches. The Naples area is one of
the very few in Florida that offers adequate public access to a mainland beach. The
subtropical weather allows for year-round recreational opportunities. Boating, swimming,
riding ATVs, and camping are popular activities. Bicycling, walking and jogging are
supported by an extensive network of connected biking and walking paths. Multiple tennis
and pickle ball courts are available, as well as fitness centers.
Golden Gate is known for its clean environment and healthy lifestyle. Residents are drawn
to the rural estates because of wooded lots, native vegetation and abundance of wildlife.
Agriculture uses are permitted; therefore, equestrian activities are common throughout the
estates. Golden Gate City is an urban area served by county parks and a biking/walking
path network.
Governmental Influences
This market area, including Golden Gate City, is governed by Collier County Board of
County Commissioners which serves as chief legislative body and five constitutional
officers: sheriff, clerk of courts, tax collector, supervisor of elections, and property appraiser.
County government is managed by a strong county manager structure. Collier County
provides services which range from average to high quality. However, Collier County is
known for being a difficult county for building and development. The tax burden in
Collier County is lower than the national average.
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County government has zoning, and comprehensive plan ordinances designed to protect
the character and values of property; to protect and enhance economic development; and to
maintain and enhance the attractive nature of the area.
Public services include fire protection, solid waste disposal, potable water, sanitary sewer
service and storm water drainage. In some areas of Golden Gate Estates where sanitary
sewer is not available, septic systems are permitted. Public/private companies proved
adequate services for electricity, cable, and internet. Community support facilities such as
schools, parks, churches, shopping, and places of employment are all located within this
market area.
Collier County Sheriff Department provides a full range of services for Collier County.
According to the 2022 statistics listed by the Collier County Sheriff’s Office, Collier County
has one of the lowest crime rates in Florida. The county averages are representative of
conditions in the Golden Gate area.
This market area is served by several arterial roadways. All are six-lane divided highways
with landscaped medians. Improvements include street lighting and concrete curb and
gutter. North-south arterial roadways include Santa Barbara Boulevard which connects
Rattlesnake Hammock Road to Immokalee Road and Collier Boulevard (SR-951) which is a
major arterial linking Marco Island in south Collier County with Immokalee Road near the
north county line. Development along Collier Boulevard is a mixture of single/multi-family
residential, office, light industrial, institutional, and retail.
The Collier Boulevard thoroughfare anchors a grid of arterial roads spaced about 2 miles
apart, that serve the greater Naples coastal community which lies to the west and has direct
access to I-75.
East-west arterials include Golden Gate Parkway, Pine Ridge Road, and Immokalee Road.
Each one provides direct access to Interstate I-75. Development along Pine Ridge Road is
mainly developed with single family homes and institutional uses. Golden Gate Parkway
and Immokalee Roads have a mixture of single/multi-family residential, office, industrial,
institutional, and retail uses. Another east-west arterial is Vanderbilt Beach Road which is a
direct connection between the Golden Gate area and the Naples beaches. Construction has
begun on the Vanderbilt Beach Road Extension, which will be extended to Wilson
Boulevard.
Interstate I-75, which connects Collier County to both North Florida and Florida’s east coast,
serves this entire market area and access is provided by three interchanges.
The arterial road system is laid out in a grid pattern that provides adequate traffic flow to
all areas of the county. Commercial development exists at every major intersection; but the
intersections are designed with proper turns lanes and signaling to provide for adequate
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traffic movement. The road network easily handles traffic demand in the off-season, May
through December. Traffic more than doubles in January, February, March and April
because of seasonal residents and tourists. Even with exceptionally heavy traffic, the road
network usually handles peak traffic demand without major delays.
The rural estates are served by a grid of residential streets and collector roads. The
residential streets, which are two-lane roads with open swales, are located every quarter
mile. Most these roads are paved; however, some residential streets located along the
eastern edge of this market area have yet to be improved. The residential streets feed into
collector roads, which connect to the major arterial highway system. The collector roads
include Santa Barbara Boulevard, Golden Gate Boulevard, Wilson Boulevard, Everglades
Boulevard, Randall Boulevard and Oil Well Road. They are four to six-lanes in the more
populated areas, transitioning to two-lanes in the eastern section of this market area.
Public transportation is provided by a county transit bus service.
Naples Municipal Airport is located outside the market area but is easily accessed by any
resident of the area. The airport is City owned but operated by the independent Naples
Airport Authority. It serves private and commercial aviation, as well as aviation related
activities. It supports government services, such as, Mosquito Control District and Collier
County Sheriff’s aviation unit.
Located within the market area is the Paradise Sports Complex developed by Collier
County. The 60+ acre site is designed with 19 fields to accommodate football, soccer, field
hockey, lacrosse, baseball, and others. There is a 13-acre lake with a beachfront, food-truck
area, a market space, a large lawn, a championship stadium with seating capacity for 3,500
and an indoor fieldhouse. The total budget for the project was approximately $80 million
dollars. Adjacent to the Paradise Sports Complex will be the proposed Great Wolf Lodge
South Florida which is projected to be completed in the spring/summer of 2024. The hotel is
situated on 20 acres and will feature 500 family-friendly suites and an expansive 100,000-
square-foot indoor water park.
Social Influences
Golden Gate City is a diverse community of entry level housing. Residents like the small
town feel and consider it a safe place to raise a family. Residential is approximately 95%
built out. Rural estates are attractive for their quiet country living while being in close
proximity to all that the coastal community has to offer. Build out varies in the rural estates
from 95% in the western portion of the market area to 40% or less in the southeastern
location. Per US Census Bureau forecasts, the 2022 population is 78,769 with a projected
growth to 81,893 (0.78% annual growth) by 2027. This area experiences a lower seasonal
population increase during the winter months than other areas of Collier County.
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The median age is 36.7 with 73.7% of the population being 54 and younger. The median
household income is $83,679. 25.6% have a bachelor’s or professional degree and 24.7%
have some college education. There is an average degree of community involvement
through civic organizations, neighborhood groups, social service organizations and political
committees.
The Naples cost of living is 11.9% higher than the average cost of living in the United States.
Conversely, Florida has a cost of living that is 1% higher than the US average. Of the 25
locations included in the Economic Policy Institute's dataset for Florida, Naples-Marco
Island is the 21st most expensive. In Naples, housing is the category with the highest index
(21% above national average), while taxes are the category with the lowest index (15%
below national average). (Ref. Careertrends.com; cost of living analysis). Golden Gate has
some of the highest density of affordable housing units in Collier County, but because of the
high cost of living, home values can still be out of reach for many moving into Collier
County.
One of the main driving forces impacting growth in this area is the quality of schools. This
market area has 15 public schools: two high schools, three middle schools, nine elementary
schools, and three Charter schools. In addition to the public school system, there are three,
faith-based private schools.
Economic Influences
The population increased 20.07% over the last 12 years or 1,097 people per year. The
population is forecasted to increase an additional 3.97% over the next five years for an
average of 625 people per year. This trend is consistent with the past twenty years and
should continue into the near future as buildout continues along the eastern edge of this
market area. The residential population is dominated by working class and young
professional residents. Comparatively, incomes within this market area are less than the
county average.
Development trends:
Residential
This market area provides a large range in home values from entry level housing to million-
dollar estates and is the greatest source of vacant residential lots in the county. Values in
Golden Gate City should remain consistent subject only to general market trends. Values in
the eastern rural estates will increase as buildout in the units closest to the coast continues.
The average home value in the market area is $384,105 which is considerably lower than the
County’s average home value of $567,449. The total number of households in the market
area is 27,440, of which, 69.9% are owner occupied, 22.8% renter occupied and 7.3% vacant.
Vacancy includes seasonal rentals.
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Commercial
Commercial development can be categorized into four different groups. Primary
commercial is in Golden Gate City. Second group is newer construction at the arterial road
intersections. Third is neighborhood commercial within the rural estates. Fourth is the
industrial commerce park near Collier Boulevard and the I-75 interchange.
Golden Gate City is the commercial center serving this market area. Santa Barbara
Boulevard, north of Golden Gate Parkway, has a mixture of multi-family residential and
commercial along the east side of the road. Commercial consists of older single story, single
user buildings and 4 to 8 unit retail plazas. Businesses include daycare/ preschools,
neighborhood food mart and gas stations, construction company offices, barber shops and
beauty salons and small restaurants. Golden Gate Parkway has a mixture of multi-family
and commercial development along both sides of the roadway. Newer commercial consists
of CVS and Walgreens, carwashes, bank branches and national fast food restaurants. There
are three older shopping centers, anchored by Winn Dixie and by Ace Hardware. Single
story commercial structures and strip centers house neighborhood businesses such as
barber shops and beauty salons, florists and jewelers; veterinary services and family
medical clinics; and small locally-run restaurants and food marts. Several businesses
consist of automotive support such as gas stations, oil chance and car washes. Professional
services are primarily located in executive suites located near Santa Barbara Boulevard.
The Quality Inn Hotel & Golf Course located at the southwest corner of Golden Gate
Parkway and Collier Boulevard was purchased by Collier County in 2019. A lease
agreement was signed with BigShots Golf in May 2021 who planned to redevelop the 165
acres with a 12-hole public golf course and a BigShots entertainment facility. The project
has still not yet broke ground.
Commercial frontage along the west side of Collier Boulevard south of Green Boulevard is
very similar to commercial along Golden Gate Parkway in building size, age and use. The
exception is that there is a greater density of national food chains. The second-tier
commercial properties, without major road frontage, are developed with single story
warehouse-type structures housing service-oriented businesses.
Newer commercial development is located along Collier Boulevard where it intersects Pine
Ridge Road and Vanderbilt Beach Road. Each intersection has a shopping center anchored
by either a Publix or Winn-Dixie supermarket. Out parcel development includes bank
branches and gas station/convenience stores and national pharmacies.
Commercial development in the rural estates is limited because residents have orchestrated
an ongoing effort to prohibit commercial development in the residential areas. The only
neighborhood commercial locations are at the intersection of Wilson Boulevard and Golden
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Gate Boulevard, Everglades Boulevard and Golden Gate Boulevard, and at Randall
Boulevard and Immokalee Road.
The Randall Boulevard and Immokalee Road intersection is where the majority of
commercial development is occurring. There is a Publix anchored shopping center on the
east side of the road. Located along the western curve of Immokalee Road is approximately
50 acres that is current being developed and will be known as Randall at Orangetree. Upon
completion, the development will include a 400-unit apartment complex and about 350,000
square feet of commercial space.
Industrial
Industrial/commercial developments are in the northeast quadrant of I-75 and Collier
Boulevard interchange. White Lake Industrial Corp Park is one of Collier County’s three
primary industrial parks. The White Lake Industrial Park contains 144.4 acres and is
approved for 7.80 acres of commercial and 77 acres of industrial. White Lake consists of
newer, good quality flex and warehouse properties and it is home to some of the largest
manufacturing facilities within the county. It is approximately 85-90% built-out.
City Gate Commerce Center contains 288 acres zoned for 2,950,000 S.F. of commercial, light
industry, office, warehouse and distribution. The site has over 3,000 feet of frontage on
Collier Boulevard where a gas station, a 102 room Spring Hill Marriott Hotel and a 100
room Fairfield Inn Marriott have been constructed. The Paradise Sports Complex was also
recently completed. A developer (Uline) recently completed the development of a 936,950-
square-foot Distribution Center on approximately 102.68 acres of land within City Gate.
There is also an Amazon Distribution Center near the corner of Davis and Collier Blvd.
Medical
None of Collier County’s major medical facilities are located within this market area. The
only major medical center/hospital servicing this area is the Physicians Regional Medical
Center located along Pine Ridge Road, just east of Interstate 75. This is a 201-bed facility
and is one of the county's four major medical centers. The hospital offers a 24-hour
emergency department that provides a full range of traditional emergency services. An
additional NCH emergency room facility was completed at the northeast corner of Collier
Boulevard and Immokalee Road. This is a two-story 19 room, state of the art emergency
room with additional medical space for practicing physicians. The facility was built to help
service the rural estates and all the new residential units being constructed along Collier
Boulevard and Immokalee Road. Physicians Regional recently completed a similar facility
at the southeast corner to serve all the new residential development along Immokalee Road
and the Golden Gates Estates community. Encompass Health Rehabilitation Hospital of
Naples is a recently completed 50-bed rehabilitation hospital along Collier Boulevard, north
of Vanderbilt Beach Road.
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Construction, education, and retail trade dominate the market area business sector.
MARKET AREA LIFE CYCLE
Market areas often pass through a four-stage life cycle of growth, stability, decline, and
revitalization.
• Growth – A period during which the market area gains public favor and acceptance.
• Stability – A period of equilibrium without marked gains or losses.
• Decline – A period of diminishing demand
• Revitalization – A period of renewal, redevelopment, modernization and increasing
demand.
Most of the real estate activity in Golden Gate reflects the growth cycle. The residential and
commercial markets continue to be strong. The growth cycle is expected to continue into the
near future. Because of the age of the structures, the western portion and the city center are
just beginning to experience some revitalization.
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CONCLUSION
This continues to be one of the most affordable market areas in Collier County. The houses
within the city center provide entry level housing and the rural area satisfies the desire for
larger lot sizes and rural lifestyle. A well-designed road network provides easy access to
jobs serving the coastal community; coastal beaches and water activities; entertainment
endeavors; and commercial and medical services. This area appeals to a cross section of the
population but primarily to working-class families. Development continues to push north
and east where vacant lots still exist. Golden Gate will likely continue to enjoy a healthy
growth while maintaining its affordability.
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PROPERTY INFORMATION
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SITE DESCRIPTION
Legal Description The West 105 feet of Tract 16, Golden Gate Estates, Unit No.
93, according to the map of plat thereof, as recorded in Plat
Book 5, Page 32, of the Public Records of Collier County,
Florida.
AND
All of Tract 129 and 130, Golden Gate Estates, Unit No. 93-
A, according to the map or plat thereof, as recorded in Plat
Book 9, Page 11, of the Public Records of Collier County,
Florida.
Property ID# 41711000002, 41770120004, 41770080005, 41770040003
Owner of Record Hendrix House, Inc. and Restoration Church, Inc.
Size I was not provided with a boundary survey and therefore
relied on the area from the Collier County Property
Appraiser.
17.66 gross acres
Easements The subject is encumbered by a 30-foot-wide road right-of-
way easement along the northern boundary for 40th Avenue
SE. This is a perpetual, non-exclusive, road right-of way,
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drainage, and utility easements which preclude most all
practical uses by the owner, but the areas within the
easements can be utilized for density calculations. Such
easements are typical of the area.
The parcel is also encumbered by a 95-foot-wide,
north/south drainage easement for the Miller Canal located
along the western boundary of the property.
Shape Irregular
Frontage The subject fronts along the south side of 40th Avenue SE for
105 feet and for approximately 763 feet along the north side
of 42nd Avenue SE.
Access The subject is provided both physical and legal access from
40th Avenue SE and 42nd Avenue SE. 40th Avenue SE is a 2-
lane asphalt paved road extending east and west from
Everglades Boulevard. 42nd Avenue SE is a limerock road
extending west from Everglades Boulevard.
Topography Based on my physical inspection and what I could see from
40th Avenue SE, the property is generally level and slightly
below road grade.
Ground Cover The property is covered in native and exotic vegetation.
The property is in its native state and has never been
cleared. I was provided with a Conservation Collier Initial
Criteria Screening Report dated October 4, 2023.
The report indicates that the land is mostly scrubby
flatwoods, pine flatwoods, mixed scrub shrub wetlands,
and oak hammock. Approximately 35% of the property is
covered in exotic vegetation including Brazilian pepper,
Caesarweed, guineagrass, and torpedograss.
Utilities Electricity, telephone and TV cable are available. The
property is currently serviced by well and septic.
Surrounding Land Uses The subject is located approximately 0.60 miles west of
Everglades Boulevard along the south side of 40th Avenue
SE. The subject is surrounded to the north, east, and west
by vacant and improved single-family residential. Located
to the west is the Miller Canal and to the south across 42nd
Avenue SE is a canal and then Interstate 75. The property is
also adjacent to private mitigation land to the west across
the Miller Canal and to Picayune Strand State Forest to the
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south under I-75 via a wildlife underpass ledge.
Demographics (2023) 2 mile 5 10
Population 680 5,762 79,317
Households 210 1,775 28,177
Median HH Income $79,276 $86,892 $74,528
Median Home Value $291,771 $303,155 $326,443
Site Improvements None
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SUBJECT PHOTOGRAPHS
View to the west along 40th Avenue SE.
(Photo Taken August 2, 2024)
View to the east along 40th Avenue SE.
(Photo Taken August 2, 2024)
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View to the south from 40th Avenue SE.
(Photo Taken August 2, 2024)
View to the south from 40th Avenue SE.
(Photo Taken August 2, 2024)
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View to the west along 42nd Avenue SE.
(Photo Taken August 2, 2024)
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ENVIRONMENTAL CONTAMINATION
Observed Contamination None
Noted Concerns None
Environmental Assessment
Available
No
Impact on Value None
Disclaimer Unless otherwise stated in this report, the existence
of hazardous substances or environmental
conditions including but not limited to asbestos,
polychlorinated biphenyls, petroleum leakage,
agricultural chemicals, urea formaldehyde
insulation, lead paint, toxic mold, et cetera, which
might or might not be present in or on the property
were not called to the attention of the appraiser.
Such tests were not in the appraiser's required
scope of work, the appraiser is not qualified to test
for such substances and conditions and the
appraiser is not qualified to render professional
opinions in this specialty area. No responsibility is
assumed for any such conditions that might exist,
or for the knowledge and expertise required to
discover them.
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NATURAL RESOURCE CONCERNS
Condition of Subject The property is in its native state and has never
been cleared. I was provided with a Conservation
Collier Initial Criteria Screening Report dated
October 4, 2023.
The report indicates that the land is mostly scrubby
flatwoods, pine flatwoods, mixed scrub shrub
wetlands, and oak hammock. Approximately 35%
of the property is covered in exotic vegetation
including Brazilian pepper, Caesarweed,
guineagrass, and torpedograss.
I was not provided with any environmental studies
or wetland determinations, but based on the
ground cover, aerials, and information from
surrounding properties, the property appears to
contain wetlands, especially to the south. There is a
5.7-acre depression area or 32.3% of the site are in
the center portion of the site. According to Melissa
Hennig, Environmental Specialist I and
Development Review for Collier County, they saw
quite a few uplands outside of the depression on
their site visit.
The parcels are adjacent to Picayune Strand State
Forest and are most likely utilized by the Florida
panther. These parcels also contain habitat for the
Florida black bear, American alligator, white-tailed
deer and more.
All plant and animal communities are of interest
and concern. To a greater or lesser degree
depending on the species and the quality of habitat
they occupy, plants and animals inhabiting the
property will invoke some level of scrutiny and will
result in some cost during the permitting process.
Natural Resource Audits Available No
Impact on Value N/A
Disclaimer
Specialized natural resource audits were not in the
appraiser’s required scope of work, the appraiser is
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not qualified to conduct such audits and the
appraiser is not qualified to render professional
opinions in this specialty area. No responsibility is
assumed for any extraordinary natural resource
concerns, or for the knowledge and expertise
required to discover them.
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FUTURE LAND USE
Ordinance or Plan Collier County Growth Management Plan (GMP)
Golden Gate Area Master Plan (GGAMP)
Future Land Use Designation Estates Designation
Purpose of Designation The Estates Land Use Designation encompasses
lands which are already subdivided into semi-rural
residential parcels (2.25 acres as an average)
essentially consisting of the Golden Gate Estates
Subdivision. The area is identified as having
potential for population growth far removed from
supportive services and facilities. Expansion of the
area shall be discouraged. Refer to the Golden Gate
Area Master Plan for siting criteria and development
standards for specific land uses.
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ZONING
Ordinance or Land Development
Code
Collier County
Zoning E – Estates
Purpose or Intent of Zoning The purpose and intent of the Estates district is to
provide lands for low density residential development
in a semi-rural to rural environment. In addition,
several conditional uses including churches, social and
fraternal organizations, childcare centers, private
schools, and group care facilities are available under
conditional use provisions. Permitted uses include
single-family dwellings and Family Care Facilities,
and public schools. Conditional uses permissible in
the Estates district include churches and other places
of worship, social and fraternal organizations, child
and adult care centers, schools and group care
facilities. These conditional uses are strictly regulated.
Below are the development requirements as set forth
in the Estate Zoning District:
Minimum Lot Area: 98,010 square feet or
2.25 acres
Minimum Lot Width: 150 feet
Minimum Front Yard Setback: 75 feet minimum
Minimum Side Yard Setback: 30 feet
Minimum Rear Yard Setback: 75 feet
Maximum Building Height: 30 feet
Copies of pertinent sections of the Comprehensive Plan and Land Development Code are
included in the Addendum.
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ASSESSMENT AND TAXES
By statute, real estate in Florida is assessed at 100% of fair market value as of January 1st
of the tax year. Since annual tax assessments are based on sales from previous years,
depending upon market trends, assessed values can fall on either side of the current
market value estimate. The tax assessment is usually not a reliable indicator of market
value.
Parcel Tax ID 41711000002, 41770120004, 41770080005,
41770040003
Assessment and Tax Year 2023
Combined Land Assessment $381,370
Improvement Assessment $0
Combined Total Assessment $381,370
10% CAP ($0)
AG Exemption ($0)
Taxable Value $381,370
Ad Valorem Taxes $3,932.60
Non- Ad Valorem Taxes $0
Total Taxes $3,932.60
Taxing Authority/Jurisdiction Collier County
As of the appraisal effective date the 2023 taxes have been paid.
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FLOOD ZONE DATA
Flood Zone AE, AH, X, and X500
Flood Zone Comments Zone AE – Areas of inundation by the 1%
annual-chance flood, including areas with
the 2% wave run-up, elevation less than 3
feet above the ground, and areas with wave
heights less than 3 feet.
Zone AH – Areas of 1% annual-chance
shallow flooding with a constant water-
surface elevation (usually areas of ponding)
where average depths are between 1 and 3
feet. Base flood elevations determined.
X and X500 – Not a flood risk; 0.2% annual
chance flood
Community Panel Number 12021C0445H
Revised May 16, 2012
Source National Flood Insurance Program
Flood Insurance Rate Maps
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TRANSACTIONAL HISTORY
Sales History The property was acquired by Hendrix
House, Inc. (50% interest) and Restoration
Church, Inc. (50% interest) from Robert E.
Shelvin, Jr. and Lana I. Shelvin on March
October 28, 2022, for a consideration of
$325,000 or $18,403 per gross acre as recorded
in Official Records Book 6188, Page 835 of the
Public Records of Collier County, Florida. It
does not appear that the property was
formally listed for sale, but it does appear to
be an arm’s length transaction.
Due to the age of the sale, it is no longer an
indicator of current market value.
There have been no other transactions or
transfers of ownership in the previous three
years.
CURRENT STATUS
Subject Listed for Sale/Under Contract To my knowledge, the subject is not currently
listed for sale or under contract.
The property was previously listed for sale
for $850,000 or $48,131 per acre. The
property was on the market 191 days before
it expired on October 1, 2023. I interviewed
the listing agent, Ed Lukasik, who said that
he had some interest and received an offer
within 10% of the asking price. The offer was
not accepted by the sellers. Ed said that the
property was priced as 100% uplands, even
though he did not have an informal wetlands
report on the property.
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HIGHEST AND BEST USE
DEFINITION
The Dictionary of Real Estate Appraisal, 7th Edition, published 2022 by the Appraisal
Institute, defines Highest and Best Use as:
The reasonably probable use of property that results in the highest value. The four criteria that the
highest and best use must meet are legal permissibility, physical possibility, financial feasibility,
and maximum productivity.
METHOD
There are four criteria that must be met in order for a use to be the highest and best use for a
given property. The highest and best use must be:
• Legally permissible.
• Physically Possible.
• Financially feasible.
• Maximally productive.
Ordinarily these criteria are considered sequentially, each step narrowing the range of
alternative uses being considered.
ANALYSIS
SITE AS THOUGH VACANT
Legally Permissible: The property is zoned E – Estates with a Future Land Use of Estates.
The zoning ordinance and Growth Management Plan are consistent in identifying the
property for residential uses. The site consists of three single-family parcels and one
oversized parcel that could be developed with up to three single-family residences or a total
of six single-family residences.
Physically Possible: The interior location off of Everglades Boulevard and the size of the
property suggests some type of single-family use. The parcel is level and at road grade and
could be developed as one or as many as six single-family home sites. Portions of the
property are designated wetlands and therefore portions of the site will need to be
mitigated in order to be developed.
Financially Feasible: The financial feasibility of single-family residential development is
good. The single-family residential market continues to be strong, especially new
construction. Based on the number of new homes in the surrounding neighborhoods,
single-family residential development appears to be financially feasible, however portions
of the parcels will need to be mitigated due to the presence of wetlands on the site.
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Maximally Productive: The highest and best use is to develop the property with four or six
single-family residences which could potentially require mitigation.
CONSIDERATION OF APPROACHES
Only the sales comparison approach is appropriate for this vacant parcel.
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SALES COMPARISON APPROACH
INTRODUCTION
In the sales comparison approach, the subject property is compared with similar properties
that have sold recently or for which listing prices or offering prices are known. Data from
generally similar properties is used, and comparisons are made to demonstrate a probable
price at which the subject property would sell if offered on the market. This approach is
particularly strong when comparable sales data is plentiful and there is good conformity
among properties in the neighborhood.
Following is the procedure to be followed in developing this approach:
1. Research the market to gather information on sales, listings, and offers to purchase
properties similar to the subject.
2. Verify the information as to factual accuracy and arm's-length market considerations.
3. Identify relevant units of comparison and develop a comparative analysis for each
unit.
4. Compare the subject with comparable sale properties using elements of comparison
and adjust the sale price of each comparable appropriately.
5. Reconcile the various value indicators produced from the analysis of comparables into
a single value indication or a range of values.
The outline above is developed in detail on the following pages.
SALES DATA
A search was made for sales of land comparable to the subject site. The intention was to
find comparable sales in similar locations that offer similar functional utility. Seven closed
sales were identified as the best available for analysis.
Price per acre of gross land area was developed as the unit of comparison, since that is the
unit best suited to the analysis, and the one most often utilized by local buyers, sellers, and
brokers of land similar to the subject parcel.
Comparable land sales data is given on the following pages. Each comparable is identified
by a number which will be used for reference throughout the report. Each comparable is
identified on the location map immediately following this page.
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LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES
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VACANT LAND COMPARABLE 1
ADDRESS 42nd Avenue SE, Naples, FL 34117
PROPERTY ID NO. 41660280106 & 41660280009
SALE PRICE $168,000
UNIT AREA 6.70 acres
UNIT PRICE $25,075 per acre
DATE OF RECORDING May 06, 2024
O.R. BOOK-PAGE 6360/2609
CONTRACT DATE Unknown
GRANTOR Robert D. Basham
GRANTEE JLC Auto Services, Auto Scan, SRR Development, Quality Premier, LLC
FINANCING Cash to seller
TOPO-ELEVATION Level and at road grade
GROUND COVER Native Vegetation
LAND USE DESIGNATION Residential Estates Subdistrict
ZONING E - Estates
IMPROVEMENTS None
UTILITIES Well & Septic
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
Tract 117, Golden Gate Estates Unit No. 92A, according to the map or plat thereof as recorded in Plat Book 9, Page 10, Public Records of
Collier County, Florida.
VERIFICATION
Verified through Public Records and SWFLA MLS. The property was listed for $250,000 and was on the market 18 days. Based on an
Informal Wetlands Determination the property has 0.95 acres of very low quality wetlands or 18%.
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VACANT LAND COMPARABLE 2
ADDRESS 38th Avenue SE, Naples, FL 34117
PROPERTY ID NO. 41710200007
SALE PRICE $210,000
UNIT AREA 7.46 acres
UNIT PRICE $28,150 per acre
DATE OF RECORDING August 17, 2023
O.R. BOOK-PAGE 6280/954
CONTRACT DATE Unknown
GRANTOR Thomas E. Sams
GRANTEE Anupma Sharma Singh
FINANCING Cash to seller
TOPO-ELEVATION Level and at road grade
GROUND COVER Native Vegetation
LAND USE DESIGNATION Residential Estates Subdistrict
ZONING E - Estates
IMPROVEMENTS None
UTILITIES Well & Septic
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
Tract 4, Golden Gate Estates Unit No. 93, according to the map or plat thereof as recorded in Plat Book 5, Page 32, Public Records of Collier
County, Florida.
VERIFICATION
Verified through Public Records.
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VACANT LAND COMPARABLE 3
ADDRESS 40th Avenue SE, Naples, FL 34117
PROPERTY ID NO. 41615160006
SALE PRICE $160,000
UNIT AREA 5.00 acres
UNIT PRICE $32,000 per acre
DATE OF RECORDING April 28, 2023
O.R. BOOK-PAGE 6241/2050
CONTRACT DATE March 30, 2023
GRANTOR Megan M. McGreevy
GRANTEE Katherine Delgado
FINANCING Cash to seller
TOPO-ELEVATION Level and at road grade
GROUND COVER Native Vegetation
LAND USE DESIGNATION Residential Estates Subdistrict
ZONING E - Estates
IMPROVEMENTS None
UTILITIES Well & Septic
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
Tract 56, Golden Gate Estates Unit No. 92, according to the map or plat thereof as recorded in Plat Book 5, Page 31, Public R ecords of
Collier County, Florida.
VERIFICATION
Verified through Public Records and SWFLA MLS. The property was listed for $194,900 and was on the market 703 days. Based on an
informal wetlands determination, the property is approximately 30-40% wetlands located along the northern and eastern boundaries.
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VACANT LAND COMPARABLE 4
ADDRESS Everglades Blvd. & 28th Avenue SE, Naples, FL 34117
PROPERTY ID NO. 41347400005 & 4134744000
SALE PRICE $180,000
UNIT AREA 5.00 acres
UNIT PRICE $36,000 per acre
DATE OF RECORDING July 11, 2024
O.R. BOOK-PAGE 6381/107
CONTRACT DATE May 20, 2024
GRANTOR Jose and Estrella Espinosa
GRANTEE Mihai Ovidiu Groza and Cezarina Groza
FINANCING Cash to seller
TOPO-ELEVATION Level and at road grade
GROUND COVER Native Vegetation
LAND USE DESIGNATION Residential Estates Subdistrict
ZONING E - Estates
IMPROVEMENTS None
UTILITIES Well & Septic
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
Tract 88, Golden Gate Estates Unit No. 98, according to the map or plat thereof as recorded in Plat Book 5, Page 27, Public R ecords of
Collier County, Florida.
VERIFICATION
Verified through Public Records and SWFLA MLS. The property was listed for $260,000 and was on the market 626 days. It is unknown the
amount of wetlands on the property.
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VACANT LAND COMPARABLE 5
ADDRESS 3938 22nd Avenue SE, Naples, FL 34117
PROPERTY ID NO. 41227640008
SALE PRICE $239,000
UNIT AREA 5.68 acres
UNIT PRICE $42,077 per acre
DATE OF RECORDING May 23, 2023
O.R. BOOK-PAGE 6251/3814
CONTRACT DATE Unknown
GRANTOR Edward S. Maras
GRANTEE Bob Cummins
FINANCING Cash to seller
TOPO-ELEVATION Level and at road grade
GROUND COVER Native Vegetation
LAND USE DESIGNATION Residential Estates Subdistrict
ZONING E - Estates
IMPROVEMENTS None
UTILITIES Well & Septic
PRIOR SALES Sold September 13, 2021 for $175,000.
LEGAL DESCRIPTION
Tract 94, Golden Gate Estates Unit No. 86, according to the map or plat thereof as recorded in Plat Book 5, Page 25, Public R ecords of
Collier County, Florida.
VERIFICATION
Verified through Public Records.
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VACANT LAND COMPARABLE 6
ADDRESS 2584 28th Avenue SE, Naples, FL 34117
PROPERTY ID NO. 41340200105
SALE PRICE $159,000
UNIT AREA 3.77 acres
UNIT PRICE $42,175 per acre
DATE OF RECORDING July 24, 2024
O.R. BOOK-PAGE 6383/2389
CONTRACT DATE July 19, 2024
GRANTOR Environmental Performance Systems, Inc.
GRANTEE Deisy Rodriguez Abrahantes
FINANCING Cash to seller
TOPO-ELEVATION Level and at road grade
GROUND COVER Native Vegetation
LAND USE DESIGNATION Residential Estates Subdistrict
ZONING E - Estates
IMPROVEMENTS None
UTILITIES Well & Septic
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
Tract 5, less the East 150 feet, Golden Gate Estates Unit No. 88, according to the map or plat thereof as recorded in Plat Book 5, Page 27,
Public Records of Collier County, Florida.
VERIFICATION
Verified through Public Records and SWFLA MLS. The property was listed for $149,900 and was on the market 2 days. It is unknown the
amount of wetlands on the property.
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VACANT LAND COMPARABLE 7
ADDRESS 3870 36th Avenue SE, Naples, FL 34117
PROPERTY ID NO. 41616520001
SALE PRICE $280,000
UNIT AREA 5.61 acres
UNIT PRICE $49,911 per acre
DATE OF RECORDING December 08, 2023
O.R. BOOK-PAGE 6312/2688
CONTRACT DATE October 22, 2023
GRANTOR Oscar Jose Trinidad
GRANTEE John Bayne
FINANCING Cash to seller
TOPO-ELEVATION Level and at road grade
GROUND COVER Native Vegetation
LAND USE DESIGNATION Residential Estates Subdistrict
ZONING E - Estates
IMPROVEMENTS None
UTILITIES Well & Septic
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
Tract 74, Golden Gate Estates Unit No. 92, according to the map or plat thereof as recorded in Plat Book 5, Page 31, Public R ecords of
Collier County, Florida.
VERIFICATION
Verified through Public Records and SWFLA MLS. The property was listed for $319,000 and was on the market 79 days. It is unknown the
amount of wetlands on the property, but the listing indicated it was mostly uplands.
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LAND SALES ADJUSTMENT GRID
ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6 COMP #7
PROPERTY IDENTIFICATION Hendrix House 42nd Avenue 38th Avenue 40th Avenue Everglades Blvd./3938 22nd 2584 28th 3870 36th
SE SE SE 28th Ave. SE Avenue SE Avenue SE Avenue SE
SALE PRICE N/A $168,000 $210,000 $160,000 $180,000 $239,000 $159,000 $280,000
REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
0 0 0 0 0 0 0
CONDITIONS OF SALE Market Market Market Market Market Market Market Market
0 0 0 0 0 0 0
BUILDING IMPROVEMENTS None None None None None None None None
0 0 0 0 0 0 0
FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller
Equivalent 0 0 0 0 0 0 0
ADJUSTED SALE PRICE N/A $168,000 $210,000 $160,000 $180,000 $239,000 $159,000 $280,000
Recording Date N/A 05/06/24 08/17/23 04/28/23 07/11/24 05/23/23 07/24/24 12/08/23
Months Prior To Effective Date 08/02/24 2.89 11.54 15.19 0.72 14.37 0.30 7.82
MARKET CHANGE ADJUSTMENT N/A 1.4%5.8%7.6%0.4%7.2%0.1%3.9%
ADJUSTED SALE PRICE N/A $170,430 $222,115 $172,150 $180,651 $256,167 $159,235 $290,953
Parcel Area in Gross Acres 17.66 6.70 7.46 5.00 5.00 5.68 3.77 5.61
PRICE PER ACRE ?$25,437 $29,774 $34,430 $36,130 $45,100 $42,237 $51,863
LOCATION
ADDRESS 40th/42nd Ave. SE 42nd Ave. SE 38th Ave. SE 40th Ave. SE Everglades Blvd.22nd Ave. SE 28th Ave. SE 36th Ave. SE
CORNER LOT N/A No No No Yes No No No
PAVED ROAD Yes & No No Yes Yes Yes Yes Yes Yes
CANAL FRONTAGE Yes No Yes No No Yes Yes Yes
OVERALL LOCATION Average Inferior Similar Similar Similar Superior Superior Similar
20%0%0%-5%-5%-5%0%
UTILITIES Well & Septic Similar Similar Similar Similar Similar Similar Similar
0%0%0%0%0%0%0%
COMP. PLAN Estates Estates Estates Estates Estates Estates Estates Estates
ZONING E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates
0%0%0%0%0%0%0%
SIZE IN ACRES 17.66 6.70 7.46 5.00 5.00 5.68 3.77 5.61
SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar Similar Similar
-5%-5%-5%-5%-5%-5%-5%
PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar Similar Similar Similar
WETLANDS Yes Yes Yes Yes Yes Minimal Minimal Minimal
WETLANDS %30%+N/A N/A 30-40%N/A N/A N/A N/A
WETLANDS QUALITY N/A N/A N/A N/A N/A N/A N/A N/A
0%0%0%0%-20%-20%-20%
GROSS ADJUSTMENT N/A 25%5%5%10%30%30%25%
INDICATION OF UNIT VALUE ?$29,253 $28,285 $32,708 $32,517 $31,570 $29,566 $38,898
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DISCUSSION OF ADJUSTMENTS
Usually, comparable sale properties are not exactly like the subject property. If a typical
buyer would perceive the difference to be significant, then adjustment(s) must be made to
the comparable sales so that in the end each offers a realistic indication of value for the
subject. Adjusting comparable sales is a two-step process.
First, adjustments are made so that all of the comparable sales meet the standard of a
“market” transaction as outlined in the definition of market value. Customarily, the first
group of adjustments is made before the comparables are reduced to a common unit of
comparison. Included at this stage are adjustments to bring historic sales current to the
appraisal effective date.
The second group of adjustments is made after an appropriate unit of comparison is chosen.
These adjustments account for physical differences like location, physical characteristics and
size. Sometimes adjustment is required for differences in the permitted land use (zoning) or
in the availability of public service (infrastructure). When the adjustment process is
complete, the unit value indications are reconciled and converted into an estimate of value
for the subject.
REAL PROPERTY RIGHTS CONVEYED
This adjustment category is intended to account for the interest, benefits, and rights
inherent in the ownership of real estate. This category reflects the impact on value caused
by the fee simple versus the leased fee interest or the contract rent as opposed to market
rent.
• None of the comparable sales required adjustment in this category.
CONDITIONS OF SALE
This adjustment category is intended to account for a variety of factors that might affect
the purchase price.
• None of the comparable sales required adjustment in this category.
BUILDING IMPROVEMENTS
This category of adjustment is intended to account for the positive or negative contribution
to value of building improvements included with the sale of the land. Buildings that made
a positive contribution to the sale price require a negative adjustment. Buildings that were
demolished and removed require a positive adjustment to account for demolition costs
which are treated as part of the purchase price.
• None of the comparable sales required adjustment in this category.
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FINANCING
Adjustments in this category are intended to account for unusual terms of financing that
are not considered equivalent to cash or conventional financing.
• None of the comparable sales required adjustment in this category.
MARKET CHANGE
This adjustment is intended to account for changes in value due to the ebb and flow of
market forces over time.
• The comparables occurred between 2023 and 2024, which market conditions continue
to improve. The vacant lot sales from the prior 12 months within the market
boundaries of Golden Gate Boulevard to the north, Desoto Boulevard to the east,
Interstate 75 to the south, and Golden Gate Canal to the west, were plotted on a graph
by median sale price. The median sale price in September 2023 was $97,000 and the
median sale price in August 2024 was $111,825 indicating an increase of 15.28% or
1.27% per month.
I also analyzed recent paired sales in the submarket area which indicate positive
market change. Land values continue to appreciate due to the demand for affordable
residential land. The buyers include a mix of individuals who plan to build a home,
investors, and speculative home builders.
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Giving consideration to all of the above and the age of the sales, I applied a market
change rate of 0.50% per month or 6.00% annually.
LOCATION/ACCESS/EXPOSURE
This category of adjustment reflects the impact on value caused by the advantages or
disadvantages of a given location.
• Comparable 1 is located along 42nd Avenue SE, which is a non-paved road.
Comparable 1 was adjusted upward 20% for its inferior access.
Comparables 4, 5, and 6 are located north of the subject and were adjusted downward
5% for their superior locations.
UTILITIES/INFRASTRUCTURE
This category of adjustment references the availability and adequacy of the road system,
the public was distribution system and the public wastewater collection system of each
comparable property as that compares with the same services available to the subject
property.
• None of the comparable sales required adjustment in this category.
COMPREHENSIVE PLAN/LAND USE
This category of adjustment accounts for differences in the potential land uses
(Comprehensive Plan) or in the specific uses (Zoning) to which a property could be
developed. Differences in value between the subject property and comparable sales might
exist because their highest and best uses are different as a result of government regulation
through zoning and land use controls.
• None of the comparable sales required adjustment in this category.
SIZE/SHAPE
This category of adjustment addresses the effect on the marketability of a given property,
because its physical size/shape might limit the physical utility, or because the size and
term of the financial investment required of an investor/speculator is such that the unit
price is reduced.
• Comparables 1, 2, 3, 4, 5, 6, and 7 all required adjustments for their smaller size. All
seven comparables were adjusted downward 5% each.
PHYSICAL CHARACTERISTICS
This category of adjustment reflects the physical aspects of a property that impact its use
for development. Physical characteristics included land elevation, soil conditions,
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drainage characteristics, threatened or endangered plant and animal species on the
property and the extent and density of covering vegetation.
• The property is in its native state and has never been cleared. I was provided with a
Conservation Collier Initial Criteria Screening Report dated October 4, 2023.
The report indicates that the land is mostly scrubby flatwoods, pine flatwoods, mixed
scrub shrub wetlands, and oak hammock. I was not provided with any environmental
studies or wetland determinations, but based on the ground cover, aerials, and
information from surrounding properties, the property appears to contain wetlands,
especially to the south. There is a 5.7-acre depression area or 32.3% of the site are in the
center portion of the site. According to Melissa Hennig, Environmental Specialist I and
Development Review for Collier County, they saw quite a few uplands outside of the
depression on their site visit. The higher the quality of the wetlands, the higher the
mitigation costs.
• I analyzed aerials, reviewed the listing history, and interviewed brokers, buyers and
sellers to determine the wetlands associated with the Comparable sales. Comparables
1, 2, 3, and 4 all have wetlands, most likely less than 50% and are considered similar to
the subject. I have a matched pair sales in Golden Gate Estates indicating a 15-20%
discount for a lot with 25-50% wetlands vs a lot without or a minimal amount.
Comparables 5, 6, and 7 all have a minimal amount of wetlands and were adjusted
downward 20% each for their superior physical characteristics.
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RECAPITULATION OF DATA
After making the adjustments discussed above, the comparable sales indicated the
following unit values:
Comparables Price Per Gross Acre
of Land Area
1 $29,253
2 $28,285
3 $32,708
4 $32,517
5 $31,570
6 $29,566
7 $38,898
RECONCILIATION OF DATA
To arrive at a conclusion regarding the value of the subject site, the comparable sales and
their indications of value should be weighted according to the quality of each as a value
indicator.
Comparables 2, 3, and 4 are the strongest indicators of value and were weighted 20% each.
Comparable 1 required a large adjustment for location and was weighted 10%.
Comparables 5, 6, and 7 all have superior physical characteristics and all required
adjustments. Comparables 5, 6, and 7 were weighted 10% each.
The range of unit value indications is from $28,285 to $38,898 per acre. The arithmetic mean
of the seven comparables is $31,828 per acre and the median is $31,570 per acre. The
weighting process discussed above reflects a unit value of $31,631 per acre. The average of
the three best sales is $31,170 per acre.
Based on the range of values and giving strong consideration to Comparbles 3, 4, and 5, I
concluded to a unit value of $31,000 per gross acre.
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ESTIMATE OF VALUE
$31,000 per gross acre results in an indication of value for the subject as of August 2, 2024 of
$547,460 (17.66 gross acres x $31,000 per acre) which rounds to $545,000.
CARROLL & CARROLL
Timothy W. Sunyog, MAI
Cert Gen RZ3288
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ADDENDA
(In Order of Appearance)
Page Topic Count Page(s) Page(s)
Assumptions and Limiting Conditions............................................................................ 2
Future Land Use/Zoning..................................................................................................... 8
Legal Description................................ ................................................................................. 1
Qualifications of Appraiser................................................................................................. 2
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ASSUMPTIONS AND LIMITING CONDITIONS
The certification of the appraiser appearing in this report is subject to the following
assumptions and limiting conditions.
ACCEPTANCE OF AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES
ACCEPTANCE OF ALL GENERAL AND EXTRAORDINARY ASSUMPTIONS AND
LIMITING CONDITIONS.
EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS
I was not provided with any environmental studies or wetland determinations but based
on the ground cover, aerials, and information from surrounding properties, the property
appears to contain a portion of wetlands. For the purposes of this appraisal, I have
assumed the property contains 30-40% wetlands. If an informal wetland determination is
conducted on the subject property indicating a higher or lower presence of wetlands, I
reserve the right to reconsider my opinion of market value.
HYPOTHETICAL CONDITIONS
None
GENERAL ASSUMPTIONS AND LIMITING CONDITIONS
1. No responsibility is assumed for the legal description or for matters including legal or title
considerations. Title to the property is assumed to be good and marketable.
2. The property is appraised free and clear of liens and encumbrances.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others is assumed to be true, correct and reliable. A
reasonable effort was made to verify such information, but the appraiser bears no
responsibility for its accuracy.
5. All engineering is assumed to be correct. The plot plans and illustrative material is
included only to assist the reader in visualizing the property.
6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or
structures that render it more or less valuable. No responsibility is assumed for such
conditions or for arranging for engineering studies that might be required to discover
them.
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7. It is assumed that there is full compliance with all applicable federal, state, and local
environmental regulations and laws.
8. It is assumed that the property is either in compliance with, or is "grandfathered" or
"vested" under, all applicable zoning, use regulations and restrictions.
9. It is assumed that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local, state, or national government or
private entity or organization have been, or can be, obtained or renewed for any use on
which the value estimate is based.
10. It is assumed that the utilization of the land and improvements is within the boundaries or
property lines of the property described, and that there is no encroachment or trespass.
11. It is assumed that the subject site and improvements are not contaminated by any
hazardous material or toxic substance. During the property inspection we were sensitive
to obvious signs of contamination, and we reported anything unusual. However, we are
not qualified to render professional opinions regarding the existence or the nature of
hazardous materials in or on the subject property. If a definitive opinion is desired, then
the client is urged to retain an expert in the field.
12. The distribution of the total value in this report, between land and improvements, applies
only under the stated program of utilization. The separate allocations for land and
buildings must not be used in conjunction with any other appraisal and are invalid if so
used.
13. Possession of this report, or a copy thereof, does not carry with it the right of publication.
14. Unless previous arrangements were made, the appraisers, by reason of this appraisal, are
not required to give further consultation, testimony, or to be in attendance in court.
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B. Estate District (E). The purpose and intent of the estates district (E) is to provide lands for low density
residential development in a semi-rural to rural environment, with limited agricultural activities. In addition to
low density residential development with limited agricultural activities, the E district is also designed to
accommodate as conditional uses, development that provides services for and is compatible with the low
density residential, semi-rural and rural character of the E district. The E district corresponds to and
implements the estates land use designation on the future land use map of the Collier County GMP,
although, in limited instances, it may occur outside of the estates land use designation. The maximum
density permissible in the E district shall be consistent with and not exceed the density permissible or
permitted under the estates district of the future land use element of the Collier County GMP as provided
under the Golden Gate Master Plan.
1. The following subsections identify the uses that are permissible by right and the uses that are allowable
as accessory or conditional uses in the estates district (E).
a. Permitted uses.
1. Single-family dwelling.
2. Family care facilities, subject to section 5.05.04
3. Essential services, as set forth in section 2.01.03
4. Schools, public, including "Educational plants."
b. Accessory Uses.
1. Uses and structures that are accessory and incidental to uses permitted as of right in the (E)
district.
2. Fruits, vegetables, and nursery plants grown for both personal consumption and off -site retail
sale, such as farmer's markets. Farm operations that grow fruits, vegetables, and nursery
plants for off-site retail sale shall be subject to LDC section 5.02.00 Home Occupations, as
amended, and the following standards:
i. Farm operations shall not occupy more than 50 percent of the lot.
ii. Farm operations shall conform to minimum setbacks established in LDC sections 2.03.01
B.2 and 4.02.01 A. Table 2.1, however, no side, rear or front setbacks are required
greater than 30 feet.
iii. Vegetation removal for farm operations shall be subject to LDC section 3.05.05 F, as
amended.
3. Keeping of fowl or poultry, not to exceed 25 in total number, provided such fowl or poultry are
kept in an enclosure located a minimum of 30 feet from any lot line, and a minimum of 100
feet from any residence on an adjacent parcel of land.
4. Keeping of horses and livestock (except for hogs), not to exceed two such animals for each
acre, and with no open feedlots. Any roofed structure for the shelter and feeding of such
animals shall be a minimum of 30 feet from any lot line and a minimum of 100 feet from any
residence on an adjacent parcel of land.
i. Notwithstanding the above, hog(s) may be kept for a 16 week period in preparation for
showing and sale at the annual Collier County Fair and/or the Immokalee Livestock
show. The following standards shall apply:
a) One hog per child enrolled in a 4-H Youth Development Program, Collier County
Fair Program or similar program is permitted. In no case shall there be more than 2
hogs per acre.
b) Premises shall be fenced and maintained in a clean, healthful, and sanitary
condition.
c) Premises or roofed structure used for the sheltering, feeding, or confinement of
such animals shall be setback a minimum of 30 feet from lot lines and a minimum
of 100 feet from any dwelling unit on an adjacent parcel of land.
d) Hog(s) shall not be returned to the property once removed for showing and/or sale.
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5. One guesthouse, subject to section 5.03.03
6. Recreational facilities that serve as an integral part of a residential development and have
been designated, reviewed and approved on a site development plan or preliminary
subdivision plat for that development. Recreational facilities may include but are not limited
to golf course, clubhouse, community center building and tennis facilities, parks, playgrounds
and playfields.
7. Excavation and related processing and production subject to the following criteria:
i. These activities are incidental to the permitted used onsite.
ii. The amount of excavated material to be removed from the site cannot exceed 4,000
cubic yards total. Amounts in excess of 4,000 cubic yards shall require conditional use
approval for earth mining, pursuant to the procedures and conditions set forth in section
10.08.00
c. Conditional uses. For Estates zoning within the Golden Gate Estates subdivision, the Golden
Gate Area Master Plan in the GMP restricts the location of conditional uses. The following uses
are permissible as conditional uses in the estates district (E), subject to the standards and
procedures established in section 10.08.00
1. Churches.
2. Social and fraternal organizations.
3. Child care centers and adult day care centers.
4. Schools, private.
5. Group care facilities (category I); care units, subject to the provisions of subsection 2.03.01
B.3.f; nursing homes; assisted living facilities pursuant to § 400.402 F.S. and ch. 58A-5
F.A.C.; and continuing care retirement communities pursuant to § 651 F.S. and ch. 4 -193
F.A.C.; all subject to section 5.05.04.
6. Group care facilities (category II) care units subject to section 5.05.04 only when tenancy of
the person or persons under care would not:
i. Constitute a direct threat to the health or safety of other individuals;
ii. Result in substantial physical damage to the property of others; or
iii. Result in the housing of individuals who are engaged in the current, illegal use of or
addiction to a controlled substance, as defined in section 802 of title 21, U.S. Code.
7. Extraction or earthmining, and related processing and production not incidental to the
development of the property subject to the following criterion and subsection 4.02.02 C.
i. The site area shall not exceed 20 acres
8. Essential services, as set forth in subsection 2.01.03 G.
9. Model homes and model sales centers, subject to compliance with all other LDC
requirements, to include but not limited to section 5.04.04
10. Ancillary plants.
d. Prohibited uses.
1. Owning, maintaining or operating any facility or part thereof for the following purposes is
prohibited:
i. Fighting or baiting any animal by the owner of such facility or any other person or entity.
ii. Raising any animal or animals intended to be ultimately used or used for fighting or
baiting purposes.
iii. For purposes of this subsection, the term baiting is defined as set forth in F.S. §
828.122(2)(a), as it may be amended from time to time.
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2. Minimum yard Requirements. See subsection 4.02.01 A. Table 2.1 for the general requirements. The
following are exceptions to those requirements:
a. Conforming Corner lots. Conforming corner lots, in which only one full depth setback shall be
required along the shorter lot line along the street. The setback along the longer lot line may be
reduced to 37.5 feet, so long as no right-of-way or right-of-way easement is included within the
reduced front yard. (See Exhibit A)
b. Nonconforming Corner lots. Nonconforming corner lots of record, in which only one full depth
setback shall be required along the shorter lot line along the street. The setback along the longer
lot line may be reduced to 15 feet, so long as no right-of-way or right-of-way easement is included
within the reduced front yard. (See Exhibit B)
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c. Nonconforming through lots, i.e. double frontage lots, nonconforming lots of record with
double road frontage, which are nonconforming due to inadequate lot depth, in which case, the
front yard along the local road portion shall be computed at the rate of 15 percent of the depth of
the lot, as measured from edge of the right-of-way.
i. The nonconforming through lot utilizing the reduced frontage shall establish the lot
frontage along the local road only. Reduced frontage along a collector or arterial roadway to
serve such lots is prohibited. Front yards along the local road shall be developed with
structures having an average front yard with a variation of not more than six feet; no
building thereafter erected shall project beyond the average line so established.
d. Nonconforming lots of record, which are nonconforming due to inadequate lot width, in which
case the required side yard shall be computed at the rate of ten (10) percent of the width of the lot.
(Ord. No. 06-63, § 3.C; Ord. No. 07-67, § 3.C; Ord. No. 08-11, § 3.D; Ord. No. 08-63, § 3.C; Ord. No. 10-23,
§ 3.E; Ord. No. 12-38, § 3.B; Ord. No. 13-56, § 3.B; Ord. No. 14-40, § 2.A)
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