Agenda 10/14/2025 Item #11B (Agreement for Sale and Purchase of 3910 Domestic Avenue for pump rebuild operations, inventory storage and personnel accommodation)10/14/2025
Item # 11.B
ID# 2025-3480
Executive Summary
Recommendation that the Board of County Commissioners, acting as the ex-officio Governing Board of the Collier
County Water-Sewer District, approve an Agreement for Sale and Purchase of 3910 Domestic Avenue for pump rebuild
operations, inventory storage, and personnel accommodation. The total cost for this transaction will not exceed
$4,525,000.
OBJECTIVE: The public purpose is to provide public utility facilities to effectively and sustainably meet demand and
maintain health, safety, and regulatory compliance. This action is to acquire the 3910 Domestic Avenue property.
CONSIDERATIONS: Due to the growth of the wastewater system, the current pump shop facility is significantly
undersized and no longer meets operational, safety, and compliance demands.
CCWSD’s current facility, located at 6027 Shirley St, Naples, FL 34109, houses the following business wastewater
units:
• Inventory
• Asset Infrastructure Rehabilitation
• Pump Shop
• Camera and Vactor Crew and Equipment
• Electrical and Instrumentation Crew and Equipment.
Key limitations at the current facility include:
• Inadequate Storage and Inventory Space: Insufficient room to maintain required pump parts and replacement stock.
• Limited Pump Rebuild Capacity: Lack of purpose-built workspace diminishes efficiency and increases reliance on
outside vendors.
• Insufficient Sanitary and Personnel Accommodations: Overcrowding has reached a critical level, forcing staff and
equipment to be staged at remote pump stations not designed for these uses. The remote locations lack sanitary facilities,
resulting in employees relying on temporary toilets and insufficient decontamination space.
Acquisition of the proposed property at 3910 Domestic Avenue, situated on 0.85 acres, directly addresses these
shortcomings. The facility provides space for pump rebuild operations, inventory storage, and accommodates staff,
while also improving system resilience, operational efficiency, and scalability for future growth.
Two independent appraisers, using the sales comparison approach and both noting no adverse conditions, valued the
property at an average of $4,560,000. The County has negotiated a purchase price of $4,500,000 for the 12,500-square-
foot facility, which also includes bay units well-suited for shop and storage functions.
At closing, all units will be delivered vacant, with no carryover of any existing tenants. The current Owner will be
permitted to occupy the storefront, storage above, and the nearest bay unit (the “Occupied Area”) for a period not to
exceed 60 days following the date of Closing (the “Occupancy Period”). During the Occupancy Period, Seller will not
be required to pay rent; however, Seller will be solely responsible for all utility charges and any related service costs for
installation, maintenance, and service of any separate meters required to measure such use for the Occupied Area. If
Seller fails to vacate at the end of the Occupancy Period, Seller will be liable for holdover damages in the amount of
$233.33 per day, in addition to any other remedies available to Purchaser at law or in equity.
Notable terms of the Purchase and Sale Agreement (“Agreement”) include:
• Purchase Price: $4,500,000 or the average value determined by two appraisers, if lower. However, Seller may
rescind the Agreement if the Board does not approve a purchase price of $4,500,000.
• Inspection: If Phase I Environmental Assessment requires Phase II Environmental Assessment, the Seller is required
to pay for Phase II, but if the price exceeds $5,000, then they may rescind the agreement without penalty.
• Closing: 180 days from the date of the Agreement, or within 30 days of the County’s receipt of all reasonably
required closing documents, whichever is later.
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10/14/2025
Item # 11.B
ID# 2025-3480
• 3rd party Inspection Period: 90 days from the date of the Agreement.
This item is consistent with the Collier County strategic plan objective to plan and build public infrastructure and
facilities to effectively, efficiently, and sustainably meet the needs of our community.
FISCAL IMPACT: The total cost of the acquisition should not exceed $4,525,000 ($4,500,000 for the purchase price;
$25,000 for a title commitment, title policy, closing costs and recording of the documents). The source of funding is
Wastewater User Fee Capital Fund (4014). A budget amendment is required to allocate $4,525,000 from the SCWRF
Electrical #1 Upgrade, Project No. 70288 to the Wastewater Collections Building, Project No. 70296 within the
Wastewater User Fee Capital Fund (4014).
GROWTH MANAGEMENT IMPACT: The item is consistent with the Growth Management Plan.
LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires a majority vote for approval.
– SAA
RECOMMENDATIONS: 1. Approve the attached Agreement for Sale and Purchase.
2. Authorize the Chairman to execute the Agreement and any additional closing documents.
3. Authorize staff to prepare related vouchers and warrants for payment.
4. Authorize necessary budget amendments.
5. Direct the County Manager or their designee to proceed to acquire the Property and to follow all appropriate closing
procedures, to acquire and obtain clear title to the Property, and to record any and all necessary documents (once
approved by the County Attorney’s Office) in the Public Records of Collier County, Florida.
PREPARED BY: Grant Cox, Property Acquisition Specialist II
ATTACHMENTS:
1. 3910 Domestic Avenue Location Map
2. Seller Signed P.A._RA Signed
3. Carlson Norris' Appraisal
4. RKL's Appraisal
5. BA - CIP 4014 - 70296 - WW Collections bldg
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AGREEMENT FOR SALE AND PURCHASE
THIS AGREEMENT FOR SALE AND PURCHASE (hereinafter referred to as this
"Agreement") is made and entered into by and between AMBROSI 3 LLC, a Florida
limited liability company whose address is 3910 Domestic Avenue, Naples, FL 34104
(hereinafter referred to as "Seller"), and the BOARD OF COUNTY COMMISSIONERS
OF COLLIER COUNTY, FLORIDA, AS THE GOVERNING BODY OF COLLIER
COUNTY AND AS THE EX-OFFICIO GOVERNING BOARD OF THE COLLIER
COUNTY WATER-SEWER DISTRICT, its successors and assigns, whose address is
2685 Horseshoe Drive South, Suite 103, Naples, FL 34104 (hereinafter referred to as
"Purchaser").
WITNESSETH
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", attached hereto and made a part hereof by
reference.
WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions
and other 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 respective
undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the
receipt and sufficiency of which is hereby acknowledged, it is agreed as follows:
I. AGREEMENT
1.01 ln consideration of the purchase price and upon the terms and conditions
hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase
from Seller the Property, described in Exhibit "A" attached hereto and made a part
of this Agreement.
II. PAYMENT OF PURCHASE PRICE
2.01 The purchase price (the "Purchase Price") for the Property shall be Four
Million, Five Hundred Thousand Dollars and 00/100 dollars ($4,500,000.00),
(U.S. Currency) or the average of two appraisals engaged by the Purchaser,
whichever is lower, payable at time of Closing; lf the average of the appraisals is
less than Four Million Five Hundred Thousand and 00/100 Dollars ($4,500,000.00),
the Board of County Commissioners may, by supermajority vote, approve payment
of the higher Purchase Price. Notwithstanding anything in this Agreement to the
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contrary, if such supermajority approval is not obtained or if for any reason the
Purchase Price to be paid to Seller to Purchaser at Closing is less than Four
Million, Five Hundred Thousand Dollars and 00/100 dollars ($4,500,000.00), then
Seller in its sole discretion shall have the right to rescind this Agreement upon
written notice without cost or penalty.
III. CLOSING
3.01 The Closing (THE "CLOSING DATE", "DATE OF CLOSING", OR "CLOSING") of
the transaction shall be held on or before one hundred and eighty (180) days
following execution of this Agreement by the Purchaser, or within thirty (30) days of
Purchaser's receipt of all reasonably required closing documents, whichever is
later; provided, however, notwithstanding anything herein to the contrary, if for any
reason Closing does not occur on or before December 31,2025, and the failure to
Close is not caused by any act or omission of the Seller, then Seller in its sole
discretion shall have the right to rescind this Agreement upon written notice without
cost or penalty. The Closing shall be held at the office of the insuring title company
or by mail or by electronic signatures. The procedure to be followed 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 determined according to
applicable title standards adopted by the Florida 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,
if legally required, acknowledged and 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, restrictiohs, or conditions of record.
3.0 112 Combined Purchaser-Seller closing statement.
3.0113 A "Gap Tax Proration, Owner's Non-Foreign Affidavit", as required by
Section 1445 of the lnternal Revenue Code and as required by the title
insurance undenrvriter to insure the "gap" and issue the policy contemplated
by the Title Commitment.
3.0114 A W-9 Form, "Request for Taxpayer ldentification and Certification"
as required by the lnternal Revenue Service.
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3.012 At the Closing, the Purchaser, or its assignee, shall cause to be
delivered to the Seller the items specified herein and the following documents and
instruments duly executed :
3.0121 A negotiable instrument (County Warrant) in an amount equal to the
Purchase Price. 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 Title Commitment,
referenced in Section 4.011 thereto, and the Title Company is irrevocably
committed to pay the Purchase Price to Seller and to issue the Owner's title
policy to Purchaser in accordance with the Title Commitment immediately
after the recording of the deed.
3.0122 Funds payable to the Seller representing the cash payment due at
Closing in accordance with Article lll hereof, shall be subject to adjustment
for prorations as hereinafter set forth.
3.0 123 Combined Purchaser-Seller closing statement.
3.02 Each party shall be responsible for payment of its own attorney's fees. Seller,
at its sole cost and expense, shall pay at Closing all documentary stamp taxes due
relating to the recording of the Warranty Deed, in accordance with Chapter 201.01,
Florida Statutes, and electronic fee of recording any instruments necessary to clear
Seller's title to the Property (including a Multiple Lien Search, Electronic Service
Fees for documents being recorded, and a Corporate Affidavit). The cost of the
Owne/s Form B Title Policy, issued pursuant to the Title Commitment provided for
in Section 4.011 below, shall be paid by Purchaser. The cost of the Title
Commitment along with the closing fee and any other charges for title services
shall also be paid by Purchaser. lf (i) required by a Phase I report issued by a
licensed environmental professional received prior to Closing at Purchaser's sole
expense and (ii) desired by Purchaser, then Seller shall pay for a Phase ll
Environmental Assessment selected by Purchaser; provided, however, if for any
reason the cost of such Phase ll Environmental Assessment exceeds Five
Thousand Dollars and 00/100 dollars ($5,OOO.OO), then Seller in its sole discretion
shall have the right to rescind this Agreement upon written notice without cost or
penalty.
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 yeads millage is not fixed, taxes will be prorated based upon such prior
yea/s millage.
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IV. REQUIREMENTS AND CONDITIONS
4.01 Upon execution of this Agreement by both parties or at such other time as
specified within 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;
4.011 Within fifteen (15) days after the effective date hereof, Purchaser shall
request as evidence of title an ALTA Commitment for an Owner's Title
lnsurance Policy (ALTA Form B-1970) covering the Property (the "Title
Commitment"), together with hard copies of all exceptions shown thereon.
Purchaser shall have thirty (30) days, following receipt of the Title Commitment,
to notify Seller in writing of any objection to title other than liens evidencing
monetary obligations, if any, which obligations shall be paid at Closing. lf the
Title Commitment contains uncurable exceptions that make the title
unmarketable, Purchaser shall deliver to the Seller written notice of its intention
to waive the applicable contingencies or to terminate this Agreement no later
than ninety (90) days after the effective date of this Agreement as Purchaser's
sole remedy.
4.012 lf Purchaser shall fail to advise the Seller in writing of any such
objections or uncurable exceptions in Selleds title in the manner herein
required by this Agreement, the title shall be deemed fully acceptable to
Purchaser and Purchaser shall waive all rights to raise any further objections
or uncurable exceptions in Selle/s title. Upon notification of Purchase/s
objection to title, Seller shall have thirty (30) days to cure or othenuise 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 objections within said time period,
Purchaser, by providing written notice to Seller within seven (7) days after
expiration of said thirty (30) day period, may accept title as it then is, waiving
any objection; or Purchaser may terminate the Agreement as Purchaser's sole
remedy. 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 and the
contingencies in Sections 4.011 and 4.012 shall be deemed waived.
4.013 Seller agrees to furnish any existing surveys of the Property in Seller's
possession to Purchaser within ten (10) days of 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 adjustments to the Purchase Price shall be made based upon any
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change to the total acreage referenced in Exhibit "A," unless the difference in
acreage revealed by survey exceeds 5o/o of the overall acreage. lf the survey
provided by Seller or obtained by Purchaser, as certified by a registered
Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an
improvement located on the Property projects 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
shall have the option of curing 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 this Agreement to notify Seller of any such
objections. Should Seller elect not to or be unable to remove the
encroachment, projection, or provide 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 projection,
or lack of legal access, or Purchaser may terminate the Agreement as
Purchaser's sole remedy. 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 projection, or
lack of legal access and the contingencies in this Section 4.013 shall be
deemed waived.
V. INSPECTION PERIOD
5.01 Purchaser shall have ninety (90) days from the effective date of this
Agreement, ("lnspection Period"), to determine through appropriate investigation
that:
1. Soil tests and engineering studies indicate that the Property can be developed
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 Property is in compliance with all applicable State and Federal environ-
mental laws and the Property is free from any pollution or contamination.
4. The Property can be utilized for its intended use and purpose by the Collier
Cou nty Water-Sewer D istrict.
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 notify the Seller
in writing of its specific objections as provided herein within the lnspection Period,
it shall be deemed that the Purchaser is satisfied with the results of its
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investigations and the contingencies of this Article V shall be deemed waived. ln
the event Purchaser elects to terminate 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 during normal business hours for
the purpose of surveying and conducting site analyses, soil borings and all other
necessary 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 Property. Purchaser shall be solely responsible for any and
all damage to the Property or improvements thereon caused by or resulting from
any inspections, analyses, borings or other investigations conducted by Purchaser
or any of its agents, employees and servants, Purchaser agrees to repair such
damage and restore the Property and improvements thereon to their pre-existing
condition. Purchaser's repair and restoration obligations hereunder shall survive
termination of this Agreement.
VI. INSPECTION
6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have
the right to inspect the Property at any time during normal business hours prior to
the Closing upon no less than twenty-four (24) hours prior notice to Seller.
VII. POSSESSION
7.O1 Purchaser shall be entitled to full possession of the Property at Closing,
subject to the following temporary occupancy rights granted to Seller. Purchaser
shall allow the Seller to occupy and use (i) all of the shop (i.e., retail space) portion
of the Property, including all of the upstairs area above the shop (i.e. the portion of
the Property closest to Domestic Avenue), (ii) all of the bay adjacent to the shop
and closest to Domestic Avenue (i.e., the first of five warehouse spaces) and (iii)
the five (5) parking spaces in the parking area closest to and abutting the front
doors to the shop (collectively, the "Occupied Area") for a period of up to sixty (60)
days following the date of Closing ("Occupancy Period"). Seller shall not be
required to pay rent or any other amounts to Purchaser for such post-Closing
Occupancy Period; however, Seller shall be solely responsible for all utility
charges associated with the use of the Occupied Area during such Occupancy
Period, as well as the cost of installation, maintenance, and service of any
separate meters required to measure such use, if any.
All other portions of the Property shall be delivered vacant and free of any
personal property or occupants at Closing. Upon expiration of the Occupancy
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Period, Seller shall deliver the Occupied Area to Purchaser free and clear of all
personal property and occupants, in broom clean condition, and othenrvise in the
same condition as it existed as of the date of Closing. lf Seller fails to vacate at the
end of the Occupancy Period, Seller shall be liable for holdover damages in the
amount of $233.33 per day, in addition to any other remedies available to
Purchaser at law or in equity.
Seller shall maintain commercially reasonable liability and personal property
insurance naming Purchaser as an additional insured during the Occupancy
Period. Seller shall release, indemnify and hold harmless Purchaser, as well as
their employees, agents and representatives, from any and all claims, demands,
causes of action or damages of any kind or nature brought by the undersigned or
others, including reasonable attorneys' fees, arising out of or in any way
associated with Seller's post-Closing temporary occupancy of the Occupied Area,
including without limitation any personal injury or property damage arising from
such occupancy. This indemnification shall survive the Closing and remain in full
force and effect until the expiration of the Occupancy Period and the resolution of
any claims arising therefrom.
VIII. PRORATIONS
8.01 Ad valorem taxes next due and payable after closing on the Property shall be
prorated as of the Closing Date (with Seller charged for the period prior to the
Closing Date and Purchaser charged for the period on and after the Closing Date)
based upon the gross amount of current year taxes.
IX. TERMINATION AND REMEDIES
9.01 lf Seller shall have failed to perform any of the covenants and/or agreements
contained herein which are to be performed by Seller, within ten (10) days of
written notification of and opportunity to cure such failure, Purchaser may, at its
option, terminate this Agreement by giving written notice of termination to Seller;
provided, however, if the cure of such failure reasonably requires more than ten
(10) days, then Seller shall have an additional (and final) thirty (30) day period
commencing immediately upon the expiration of the initial ten (10) day period so
long as Seller is continuously and diligently taking action to complete the cure of
such failure as soon as reasonably practicalwithin such additional (and final) thirty
(30) day period. lf Seller fails to cure such failure within the extended cure period,
Purchaser may terminate this Agreement by written notice to Seller. Termination
in accordance with this section shall be Purchaser's sole and exclusive remedy for
any such failure by Seller.
9.02 lf Purchaser shall have failed to perform any of the covenants and/or
agreements contained herein which are to be performed by Purchaser, within ten
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(10) days of written notification of and opportunity to cure such failure, Seller may,
at its option, terminate this Agreement by giving written notice of termination to
Purchaser; provided, however, if the cure of such failure reasonably requires more
than ten (10) days, then Purchaser shall have an additional (and final) thirty (30)
day period commencing immediately upon the expiration of the initial ten (10) day
period so long as Purchaser is continuously and diligently taking action to
complete the cure of such failure as soon as reasonably practical within such
additional (and final) thirty (30) day period. lf Purchaser fails to cure such failure
within the extended cure period, Seller may terminate this Agreement by written
notice to Purchaser. Termination in accordance with this section shall be Seller's
sole and exclusive remedy for any such failure by Purchaser.
9.03 The parties acknowledge that the remedies described herein and in the other
provisions of this Agreement provide mutually satisfactory 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 AND PURCHASER'S REP RESENTATIONS AN D WARRANTI ES
10.01 Seller and Purchaser represent and warrant the following:
10.011 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. To the best of Seller's knowledge, Seller is not
presently the subject of a pending, threatened or contemplated bankruptcy
proceeding. Seller further represents the Property is free from any and all
occupants, tenants, and other persons or entities claiming possession of the
Proper$ at the time of Closing. This provision shall survive Closing.
10.012 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 executed 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 effective
date of this Agreement and as of the date of Closing. Purchaser's acceptance
of a deed to the said Property shall not be deemed to be full performance and
discharge of every agreement and obligation on the part of the Seller to be
performed pursuant to the provisions of this Agreement.
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1O.O14 Seller represents that it has no knowledge of any actions, suits, claims,
proceedings, litigation or investigations pending or threatened against Seller, at
law, equity or in arbitration before or by any federal, state, municipal or other
governmental instrumentality that relate to this agreement or any other
property that could, if continued, adversely affect Selle/s ability to sell the
Property to Purchaser according to the terms of this Agreement.
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
Property or any rights therein, nor enter into any agreements 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 represents 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 that to their 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 currently used in
connection with the operation of the Property, and, to the best of Seller's
knowledge, there is no proceeding or inquiry by any authority with respect
thereto. Seller represents that they have (it has) no knowledge that there is
ground water contamination on the Property or potential of ground water
contamination from neighboring properties. Seller represents that they 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 the Property at any
time during or prior to Seller's ownership thereof. Seller represents that they
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 Selle/s operations
concerning the Property are in violation of any applicable Federal, State or
local statute, law or regulation, or of any notice from any governmental body
has been served upon Seller claiming any violation of any law, ordinance, code
or regulation or requiring or calling attention to the need for any work, repairs,
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construction, alterations or installation on or in connection with the Property in
order to comply with any laws, ordinances, codes or regulation with which
Seller has not complied.
10.019 Seller has no knowledge of unrecorded leases, licenses or other
possessory interests, restrictions, easements, or rights of way (other than
easements, restrictions or conditions of record, and existing zoning
regulations) that restrict or affect the use of the Property, and there are no
maintenance, construction, advertising, management, leasing, employment,
service, or other contracts affecting the Property which have not been
disclosed to Purchaser in writing prior to Closing.
10.020 Seller has no knowledge that there are any suits, 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 Selle/s ability
to perform hereunder; nor does Seller have knowledge of any other charge or
expense upon or related to the Property which has not been disclosed to
Purchaser in writing prior to the Closing.
10.021 Seller acknowledges and agrees that Purchaser is entering into this
Agreement based upon Selle/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 effective 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 Property or the governmental
ordinances 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 Upon Purchaser's request at the Closing, Seller shall deliver to
Purchaser a statement (hereinafter called the "Closing Representative
Statement") reasserting the foregoing representations as of the Date of
Closing, which provisions shallsurvive the Closing.
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10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend
and hold Purchaser harmless from any and all costs (including attorney's fees)
asserted against, imposed on or incurred by Purchaser, directly or indirectly,
pursuant to or in connection with the application of any federal, state, local or
common law relating to pollution or protection of the environment to the extent
arising from the condition of the Property prior to the Closing Date, including,
but not limited to, the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980,42 U.S.C. Section 9601, et seq.,
("CERCLA" or "Superfund"), which was amended and upgraded by the
Superfund Amendment and Reauthorization Act of 1986 ("SARA"), including
any amendments or successor in function to these acts. This provision and
the rights of Purchaser, hereunder, shall survive Closing and are not deemed
satisfied by conveyance of title.
10.024 Any loss and/ordamage to the Property between the effective date of
this Agreement and the date of Closing shall be Selle/s sole risk and expense.
XI. NOTICES
11.O1 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, and with notification to the other Paff sent via email
containing the tracking number and/or fax number (if applicable) of such notice
addressed as follows:
lf to Pu rchaser:Joseph Bellone
Division Director
Public Utilities Division
3339 Tamiami Trail E. Suite 301
Naples, Florida 341 12
Email: Joseph.Bello Iiercou ntvfl.oov
With a copy to Attn: Grant Cox
Collier County Real Property Management
2685 Horseshoe Dr. S., Suite 103
Naples, Florida 34104
Telephone n umber: 239-252-5373
Fax number: 239-252-8876
Ema il : G ra nt. Cox@co lliercou ntyfl.q ov
Public Utilities Division 612025 Page 11 of 17
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TAX ID NUMBER. 00282090906
lf to Seller:Name: AMBROSI 3 LLC, a Florida lirnited liability company
Address: 3910 Domestic Avenue
City. Naples State. FL Zip:34104
Telephone n umber: 239-253- 177 4
Fax number: _N lA-
Email: rba7660@qmail.com
With a copy to Attn: William L. Owens
Bond, Schoeneck & King, PLLC
4001 Tamiami Trail North, Suite 105
Naples, FL 34103
Telephone n umber: 239-6 59-3822
Fax number: 239-649-3410
E ma i I : wowg n s@.[-s,K. co m
&
Name: Cody Shadley
Address: 9130 Galleria Court, Suite 100
City: Naples State. FL Zip. 341 09
E m a i I : co d vs h adlgy(QK,gy.ag_q..,-c".o m
&
Name: Bryan Flores
Email : bryanflores@kovacq .com
11.02 The addressees and numbers for 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 respective 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.
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XIII. MISCELLANEOUS
13.01 This Agreement may be executed in any manner of counterparts by manual
signature or authenticated by any electronic signature or other method effective
under applicable law, each of which shall be deemed an original and all of which
together shall constitute one and the same 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 admits.
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 the use thereof may require.
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 to any other provision.
13.07 lf any date specified in this Agreement falls on a Saturday, 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 acceptance 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
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beneficial interest in the Property before Property 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.
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
covenant not included in this Agreement, or any such referenced agreements has
been or is being relied upon by either party. No modification or amendment of this
Agreement shall be of any force or effect unless made in writing and executed and
dated by both Purchaser and Seller. Time is of the essence of this Agreement.
XV. ACKNOWLEDGMENT OF POTENTIAL FUTURE USE
15.01 Any development rights or credits available on the Property are relinquished
by the Seller and conveyed to the Purchaser at Closing as part of the sale of the
Property.
S/GA/ATURES APPEAR O/V THE FOLLOWING PAGES
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TAX lD NUMBER : 00282090906
lN WITNESS WHEREOF, the parties hereto have signed below
Dated ProjecUAcquisition Approved by BCC:_
AS TO PURCHASER:
ATTEST:
CRYSTAL K. KINZEL, Clerk of the
Circuit Court and Comptroller
BOARD OF COUNTY COMMISSIONERS
OF COLLIER COUNTY, FLORIDA, AS
THE GOVERNING BODY OF COLLIER
COUNTY AND AS THE EX-OFFICIO THE
GOVERNING BOARD OF THE COLLIER
COU NTY WATER-SEWER DISTRICT
By:
, Deputy Clerk Burt L. Saunders, Chairman
REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK
cAO
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TAX ID NUMBER. 00282090906
AS TO SELLER:
AMBROSI 3 LLC,
a Florida limited liability company
By:
Name: Rudy Ambrosi
Title: Manager
Date:
Approved as to form and Iegality:
Sally A. Ashkar, Assistant County
,r/\
Public Utilities Division 612025
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7/25/2025
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EXHIBIT *A"
PROPERTY IDENTIFICATION NUMBER: 00282090906
The West 1 1 8 feet of the North 1 12 of the South 688.60 feet of the West 1 12 of the East
112 of the East 112 of the Northwest 114, Section 36, Township 49 South, Range 25
East, of the Public Records of Collier County, Florida.
0.85 ACRES +l-
CAO
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Real Estate Valuation Experts
Trusted since 1985
August 29, 2025
Collier County Procurement Services Division
Planning & Project Management Dept.
Attention: Joanna Ciani
3339 Tamiami Trail E Ste 303
Naples, FL 34112
Re: Warehouse/Office Building
3910 Domestic Avenue
Naples, Florida 34104
Parcel ID: 00282090906
Purchase Order Number: 4500239839
Our File Number: 25-174
Dear Ms. Ciani,
At your request and authorization, Carlson, Norris and Associates have completed an Appraisal
Report 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
interest of the subject property.
The subject property is located at 3910 Domestic Ave, Naples, Florida 34104. The site is rectangular
in configuration with 0.85 acres or 37,026 square feet of area. The subject property is improved with
a warehouse/office building containing a total of 12,550 square feet net building area. The building
was constructed in 2002 and is in overall average condition. The building contains 3,100 square feet
of office/showroom area, while the rest of the building consists of 9,450 square feet of warehouse
space that is separated into five individual units. The property is currently mostly owner occupied,
with one of the warehouse units currently being rented on a month-to-month basis. A more complete
description of the site and improvements will be provided in a later section of the 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 and 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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Collier County Procurement Services Division
August 29, 2025
Page 2
Carlson, Norris and Associates 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 appraisers signing this report.
Based upon the results of the investigation and analyses, the market value of the fee simple interest
of the subject “As Is” under the extraordinary assumptions and market conditions existing August
4, 2025 is:
FOUR MILLION FIVE HUNDRED AND FORTY THOUSAND DOLLARS ............ ($4,540,000.00.)
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,
CARLSON NORRIS AND ASSOCIATES
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Mitchell A. Clark
State-registered trainee appraiser RI25830
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SUBJECT PHOTOGRAPH
WAREHOUSE/OFFICE BUILDING
3910 DOMESTIC AVE
NAPLES, FLORIDA 34104
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TABLE OF CONTENTS
SUBJECT PHOTOGRAPH ....................................................................................... 1
SECTION 1 - SUMMARY OF SALIENT FACTS ....................................................... 3
SECTION 2 – PREMISES OF THE APPRAISAL ....................................................... 5
SCOPE OF WORK ................................................................................................................................. 5
LEGAL DESCRIPTION ........................................................................................................................... 9
SALES HISTORY................................................................................................................................... 9
EXPOSURE TIME ................................................................................................................................11
MARKETING TIME ..............................................................................................................................11
SECTION 3 – DESCRIPTION OF REAL ESTATE APPRAISED .............................. 13
COLLIER COUNTY DESCRIPTION ........................................................................................................13
MARKET AREA DESCRIPTION .............................................................................................................29
OWNER OF RECORD ..........................................................................................................................32
ASSESSED VALUE AND TAXES ...........................................................................................................33
SITE DESCRIPTION .............................................................................................................................34
IMPROVEMENTS DESCRIPTION ...........................................................................................................38
SUBJECT PROPERTY PHOTOGRAPHS .................................................................................................42
SECTION 4 – HIGHEST AND BEST USE ANALYSIS ............................................ 67
HIGHEST AND BEST USE AS THOUGH VACANT ...................................................................................67
HIGHEST AND BEST USE AS THOUGH IMPROVED ................................................................................68
SECTION 5 – VALUATION OF THE SUBJECT ..................................................... 69
VALUE ESTIMATE BY THE COST APPROACH ......................................................................................69
VALUE ESTIMATE BY THE INCOME APPROACH ..................................................................................70
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH ..............................................................92
SECTION 6 – RECONCILIATION OF VALUE ...................................................... 112
SUMMARY OF VALUE CONCLUSIONS ............................................................................................... 112
SECTION 7 – CERTIFICATION AND LIMITING CONDITIONS ........................... 114
CERTIFICATION OF MICHAEL JONAS, MAI, AI-GRS, CCIM ............................................................. 114
CERTIFICATION OF MITCHELL CLARK .............................................................................................. 116
GENERAL ASSUMPTIONS & LIMITING CONDITIONS .......................................................................... 118
SECTION 8 – ADDENDA ..................................................................................... 123
LISTING FOR SALE .......................................................................................................................... 124
PROPERTY CARD ............................................................................................................................ 132
FLOOD MAP .................................................................................................................................... 133
APPRAISAER LICENSES .................................................................................................................. 134
QUALIFICATIONS OF MICHAEL JONAS, MAI, AI-GRS, CCIM .......................................................... 135
QUALIFICATIONS OF MITCHELL CLARK ........................................................................................... 137
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Section 1 - Summary of Salient Facts
Property Reference: 00282090906
Property Type: Industrial
Property Address: 3910 Domestic Ave
Naples, Florida 34104
Report Format: Appraisal Report
Date of Report:
Date of Inspection:
August 29, 2025
August 4, 2025
Date of Value:
Purpose of the
Appraisal:
August 4, 2025
The purpose of this appraisal is to estimate the market value of
the fee simple interest of the subject property, as described on an
“as is” basis, under the reporting requirements of the Uniform
Standards of Professional Appraisal Practice (USPAP) and
subject to the extraordinary assumptions noted herein.
Use of the Appraisal:
Intended User:
The intended use of the appraisal is for internal valuation
purposes by the Collier County Procurement Services Division.
The intended user of this report is the Collier County Procurement
Services Division
Client: The client for this appraisal assignment is The Collier County
Procurement Services Division.
Interest Appraised: Fee simple
Location: The subject property is located at 3910 Domestic Ave, Naples,
Florida 34104 in Section 36, Township 49, Range 25 East.
Site & Improvement
Description:
The site is rectangular in configuration with 0.85 acres or 37,026
square feet of area. The subject property is improved with a
warehouse/office building containing a total of 12,550 square feet
net building area. The building was constructed in 2002 and is in
overall average condition. The building contains 3,100 square
feet of office/showroom area, while the rest of the building
consists of 9,450 square feet of warehouse space that is
separated into five individual units. The property is currently
mostly owner occupied, with one of the warehouse units currently
being rented on a month-to-month basis.
Land Use Designation: I – Industrial
Airport Noise Area Overlay
Residential Density Bands designated area
Zoning Classification: I - Industrial
Highest And Best Use
As Vacant: Based on surrounding land uses, comprehensive land use plan
classification and zoning classification the highest and best use
for the subject property as vacant would be for industrial
development.
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Highest And Best Use
As Improved:
The existing improvements provide a value greater than the value
of the land as vacant plus the cost of demolition of the
improvements; therefore, by definition, the existing improvements
develop the site to its highest and best use.
Value Indications “As
Is”:
Cost Approach: Not Applied
Income Approach: $4,560,000
Sales Comparison Approach: $4,520,000
Market Value Estimate
“As Is”:
$4,540,000
Appraisal Firm: Carlson, Norris & Associates
Appraiser completing
report:
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Mitchell A. Clark
State-registered trainee appraiser RI25830
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Section 2 – Premises 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, as described on an “as is” basis, under the reporting requirements of
the Uniform Standards of Professional Appraisal Practice (USPAP) and subject to the extraordinary
assumptions noted herein.
Use of Appraisal: The intended use of this appraisal is for internal valuation purposes by the Collier
County Procurement Services Division.
Intended Users of Appraisal: The intended user of this report is the Collier County Procurement
Services Division.
Appraisal Client: The client for this appraisal is the Collier County Procurement Services Division.
Competency of Appraisers: The appraisers' specific qualifications are included within this report.
These qualifications serve as evidence of their competence for the completion of this appraisal
assignment in compliance with the competency provision contained within the Uniform Standards of
Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal
Foundation. The appraisers' knowledge and experience, combined with their professional
qualifications, are commensurate with the complexity of this assignment based on the following:
• Professional experience
• Educational background and training
• Business, professional, academic affiliations and activities
The appraisers have previously provided consultation and value estimates for commercial buildings
and various other types of vacant and improved industrial and commercial properties in 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 tangible
property is inspected, the type and extent of data 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 to the property’s zoning,
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surrounding improvements and neighborhood. The work performed for this assignment included but is
not limited to:
• Extent to which the property was identified
o We relied on the address provided by our client as well as a copy of the Collier County
Property Appraiser’s record for the subject property. We also relied on the most recent
warranty deed associated with the subject property recorded with Collier County Public
Records for the legal description. We assume it is correct.
• Extent to which the property was inspected
o The appraisers gathered information about the physical characteristics of the subject
site and improvements that are relevant to the valuation problem. Photographs of the
subject site and improvements were taken at that time.
o An inspection of the property being appraised, the multi-tenant industrial building as
well as the neighborhood in which it is located was done on August 4, 2025. During the
inspection, an inventory of the property attributes was collected based on visual
observation. (NOTE: The term “inspection” should not be construed to be a
professional engineer’s report concerning the condition of the building, structural
integrity, or condition of any mechanical items. If the client has concerns of this type, a
professional engineer’s inspection and report are recommended. That type of
inspection is beyond the scope of work of this assignment and the professional abilities
of a certified appraiser. This inspection is made only for observation of property
attributes).
o We viewed the subject parcel in order to gather information about the physical
characteristics of the subject site and improvements that are relevant to the valuation
problem. Photographs of the subject site were taken and building measurements were
made at that time.
• Type and extent of the data researched
o Investigation of public records for the property’s zoning, land use, flood hazard area
classification, property tax assessor’s records, for attributes of the property.
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o Three approaches were considered to be utilized in determining value. 1) Cost
Approach – the replacement cost is used to develop a value indication for the subject
property 2) Income Approach – valued on the ability of a property to generate a cash
stream and 3) Sales Comparison Approach – value indication is derived by comparing
sales of similar properties.
o In the Cost Approach either replacement or reproduction cost is used to develop a
value indication for the subject property. These costs can be estimated via a cost
estimating service technique, in this case the Marshall Valuation Service, adjusted for
local costs. Considering the subjective nature of estimating depreciation, the Cost
Approach was not considered applicable.
o Collection and analysis of rents and typical expense figures from comparative
properties that would lead to the processing of the Income Approach to value.
▪ We located rental comparables similar to the subject improvements.
▪ A direct capitalization analysis was performed to estimate the value.
o Investigated comparable sales of similar improved properties and made a comparative
analysis which would lead to completion of the Sales Comparison Approach to value.
▪ We researched the specific market area defined for the subject for similar
properties. The sales selected were considered competitive.
▪ The data was verified with the buyer or seller or their representative of the
comparable as well as the public records.
▪ An analysis utilizing the estimated price per square foot of building area was
performed.
• 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, the attributes of competitive properties,
and sales data for similar properties.
o Reconciling the value indications from the Income and Sales Comparison Approach to
value into a final value opinion for the subject property; as of the effective date of this
report.
o Preparation of a written report.
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To develop the opinion of value, Carlson, Norris and Associates performed an appraisal as defined by
the Uniform Standards of Professional Appraisal Practice (USPAP). In this appraisal, Carlson, Norris
and Associates used the Income and Sales Comparison Approaches to develop reliable value
indications. The Cost Approach was not used since it does not reflect current economic conditions.
The search area for rental and sale comparables included the city of Naples and Collier County.
Furthermore, the value conclusions reflect information about the subject and market conditions. This
appraisal of the subject 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.
Property Rights Appraised: The ownership interest appraised will be fee simple.
Fee Simple Interest: The fee simple interest 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.”0F0F0F
1
Market Value Definition: As defined in the Agencies’ appraisal regulations, “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 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)
1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal, Sixth Edition, the Appraisal Institute,
Chicago, Illinois (U.S., 2020)
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Legal Description: The legal description was obtained from the most recent general warranty deed
associated with the subject recorded with Collier County property appraisers’ office. The legal
description is displayed below (Inst# 5746322).
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 subject property is currently under contract for purchase for $4,500,000, which is
in line with our market conclusions. Prior to going under contract, the subject was listed for sale for
$5,100,000. There have been no other transactions occurring during the past three years.
Valuation History: The subject property has not been previously appraised by Carlson, Norris &
Associates during the previous three years. We have not provided any other services related to the
property in the last three years.
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.
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Interview with market participants: The appraiser had discussions with owners, leasing agents and
real estate brokers who are knowledgeable of the market area. They have indicated that there is an
increase in demand for renting and buying commercial and industrial property in the Collier County
market area. This has caused an increase in pricing in the last couple of years. An increase in rental
rates for commercial and industrial property was also reported. Specific names and phone numbers of
the individuals contacted were found by using the services of CoStar and internet search engines. For
the benefit of the reader, we have listed the names, contact information on the rental and sales exhibits
found later in this report.
Exposure Time is defined as: “The estimated length of time that the property interest being appraised
would have been offered on the market prior to the hypothetical consummation of a sale at market
value on the effective date of appraisal. Exposure time is a retrospective opinion based on an analysis
of past events assuming a competitive and open market.” Exposure time is therefore interrelated with
appraisal conclusion of value.
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.
An exposure time of twelve months or less appears to be reasonable and appropriate based on
conversations with real estate professionals familiar with this market area. It has been typical of
properties that have an appropriate listing price to sell in twelve months or less. The comparable sales
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utilized in the sales comparison approach have exposure times averaging ten months. This exposure
time assumes the subject 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 effective
date of an appraisal. Marketing time differs from exposure time, which is always presumed to precede
the effective date of an appraisal.”
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 is estimated to
require a marketing time of twelve months or less based on conversations with real estate professionals
familiar with this market area.
Hypothetical Condition is defined as: “A condition, directly related to a specific assignment, which is
contrary to what is known by the appraiser to exist on the effective date of the assignment results, but
is used for the purpose of analysis. Hypothetical conditions are contrary to known facts about physical,
legal, or economic characteristics of the subject property; or about conditions external to the property,
such as market conditions or trends; or about the integrity of data used in an analysis.” A hypothetical
condition may be used in an assignment only if:
• Use of the hypothetical condition is clearly required for legal purposes, for purposes of
reasonable analysis, or for purposes of comparison;
• Use of the hypothetical condition results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical
conditions.
We did not consider any hypothetical conditions applicable.
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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. Any discrepancy to these assumptions may
affect the valuation contained herein:
• 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.
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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
incorporated cities within the county; namely the City of Naples, the City of Marco Island, and
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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 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 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.
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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.
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
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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.
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
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
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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 August 5, 2025, the prime rate was reported at 7.5%.
Approximately one year ago the prime rate was 8.5%. The federal discount rate is most recently
reported to be 4.5%; a year ago it was 5.5%. The federal funds rate is 4.5%, while a year ago it was
5.5%. Please see the table below.
As of August 2024, the 30-year fixed-rate mortgage national average is currently at 6.75%, while a 15-
year fixed rate mortgage is currently 5.99%. The five-year adjustable arm rate is at 6.01%.
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
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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 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 July
2022 to July 2024. In the bottom of the recession in 2009, Collier County fell below 50 permits per
month. In Collier County, 207 combined permits were issued in July 2024, this is a decrease of 38
permits from July 2023. New construction building permits include houses under construction and
therefore reflect the current expected supply as well as the 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 2024, a
decrease of $125,000 (20 percent) compared to 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
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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 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
December 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.
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
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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.
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
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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 on the following page, which shows the relative location of
the subject property in Naples, Florida.
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LOCATION MAP
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MARKET AREA MAP
Market Area Description: “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.” Please note the market
area map on the previous page which defines the subject market area.
Market Area
Boundaries:
Northern:
Golden Gate Pkwy
Western: Goodlette-Frank Road N
Southern: Davis Boulevard
Eastern: Livingston Road
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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. Industrial and commercial
vacancy has been decreasing, rental and sales activity has been increasing,
and permit activity for commercial and residential construction have been
increasing.
Public Transportation: Public transportation is provided by Collier Area 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,
Golden Gate Parkway and Tamiami Trail (US-41). Due to the high traffic
counts in the 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.
Appeal/Appearance: This area has generally good appeal. Appearance ranges from mostly
newer construction and some older structures with generally good to
average appearance.
Development Trend: There is residential and commercial zoned vacant land available in the market
area. Most exists is to the east portion of the market area (east of Interstate
Highway 75). Future commercial development will be seen mainly along US-
41, Airport-Pulling Road, Vanderbilt Beach Road, Davis Road, Immokalee
Road and Collier Boulevard. Supporting residential development is located
throughout the market area.
Neighborhood Access: Good access exists from major north-south corridors including Airport
Pulling Road, US-41 (Tamiami Trail), Goodlette Frank Road, Collier
Boulevard and I-75. East-west corridors include Immokalee Road,
Vanderbilt Beach Road, Pine Ridge Road and Golden Gate Pkwy.
Police/ Fire Department: Collier County
Supply of Vacant Tracts Vacant land is available in the market area.
2 The Appraisal of Real Estate, Twelfth Edition
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Demand for Vacant Tracts: The supply appears to be greater than the demand at this time. However,
the trend is more balanced with demand increasing.
Traffic Volume: Airport Pulling Road: 45,000 AADT
Goodlette Frank Rd: 35,000 AADT
Golden Gate Pkwy: 49,500 AADT
Livingston Road: 40,500 AADT
Conclusion: Reports and real estate professionals alike suggest an upward trending of the
real estate market is occurring. There are many positive signs that suggest
we are headed in the right direction. Vacant land is showing increasing
demand with many parcels selling for potential development. Vacant
residential land has shown good demand from developers. Presently,
commercial and industrial market values and rental rates are increasing as
vacancy rates decrease.
Market Summary: Trends in the local and immediate areas, adjacent uses and the property’s
specific location features indicate an overall positive external influence for the subject, which is
concluded to have an above-average position relative to competing properties. The property is
located in an area that is projected to experience significant growth across all analysis areas. It
offers proximity to major thoroughfares and provides convenient access to all points of Southwest
Florida. Commercial developments are located along the major thoroughfares and there are
sufficient supporting uses for the area creating ongoing demand. Overall, the condition and appeal
of the area is good. At present, the area is in the growth stage of its lifecycle as th ese areas of
Naples are seeing significant interest from residents and investors due to the convenient location
and relative affordability.
Naples Industrial Market Summary – Costar Q2-2025:
The Naples' industrial market is one of the smallest on the West Coast of Florida, with roughly 14.5
million SF. The industrial vacancy rate is low here but has risen over the past year.
Naples has one of the lowest industrial vacancy rates in Florida at just 3.9% as of the third quarter of
2025. However, the Naples market has been mostly stagnant over the past year, with minimal leasing
activity and absorption. Outside of Uline's completion and move-in to its 940,000 facility, not much has
happened in the Naples industrial market over the past three years. Like many areas in Florida, it saw
a pop in activity in 2021 as in-migration fueled housing and, in turn, industrial demand.
New construction is extremely limited in Naples. It's been well over a year since a new project was
delivered, and less than 25,000 SF is under construction. The most prominent building under
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development is just 17,400 SF along Tollhouse Drive. It is predominately small-bay availabilities
ranging from 2,500 to 3,500 SF with an asking rate of $24.00/SF.
Naples is one of the most expensive industrial markets in Florida, with an average asking rent of
$18.20/SF. Limited availability in the market, only 690,000 SF, has emboldened landlords to continue
to push rates here up 3.4% from this time last year. Rent growth has cooled here, much like other parts
of the country, and is down from a peak of more than 10% in mid-2022. However, Naples should
continue to outpace the national average through at least the end of 2025.
Owner of Record: According to the Collier County Property Appraiser’s office the owner of record for
the subject properties is:
AMBROSI 3 LLC
3910 DOMESTIC AVENUE
NAPLES FL 34104
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Assessed Value and Taxes: According to the Collier County Tax Collector’s Office the subject property
is identified by its Parcel Number 00282090906. For the tax year of 2024 the subject property has a
taxable value of $1,840,345 at a millage rate of 10.1725 resulting in an annual tax burden of $18,721
(including non-Ad Valorem taxes). Please note the 2022 through 2024 years tax analysis in tabular
form that follows.
We also present an estimated real estate tax based on our appraised value. Based on our final opinion
of value stated herein, the subject tax liability is likely to increase. We have applied a 30% cost of sale
to the appraised value resulting in an estimated assessed value of $3,178,000. Applying the 2024
millage rate of 10.1725 results in estimated future RE Tax liability of $32,000 rounded (including non-
ad valorem taxes). The following table is presented to estimate the subject’s current RE taxes based
on the appraised value. The revised tax liability will be utilized in the upcoming Direct Capitalization
analysis.
Only the Collier County Property Appraiser’s office can assess property for taxation purposes. The
actual tax liability is calculated utilizing the millage rate as set by the Collier County Commission and
then multiplying this by the assessed value of the property. Should the millage rate or the assessed
value change the tax liability would be different from that as reported herein.
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Site Description: Please note the following information which includes an aerial photograph, general
site information and data, and the physical characteristics and economic factors that affect the site.
AERIAL PHOTOGRAPH
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PLAT MAP
General Site Information
Address: Parcel #00282090906
Location: The subject property is located at 3910 Domestic Ave, Naples,
Florida 34104 in Section 36, Township 49, Range 25 East
3B3B3BPhysical Characteristics of the Site
Site Configuration: Rectangular
Frontage: Subject property has approximately 117 linear frontage feet along
Domestic Ave.
Site Area: 0.85 acres or 37,026 square feet of area.
Public Access: Overall, the subject site has average accessibility.
Corner Influence: No
Utilities to Site: Water/Sewer: Collier County
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Electric: Florida Power and Light
Phone: Multiple carriers
Police: Collier County Sheriff Dept.
Fire: Collier County Fire District
Site Improvements: The subject property is improved with a warehouse/office building
containing a total of 12,550 square feet net building area. The
building was constructed in 2002 and includes 3,100 sf of
office/showroom space and 9,450 sf of warehouse space divided
into five separate units in overall average condition. The building
consists of CBS construction.
Easements: Typical utility and right-of-way easements exist.
Flood Designation:
Topography:
Flood Zone X Panel 120067-12021C0392J, dated 2/8/2024. A copy
of the flood map is included in the addenda.
The site appears to be relatively level and with adequate drainage.
4B4B4BEconomic Factors Affecting the Site
Supply of Vacant Tracts: There are industrial vacant land parcels in the subject’s immediate
market area.
Demand for Vacant Tracts: Real estate brokers have indicated that there is improved interest in
vacant parcels. Rental rates have recently been climbing which
should increase demand in the future.
Neighboring Property Uses: Industrial and Commercial
Future Land Use Designation: Industrial District designated areas will accommodate the
following uses:
I - Industrial District
The Industrial Land Use District is reserved primarily for industrial type uses and
comprises approximately 2,200 acres. Besides basic Industrial uses, limited commercial
uses are permitted. Retail commercial uses are prohibited, except as accessory to
Industrial or Business Park uses. The C-5, C-4 and PUD Commercial Zoning Districts
along the perimeter of the designated Urban Industrial District that existed as of October
1997 shall be deemed consistent with this Land Use District. Industrially designated areas
shall have access to a road classified as an arterial or collector in the Transportation
Element, or access may be provided via a local road that does not service a predominately
residential area.
Intensities of use shall be those related to: manufacturing, processing, storage and
warehousing, wholesaling, distribution, high technology, laboratories, assembly, computer
and data processing, business services, other basic industrial uses as described in the
industrial zoning district of the land development code, business park uses as discussed
below and as described in the business park zoning district of the land development code.
Support commercial uses, such as child care centers and restaurants.
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The subject property is also designated as being within a “residential density band” area. Residential
density bands are part of the density bonuses as applied by the density rating system, described in
the Future Land Use Element as follows:
Additionally, the northwest corner of the subject property is located within the Airport Noise Area
Overlay (D), which is described in the Collier County Future Land Use Element as follows:
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Industrial Zoning Districts
Industrial District (I). The purpose and intent of the industrial district (I) is to provide lands
for manufacturing, processing, storage and warehousing, wholesaling, and distribution.
Service and commercial activities that are related to manufacturing, processing, storage
and warehousing, wholesaling, and distribution activities, as well as commercial uses
relating to automotive repair and heavy equipment sales and repair are also permissible in
the I district. The I district corresponds to and implements the industrial land use
designation on the future land use map of the Collier County GMP.
The following uses include, but not limited to: Agricultural services, Automotive repair, barber
shops, business service, communication towers, eating places, engineering, account, research,
management and related services, essential services, fabricating metal products, food products,
general aviation airport, lumber yards, insurance agents, heavy construction, outdoor storage
yards, printing facilities, gunsmith shops and shooting range-indoor, real estate brokers, stone,
clay glass and concrete products, outdoor storage yards, post offices, and existing retail uses that
were in operation on January 1, 2009, and industrial uses that have been in operation since
January 8, 2010.
Improvements Description: The information on the subject improvements is based upon a physical
inspection and upon records from the Collier County Property Appraiser’s office. The subject property
consists of a multi-tenant industrial building. There is average visibility and access along Domestic
Avenue. The salient construction specifics are summarized as follows:
General Description
General Property Type: Industrial
Specific Property Type: Warehouse/Office
Number of Buildings: 1
Years Built: 2002
Number of Stories: 2
Net Building Area: 12,550 square feet
Design and Functionality: Design appears to function well for a warehouse/office building. The
subject property is improved with a warehouse/office building
containing a total of 12,550 square feet net building area. The
building was constructed in 2002 and is in overall average condition.
The building contains 3,100 square feet of office/showroom area,
while the rest of the building consists of 9,450 square feet of
warehouse space that is separated into five individual units. The
property is currently mostly owner occupied, with one of the
warehouse units currently being rented on a month-to-month basis.
Construction Class: CBS
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Construction Quality: Average workmanship and materials
Ceiling Height: 20’ Clear Height
Grade-Level Doors: 5 overhead doors (12’x14’)
Exterior Construction Detail
Footings: Spread concrete on a concrete slab
Exterior Wall Material: Concrete block stucco
Roof Construction: Metal Roof
Windows: Metal framed with glass
Exterior Doors: Two store-front glass entrance doors and six exterior metal doors.
Each of the five individual warehouse units contains one overhead
roll-up door. There is also an employee bathroom that is accessed
through an exterior metal door.
Mechanical Description
Heating/Cooling System: The office/showroom space is entirely under air conditioning. Three
of the individual warehouse units are climate controlled (Forced air
HVAC systems). Two of the warehouse units are not under air
conditioning.
Elevator Service: None
Fire Protection: None
Interior Description
Ceilings Drywall ceiling in office/showroom areas. Drywall ceiling in one of
the climate controlled warehouse areas. Open/exposed ceilings
with insulation in two of the climate controlled warehouse areas.
Open/exposed ceilings in the two warehouse units that are not
under air conditioning.
Lighting LED and Fluorescent lighting throughout the office and warehouse
areas
Partitions and Interior
Walls:
Painted drywall and concrete block walls separating the warehouse
units.
Floor Covering: Concrete flooring in warehouse; interior office areas contain tile,
carpeting, and vinyl plank flooring.
Restrooms: 3 bathrooms in the office/showroom area
1 bathroom in one of the warehouse units
1 restroom accessible by exterior metal door
Interior Doors: Wood –office areas
Site Improvements
Parking: Parking appears adequate
Onsite Landscaping: Consistent with similar industrial projects in the market
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Signage: Building signage
Land to Building Ratio: 2.95:1
Physical Condition
Year Built: 2002
Effective Age: 15 years
Expected Useful Life: 50 years
Remaining Useful Life: 35 years
Condition: Average
Past Maintenance: No deferred maintenance noted
Deferred Maintenance: None applicable
Overall Rating of
Improvements: Average
Functional Utility: No adverse functional utility noted
External Influences: No adverse external influences were noted
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Building Sketch
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SUBJECT PHOTOGRAPHS
View: Looking
west along
Domestic Ave
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Looking east
along Domestic Ave
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Looking
south toward
subject property
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Looking
north along
driveway entrance
to subject property
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Parking area
at front of subject
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Parking area
at front of subject
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Looking
toward front of
subject building
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Looking SW
along east side of
building
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Utility meters
at east side of
building
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Air
conditioner units at
east side of building
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Looking
north along east
side of building
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Looking
west along south
side of building
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Looking east
toward SW corner
of building
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Looking
south toward
property line near
rear of building
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Looking
north along west
side of building
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Looking SE
along west side of
building
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Unit 1
showroom/retail
area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Unit 1
showroom/retail
area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Unit 1
bathroom
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Unit 1
bathroom
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Unit 1
showroom/retail
area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Unit 1
showroom/retail
area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Unit 1
showroom/retail
area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Unit 1
stairway to 2nd floor
office area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Unit 1
second floor office
area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Unit 1
second floor office
area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Unit 1
second floor office
area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Unit 1
second floor
bathroom
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Unit 1
second floor
bathroom
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Unit 1
stairway to 2nd floor
office area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Unit 1
warehouse area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Unit 1
warehouse area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Unit 1
warehouse area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Unit 1
warehouse area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Unit 2
warehouse area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Unit 2
warehouse
bathroom
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Employee
bathroom, exterior
door access
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Unit 3
warehouse area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Unit 3
warehouse area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Unit 4
warehouse area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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SUBJECT PHOTOGRAPHS
View: Unit 4
warehouse area
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
View: Unit 5
exterior view
(unable to access)
Photograph date:
August 4, 2025
Taken by:
Mitchell Clark
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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 THOUGH 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 land use designation affecting the site is Industrial and
the site is currently zoned I - Industrial. The land use classification and zoning classification
permit commercial or industrial development.
Based on the land use and zoning classification affecting the property and the characteristics
of the neighborhood, it would appear the subject site would typically be considered for
commercial/industrial development.
Physically Possible Use: The physical aspects of the site impact legally permissible uses.
The site area is irregular in configuration, containing 0.85 acres or 37,026 square feet of area.
Public utilities are provided. The current access is from Domestic Ave. There is approximately
117 linear frontage feet along Domestic Ave. The site is of such a size that they could
adequately handle most of the development noted previously which is legally permissible. The
physical characteristics of this property will allow for industrial development which could include
warehouse and office/showroom use on the site. In consideration of the site size, it would most
likely be developed with some form of commercial/industrial development.
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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
economical 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 improving economic conditions in Collier County have been taking place over the last
several years. Property values are increasing and rental rates are increasing. Rental rates and
sales prices have reached the point to where it would typically be financially feasible for
development of the site with a new industrial structure. This makes the property attractive for
this use in the marketplace.
The subject site is located in an area with extensive industrial and commercial development.
This area of Southwest Florida has good market appeal and an expanding economic base.
The physical characteristics of this property will allow for commercial/industrial development
which could include multi-unit industrial building use on the site.
Maximally Productive Use: 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 wide range of
industrial uses include multi-tenant industrial buildings. The site is large enough for a
reasonably sized industrial development consistent with the surrounding developments and
current zoning restrictions.
Considering the nearby commercial and industrial development, it is our opinion that
commercial/industrial use has the most development potential given the location of the
property.
HIGHEST AND BEST USE AS THOUGH IMPROVED
The subject site is currently improved with a warehouse/office building totaling 12,550 square
feet. Based on analysis the income producing capability to the property as well as the value of
the property through the Sales Comparison Approach, the improvements provide a value
greater than the value of the site as if vacant and available to be developed to its highest and
best use. Therefore, by definition the existing improvements develop the site to its highest and
best use.
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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.”
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 a similar improvement without undue delay and produce a property of equal
desirability and utility.
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 property of equal
desirability and utility. Considering the older vintage of the improvements and the subject nature
of estimating depreciation, the Cost Approach is not considered applicable in this analysis.
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VALUE ESTIMATE BY THE INCOME APPROACH
Income Approach is defined as “Specific appraisal techniques applied to develop a value
indication for a property based on its earning capability and calculated by the capitalization of
property income.” 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.
In the course of the analysis of the subject property the income stream for the improvements
will be analyzed using the Direct Capitalization Technique. This is defined as “A method used
to convert an estimate of a single year's income expectancy into an indication of value in one
direct step, either by dividing the income estimate by an appropriate rate or by multiplying the
income estimate by an appropriate factor. Direct capitalization employs capitalization rates and
multipliers extracted or developed from market data. Only the one year's income is used. Yield
and value change are implied, but not explicitly identified.”
The steps of the Income Approach using direct capitalization are summarized as follows:
Estimate the Potential Gross Income of the property.
• Add any additional income from sources other than rent.
• Subtract the typical annual amount of income that will not be collected because of
vacancies and collection problems.
• The result is the Effective Gross Income.
• Subtract from the Effective Gross Income., operating expenses, fixed expenses and
reserves for the replacement of short-lived items (if market specified).
• The result is the Net Operating Income.
• Develop a direct capitalization rate by dividing the known Net Operating Expenses of
properties that have sold that are comparable to the subject property by the selling
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price of the comparable sale. Reconcile them into one rate appropriate for the subject
property.
• Divide the Net Operating Income of the property being appraised by the appropriate
capitalization rate which gives an indicated value of the property via the Income
Approach.
Based on the complexity of the assignment, it is our opinion that the utilization of the Direct
Capitalization Technique is most appropriate.
One of the basic steps in the Income Approach involves estimating the market rent for the
subject property. Market rent is defined as: “The most probable rent that a property should bring
in a competitive and open market reflecting all conditions and restrictions of the specified lease
agreement including term, rental adjustment and revaluation, permitted uses, use restrictions,
and expense obligations; the lessee and lessor each acting prudently and knowledgeably, and
assuming consummation of a lease contract as of a specified date and the passing of the
leasehold from lessor to lessee under conditions whereby:
1. Lessee and lessor are typically motivated.
2. Both parties are well informed or well advised, and acting in what they consider
their best interests.
3. A reasonable time is allowed for exposure in the open market.
4. The rent payment is made in terms of cash in United States dollars and is
expressed as an amount per time period consistent with the payment schedule of
the lease contract.
5. The rental amount represents the normal consideration for the property leased
unaffected by special fees or concessions granted by anyone associated with the
transaction. “
Market Rent is defined as: “The most probable rent that a property should bring in a
competitive and open market reflecting all conditions and restrictions of the specified lease
agreement including rental adjustment and revaluation, permitted uses, use restrictions,
expense obligations, terms, concessions, renewal and purchase options and tenant
improvements (TIs).”
Gross Lease: A gross lease is defined as: “A lease in which the landlord receives stipulated
rent and is obligated to pay all of the property’s operating and fixed expenses.”
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Net Lease: A net lease is defined as: “A lease in which the landlord passes on all expenses
to the tenant.”
Typically, local tenants and chains are subject to either gross or some type of net lease. In
these circumstances the landlord will actually pay such items as the property taxes and
insurance costs and either get reimbursed from the tenant through the rental rate alone (gross
lease) or a common area maintenance charge “CAM” (net lease). When the appraiser
analyzes these types of leases all of the appropriate expenses that are paid for by the landlord
must be itemized and included as expenses in the reconstructed operating statement. The
offsetting income is included in either the gross lease rate or the common area maintenance
charge. In this case the appraiser will use a net lease basis when referring to rental rates since
most of the comparable properties in the market area are reported as net rents. A search of
the marketplace was made for similar buildings resulting in rental comparable properties.
Please note the Rent Comparable Location Map that follows which shows the relative location
of the rent comparables to that of the subject. Because the subject property is an industrial
warehouse/office building, similar rental properties were obtained.
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RENT COMPARABLE LOCATION MAP
Please consider the comparable Rental Data Sheets on the following pages that present
pertinent information for the rent comparables that were analyzed.
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RENT COMPARABLE 1
Property Location:
Address: 3811 Enterprise Ave, Unit 3
Naples, FL 34104
County: Collier
Owner: 3811 Enterprise Avenue LLC
Property Name: N/A
Property Data:
Property Use: Industrial
Building Type: Warehouse
Site Size: 1.46 acres
Parking: Adequate
Corner Influence: No
Access: Average
Visibility: Average
Year Built: 2001
Number of Buildings: 1
Number of Stories: 1
Type of Construction: CBS
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Gross Area: 22,000 sq. ft.
Rentable Area 1,493 sq. ft.
Condition of Improvements: Average
Unit Breakdown: 1,493 sq. ft.
Lease Data:
Lease Type: NNN
Asking: Actual
Beginning Date: Commenced May 2025
Lease Term: 5 Years
Gross Rate: $27.60 per sq. ft.
CAM: $4.60 per sq. ft.
Net Rate: $23.00 per sq. ft.
Occupancy: 100%
Lease Concessions: None
Utilities Paid By Landlord: None
Utilities Paid By Tenant: All
Lease Confirmation:
Verification: Shawn McManus - Leasing Agent, 239-834-2485
Verification Appraiser: Mitchell Clark, August 13, 2025
Comments: This is the asking lease rate for a 1,493 SF warehouse space located along
Enterprise Ave in Naples. The unit is part of a larger 22,000 SF industrial building. The
lease commenced in May of 2025 for a 5 year term at a base rate of $23.00 PSF and
CAM fees of $4.60 PSF. The unit features 16 foot warehouse ceiling height. The unit is
fully air conditioned and has one 10’ x 12’ roll-up door.
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RENT COMPARABLE 2
Property Location:
Address: 4085 Arnold Ave, Unit 101
Naples, FL 34104
County: Collier
Owner: ARNOLD PROPERTIES INC
Property Name: N/A
Property Data:
Property Use: Industrial
Building Type: Warehouse/Office
Site Size: 1.78 acres
Parking: 32
Corner Influence: No
Access: Average
Visibility: Average
Year Built: 1997
Number of Buildings: 1
Number of Stories: 1
Type of Construction: Metal
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Gross Area: 20,500 sq. ft.
Rentable Area 6,500 sq. ft.
Condition of Improvements: Average
Unit Breakdown: 6,500 sq. ft.
Lease Data:
Lease Type: Net
Asking/Actual: Actual
Beginning Date: Began April 2025
Lease Term: 5 years
Gross Rate: $26.50 per sq. ft.
CAM: est. $4.50 per sq. ft.
Net Rate: $22.00 per sq. ft.
Occupancy: 100%
Lease Concessions: None
Utilities Paid By Landlord: None
Utilities Paid By Tenant: All
Lease Confirmation:
Verification: CoStar Listing, Public Record
Verification Appraiser: Mitchell Clark, August 13, 2025
Comments: This is an actual rent for industrial office/warehouse space with frontage
along Arnold Ave in Naples. The unit is part of a 20,500 sf industrial building. The ceiling
height is 21’. The lease is triple-net (NNN) with 5-year term at base rate of $22.00 and
estimated CAM fees of $4.50.
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RENT COMPARABLE 3
Property Location:
Address: 3899 Mannix Drive, Unit 407
Naples, FL 34114
County: Collier
Owner: LAME REVOCABLE TRUST
Property Name: N/A
Property Data:
Property Use: Industrial
Building Type: Warehouse/Office
Site Size: Part of a larger development
Parking: Adequate parking
Corner Influence: No
Access: Average
Visibility: Average
Year Built: 2005
Number of Buildings: 1
Number of Stories: 1
Type of Construction: CBS
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Gross Area: 45,000 sq. ft.
Rentable Area 1,500 sq. ft.
Condition of Improvements: Average
Unit Breakdown: 1,500 sq. ft.
Lease Data:
Lease Type: Net
Asking/Actual: Actual
Beginning Date: Began December 2024
Lease Term: 2 years
Gross Rate:
CAM:
Net Rate:
$29.30 per sq. ft.
est. $4.50 per sq. ft.
$24.80 per sq. ft.
Occupancy: 100%
Lease Concessions: None
Utilities Paid By Landlord: None
Utilities Paid By Tenant: All
Lease Confirmation:
Verification: Danielle Rizzo - Leasing rep, 201-741-7801
Verification Appraiser: Mitchell Clark, August 28, 2025
Comments: This is an actual rent for industrial office/warehouse space with frontage
along Arnold Ave in Naples. The unit is part of a larger industrial/flex development. The
space includes office area of 20% and 1 overhead roll-up door. The ceiling height is 18’.
The lease is triple-net (NNN) with 2-year term at base rate of $24.80 and estimated CAM
fees of $4.50 per sf. This was an arm’s length transaction.
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RENT COMPARABLE 4
Property Location:
Address: 5450 Shirley Street
Naples, FL 34109
County: Collier
Owner: JERICHO DRIVE, LLC
Property Name: N/A
Property Data:
Property Use: Industrial
Building Type: Office/Warehouse
Site Size: 1.130 acres
Parking: 20
Corner Influence: No
Access: Average
Visibility: Average
Year Built: 1980
Number of Buildings: 1
Number of Stories: 1
Type of Construction: Metal/CBS
CNA Data# 2868
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Gross Area: 21,300 sq. ft.
Rentable Area 2,100 sq. ft.
Condition of Improvements: Average
Lease Data:
Lease Type: Actual
Asking/Actual: Net
Beginning Date: Began June 2024
Lease Term: 3 years
Gross Rate: $29.50 per sq. ft
CAM: est. $4.50 per sq. ft
Net Rate: $25.00 per sq. ft.
Occupancy: 97% in market
Lease Concessions: N/A
Utilities Paid By Landlord: None
Utilities Paid By Tenant: All
Lease Confirmation:
Verification: Christine McManus, 239-261-3400
Verification Appraiser: Richard Tyler, June 12, 2024
Comments:
This is an actual rate for a office/warehouse space located in a multi-tenant industrial
building along Shirley Street, in Naples. Unit A with 2,100 SF rentable area and in average
condition. The unit has a small office area and is fully air-conditioned. Lease term is 3-
years with renewal options. CAM is estimated at $4.00.
CNA Data# 2868
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RENT COMPARABLE 5
Property Location:
Address: 3927 Exchange Avenue
Naples, FL 34104
County: Collier
Owner: Exchange Avenue LLC
Property Data:
Property Use: Industrial
Building Type: Warehouse/Office
Site Size: 0.870 acres
Parking: Appears Adequate
Corner Influence: No
Access: Average
Visibility: Average
Year Built: 1989
Number of Buildings: 1
Number of Stories: 1
Type of Construction: Metal Frame
CNA Data# 2790
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Gross Area: 7,200 sq. ft.
Rentable Area 7,200 sq. ft.
Condition of Improvements: Average
Unit Breakdown: 7,200 sq. ft.
Lease Data:
Lease Type: NNN
Asking/Actual: Actual
Beginning Date: January 2024
Lease Term: N/A
Gross Rate: $26.79 per sq. ft.
CAM: $3.46 per sq. ft.
Net Rate: $23.33 per sq. ft.
Occupancy: 100%
Lease Concessions: None Noted.
Utilities Paid By Landlord: None
Utilities Paid By Tenant: All
Lease Confirmation:
Verification: Christine McManus- Leasing Rep, 239-777-2020
Verification Appraiser: Mitchell Clark, January 25, 2024
Comments: This is an actual lease of an office/warehouse building located along
Exchange Avenue in Naples. The current tenant is a roofing company. The unit has
approximately 1,200 square feet of office space and 6,000 square feet of warehouse area
and is in average condition. There are a total of 4 overhead door drive-in bays at the
building. There is adequate parking around the building with 22 open surface spaces. The
lease commenced in January 2024 at the rate of $26.79.
CNA Data# 2790
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RENT COMPARABLE 6
Property Location:
Address: 4573 Enterprise Ave, Unit 4
Naples, FL 34104
County: Collier
Owner: Connie Jean Youngmark Trust
Property Name: N/A
Property Data:
Property Use: Industrial
Building Type: Office/Warehouse
Site Size: 1.08 acres
Parking: 28
Corner Influence: No
Access: Average
Visibility: Average
Year Built: 1988
Number of Buildings: 1
Number of Stories: 1
Type of Construction: Metal/CBS
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Gross Area: 14,000 sq. ft.
Rentable Area 2,000 sq. ft.
Condition of Improvements: Average
Lease Data:
Lease Type: Net
Asking/Actual: Asking
Gross Rate: $28.52 per sq. ft.
CAM: $3.52 per sq. ft.
Net Rate: $25.00 per sq. ft.
Occupancy: 96% in market
Lease Concessions: N/A
Utilities Paid By Landlord: None
Utilities Paid By Tenant: All
Lease Confirmation:
Verification: Bill Young, Leasing Rep – 239-402-3848
Verification Appraiser: Mitchell Clark, August 15, 2025
Comments:
This is an actual rate for a office/warehouse space located in an industrial building along
Enterprise Ave, in Naples. Unit 4 with 2,000 SF rentable area and in average condition.
The unit contains approximately 10% of office area, and about 60% of the unit is under
AC. There are 4 overhead roll-up doors. The ceiling height of the unit is 20’. The unit was
described as being in average condition.
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A rental summary of the rent comparable lease rates is illustrated as follows.
Rent Summary:
The comparables represent actual rental rates in the subject’s surrounding market and within
nearby markets. The base rental rates range between a low of $22.00 per square foot to $25.00
per square foot. In determining a reasonable market rent for the subject unit, we have
considered an applicable base rental rate of $24.50 per square foot to be the net rate for the
subject unit based on the location, quality of the unit, and the effective age/condition. Based on
the total actual and estimated expenses as detailed within the expenses section of the Income
Approach, we have determined an applicable CAM charge of $4.69 per square foot which is in
line with the market. The estimated gross rent for the subject property totals $29.19 per square
foot, which is consistent with the market rental rates of the comparables.
As previously noted, the subject property is currently mostly owner occupied. Unit 5 is being
rented out on a month-to-month basis, with the tenant using it as primarily storage space. Due
to these factors, we will utilize the market derived rent in the following Direct Capitalization.
In order to estimate the value for the subject property via the Income Approach, the Direct
Capitalization technique was applied. The steps of this technique are summarized as follows:
• Estimate the Potential Gross Income of the property
• Add any additional income from sources other than rent
• Subtract the typical annual amount of income that will not be collected because of
vacancies and collection problems
• The result is the Effective Gross Income
• Subtract from the Effective Gross Income, operating expenses, fixed expenses and
reserves for the replacement of short-lived items (if market specified)
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• The result is the Net Operating Income
• Develop a direct capitalization rate by dividing the known Net Operating Expenses of
properties that have sold that are comparable to the subject property by the selling
price of the comparable sale. Reconcile them into one rate appropriate for the subject
property.
• Divide the Net Operating Income of the property being appraised by the appropriate
capitalization rate which gives an indicated value of the property via the Income
Approach.
Income Analysis
We will first establish the income earning potential for the subject improvements. The income
analysis for the subject property will utilize the net estimated market rental rate of $24.50 per
square foot with CAM charges of $4.69 per square foot. No additional income is to be
considered. Multiplying the total rental rate of $29.19 per square foot by the subject’s net
building area of 12,550 square feet equates to a total potential gross income (PGI) of $366,335.
The effective gross income is estimated next. This is done by subtracting the vacancy and
collection loss from the potential gross income. Vacancy and collection loss is defined as: “A
deduction from gross potential income (PGI) made to reflect income reductions due to
vacancies, tenant turnover, and nonpayment of rent; also called vacancy and credit loss or
vacancy and contingency loss.”
Vacancy and collection loss is estimated using market derived data and local surveys for
specific occupancies within specific market areas such as:
• Market derived data
• Published surveys
• Personal observation
We utilized an analysis of industrial properties within the general market of the subject.
According to CoStar data for the Naples Industrial market area, the current vacancy averages
3.9%. The following graph illustrates the trend in vacancy rates in the subject’s submarket over
the last six years as well as a forecasted trend for the future.
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We considered an applicable vacancy and collection loss rate of 3% appropriate for the subject.
We took into account the current and historical occupancy of the subject, location, quality, and
the overall trend in vacancies for commercial/industrial properties.
The vacancy and collection rate, 3%, is multiplied times the gross potential income of $366,084
to obtain the annual vacancy and collection loss of $10,990. As mentioned, once the vacancy
and collection loss has been determined, that value is subtracted from the potential gross
income (PGI) to arrive at the effective gross income (EGI) of $355,345.
Expense Analysis
Historical financial information on the subject property was provided to the appraiser. We have
also utilized estimations for fixed and variable expenses based on information from our files of
similar properties as well as publicly available expenses.
The net operating income is calculated by subtracting the operating expenses from the effective
gross income. The fixed expenses include the previously estimated future tax liability of
$32,000. Insurance expenses were provided at $6,000 annually. The total for the fixed expense
category is $38,000.
Management fees were estimated at 3% of the effective gross income, or $10,700 annually.
Maintenance/landscaping costs were estimated at $0.65 per square foot, or $8,200 annually.
Reserves for replacement were estimated at $0.15 per square foot, or $1,900 annually. The
variable operating expenses total $20,800.
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The resulting total operating expense is $58,800 or approximately 17% of the effective gross
income. The estimated expenses are within the normal range for similar type warehouse
properties.
The net operating income (NOI) is equal to the effective gross income of $355,345 less
operating expenses of $58,800, which equals $296,545. The property value is estimated by
dividing the net operating income by the overall capitalization rate.
We will next estimate the Overall Capitalization Rate by utilizing two methods: 1) Published
Sources and 2) Market derived from the improved sales noted later in this report.
1) Published Sources
According to the Costar custom analytics search, cap rates for industrial properties in the
Naples market average about 7.5%, as displayed by the following chart.
2) Sales Comparable Market Derived: The net operating income for these sales divided into
the sales price equals the estimated overall capitalization rate for that sale. Please note the
following spreadsheet which presents the data and analysis for the market derived
capitalization rate.
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The rates vary from 4.70% to 7.18% with mean and median rates of 5.95% and 5.85%,
respectively. We have also considered the Active Listing’s provided cap rate of 6.21% in our
analysis. Based on the subject’s effective age/condition, quality, and location, it is our opinion
that a market derived capitalization rate for the subject property is closer to that of the closed
sales with support for the published sources, this being a rate of 6.50%. By dividing the net
operating income of $296,545 by the overall capitalization rate of 6.50% we arrive at the
estimated value via the Income Approach of $4,562,223 rounded to $4,560,000.
We invite your attention to the following chart which shows in tabular form the information
presented in the preceding analysis relating to the value of the property by the Direct
Capitalization Technique.
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VALUE ESTIMATE BY THE SALES COMPARISON APPROACH
Sales Comparison Approach is defined as: “The process of deriving a value indication for the
subject property by comparing sale of similar properties to the property being appraised,
identifying appropriate units of comparison, and making adjustments to the sale prices (or unit
prices, as appropriate) of the comparable properties based on relevant, market-derived
elements of comparison. The sales comparison approach may be used to value improved
properties, vacant land, or land being considered as though vacant when an adequate supply
of comparable sales is 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 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.
There are a number of indicators of value that could be used for this analysis including sale
price per square foot of building area with land. This indicator is calculated by dividing the sale
price of the comparable by the building area which equals the sale price per square foot of
building area. This technique is most useful when comparable land values and land to building
ratios are consistent.
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 (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, quality of construction, age, condition, building size, percentage of office
space, ceiling height, and land-to-building ratio. After completion of the analysis and adjustment
process, the appraiser will estimate the appropriate value per square foot of building area and
multiply it by the number of square feet contained within the building improvements.
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We invite your attention to the following improved sales location map which shows the location
of the subject property and the location of the comparable sales utilized in this analysis in
relationship to the subject property.
IMPROVED SALES LOCATION MAP
Pease note the following Improved Sales Sheets which provide the pertinent data for each
comparable sale and a photograph.
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COMPARABLE 1
Property Reference:
Property Type: Industrial
Address: 1990 Seward Ave
Naples, FL 34109
County: Collier
Property Name: N/A
Sale Date: March 07, 2024
Sale Price: $3,720,000
Recording: OR Book/Page: 6338-387
Interest Conveyed: Leased Fee
Deed Type: Warranty Deed
Financing: Cash to seller
Grantor: 9720 Sample, LLC
Grantee: 1990 Seward Avenue
STRAP/ID: 00255087700/52685000143
Site Data:
Site Dimensions: Approx 165' frontage along Seward Ave.
Site Size: 77,537 square feet, 1.780 acres
Utilities: Full Public
Access: Good
Zoning: Industrial
CNA File# 3734
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Improvement Data:
Building Type: Office/Warehouse
Year Built: 1990
Number of Buildings: 1
Number of Stories: 2
Type of Construction: CBS/Metal
Quality: Average
Building Condition: Average
Effective Age (yrs): 20
Gross Building Area (sf): 10,000
Net Building Area (sf): 10,000
Land to Building Ratio: 7.75:1
Financial Analysis:
Sale Price: $3,720,000
Conditions of Sale: None Noted
Exp. Immed. After Sale: N/A
Adjusted Sale Price: $3,720,000
Price per Net SF: $372.00
Net Operating Income: $227,000
Overall Rate: 6.10%
Sale Confirmation:
Verification: Adam Palmer - Listing agent, (239) 898-8686
Verifying Appraiser: Richard Tyler, June 12, 2024
Sale History: 8/20/2022 $2,850,000
Comments:
This is the sale of a single user 10,000 SF industrial office/warehouse building located
along Seward Avenue in Naples. The sale includes two contiguous parcels, the second
parcel is vacant land. The listing agent verified sale as arm's length and at market. He also
assisted with income and expense information.
CNA Data # 3734
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COMPARABLE 2
Property Reference:
Property Type: Industrial
Address: 3600 Westview Dr
Naples, FL 34104
County: Collier
Property Name: N/A
Sale Date: April 15, 2024
Sale Price: $7,500,000
Recording: OR Book/Page: 6351-174
Interest Conveyed: Fee Simple
Deed Type: Warranty Deed
Financing: Cash to seller
Grantor: Motorsports Storage, LLC
Grantee: Spartan Investment Property – Naples LLC
STRAP/ID: 81570360008
Site Data:
Site Dimensions: Approx 218' frontage along Westview Dr.
Site Size: 67,405 square feet, 1.547 acres
Utilities: Full Public
Access: Average
Zoning: PUD
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Improvement Data:
Building Type: Office/Warehouse
Year Built: 2004
Number of Buildings: 1
Number of Stories: 1
Type of Construction: CBS
Quality: Average
Building Condition: Average
Effective Age (yrs): 15
Gross Building Area (sf): 18,597
Net Building Area (sf): 18,597
Land to Building Ratio: 3.62:1
Financial Analysis:
Sale Price: $7,500,000
Conditions of Sale: None Noted
Exp. Immed. After Sale: N/A
Adjusted Sale Price: $7,500,000
Price per Net SF: $403.29
Net Operating Income: $418,507
Overall Rate: 5.58%
Sale Confirmation:
Verification: CoStar Listing, Listing Flyer, Public Record
Verifying Appraiser: Mitchell Clark, August 29, 2025
Sale History: No qualified sales in the previous three years.
Comments:
This is the sale of a single user 18,597 square foot industrial office/warehouse building
located along Westview Dr in Naples. The building is fully air conditioned, and fully
sprinklered. The ceiling height in the warehouse areas is 20’-22’. The building contains
approximately 4,520 sf of office/showroom space. The transaction involved a sale
leaseback, with the previous owner decreasing their footprint from occupying 18,597 sf to
leasing 9,299 sf for up to 27 months. Income and expenses information is market derived.
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COMPARABLE 3
Property Reference:
Property Type: Industrial
Address: 3884 Progress Ave.
Naples, FL 34104
County: Collier
Property Name: N/A
Sale Date: January 30, 2024
Sale Price: $2,940,000
Recording: OR Book/Page: 6326-560
Interest Conveyed: Fee Simple
Deed Type: Warranty Deed
Financing: Cash to seller
Grantor: M & S Wild Enterprises, LLC
Grantee: JOB 42, LLC
STRAP/ID: 00282081009
Site Data:
Site Dimensions: Approx. 160' x 308
Site Size: 49,223 square feet, 1.130 acres
Utilities: Full Public
Access: Good
Zoning: Industrial
CNA File# 3990
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Improvement Data:
Building Type: Office/Warehouse
Year Built: 1989
Number of Buildings: 1
Number of Stories: 1
Type of Construction: Metal
Quality: Average
Building Condition: Average
Effective Age (yrs): 20
Gross Building Area (sf): 12,100
Net Building Area (sf): 12,100
Land to Building Ratio: 4.07:1
Financial Analysis:
Sale Price: $2,940,000
Conditions of Sale: None Noted
Exp. Immed. After Sale: N/A
Adjusted Sale Price: $2,940,000
Price per Net SF: $242.98
Net Operating Income: $211,092
Overall Rate: 7.18%
Sale Confirmation:
Verification: Michael Buonadonna - Listing agent, 866-889-0550
Verifying Appraiser: Richard Tyler, March 07, 2025
Sale History: No sales in previous 3-years
Comments:
This is the sale of an industrial office/warehouse building along Progress Avenue in the
Airport Industrial Park of Naples. The property is multi-tenant and currently includes seven
tenants with 87% occupancy. The property was listed for sale at $3,250,000 and exposed
to the market for 124 days. Listing agent assisted with income and expense information.
CNA Data # 3990
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COMPARABLE 4
Property Reference:
Property Type: Industrial
Address: 4273 Arnold Avenue
Naples, FL 34104
County: Collier
Property Name: N/A
Sale Date: September 20, 2024
Sale Price: $1,850,000
Recording: OR Book/Page: 6400-1197
Interest Conveyed: Fee Simple
Deed Type: Warranty Deed
Financing: Conventional $1,100,000
Grantor: National Roofing Collier, Inc.
Grantee: Tranon Properties, Inc.
STRAP/ID: 00279080000
Site Data:
Site Dimensions: Approx. 100' x 253'
Site Size: 25,265 square feet, 0.580 acres
Utilities: Full Public
Access: Good
Zoning: Industrial
CNA File# 3987
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Improvement Data:
Building Type: Office/Warehouse
Year Built: 1982
Number of Buildings: 1
Number of Stories: 1
Type of Construction: Metal
Quality: Average
Building Condition: Above-average
Effective Age (yrs): 25
Gross Building Area (sf): 5,220
Net Building Area (sf): 5,220
Land to Building Ratio: 4.84:1
Financial Analysis:
Sale Price: $1,850,000
Conditions of Sale: None noted
Exp. Immed. After Sale: N/A
Adjusted Sale Price: $1,850,000
Price per Net SF: $354.41
Net Operating Income: $121,365
Overall Rate: 6.56%
Sale Confirmation:
Verification: Ed Blackburn - Listing agent, 239-777-7020
Verifying Appraiser: Richard Tyler, March 07, 2025
Sale History: No sales in previous 3-years
Comments:
This is the sale of an industrial office/warehouse building along Arnold Avenue in the
Airport Industrial Park of Naples. Buyer plans to occupy and utilize the property for his
business. The property was listed for sale at $2,300,000 and exposed to the market for
144 days. Listing agent assisted with income and expense information. Although this is a
1031 exchange, the listing agent indicated the sale price was at market.
CNA Data # 3987
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COMPARABLE 5
Property Reference:
Property Type: Industrial
Address: 1141 Sun Century Road
Naples, FL 34110
County: Collier
Sale Date: December 14, 2023
Sale Price: $1,500,000
Recording: Instr# 6487811
Interest Conveyed: Leased Fee
Deed Type: Warranty Deed
Financing: Conventional
Grantor: Attic Insulation Man Inc.
Grantee: Sun Century Holdings LLC
STRAP/ID: 642101200004
Site Data:
Site Dimensions: 100' x 229'
Site Size: 23,087 square feet, 0.530 acres
Utilities: Full Public
Access: Average
Zoning: I
CNA File# 3625
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Improvement Data:
Building Type: Warehouse/Office
Year Built: 1989
Number of Buildings: 1
Number of Stories: 2
Type of Construction: Steel Frame
Quality: Average
Building Condition: Above average
Effective Age (yrs): 15
Gross Building Area (sf): 4,800
Net Building Area (sf): 4,800
Land to Building Ratio: 4.81:1
Financial Analysis:
Sale Price: $1,500,000
Conditions of Sale: Arm's Length
Exp. Immed. After Sale: $0
Adjusted Sale Price: $1,500,000
Price per Net SF: $312.50
Potential Gross Income: $107,100
Vacancy and Collection Loss: $2,100
Effective Gross Income: $105,000
Operating Expenses: $21,000
Net Operating Income: $84,000
Overall Rate: 5.60%
Sale Confirmation:
Verification: Alexis North- Listing Broker, 239-489-4066
Verifying Appraiser: Zack Kazak, February 20, 2024
Sale History: Sold on April 28,2021 for $375,000
Comments:
This is the sale of an industrial office/warehouse building located on Sun Century Rd in
Naples, FL. The warehouse has 4,800 square feet of net area, with 1,000 square feet as
office space on the first floor which equates to 21% of the total net area. The ceiling height
is 18’. The building is in above average condition, with no deferred maintenance. The
property was sold for $1,500,000 on December 14, 2023, in an arm's length transaction.
The property sold for above asking price of $1,350,000. According to the listing agent,
there were several bidders and was listed for sale for approximately 2 weeks. The property
sold at a 5.6% cap rate and was fully leased at the time of sale. There is one tenant
occupying the building. All information was verified by the listing agent.
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COMPARABLE 6
Property Reference:
Property Type: Industrial
Address: 68 Industrial Boulevard
Naples, FL 34104
County: Collier
Property Name: N/A
Sale Date: December 5, 2023
Sale Price: $5,550,000
Recording: Instr. #6483947
Interest Conveyed: Fee Simple
Deed Type: Special Warranty Deed
Financing: Cash to Seller
Grantor: AB Sunport II, LLC
Grantee: 68 Industrial Holdings, LLC
STRAP/ID: 00270960006
Site Data:
Site Dimensions: Approx. 330’ x 313’
Site Size: 103,673 square feet, 2.38 acres
Utilities: Full Public
Access: Good
Zoning: I - Industrial
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Improvement Data:
Building Type: Warehouse
Year Built: 2015
Number of Buildings: 1
Number of Stories: 1
Type of Construction: CBS
Quality: Average
Building Condition: Good
Effective Age (yrs): 10
Gross Building Area (sf): 14,009
Net Building Area (sf): 14,009
Land to Building Ratio: 7.40:1
Financial Analysis:
Sale Price: $5,550,000
Conditions of Sale: Arm's Length
Exp. Immed. After Sale: N/A
Adjusted Sale Price: $5,550,000
Price per Net SF: $396.17
Net Operating Income: $260,904
Overall Rate: 4.70%
Sale Confirmation:
Verification: Robert Johnston – Listing Agent, 614-272-1215
Verifying Appraiser: Mitchell Clark, August 2, 2024
Sale History: No sales in previous 3 years
Comments:
This is the purchase of an industrial warehouse building located at the corner of Industrial
Blvd and Radio Rd in Naples. Per conversation with the listing agent, there is minimal
office space in the building. The building was fully occupied by 1 tenant at the time of sale,
and is currently being used as a maintenance warehouse for Suncoast Beverage. There
are 9 roll-up doors and the clear height is 18’. The building was described as being in good
condition, and was built in 2015. The property sold for $5,550,000 on December 5, 2023.
This was an arm’s length transaction. Income and expense information is market derived.
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ACTIVE LISTING 1
Property Reference:
Property Type: Industrial
Address: 3558 Plover Avenue
Naples, FL 341117
County: Collier
Property Name: N/A
Sale Date: N/A
List Price: $6,800,000
Recording: N/A
Interest Conveyed: Fee Simple
Deed Type: N/A
Financing: N/A
Grantor: Plover Realty II, LLC
Grantee: N/A
STRAP/ID: 67989000122, 67989000148, 67989000164, 67989000180,
67989000203, 67989000229
Site Data:
Site Dimensions: Approx. 233’ x 219’
Site Size: 50,965 square feet, 1.17 acres
Utilities: Full Public
Access: Average
Zoning: PUD
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Improvement Data:
Building Type: Industrial
Year Built: 2020
Number of Buildings: 1
Number of Stories: 1
Type of Construction: CBS
Quality: Average
Building Condition: Good
Effective Age (yrs): 5
Gross Building Area (sf): 18,450
Net Building Area (sf): 18,450
Land to Building Ratio: 2.76:1
Financial Analysis:
List Price: $6,800,000
Conditions of Sale: N/A
Exp. Immed. After Sale: N/A
Price per Net SF: $368.56
Net Operating Income: $422,685
Overall Rate: 6.21%
Sale Confirmation:
Verification: CoStar Listing and Listing Flyer
Verifying Appraiser: Mitchell Clark, August 13, 2025
Sale History: Sold for $4,999,000 on 1/10/2023
Comments:
This is the active listing of a multi-unit industrial property located along Plover Ave in
Naples. The building was constructed in 2020 and contains 6 units totaling 18,450 square
feet of net area. NOI and cap rate information was obtained from the listing flyer for the
property. The building contains 18’ ceilings, and there are twelve total 12’ x 14’ overhead
roll-up doors. Each unit contains approximately 300 square feet of office area (16%).
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Improved Sales Adjustment Analysis: The six sales and one active listing 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.
Real Property Rights Conveyed: “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.” The property rights for the subject and the comparables are fee simple and leased fee,
therefore no adjustment was made.
Financing Terms: “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 the transactions were either market financed or cash to the seller,
so no adjustments were necessary.
Conditions of Sale: “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 transactions were all at “arms-length” or no conditions of sale were
noted. No adjustments were necessary.
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.” No adjustments were warranted for the
comparables in this category.
Market Conditions is defined as: “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 sale dates of the comparables took place from December 2023 and September 2024. Realtors
familiar with this market area confirmed that property values have been increasing over the past 2-
3 years. Based on market information previously discussed in the market trends section of this
report, we have estimated a 5% annual or 0.4% monthly increase are applied to all sales occurring
more than one year ago (Sales One, Two, Three, Five, and Six).
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Physical Characteristics: Next the sales were considered and compared with one another and to
the subject for physical characteristics. These include location, quality of construction materials,
effective age/condition, building size, percentage of office area, and land-to-building ratio. A
quantitative adjustment analysis is utilized. The physical characteristics are discussed below.
Location: The subject is located along Domestic Ave in a commercial/industrial corridor in Naples.
All of the comparable sales are located in similar locations in the Naples. The subject’s location is
average and deemed similar to the comparable sales and no adjustments were necessary in this
category.
Quality of Construction: The subject is an industrial warehouse/office building of CBS construction
of average quality. All of the sales are rated to be of similar CBS or metal construction of average
quality, and no adjustments were made in this category.
Effective Age/Condition: The subject building was built in 2002 and is in overall average condition.
The comparables were built from 1982 (Sale Four) through 2020 (Listing 1) and were rated as being
average in condition. Sale Four has been adjusted upward 5% for the inferior effective age/condition.
Sale Six and Active Listing 1 have been adjusted downward 5% for superior effective age/condition.
All of the remaining comparables were rated as being similar in this category.
Net Building Area: The subject property has 12,550 square feet of net building area. Typically, as
the building size increases the unit value decreases (larger buildings sell for less per square foot
than smaller buildings) all other factors being equal. The comparables range in size from 4,800
square feet (Sale Five) to 18,597 square feet (Sale Two). The sales utilized represent the most
comparable properties in the market. All of the comparable sales were rated as being overall similar
in size to the subject, and no adjustment was warranted.
Percentage of Office/Showroom Area: The subject has an office/showroom area of approximately
25% of the net building area. Sale One was adjusted downward 5% for the superior percentage of
office/showroom space. Sale Six was adjusted upward 5% for the inferior percentage of
office/showroom space. All of the remaining comparable sales had a similar percentage of
office/showroom area, and no further adjustments were warranted in this category.
Ceiling Height: The subject has a ceiling height of 20’. Sale Four was adjusted upward 5% for the
inferior ceiling height. Sale Six was adjusted downward 5% for the superior ceiling height. All of the
remaining comparable sales were rated as having similar ceiling heights in the warehouse areas,
and no further adjustments were warranted in this category.
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Land to Building Ratio: The subject property has a land-to-building ratio of 2.95 to 1. The
comparable sales have land-to-building ratios that range from 2.76 to 1 (Listing 1) and 7.75 to 1
(Sale One). Typically, the larger the land-to-building ratio, the more parking capacity. Sales One and
Six were each adjusted downward 5% for the superior land-to-building ratio. All of the remaining
comparable sales were rated as being similar to the subject and no adjustments were necessary.
Final Analysis
A summary of the sale price data presented above is shown in tabular form below.
Please note the statistical data for the final adjusted sale prices. The comparable sales range of
adjusted prices per square foot is from $261.44 (Sale Three) to $429.10 (Sale Two) with mean and
median values of $360.09 and $371.32, respectively. When selecting the comparables most similar
to the subject the criteria utilized include location, quality of construction materials, effective
age/condition, building size, percentage of office area, ceiling height, and land-to-building ratio.
All of the comparable sales were given relatively equal consideration in our analysis. Based on this
analysis, it is our opinion that the most appropriate value for the subject would be within the range
of comparable sales and near the mean and median values noted, that being a value of $360.00
per square foot. Multiplying the subject’s total net building area of 12,550 square feet by the unit
value of $360.00 per square foot results in a value of $4,518,000, or $4,520,000 rounded.
Therefore, it is our opinion the “As Is” market value of the fee simple interest of the subject property,
as of August 4, 2025 via the Sales Comparison Approach is $4,520,000.
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Section 6 – Reconciliation of Value
0B0B0BSummary of Value Conclusions “As Is”
Cost Approach Not applied
Income Approach $4,560,000
Sales Comparison Approach $4,520,000
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. The
subject building was constructed in 2002. As an improvement ages, it becomes increasingly difficult
to accurately quantify physical depreciation. The current market relies mostly on sales and income
generation capability to value properties such as the subject. For this reason, the Cost Approach is
not used in this appraisal.
The Income Approach was used to develop a value estimate for the subject utilizing the direct
capitalization technique. The subject’s rental market was surveyed; and comparable rentals were
selected to illustrate the current state of the subject’s market. The strength of this approach is the
timeliness of the rental data. The overall capitalization rate was derived from the financial analysis
of the comparable sales and published capitalization rates. The vacancy rate was developed with
the aid of published local surveys and market data provided by well-respected commercial real
estate data sources. All data was deemed reliable, the income approach provides a good indication
of value of the subject based on its income stream.
The Sales Comparison Approach references sales of similar properties located in competitive areas
in the researched market area. Sales of comparable property were located and analyzed to estimate
the value of the subject. The sales presented were the best available; collectively they provide a
reliable indication of the subject’s market value.
The Sales Comparison Approach and the Income Approach provide credible value estimates. The
Income Approach is a credible value estimate to an investor. The Sales Approach on the other hand,
better accounts for the subject as if owner occupied and provides a good indication of value to an
end user.
The sales comparison approach and income approach were both given relatively equal
consideration in our analysis.
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Based upon the results of the investigation and analyses, the market value of the fee simple interest
of the subject “As Is” under the extraordinary assumptions and market conditions existing August
4, 2025 is:
FOUR MILLION FIVE HUNDRED AND FORTY THOUSAND DOLLARS ............ ($4,540,000.00.)
CARLSON, NORRIS & ASSOCIATES
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Mitchell A. Clark
State-registered trainee appraiser RI25830
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Section 7 – Certification and Limiting Conditions
Certification of Michael P. Jonas, MAI, AI-GRS
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).
• 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.
• As of the date of this report, Michael Jonas has completed the continuing education program for
Designated Members of the Appraisal Institute.
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• Michael Jonas has completed the requirements of education for registration through the State of
Florida is current until November 30, 2026.
• Michael Jonas has not made a personal inspection of the property that is the subject of this report.
• Mitchell Clark, Registered Appraiser Trainee License: RI25830, contributed twenty-four hours
relating to development, research, inspection, and writing 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.
• 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, it is our opinion the subject
property, under the extraordinary assumptions as discussed in this report, warranted a market value
in “As Is” condition in fee simple ownership on August 4, 2025 of:
FOUR MILLION FIVE HUNDRED AND FORTY THOUSAND DOLLARS ............ ($4,540,000.00.)
Respectfully Submitted,
CARLSON, NORRIS AND ASSOCIATES
Michael P. Jonas, MAI, AI-GRS
State-certified general real estate appraiser RZ2623
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Certification of Mitchell Clark
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).
• 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.
• Mitchell A. Clark has completed the requirements of education for registration through the State
of Florida is current until November 30, 2026.
• Mitchell A. Clark 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.
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• 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.
• Mitchell A. Clark 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.
• Mitchell A. Clark 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, it is our opinion the subject
property, under the extraordinary assumptions as discussed in this report, warranted a market value
in “As Is” condition in fee simple ownership on August 4, 2025 of:
FOUR MILLION FIVE HUNDRED AND FORTY THOUSAND DOLLARS ............ ($4,540,000.00.)
Respectfully submitted,
CARLSON, NORRIS AND ASSOCIATES
Mitchell A. Clark
State-registered trainee appraiser RI25830
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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.
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.
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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
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.
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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
d improvements, along with all other information which might be deemed necessary to correctly
analyze and appraise the subject property.
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.
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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. Not withstanding 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 non compliance with the requirements of the A.D.A. was not considered
in estimating the value of the subject property.
Extraordinary Assumptions: Extraordinary assumptions are defined as: “An assumption, directly
related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or
conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about
physical, legal, or economic characteristics of the subject property; or about conditions external to
the property such as market conditions or trends; or about the integrity of data used in an analysis.
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:
• 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
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C O L L I E R C O U N T Y P R O C U R E M E N T S E R V I C E S D I V I S I O N
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122
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. It is
recommended that an environmental audit be completed for the subject property due to its
potential past use as a landscape supply company.
• It is assumed all financial data provided by the owner is true and correct representations of
the subject property. If this is not the case, the values stated herein will be affected.
• This appraisal does not include the business furniture, fixtures and equipment (FF&E). The
appraisal is for the real estate only and does not include any business-related inventory nor
does it represent a business value.
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Section 8 – Addenda
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LISTING FOR SALE
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Property Card
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FLOOD MAP
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APPRAISERS' LICENSES
LICENSE FOR MICHAEL JONAS, MAI, AI-GRS
LICENSE FOR MITCHELL CLARK
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QUALIFICATIONS OF MITCHELL A. CLARK
STATE-REGISTERED TRAINEE APPRAISER RI25830
EDUCATION:
Auburn University - Bachelor of Science – Geology
PROFESSIONAL EDUCATION:
McKissock Basic Appraisal Principles – July 2022
McKissock: Basic Appraisal Procedures – August 2022
McKissock: 2020-2021 15-Hour National USPAP Course – December 2022
Marshall & Swift Commercial Cost Approach Certification – March 2023
McKissock: Florida Trainee Appraiser Subject Matter Electives – April 2023
McKissock: Supervisor-Trainee Course for Florida – April 2023
McKissock: National USPAP Update Course – November 2024
McKissock: Florida Appraisal Laws and Regulations – November 2024
McKissock: Appraisal of Fast Food Facilities – November 2024
McKissock: Appraisal of Self-Storage Facilities – November 2024
McKissock: Appraisal of Industrial and Flex Buildings – November 2024
EXPERIENCE:
2022-Present: Carlson, Norris and Associates, Inc.
Fort Myers, Florida
PROFESSIONAL MEMBERSHIP:
Certification State-Registered Trainee Appraiser RI25830
Properties appraised/assisted with 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.
Page 1284 of 6526
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
REAL ESTATE APPRAISAL REPORT
3910 BUILDING
Industrial
3910 Domestic Avenue
Naples, Collier County, Florida, 34104
PREPARED FOR:
Mr. Roosevelt Leonard, R/W-AC
Supervisor – Operations & Performance Management
Collier County
2685 Horseshoe Drive South, Suite 103
Naples, FL 34104
Client File: PO Number 4500239840
EFFECTIVE DATE OF THE APPRAISAL:
August 1, 2025
DATE OF THE REPORT:
August 27, 2025
REPORT FORMAT:
Appraisal Report
PREPARED BY:
RKL Appraisal and Consulting, PLC
RKL File Number: 2025-188
Page 1285 of 6526
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
3910 Building
3910 Domestic Avenue
Naples, Florida
Page 1286 of 6526
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
August 27, 2025
Mr. Roosevelt Leonard, R/W-AC
Collier County
2685 Horseshoe Drive South, Suite 103
Naples, FL 34104
Re: Real Estate Appraisal
3910 Building
3910 Domestic Avenue, Naples,
Collier County, Florida, 34104
Client File: PO Number 4500239840
RKL File Number: 2025-188
Dear Mr. Leonard:
At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying
appraisal for the above referenced property. The purpose of the appraisal is to estimate
the market value of the fee simple interest in the subject property. The intended users for
the assignment are Collier County Board of Commissioners, and the intended use of the
appraisal is to assist with the acquisition decisions by the Collier County Board of
Commissioners. We use the appraisal report option of Standards Rule 2-2 of USPAP to
report the assignment results.
Please reference the appraisal scope section of this report for important information
regarding the scope of research and analysis for this appraisal, including property
identification, inspection, highest and best use analysis, and valuation methodology.
The accompanying appraisal conforms with the Uniform Standards of Professional
Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute, and the appraisal guidelines of
Collier County.
The subject is an existing industrial property containing 12,550 square feet of rentable
area. The improvements were constructed in 2002 and are 100.0% occupied as of the
effective date of the appraisal. The site consists of 0.93 acres, or 40,592 square feet. The
northern approximately 30 feet of the lot is encumbered by the Domestic Avenue right-
of-way. The usable area is approximately 37,052 square feet or 0.85 acres.
Page 1287 of 6526
Mr. Roosevelt Leonard, R/W-AC
Collier County
August 27, 2025
Page 2
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
Based on the appraisal described in the accompanying report, subject to the Limiting
Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions
(if any), I have made the following value conclusion(s):
VALUE CONCLUSIONS
Appraisal Premise Interest Appraised Date of Value Value Conclusion
Market Value, As Is Fee Simple August 1, 2025 $4,580,000
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: None.
Extraordinary Assumptions: None.
Respectfully submitted,
RKL APPRAISAL AND CONSULTING, PLC
Rachel M. Zucchi, MAI, CCIM
Florida State-Certified General Real Estate Appraiser RZ2984
rzucchi@rklac.com; Phone 239-596-0801
Page 1288 of 6526
3910 BUILDING TABLE OF CONTENTS
TABLE OF CONTENTS
Summary of Important Facts and Conclusions ................................................................... 1
Introduction Information ..................................................................................................... 2
Subject Identification ...................................................................................................... 2
Current Ownership and Property History ....................................................................... 2
Appraisal Scope .............................................................................................................. 3
Client, Intended User, and Intended Use ........................................................................ 4
Definition of Market Value ............................................................................................. 4
Definition of Property Rights Appraised ........................................................................ 4
Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 5
Scope of Work ................................................................................................................ 5
Economic Analysis ............................................................................................................. 6
National Economic Analysis........................................................................................... 6
Florida Economic Analysis ............................................................................................. 8
Collier County Area Analysis ......................................................................................... 9
Market Area Analysis ................................................................................................... 26
Industrial Market Analysis ............................................................................................ 30
Property Description and Analysis ................................................................................... 34
Site Analysis ................................................................................................................. 34
Improvements Analysis ................................................................................................ 40
Real Estate Taxes and Assessments .............................................................................. 55
Highest and Best Use .................................................................................................... 57
Valuation Methodology .................................................................................................... 59
Analyses Applied .......................................................................................................... 60
Sales Comparison Approach ......................................................................................... 61
Income Capitalization Approach .................................................................................. 71
Reconciliation ............................................................................................................... 80
Certification ...................................................................................................................... 82
Assumptions and Limiting Conditions ............................................................................. 84
Addenda
Appraiser Qualifications ....................................................................................... Addendum A
Financials and Property Information .................................................................... Addendum B
Comparable Data .................................................................................................. Addendum C
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3910 BUILDING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Page 1
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
GENERAL
Subject:
3910 Building
3910 Domestic Avenue, Naples,
Collier County, Florida, 34104
Owner: Ambrosi 3, LLC
Legal Description: Lengthy legal description shown in addenda
Tax Identification: 00282090906
Intended Use: The intended use is to assist with the acquisition decisions by the
Collier County Board of Commissioners.
Intended User(s): Collier County Board of Commissioners
PROPERTY
Land Area: Total: 0.93 acres; 40,592 square feet
Usable: 0.85 acres; 37,052 square feet
Improvements:
Year Built: 2002
Renovations: 2019 - 2021
Gross Building Area (GBA): 12,550
Gross Leasable Area (GLA): 12,550
Zoning: I - Industrial District
Highest and Best Use
As if Vacant
Industrial development
As Improved The highest and best use is as currently improved.
Exposure Time 12 months
Marketing Period 12 months
VALUE INDICATIONS
As Is
Cost Approach: Not Developed
Sales Comparison Approach: $4,580,000
Income Approach:
$4,500,000
Reconciled Value(s): As Is
Value Conclusion(s) $4,580,000
Effective Date(s) August 1, 2025
Property Rights Fee Simple
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: None.
Extraordinary Assumptions: None.
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3910 BUILDING INTRODUCTION INFORMATION
Page 2
INTRODUCTION INFORMATION
SUBJECT IDENTIFICATION
Subject:
3910 Building
3910 Domestic Avenue, Naples,
Collier County, Florida, 34104
Legal Description: Lengthy legal description shown in addenda
Tax Identification: 00282090906
The subject is an existing industrial property containing 12,550 square feet of rentable
area. The improvements were constructed in 2002 and are 100.0% occupied as of the
effective date of the appraisal. The site consists of 0.93 acres, or 40,592 square feet. The
northern approximately 30 feet of the lot is encumbered by the Domestic Avenue right-
of-way. The usable area is approximately 37,052 square feet or 0.85 acres.
CURRENT OWNERSHIP AND PROPERTY HISTORY
Owner
The owner of the property is Ambrosi 3, LLC.
Sale History
According to public records, the subject has not sold in the last three years.
Current Listing/Contract(s):
The subject was listed for sale in February 2025 for $5,100,000 by Bryan Flores and
Cody Shadley of Kova Commercial Group.
The subject is currently under contract for sale from Ambrosi 3, LLC to the Board of
County Commissioners of Collier County, Florida, as the Governing Body of Collier
County and as the Ex-Officio Governing Board of the Collier County Water-Sewer
District for $4,500,000, or the average of two appraisals engaged by the Purchaser,
whichever is lower. If the average of the appraisals is less than $4,500,000, the Board of
County Commissioners may, by supermajority vote, approve payment of the higher
Purchase Price. If such supermajority approval is not obtained or if for any reason the
Purchase Price to be paid to Seller to Purchaser at Closing is less than $4,500,000, then
Seller in its sole discretion shall have the right to rescind this Agreement upon written
notice without cause or penalty.
The contract was signed by the seller on July 25, 2025. The closing date is scheduled for
on or before 180-days following execution of the Agreement by the Purchaser, or within
30-days of Purchaser’s receipt of all reasonably required closing documents, whichever is
later. If for any reason Closing does not occur on or before December 31, 2025, and the
failure to Close is not caused by any act or omission of the Seller, then Seller in its sole
discretion shall have the right to rescind the Agreement upon written notice without cost
or penalty.
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3910 BUILDING INTRODUCTION INFORMATION
Page 3
Following is Section 7.01 of the contract regarding possession after closing.
As shown in the following appraisal, the pending purchase price is market orientated.
To the best of our knowledge, no other sale or transfer of ownership has occurred within
the past three years.
APPRAISAL SCOPE
According to the Uniform Standards of Professional Appraisal Practice, it is the
appraiser’s responsibility to develop and report a scope of work that results in credible
results that are appropriate for the appraisal problem and intended user(s). Therefore, the
appraiser must identify and consider:
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3910 BUILDING INTRODUCTION INFORMATION
Page 4
● the client and any other intended users;
● the intended use of the appraiser’s opinions and conclusions;
● the type and definition of value;
● the effective date of the appraiser’s opinions and conclusions;
● subject of the assignment and its relevant characteristics
● assignment conditions
● the expectations of parties who are regularly intended users for similar
assignments; and
● what an appraiser’s peer’s actions would be in performing the same or a similar
assignment.
CLIENT, INTENDED USER, AND INTENDED USE
The client and the intended user of the appraisal are the Collier County Board of
Commissioners. The intended use is to assist with the acquisition decisions by the Collier
County Board of Commissioners. The appraisal is not intended for any other use or user.
DEFINITION OF MARKET VALUE
Market value definition used by agencies that regulate federally insured financial
institutions in the United States is defined by The Dictionary of Real Estate Appraisal,
7th ed. (Chicago: Appraisal Institute, 2022) as:
The most probable price that a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller each acting prudently
and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit
in this definition is the consummation of a sale as of a specified date and the passing
of title from seller to buyer under conditions whereby:
▪ Buyer and seller are typically motivated;
▪ Both parties are well informed or well advised, and acting in what they consider
their best interests;
▪ A reasonable time is allowed for exposure in the open market;
▪ Payment is made in terms of cash in United States dollars or in terms of
financial arrangements comparable thereto; and
▪ The price represents the normal consideration for the property sold unaffected
by special or creative financing or sales concessions granted by anyone
associated with the sale.”
(Source: 12 C.F.R. Part 34.42(h); 55 Federal Register 34696, August 24, 1990, as amended at 57
Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994 ; 79 Federal Register
28400, May 16, 2014; 83 Federal Register April 9, 2018; 84 Federal Register, October 8, 2019 )
DEFINITION OF PROPERTY RIGHTS APPRAISED
Fee simple estate is defined as an: “Absolute ownership unencumbered by any other
interest or estate, subject only to the limitations imposed by the governmental powers of
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3910 BUILDING INTRODUCTION INFORMATION
Page 5
taxation, eminent domain, police power, and escheat.” (Source: The Dictionary of Real
Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022)
PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES
The purpose of the appraisal is to estimate the market value of the fee simple interest in
the subject property. The effective date of the subject appraisal is August 1, 2025. The
date of inspection was August 1, 2025. The date of the report is August 27, 2025.
SCOPE OF WORK
The problem to be solved is to estimate the market value of the fee simple interest in the
subject property.
SCOPE OF WORK
Report Type: This is an Appraisal Report as defined by Uniform
Standards of Professional Appraisal Practice under
Standards Rule 2-2(a). This format provides a summary or
description of the appraisal process, subject and market
data and valuation analyses.
Property Identification: The subject has been identified by the legal description and
the assessors' parcel number.
Inspection: A complete interior and exterior inspection of the subject
property has been made, and photographs taken.
Market Area and Analysis of
Market Conditions:
A complete analysis of market conditions has been made.
The appraiser maintains and has access to comprehensive
databases for this market area and has reviewed the market
for sales and listings relevant to this analysis.
Highest and Best Use Analysis:
A complete as vacant and as improved highest and best use
analysis for the subject has been made. Physically possible,
legally permissible and financially feasible uses were
considered, and the maximally productive use was
concluded.
Valuation Analyses
Cost Approach:
A cost approach was not applied as the age of the
improvements makes the depreciation difficult to accurately
measure.
Sales Comparison Approach:
A sales approach was applied as there is adequate data to
develop a value estimate and this approach reflects market
behavior for this property type.
Income Approach:
An income approach was applied as the subject is an
income producing property and there is adequate data to
develop a value estimate with this approach.
Hypothetical Conditions: None.
Extraordinary Assumptions: None.
Comments
The individual sections of the report detail the additional research, confirmation, and
analysis of relevant data.
Page 1294 of 6526
3910 BUILDING NATIONAL ECONOMIC ANALYSIS
Page 6
ECONOMIC ANALYSIS
NATIONAL ECONOMIC ANALYSIS
The Federal Reserve Open Market Committee (FOMC) released the following statement
on July 30, 2025. Although swings in net exports continue to affect the data, recent
indicators suggest that growth of economic activity moderated in the first half of the year.
The unemployment rate remains low, and labor market conditions remain solid. Inflation
remains somewhat elevated.
The Committee seeks to achieve maximum employment and inflation at the rate of 2
percent over the longer run. Uncertainty about the economic outlook remains elevated.
The Committee is attentive to the risks to both sides of its dual mandate.
In support of its goals, the Committee decided to maintain the target range for the federal
funds rate at 4-1/4 to 4-1/2 percent. In considering the extent and timing of additional
adjustments to the target range for the federal funds rate, the Committee will carefully
assess incoming data, the evolving outlook, and the balance of risks. The Committee will
continue reducing its holdings of Treasury securities and agency debt and agency
mortgage-backed securities. The Committee is strongly committed to supporting
maximum employment and returning inflation to its 2 percent objective.
In assessing the appropriate stance of monetary policy, the Committee will continue to
monitor the implications of incoming information for the economic outlook. The
Committee would be prepared to adjust the stance of monetary policy as appropriate if
risks emerge that could impede the attainment of the Committee's goals. The Committee's
assessments will take into account a wide range of information, including readings on
labor market conditions, inflation pressures and inflation expectations, and financial and
international developments.
The following table details the economic forecasts of Federal Reserve Board members
and Federal Reserve Bank presidents as of June 2025. Real GDP is projected to grow at a
rate of 1.4% in 2025, a decrease from the March 2025 projection of 1.7%. The 2026
projection also declined to 1.6% from 1.8%. The unemployment projection increased
from 4.4% to 4.5% for 2025. The Core PCE inflation projection for 2025 increased from
2.8% in March 2025 to 3.1%.
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3910 BUILDING NATIONAL ECONOMIC ANALYSIS
Page 7
Lawrence Yun, NAR Chief Economist, noted in a January 2025 Economic Issues and
Home Sales Trends webinar that 2025 may be a better year for real estate, with more
inventory, more listings and more sales. Dr. Yun projects home sales rising 9% this year
and another 13% in 2026. He projects price growth to be more muted at 0% to 5%.
According to the Freddie Mac 2025 Outlook, although demand is expected to remain well
above average in 2025, vacancy is expected to increase to 6.2%. The below-average rent
growth of 2.2% and rising vacancy rates result in a forecast of gross rental income growth
of 2% for 2025.
According to the National Association of Real Estate Investment Trusts’ (NAREIT) 2025
Report, “there is a real possibility for an environment with both moderating interest rates
and robust economic growth, otherwise known as an economic soft landing.
Nevertheless, there are both lingering and emerging risks, including soft property
fundamentals in some sectors and higher interest rates reflecting fiscal imbalances.
Overall, in a world that will be marked by increasing and accelerating change, we see
opportunities for REITs in 2025.”
In the 2025 CBRE U.S. Real Estate Market Outlook, Dr. Richard Barkham, Global Chief
Economist and Head of Global Research, predicts that despite many uncertainties, “the
U.S. economy is poised for growth in 2025, driven by consumer spending, easing
financial conditions and productivity gains. While retail and data centers have been
supported by longer-term trends, all other real estate sectors will see the start of a new
cycle.” Even though the 10-year Treasury yield is projected to remain above 4%, Dr.
Barkham projects capitalization rates will compress slightly. Investors have the
opportunity to secure long-term returns that have not been available for many years.
Page 1296 of 6526
3910 BUILDING FLORIDA ECONOMIC ANALYSIS
Page 8
According to the Deloitte Center for Financial Services annual Commercial Real Estate
Outlook for 2025, “the global economic recovery has been uneven across geographies,
and this will likely continue going forward.” Results from Deloitte’s 2025 commercial
real estate outlook survey give some indication that commercial real estate owners and
investors are hopeful that 2025 will emerge as a year of potential recovery over two years
of muted revenues and pullbacks in spending. After two consecutive years where most
survey respondents expected revenue declines, 88% of global respondents now report
they expect their company’s revenues to increase going forward, a substantial shift from
the 60% who expected further declines last year. Moreover, 60% of respondents expect
growth to be in excess of 5% year over year.
According to the PwC Emerging Trends in Real Estate 2025, real estate investors and
developers should be poised for an upturn in industry trends as the post-pandemic
disruption abates and positive cyclical forces gain strength. “The Federal Reserve is
among the most important cyclical forces. Its pivot to reducing interest rates indicates a
peak for inflation and construction costs — and the pivot is helping real estate markets to
clear, boosting transaction activity. However, not all dealmakers are ready to jump in
with both feet. After all, rate cuts also indicate a slower economy and that could affect net
operating income (NOI) growth. The path to renewed vigor could take surprising
detours.”
According to J.P. Morgan Chase 2025 commercial real estate outlook, Following several
years of elevated inflation, muted growth and general uncertainty, commercial real estate
could be positioned for an upswing. “The industry is poised to be in a better place
compared to the last few years,” said Victor Calanog, Global Head of Research and
Strategy, Real Estate Private Markets at Manulife Investment Management. “It appears
that the landing will be relatively soft, so that should mean continued positive momentum
for economic activity, benefiting leasing and income drivers, including rents and
occupancies.” Overall, the outlook for the 2025 commercial real estate is positive. The
industrial sector remains the industry’s darling. Multifamily and retail continue to
perform well, although they do have vulnerabilities. In some markets, even office
vacancy rates are beginning to moderate.
On April 9, 2025, J.P. Morgan Chase CEO Jamie Dimon said he sees the U.S. economy
likely headed to recession as President Donald Trump’s tariffs cause uncertainty and
volatility in the financial markets.
FLORIDA ECONOMIC ANALYSIS
According to the U.S. Census Bureau, Florida was home to four of the nation’s top five
fastest-growing metropolitan statistical areas and three of the top 10 that gained the
largest number of people from 2022 to 2023, reflecting continued population growth
across the South. U.S. migration patterns played a significant role in the South’s
population growth. Many people moved to this region, contributing to its overall positive
net domestic migration (more people moving in from the rest of the United States than
moving out to other parts of the United States). From 2022 to 2023, 28 of the top 30
metro areas with the highest positive domestic migration were in the South.
Page 1297 of 6526
3910 BUILDING COLLIER COUNTY AREA ANALYSIS
Page 9
According to the Winter 2024 Florida Forecast prepared by the Institute for Economic
Competitiveness at the University of Central Florida, Florida’s economy, as measured by
real Gross State Product, will expand at an average annual rate of 2.5% from 2024 to
2027. Real Gross State Product will decelerate during the economic slowdown as growth
will slow to 3.3% in 2024 and 2.2% in 2025, then accelerate to reach 2.5% by 2026 and
ease to 2.1% in 2027.
Payroll job growth in Florida will begin to gradually decelerate as the economy remains
at full employment. After year-over-year growth of 5.7% in 2022, payroll employment in
2023 was 3.4% but will slow to 2.0% in 2024 and drift lower to 0.6% by 2027.
Housing starts have felt the bitter chill of higher mortgage rates. Total starts were
193,500 in 2022—before higher mortgage rates and worries of a slowing economy
started a deceleration that will slow starts to 157,072 in 2027.
The unemployment rate fell to 2.7% in 2023. The slower economy will push the rate up
to 3.1% in 2024, and to 3.6% in 2025 before creeping to 3.8% in 2027.
COLLIER COUNTY AREA ANALYSIS
Collier County has long been an attractive place to retire and it continues to be an area
that experiences a great deal of seasonal population increases. According to the Collier
County Comprehensive Planning Department, Collier County’s population increases up
to 25% between November and April due to seasonal residents and short-term
agricultural workers in the Immokalee area. The population increase creates a high
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degree of seasonality within the retail, service, and hospitality sectors of Collier County’s
economy.
Collier County is located less than 150 miles from Fort Myers, Fort Lauderdale, Miami,
Sarasota, and West Palm Beach as shown in the following table.
Metro Area Miles
Fort Myers 44 Jacksonville 378
Fort Lauderdale 107 Tallahassee 435
Miami 128 Atlanta 616
Sarasota 120 New York 1,311
West Palm Beach 150 Dallas 1,315
Tampa 169 Chicago 1,335
Orlando 238
Distance to Other Major Markets
Population
The Bureau of Economic and Business Research, University of Florida released the
following population statistics for Southwest Florida. As shown, total population
increased in all six Southwest Florida counties with the greatest percentage growth in Lee
County and the second highest in Charlotte County.
2023 2025 2030
2023 2025 2030 2035 to 2025 to 2030 to 2035
Southwest Florida 1,922,304 1,993,700 2,144,000 2,262,900 3.71%7.54%5.55%
Charlotte 204,126 211,300 226,900 240,000 3.51%7.38%5.77%
Collier 399,480 413,300 443,000 466,000 3.46%7.19%5.19%
Glades 12,591 12,700 12,900 13,000 0.87%1.57%0.78%
Hendry 40,895 41,500 42,600 43,400 1.48%2.65%1.88%
Lee 800,989 835,900 908,500 964,400 4.36%8.69%6.15%
Sarasota 464,223 479,000 510,100 536,100 3.18%6.49%5.10%
Percent Change
Projections of Florida Population by County, 2025-2050, with Estimates for 2023
Source: University of Florida, Bureau of Economic and Business Research, Florida Population Studies,
Bulletin 198, January 2024
Population
U.S. News & World Report, the global authority in rankings and consumer advice
evaluated the country’s 150 most populous metropolitan areas based on affordability, job
prospects and desirability. The 2024 25 Best Places to Retire includes six Florida metro
areas with Daytona Beach the top Florida market at No. 8. Tampa is No. 12 overall while
Sarasota is No. 18. Naples is ranked 6th overall in the 2023-2024 Best Places to Live
report released by U.S. News & World Report and Sarasota is ranked 5th.
Naples ranks No. 1 in the annual U.S. News & World Report Best Places to Live in the
U.S. Sarasota, was ranked No. 11.
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Employment
The local economy is largely dependent on the real estate market. Naples is one of the
wealthiest areas in Florida, and it has seen significant population and job growth over the
past several years. As migration from state to state has returned to pre-pandemic levels,
the Naples region has seen population and job growth slow over the past year.
According to the 3Q 2025 CoStar report, the market is one of the most affluent areas in
Florida, with a median household income of $92,000, roughly 10% higher than the
national median household income. The area has long been known as a destination for
retirees and, as such, has a median age of 54, much higher than Florida's median age of
43.
Like many parts of Florida, population growth has been a main driver for commercial
real estate expansion over the past few years. However, Collier County’s relative
affordability compared to other areas in the state has kept population trends muted.
Population growth peaked between 2021 and 2022 when the market added roughly
13,000 new residents, according to Oxford Economics. That dropped down to less than
4,000 new residents over the past year. Migration patterns have largely returned to pre
pandemic norms, and in-migration from out-of-state movers is expected to be far less
than what the market has seen going forward.
Healthcare is a driving force of the county’s economy and is the largest share of the
market's employment base. Many of the hospital systems are the largest employers in the
market. In addition, Arthrex, a medical device manufacturing company, has a large
presence in the market and employs nearly 4,000 people.
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The following table shows employment projections through 2032 by the Florida
Department of Economic Opportunity. As shown, the Construction and Professional and
Business Services Industries have the largest projected growth rate of 11.1% and 11%
respectively. Agriculture, Forestry, Fishing and Hunting are all projected to decline by
10%.
NAICS Title 2024 2032 Growth
Percent
Growth
Total, All Industries 667,076 710,326 43,250 6.5
Agriculture, Forestry, Fishing & Hunting 6,315 5,681 -634 -10.0
Mining 583 622 39 6.7
Construction 74,293 82,513 8,220 11.1
Manufacturing 16,413 16,459 46 0.3
Trade, Transportation, and Utilities 117,977 125,261 7,284 6.2
Information 6,229 6,715 486 7.8
Financial Activities 31,824 33,907 2,083 6.5
Professional and Business Services 82,530 91,587 9,057 11.0
Education and Health Services 76,975 84,462 7,487 9.7
Leisure and Hospitality 100,721 103,073 2,352 2.3
Other Services, Ex. Public Admin 24,972 26,837 1,865 7.5
Government 77,367 79,170 1,803 2.3
Self Employed and Unpaid Family Workers, All Jobs 50,877 54,039 3,162 6.2
Source: Florida Department of Economic Opportunity
JOBS BY INDUSTRY
WORKFORCE REGION 24 - CHARLOTTE, COLLIER, GLADES, HENDRY, LEE AND MONROE COUNTIES
Employment
The annual Collier County rate peaked in 2010 at 11.6% and had declined steadily since
until the spike from the Covid-19 pandemic in April 2020. Since the pandemic,
unemployment numbers have generally decreased as the economy continues to improve.
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As of May 2025, the unemployment rate for the State of Florida was 3.5%, down from
the peak in May 2020 of 14.2%. On a national level, the unemployment rate in May 2025
was 4.2%, a decrease from the peak in April 2020 of 14.8%. Collier County currently has
a slightly higher May rate, at 3.6%, than state levels and lower rate than national levels.
The local economy is largely dependent on the real estate market. The following table
from the U.S. Department of Labor shows Naples/Immokalee/Marco Island employment
from 2014 through 2024. As shown, unemployment from the Covid-19 pandemic
affected the service and leisure and hospitality sectors the most. All sectors have regained
all lost jobs and have exceeded 2019 levels.
Year
Service-
Providing
%
Change
Goods
Producing
%
Change
Mining, Logging, &
Const.
%
Change
Leisure and
Hospitality
%
Change
All Employees,
Total Nonfarm
%
Change
2014 114,400 4.4%15,400 14.1%12,100 15.2%25,500 4.5%129,400 4.9%
2015 118,500 3.6%17,000 10.4%13,600 12.4%26,500 3.9%135,500 4.7%
2016 123,200 4.0%18,700 10.0%14,900 9.6%27,500 3.8%141,900 4.7%
2017 125,400 1.8%19,400 3.7%15,400 3.4%28,300 2.9%144,800 2.0%
2018 128,600 2.6%21,500 10.8%17,200 11.7%29,100 2.8%150,100 3.7%
2019 132,200 2.8%22,400 4.2%17,700 2.9%30,000 3.1%154,600 3.0%
2020 125,300 -5.2%22,100 -1.3%17,200 -2.8%25,600 -14.7%147,400 -4.7%
2021 132,000 5.3%23,200 5.0%18,100 5.2%27,800 8.6%155,300 5.4%
2022 139,700 5.8%24,800 6.9%19,400 7.2%29,300 5.4%164,500 5.9%
2023 144,700 3.6%26,400 6.5%20,800 7.2%30,000 2.4%171,100 4.0%
2024 147,600 2.0%27,400 3.8%21,600 3.8%31,400 4.7%175,000 2.3%
Source: U.S. Department of Labor
Naples - Immokalee - Marco Island
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Collier County and the entire Southwest Florida Region is substantially dependent on the
real estate and construction sectors. Therefore, the area has been and should be more
susceptible to cyclical fluctuations that have occurred in other areas dominated by a
single industry. The Southwest Florida Economic Development Alliance reports key
employers in Southwest Florida (Collier, Lee and Charlotte County) from Biofuels,
healthcare, technology, apparel design, to sugar production are a driving force behind the
region’s success. The tables below provides a few examples of some key employers in
Southwest Florida and the largest industries.
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The following table shows the Top 25 Employers as reported by the Florida Gulf Coast
University Regional Economic Research Institute in 2023.
Tourist Tax Revenues
The following graph from the Southwest Florida Regional Economic Indicators April
2025 report prepared by Florida Gulf Coast University shows Collier, Lee, Charlotte,
Sarasota County’s tourist tax revenues. Seasonally-adjusted real tourist tax revenues for
the coastal counties registered $8.1 million in February 2025, up 1 percent from the prior
month and 2 percent over the February 2024 figure.
Collier County’s seasonally-adjusted real tourist tax revenues were $3.8 million in
February 2025, a 0.1 percent decrease from January 2025 but a 4 percent increase from
February 2024.
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Development
Growth continues to shift east with Ave Maria becoming the top-selling single-family
residential community in Collier County and was recently ranked as one of the Top 20
Selling Master-Planned Communities in the United States. It has maintained the top
ranking in the Naples-Fort Myers market for the past eight years. Ave Maria reported a
total of 600 new home sales in 2024 and 652 new home sales in 2023. It is the highest -
ranking community in all of Collier County. There are currently four residential builders
in Ave Maria, CC Homes, Del Webb Naples, Lennar and Pulte Homes. The grand
opening of The National Golf and Country Club at Ave Maria, a bundled golf community
by Lennar, was held on January 7, 2021. The Immokalee Road corridor between Naples
and Ave Maria is projected to see thousands of new homes developed in the next few
years. According to a June 2023 Naples Daily News article, Collier County
commissioners approved an increase in the town of Ave Maria by nearly 1,000 acres to
5,000 acres which doesn’t include the roughly 1,000-acre Ave Maria University campus
and other public benefits such as parks. According to David Genson, president of
development for Barron Collier Cos., while more single-family homes will be built, the
maximum number of residences won’t change, with the cap remaining at 11,000. With
the way the town was originally laid out, it would have supported about 8,400 units
without adding more land. The original plans called for 60% of the homes to be single-
family which will increase to more than 80%. Approximately 50% of the buyers are from
the east coast of Florida.
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In January 2020, in what has been described as one of the most important votes for the
future of growth in Collier County, commissioners approved Rivergrass Village. The
village is the first of three planned 1,000-acre villages stretching from just north of Oil
Well Road to east of Golden Gate Boulevard East. Rivergrass Village will allow for up to
2,500 homes; 100,000 square feet of retail and office uses and a minium of 25,000 square
feet for civic government, and institutional buildings. Longwater Village will allow for
up to 2,600 homes; 65,000 square feet of retail and office space and 25,000 square feet
for civic government, and institutional buildings and Bellmar Village will allow for up to
2,750 homes; 85,000 square feet of retail and office space and 27,500 square feet for
civic government, and institutional buildings. In a near unanimous decision, the Collier
County Planning Commission agreed to recommend approval of Longwater in March
2021. The project has sparked controversy because the property sits in the
environmentally sensitive Rural Lands Stewardship Area, or RLSA. Commissioners
voted to approve the Longwater and Bellmar Villages on June 8, 2021. The
commissioners approved Brightshore, another rural village with thousands of proposed
homes in December 2022.
There are more than $1 billion in new luxury high-rise developments near the coast
including The Ritz-Carlton Residences, Naples (formerly known as One Naples) at the
northeast corner of Vanderbilt Beach Road and Gulf Shore Drive as well as Pelican Bay
(Mystique completed in 2019) and Kalea Bay (Towers 100 and 200 are complete, Tower
300 was completed in December 2022, Tower 400 was completed in 2024 and Tower
500 is scheduled for completion in September 2026 in North Naples. New commercial
development is very active at the intersections of Collier Boulevard and US 41 East as
well as Collier Boulevard and Immokalee Road.
In its 1st Quarter 2025 report, the Office of Federal Housing Enterprise Oversight
(OFHEO) found that the Naples- Marco Island MSA had a 2.98% increase in home
prices (purchase-only) over the trailing 12 months. Home prices (purchase-only) in the
state of Florida decreased 1.43% over the past year (1Q 2024 – 1Q 2025) which was 50th
in the nation.
The continuing care retirement community, Moorings Park, teamed with London Bay
Homes to develop an independent living development with 275 residences in 17
buildings. All of the buildings are six stories over parking. Grande Lake, will be built on
55 acres off Golden Gate Parkway, between Airport-Pulling and Livingston Roads.
Entrance fees start at $1.5 million and are 70% refundable. Construction on the first 47
units in three buildings commenced in December 2018 with completion in May 2020.
Arthrex, a medical device manufacturer and one of the county's largest employers,
completed construction of its latest expansion plan at its headquarters along Goodlette-
Frank Road in early 2020. The development includes a 300,000 square-foot, six-story
office complex with an auditorium, a four-story Innovation Hotel with approximately 160
rooms, a two-story wellness center, and a 3-acre park. The hotel hosts orthopedic
surgeons from the U.S. and around the world for medical education on the company's
devices and instruments. Arthrex has contracted with a Tampa-based company, Mainsail,
to manage all elements of the hotel operation, including employees.
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NCH Healthcare partnered with New York-based Hospital for Hospital for Special
Surgery, known as HSS, to build a three-story, 80,000-square-foot hospital. HSS at NCH
will be a 15-bed acute-care addition on the hospital campus located along the north side
of Immokalee Road near the NCH North Naples campus between Health Park and
Medical Boulevards. The facility is expected to open to patients in the Spring of 2025.
Barron Collier Companies and Metro Development Group broke ground on Founders
Square, a 55-acre mixed-use development located on the southeast corner of Immokalee
Road and Collier Boulevard in January 2020. The development is anchored by The
Pointe, a collection of 10 separate restaurants and other retail tenants. It also includes a
400-unit Class A apartment community, known as The Haldeman; a 35,000 square foot
medical office building leased by Physicians Regional Medical Healthcare; and
StorQuest a 110,000 square foot self-storage facility.
Seed to Table, a new Oakes Farm grocery store at the northeast corner of Livingston and
Immokalee Roads in North Naples opened in December 2019. The former Albertson's
was completely gutted and consists of 77,000+ square foot store with sit-down dining, a
full-service bar, three bars for beer and wine, wine room with samples on tap, a wood-
fired brick oven for pizza, a raw bar, sushi bar, grilling area, coffee bar and stations
preparing fresh pasta, guacamole, cheese, cut vegetables, sandwiches, smoothies and
even homemade ice cream with indoor-outdoor seating.
Paradise Coast Sports Complex, is Collier County’s new $100 million Amateur Sports
Complex. The county hopes to become a destination for traveling youth sports teams and
amateur athletes. While the focus of the complex is athletics, with 20 fields between
soccer, baseball and softball, plus a 10,000-person championship stadium, the goal is to
get people to stay after the game is over with The Cove and The Factory. The Cove is a
bar and food truck area for patrons to relax, listen to live music and play a variety of yard
games (bag toss, oversized Connect Four and Jenga, plus ping pong). The Factory is an
outdoor workout facility focusing on functional fitness (similar to CrossFit) which is
available on a monthly membership basis. Additionally, the man-made lake next to The
Cove includes a 2/3 mile jogging loop with three workout stations. There is a climbing
wall for public use and a beach volleyball court.
Collier County Commissioners approved a $15 million economic development agreement
on June 22, 2021 for The Great Wolf Lodge. The Lodge is built on 20 acres of land along
City Gate Boulevard North and feature a 100,000 square foot indoor water park, 500-
room hotel, and 62,000 square feet of amenities and attractions. The resort opened in
September 2024 and has 600 full-time and part-time employees.
Work is underway for Collier County’s first Diverging Diamond Interchange (DDI) at
Pine Ridge Road and I-75. A second DDI will be installed at the Immokalee Road
interchange along with the proposed widening of Interstate 75. Phase I of the widening
project (from Immokalee Road to the Lee County line) is projected to commence in 2027.
Phase II (from the Lee County line to just south of Bonita Beach Road up to Corkscrew
Road) is projected to commence in 2029. Phase III (from Pine Ridge Road north to
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Immokalee Road) is projected to commence in 2030 and Phase IV (from Golden Gate
Parkway north to Pine Ridge Road) is projected to commence in 2031.
Investment Trends
The following CoStar data shows Collier County trends in the Multi-Family, Retail,
Office, and Industrial sectors as of the third quarter 2025.
According to the CoStar report, multifamily investors have been active in the Collier
County, with $194 million in total sales volume over the trailing 12-month period. Two
transactions make up over 60% of the market's investment activity.
In December 2024, Ohio-based PLK Communities purchased the 286-Mark Lane
Apartments for $82 million, or $285,000 per unit. The 2022-built 4 Star complex was
80% at the time of sale with a monthly average rent of $2,800. More recently, Maryland-
based Excelsa acquired the 216-unit, 3 Star Oasis at Naples for $40.9 million, roughly
$190,000 per unit. The buyer has announced plans to invest $7 million in capital
improvements for the 1992-built property.
Multifamily fundamentals have waned here over the past few years, with vacancies rising
and rents declining for two years. While some deals will come to fruition, widespread
transaction activity is unlikely until material improvements to market fundamentals
occur.
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According to the CoStar Report, retail investment activity has been consistent over the
past year, with the market recording $212 million in total sales volume. Current levels are
down from the impressive run seen between 2021 and 2023, when the market averaged
around $400 million in annual sales volume.
The bulk of transactions over the past year have been on the smaller side here, with an
average sale price of $3.9 million. The Collier County market opened 2025 with a larger
transaction. Colorado-based M Development purchased a nearly 20,000-SF building on
5th Avenue in Downtown Naples for $29.5 million, roughly $1,500/SF. The buyer and its
affiliates have bought several buildings in Downtown Naples over the past few years,
including a 28-property $263 million deal in October 2023.
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A more typical market trade would be the $3.1 million acquisition of a free-standing
restaurant along Bellaire Bay Drive in March 2025. The 5,500-SF building was 100%
leased at the time of sale and traded for $560/SF after being on the market for 60 days.
According to the CoStar Report, office investment activity has remained muted over the
course of 2025, with very few transactions closing for more than $3 million. In the past
12 months in Collier County, sales volume has tallied $60.3 million which represented
230,000 SF of inventory, and it compares to the five year average of $104 million. The
cyclical peak for quarterly sales volume was $118 million during 23Q4, and the last
completed quarter totaled $8.4 million.
Sale transactional pricing, which fluctuates based on the mix of assets sold over the
trailing year, has averaged $360/SF in the past 12 months versus the five-year average of
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$280/SF. Conversely, market pricing, which estimates the value of all office assets in
Collier County based on completed sales, measures $240/SF. That compares to the five-
year average of $230/SF.
Office transactions are typically on the smaller side here, averaging just $1.5 million.
However, on a per SF basis, Collier County is one of the most expensive office markets
to purchase buildings in Florida. At $360/SF on a transactional basis, office buildings
trade here much higher than the national average of $196/SF. For example, the Halex
Corporation purchased the building it was leasing along Galleria Court for $3.1 million,
or $350/SF.
According to the CoStar report, industrial investment activity has been relatively muted
over the past few quarters after a multi-year run of historic sales volumes.
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Over the past year, the market has recorded $71.6 million in total sales volume, well
below the 5-year average of $113 million. Pricing has remained more or less the same
over the past several years, averaging around $174/SF, as of the third quarter of 2025.
Sales are typically on the smaller side here, with an average sale price of just under $2.5
million. This market is not reliant on institutional investors, and as such, future
investment volumes should be in line with current volumes.
The largest sale to date was a user sale for $6.67 million, roughly $323/SF. Spazio
Marble purchased a 20,650-SF building along Trade Center Way in January with plans to
occupy the building.
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Income
Personal income is a significant factor in determining the real estate demand in a given
market. The following table shows Collier County households by income from the
CCIM Site to do Business. Overall, Collier County has an average household income of
$151,444 and a per capita income of $65,894.
Conclusion
The long term economic outlook for Collier County is positive. The area lures people
from all over the country for tourism as well as retirement, with the beaches and weather
considered major demand drivers.
The projected growth in population and employment provide an economic base that
supports demand for real estate in the subject neighborhood and for the subject property.
These conditions have resulted in increasing property values and should stimulate
continued increases within the foreseeable future. Prior to the coronavirus pandemic, the
residential market had stabilized after several years of an expansion period, with
sustained growth in demand and increasing construction. Since the coronavirus
pandemic, residential demand increased significantly with record sales in 2020 and
continued high demand but limited inventory in 2021 and 2022. Inventory increased in
2023 and 2024 as demand declined due to continued increases in interest rates. Pricing
has generally stabilized and is projected to remain fairly stable through 2025.
According to the Naples Area Board of Realtors (NABOR), there was a record $18.2
billion in sales in Collier County during 2020. Demand eclipsed all expectations in 2021
with a 25.8% increase in overall sales in 2021 and a 20.3% increase in median closed
price (year over year). The May 2025 Naples Area Board of Realtors Market Report,
“2,023 properties on the market in May reported a list price decrease, 31% of the overall
inventory. The number of homes for sale increased 23.9% to 6,524 properties from 5,265
properties in May 2024. But economic uncertainty is creating challenges for today’s
buyer and seller, even in paradise.” The median closed price was down 9.1% from
$649,000 in May 2024 to $590,000 in May 2025.
Generally, the commercial market lags the residential market. The significant residential
demand since the pandemic has generally stabilized the commercial market overall with
an increased demand for the industrial sector and select retail and office properties.
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The recent 50 basis point decrease and subsequent 25 basis point decrease in the federal
funds rate, as well as the projected future decreases through 2025, are expected to further
stabilize the commercial market and potentially increase demand for both residential and
commercial property. However, multiple sources including J.P. Morgan Reseach and
Goldman Sachs have increased the likelihood of a recession due to heighted trade policy
uncertainty.
Finally, it is noted that Hurricane Ian, a Category 4 storm, made landfall in Southwest
Florida on September 28, 2022, and caused widespread wind and storm surge damage.
The analyses and value opinion(s) in this appraisal are based on the data available to the
appraiser at the time of the assignment and apply only as of the effective date indicated.
No analyses or opinions contained in this appraisal should be construed as predictions of
future market conditions or value(s).
Collier County Area Map
Subject
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MARKET AREA ANALYSIS
Market Overview
The Collier County industrial market has approximately 14,439,579 square feet of
industrial space in 1,073 buildings. The Naples area has five predominate industrial areas
where the majority of the industrial development is concentrated. In addition to these
five areas there are scattered pockets throughout the Naples area with industrial space.
The five main areas are as follows:
▪ Naples Production Park
▪ Collier Park of Commerce
▪ J&C/Trade Center Industrial Park
▪ Rail Head Industrial Area
▪ White Lake/Tollgate Industrial Area
Naples Production Park
The subject is located in the Naples Production Park which is defined by Golden Gate
Canal to the north, Livingston Road to the east, Radio Road to the south, and Airport -
Pulling Road to the west. Naples Production Park, consists of approximately 650 acres
and is 95% built out with a variety of light industrial and commercial uses. In addition
there is some scattered industrial development along the south side of Radio Road.
The Naples Production Park Area is located in the Central Naples Planning Community
and the CoStar defined submarket of East Naples. According to CoStar, the park has
approximately 4,528,340 square feet of industrial space in 339 buildings. In 2024 there
was approximately $65 million in property sales with an average sale price of $3,251,250
or $290 per square foot.
Access and Linkages
Primary access to the market area is provided by any of four major arterial roadways
within Collier County; Airport-Pulling Road, Livingston Road, Golden Gate Parkway,
and Radio Road.
Airport-Pulling Road runs in a north/south direction and is a six-lane divided highway
from US-41 north to Immokalee Road. Livingston Road runs in a north/south direction
and is a six lane divided highway from Radio Road north to the Lee County border where
it becomes Imperial Highway. Radio Road runs in an east/west direction and is a four-
lane divided highway extending from Davis Boulevard in the east and coming to an end
at the entrance of the Naples Municipal Airport at Airport-Pulling Road. A mix of
residential and commercial uses is typical along Radio Road. Golden Gate Parkway runs
in an east/west direction and is a six-lane divided highway extending from Collier
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Boulevard in Golden Gate City east to US 41 in the City of Naples. Golden Gate
Parkway provides the closest access to Interstate 75.
The Southwest Florida International Airport (RSW) is located about 30 miles from the
market area; travel time is about 45 minutes to an hour, depending on traffic conditions.
The Naples Municipal Airport (APF) is located on the west side of Airport-Pulling Road,
just across from Naples Production Park. The Naples CBD, the economic and cultural
center of the region, is approximately 3 miles from the market area.
Many businesses find the location of the industrial park convenient due to its location
relative to Golden Gate Boulevard, Airport Road, Tamiami Trail and Interstate 75. This
allows ease of access to several major arterial roadways which connect parts of Naples as
well as Collier and Lee counties.
Demographics
The following table shows the historical, current and projected population, households,
housing, and income demographics for the immediate market area defined as a 2 mile
radius from the subject. The table was developed using data from STDBOnline.com.
Demand Generators v. Supply
Demand in the area has historically come primarily from the building industry in the
development of residential and commercial properties. Prior to the coronavirus pandemic,
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the residential market had stabilized after several years of an expansion period, with
sustained growth in demand and increasing construction. Since the coronavirus
pandemic, residential demand increased significantly with record sales in 2020 and
continued high demand but limited inventory in 2021 and 2022. Inventory increased in
2023 and 2024 as demand declined due to increases in interest rates. The recent 50 basis
point decrease and subsequent 25 basis point decreases in the federal funds rate, as well
as the projected future decreases through 2025, are expected to further stabilize the
commercial market and potentially increase demand for both residential and commercial
property. However, multiple sources including J.P. Morgan Reseach and Goldman Sachs
have increased the likelihood of a recession due to heighted trade policy uncertainty.
Outlook and Conclusions
As with Collier County, the long term economic outlook for the market area is positive.
Total population is projected to increase slightly over the next five years and begin a
more normalized pattern thereafter. More importantly, the area is projected to experience
increasing employment growth.
Prior to the coronavirus pandemic, the residential market had stabilized after several
years of an expansion period, with sustained growth in demand and increasing
construction. Since the coronavirus pandemic, residential demand increased significantly
with record sales in 2020 and continued high demand but limited inventory in 2021 and
2022. Inventory increased in 2023 and 2024 as demand declined due to continued
increases in interest rates. Pricing has generally stabilized and is projected to remain
fairly stable through 2025.
The recent 50 basis point decrease and subsequent 25 basis point decreases in the federal
funds rate, as well as the projected future decreases through 2025, are expected to further
stabilize the commercial market and potentially increase demand for both residential and
commercial property. However, multiple sources including J.P. Morgan Reseach and
Goldman Sachs have increased the likelihood of a recession due to heighted trade policy
uncertainty.
Page 1317 of 6526
3910 BUILDING MARKET AREA ANALYSIS
Page 29
Market Area Map
Page 1318 of 6526
3910 BUILDING INDUSTRIAL MARKET ANALYSIS
Page 30
INDUSTRIAL MARKET ANALYSIS
The following table developed from CoStar summarizes the overall industrial market
statistics as of the third quarter 2025 for the Collier County Industrial Market. As shown,
current rental rents are $17.96 per square foot net and have increased 3.0% over the past
twelve months. Vacancy rates are currently only 3.7%.
CoStar defines Flex Buildings as versatile buildings that may be used in combination
with office, research and development, quasi-retail sales, industrial, warehouse, and
distribution uses. Logistics Buildings are distribution and warehouse properties and
Specialized Buildings are all other industrial buildings. The subject consists of Flex
space.
According to the CoStar industrial report, the industrial vacancy is low but has risen over
the past year.
Collier County has one of the lowest industrial vacancy rates in Florida at just 3.7% as of
the third quarter of 2025. However, the market has been mostly stagnant over the past
year, with minimal leasing activity and absorption. Outside of Uline's completion and
move-in to its 940,000 facility, not much has happened in the industrial market over the
past three years. Like many areas in Florida, it saw a pop in activity in 2021 as in-
migration fueled housing and, in turn, industrial demand.
New construction is extremely limited in Collier County. It's been well over a year since
a new project was delivered, and less than 25,000 SF is under construction. The most
prominent building under development is just 17,400 SF along Tollhouse Drive. It is
predominately small-bay availabilities ranging from 2,500 to 3,500 SF with an asking
rate of $24.00/SF.
Page 1319 of 6526
3910 BUILDING INDUSTRIAL MARKET ANALYSIS
Page 31
Collier County is one of the most expensive industrial markets in Florida, with an
average asking rent of $18.00/SF. Limited availability in the market, only 650,000 SF,
has emboldened landlords to continue to push rates here up 3.0% from this time last year.
Rent growth has cooled here, much like other parts of the country, and is down from a
peak of more than 10% in mid-2022. However, Collier County should continue to
outpace the national average through at least the end of 2025.
Rental rates are projected to continue to increase at approximately 4-5% per year through
2029.
Page 1320 of 6526
3910 BUILDING INDUSTRIAL MARKET ANALYSIS
Page 32
East Naples Industrial Submarket
The subject is located within the CoStar defined East Naples Industrial Submarket. The
following table summarizes the net asking rents in each of the Collier County industrial
submarkets. As shown, the Marco Island submarket has the highest net asking rent
followed by the city of Naples submarket.
The following graph shows average rental rates and occupancy levels for each submarket.
The size of the bubble relates to the size (SF) of the submarket. As shown, the East
Naples submarket is the largest submarket followed by the North Naples submarket. As
previously mentioned, the Marco Island and city of Naples submarkets have the highest
average rental rates. All submarkets have high occupancy rates at approximately 95% and
higher.
The following graph shows market rent and occupancy growth for each submarket over
the past year. As shown, the Lely, Naples, North Naples and Golden Gate submarkets had
the highest rent growth at 3.1%-3.2%. North Naples, Outlying Collier County, Marco
Island, and East Naples all had decreases in occupancy. The East Naples submarket had
the lowest rent growth at 2.8% with a 3.3% decrease in occupancy.
Page 1321 of 6526
3910 BUILDING INDUSTRIAL MARKET ANALYSIS
Page 33
VACANCY AND RENTAL RATE TRENDS
The following graph shows vacancy and rental rates for all classes of flex space within a
two mile radius of the subject. The data developed from CoStar includes a survey of
5,577,309 square feet of rentable area. As shown, rental rates have increased significantly
over the past three years. The current average rental rate is $18.77/sf net. Vacancy rates
have increased since late 2024 and are currently 5.6%.
Page 1322 of 6526
3910 BUILDING SITE ANALYSIS
Page 34
PROPERTY DESCRIPTION AND ANALYSIS
SITE ANALYSIS
The following description is based on our property inspection and public records. The
northern approximately 30 feet of the lot is encumbered by Domestic Avenue right of
way. The usable area is approximately 37,052 square feet or 0.85 acres.
SITE
Location: The subject is located along the south side of Domestic Avenue in
the Naples Production Park.
Current Use of the Property: Improved as a two-story industrial building.
Shape: The site is roughly rectangular.
Road Frontage/Access:
The subject property has average access with frontage as follows:
• Domestic Avenue: 118 feet
The site has an average depth of 344 feet. It is not a corner lot.
Visibility: Average
Topography: The subject has level topography at grade and no known areas of
wetlands.
Soil Conditions: We were not provided with a soils report for the purpose of this
appraisal. We are not experts in soils analysis; however, the soil
conditions observed at the subject appear to be typical of the region
and adequate to support development.
Utilities:
Electricity: FP&L
Sewer: Municipal sewer
Water: Municipal water
Underground Utilities: The site is not serviced by underground
utilities
Adequacy: The subject's utilities are typical and adequate for the
market area.
Site Improvements: • Street Lighting: There is no street lighting along Domestic
Avenue.
• Sidewalks: There are no sidewalks along Domestic Avenue.
• Curbs and Gutters: There are no curbs and gutters along
Domestic Avenue.
• Curb Cuts: The subject has one curb cut along Domestic
Avenue.
• Landscaping: The subject has average landscaping.
Flood Zone: The subject is located in an area mapped by the Federal Emergency
Management Agency (FEMA). The subject is located in FEMA
flood zone X, which is not classified as a flood hazard area.
FEMA Map Number: 12021C 0392J
Land Summary
Parcel ID Gross Land Area
(Acres)
Gross Land Area
(Sq Ft)
Usable Land Area
(Acres)
Usable Land Area
(Sq Ft)
00282090906 0.93 40,592 0.85 37,052
Page 1323 of 6526
3910 BUILDING SITE ANALYSIS
Page 35
FEMA Map Date: February 8, 2024
The subject is not in a flood zone. The appraiser is not an expert in
this matter and is reporting data from FEMA maps.
Environmental Issues: We were not provided with an environmental assessment report for
the purpose of this appraisal. Environmental issues are beyond our
scope of expertise; therefore, we assume the property is not
adversely affected by environmental hazards.
Encumbrance / Easements: The northern approximately 30 feet of the lot is encumbered by the
Domestic Avenue right-of-way. The usable area is approximately
37,052 square feet or 0.85 acres. A current title report was not
provided for the purpose of this appraisal. We are not aware of any
easement, restrictions, or encumbrances that would adversely affect
value. Therefore, our valuation assumes the subject has a clear and
marketable title with no adverse easement, restrictions, or
encumbrances.
Site Comments: The site has average and typical utility.
ZONING
Zoning Code I
Zoning Authority Collier County
Zoning Description Industrial District
Permitted Uses Agricultural services; automotive repair; service and
parking; barber shops; building construction; crematories;
eating places; fabricated metal products; general aviation
airport; heavy construction; laundry; outdoor storage yards;
welding repair, and wholesale trade; et al.
Actual Density of Use 0.34
Current Use Legally Conforming The subject is legal and conforming use.
Zoning Change Likely A zoning change is unlikely.
Minimum Lot Area (SF) 20,000
Minimum Floor Area (SF) 1,000
Minimum Street Frontage (Feet) 100
Front Set Back Distance (Feet) 25
Rear Set Back Distance (Feet) Non-residential 15; Residential: 50; Waterfront: 25
Side Yard Distance (Feet) The total of all side yard setbacks shall equal 20% of the lot
width, with a maximum of 50 feet. No side yard shall be
less than 10 feet. Residential: 50; Waterfront: 25
Parking Requirement Warehouse, wholesale establishment: 1 per 1,000 square
feet except for sales/office areas which are 1 per 275 square
feet.
Maximum Density/FAR 40%
Maximum Building Height (Feet) 50
Zoning Comments We were not supplied with a survey indicating building
setbacks and have assumed that the improvements conform
to current building codes.
Future Land Use Designation Industrial District
Page 1324 of 6526
3910 BUILDING SITE ANALYSIS
Page 36
Zoning Map
Page 1325 of 6526
3910 BUILDING SITE ANALYSIS
Page 37
Aerial
Page 1326 of 6526
3910 BUILDING SITE ANALYSIS
Page 38
Flood Map
Subject
Page 1327 of 6526
3910 BUILDING SITE ANALYSIS
Page 39
Site Photographs
Domestic Avenue – Easterly
(Photo Taken on August 1, 2025)
Domestic Avenue – Westerly
(Photo Taken on August 1, 2025)
Page 1328 of 6526
3910 BUILDING IMPROVEMENTS ANALYSIS
Page 40
IMPROVEMENTS ANALYSIS
The subject is an existing industrial property containing 12,550 square feet of rentable
area. The improvements were constructed in 2002 and are 100.0% occupied as of the
effective date of the appraisal. The site consists of 0.93 acres, or 40,592 square feet. The
northern approximately 30 feet of the lot is encumbered by the Domestic Avenue right-
of-way. The usable area is approximately 37,052 square feet or 0.85 acres.
IMPROVEMENTS DESCRIPTION
Property Type: Industrial
Property Sub Type: Flex
Occupancy Type: Multi-tenant
GENERAL
Building Description: Flex
Construction Class: Class C
Construction Quality: Average
Appeal/Appearance: Average
Year Built: 2002
Renovations: 2019 - 2021
Actual Age (Yrs.): 23
Effective Age (Yrs.): 8
MVS Expected Life (Yrs.): 45
Remaining Useful Life (Yrs): 37
Condition: Average
Number of Buildings: One
Ratios:
Site Area (SF) - Usable: 37,052
Floor Area Ratio (FAR): 0.34; (Based on the usable site
area)
Land to Building Ratio: 2.95 to 1; (Based on the usable
site area)
FOUNDATION, FRAME & EXTERIOR
Foundation: Poured concrete slab
Structural Frame: Concrete Block
Exterior: Painted Stucco
Windows: Fixed Casement
Service Access/ Overhead Doors: The building is served by five (5) overhead doors (12' x
14'). Three (3) of the overhead doors are fully insulated
with brush seals. None with levelers.
Roof/Cover: Hip / Metal
Building Name/ID Year Built Condition Number of
Stories
Gross Building
Area
Rentable
Area
Number of
Units
3910 Building 2002 Average Two 12,550 12,550 6
Notes: The following description is based on our property inspection and public records. The square footage
reported herein is based on public records which were verified by onsite measurements.
Building Summary
Page 1329 of 6526
3910 BUILDING IMPROVEMENTS ANALYSIS
Page 41
INTERIOR
Interior Layout: The building has two-floors of office space and five (5)
rear warehouse bays. The owner occupies the office
space and four (4) warehouse bays. The remaining
warehouse bay is rented on a month to month basis. The
first floor office space consists of two showroom/display
areas with two exterior storefront doors. The two display
areas are connected by an interior doorway. An internal
stairway is located on each side of the building providing
access to the second floor office space. Three of the five
warehouse bays are air-conditioned and insulated with
spray foam and an insulated overhead door with brush
seal.
Percent Office Space: 25%
Floor Cover: Ceramic tile and luxury vinyl plank in office/showroom.
Polished concrete in warehouse.
Walls: Painted drywall in showroom/office space. Unfinished
concrete block in warehouse.
Ceilings & Ceiling Height: Painted drywall in showroom/office space. Exposed
wood trusses in warehouse. / 8' in office; 19-27' in
warehouse.
Lighting: A mix of fluorescent, LED and incandescent lighting.
Restrooms: Two restrooms with lavatory and commode in first floor
retail/showroom space. One restroom with lavatory,
commode, and shower in second floor office space. Two
common restrooms with lavatory and commode for
warehouse space.
MECHANICAL SYSTEMS
HVAC: Package Units
Electrical: 220
Plumbing Condition: Average
Sprinkler: None
Elevators: None
Security: Private
Reported improvements to the property since purchase in July 2019 include: new gutters,
new exterior stucco and paint, three (3) new insulated overhead doors and two (2) new
uninsulated overhead doors, new LED lighting in three (3) warehouse bays and portion of
office/showroom, foam spray insulation in three (3) warehouse bays, air-conditioning for
one (1) warehouse bay, two (2) new air-conditioning units for showroom, interior paint in
showroom/offices, shelving for showroom space, new flooring in office, renovated
second floor restroom, new warehouse entry doors, updated electrical for two
warehouses, internal hard wiring for phone/computers, new exterior signage, hot water
heater, new pavers at building entrance, and security cameras.
Page 1330 of 6526
3910 BUILDING IMPROVEMENTS ANALYSIS
Page 42
PARKING AND LANDSCAPING
Parking: Type: Paved open surface parking
Number of Spaces: 20
Condition: Average
Parking Ratio: 628 SF per space.
Landscaping: The subject has average landscaping.
PROPERTY ANALYSIS
Design & Functional Utility: The overall design and utility of the building is adequate
for its current use.
Deferred Maintenance: There was no deferred maintenance noted on the date of
inspection.
Capital Improvements: We were not made aware of any planned capital
improvements.
Comments: The quality, maintenance, and overall appeal of the
subject are considered to be consistent with that of
competing properties.
Occupancy Status
The property is 100.0% occupied by the seller and one tenant, occupying a 1,890± square
foot warehouse bay, on a month-to-month lease.
Americans with Disabilities Act
There do not appear to be any ADA violations based on our inspection of the subject
property. However, we are not experts in matters pertaining to the Americans with
Disabilities Act and therefore recommend a further study to assess the ADA compliance.
Hazardous Substances
We were not provided with an environmental assessment report for the purpose of this
appraisal. Environmental and hazardous substance issues are beyond our scope of
expertise. Unless otherwise stated, we assume no hazardous conditions exist on or near
the subject.
Personal Property
There are no items of personal property that would be significant to the overall valuation.
Improvement Analysis Conclusion
The quality, maintenance, and overall appeal of the subject are considered to be
consistent with that of competing properties.
Page 1331 of 6526
3910 BUILDING IMPROVEMENTS ANALYSIS
Page 43
Improvements Plan – First Floor
Page 1332 of 6526
3910 BUILDING IMPROVEMENTS ANALYSIS
Page 44
Collier County Property Appraiser Building Sketch
Page 1333 of 6526
3910 BUILDING IMPROVEMENTS ANALYSIS
Page 45
Improvement Photographs
Northern Elevation
(Photo Taken on August 1, 2025)
Western Elevation
(Photo Taken on August 1, 2025)
Page 1334 of 6526
3910 BUILDING IMPROVEMENTS ANALYSIS
Page 46
Improvement Photographs
Western Elevation
(Photo Taken on August 1, 2025)
Southern Elevation
(Photo Taken on August 1, 2025)
Page 1335 of 6526
3910 BUILDING IMPROVEMENTS ANALYSIS
Page 47
Improvement Photographs
Eastern Elevation
(Photo Taken on August 1, 2025)
Eastern Elevation
(Photo Taken on August 1, 2025)
Page 1336 of 6526
3910 BUILDING IMPROVEMENTS ANALYSIS
Page 48
Improvement Photographs
Display Area
(Photo Taken on August 1, 2025)
Display Area
(Photo Taken on August 1, 2025)
Page 1337 of 6526
3910 BUILDING IMPROVEMENTS ANALYSIS
Page 49
Improvement Photographs
Display Area
(Photo Taken on August 1, 2025)
Typical Restroom in Office/Display Area
(Photo Taken on August 1, 2025)
Page 1338 of 6526
3910 BUILDING IMPROVEMENTS ANALYSIS
Page 50
Improvement Photographs
Second Floor Office
(Photo Taken on August 1, 2025)
Second Floor Office
(Photo Taken on August 1, 2025)
Page 1339 of 6526
3910 BUILDING IMPROVEMENTS ANALYSIS
Page 51
Improvement Photographs
Second Floor Restroom with Shower
(Photo Taken on August 1, 2025)
Shower
(Photo Taken on August 1, 2025)
Page 1340 of 6526
3910 BUILDING IMPROVEMENTS ANALYSIS
Page 52
Improvement Photographs
Stairwell
(Photo Taken on August 1, 2025)
Air-Conditioned Warehouse
(Photo Taken on August 1, 2025)
Page 1341 of 6526
3910 BUILDING IMPROVEMENTS ANALYSIS
Page 53
Improvement Photographs
Air-Conditioned Warehouse
(Photo Taken on August 1, 2025)
Un Air-Conditioned Warehouse
(Photo Taken on August 1, 2025)
Page 1342 of 6526
3910 BUILDING IMPROVEMENTS ANALYSIS
Page 54
Improvement Photographs
Warehouse Restroom
(Photo Taken on August 1, 2025)
Warehouse Restroom
(Photo Taken on August 1, 2025)
Page 1343 of 6526
3910 BUILDING REAL ESTATE TAXES AND ASSESSMENTS
Page 55
REAL ESTATE TAXES AND ASSESSMENTS
The real estate tax assessment of the subject is administered by Collier County. In 2008,
Florida voters amended the Constitution to give non-homestead property owners some
protection against increases in their annual property tax assessments. As amended, the
Florida Constitution now prohibits the assessment of certain non-homestead property
from increasing by more than 10% per year. The 10% cap applies to most types of
commercial property, including non-homestead residential property (i.e. apartments and
other rental property) and nonresidential property (i.e. commercial property and vacant
land). The cap was set to expire on January 1, 2019; however, in November 2018 Florida
voters amended the Constitution to make the cap permanent. The protection of the 10%
cap is lost when there is a change of ownership or control.
The property tax identification number and assessed value of the property for tax year
2025 Preliminary are as follows:
ASSESSED VALUES
Tax Identification Number 00282090906
Land Assessed Value $1,304,511
Building Assessed Value $1,598,276
10% Assessment Cap -$878,407
Total Assessed Value $2,024,380
Totals
Total Land Assessed Value $1,304,511
Total Building Assessed Value $1,598,276
10% Assessment Cap -$878,407
Total Assessment $2,024,380
Total Assessment per GLA $161.31
Total Assessment per Land Acre $2,172,398
Rates, Taxes, More
Tax Rate 1.25%
Ad Valorem Tax Amount $25,208
Special Assessment Amount $0
Special Assessment Comments None
Total Tax Liability $25,208
Property Tax Comments The 2023 and 2024 taxes have been paid. The
School Board millage is applied to the uncapped
assessed value. The millage rate shown is the rate
assuming the proposed budget is adopted.
The tax assessment for subject property is currently $161.31 per square foot, or $231.30
per square foot excluding the assessment cap. Based on our valuation analysis, the
subject’s assessment appears low, but reasonable.
Page 1344 of 6526
3910 BUILDING REAL ESTATE TAXES AND ASSESSMENTS
Page 56
The following table shows comparable assessed values and assessment ratios.
As shown, the comparables have assessment ratios ranging from 70% to 84% with an
average of 78%.
Subsequent to a sale, the assessed value will probably increase to reflect more market
assessed values. Based on the preceding analysis and estimated market value, an
assessment of $3,664,000, or $291.95 per square foot, is projected. Taxes would increase
to at least $38,869 annually using the 2025 Preliminary millage rate and special
assessments.
Tax Assessment Comparables
Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5
Address 3910 Domestic
Avenue
1958 Trade
Center Way
1990 Seward
Ave
4344 Arnold
Avenue
3600 Westview
Dr
3527 Plover
Avenue
Price $4,580,000 $6,665,000 $3,720,000 $1,900,000 $7,500,000 $3,877,800
Date 8/1/2025 1/15/2025 3/7/2024 6/6/2025 4/15/2024 3/4/2024
Rentable Area 12,550 21,086 10,100 6,400 18,597 11,240
Assessed Value $2,902,787 $4,682,732 $2,933,704 $1,574,843 $5,757,748 $3,242,914
Assessed Value/SF $231.30 $222.08 $290.47 $246.07 $309.61 $288.52
Assessment Ratio 63%70%79%83%77%84%
Notes:
Page 1345 of 6526
3910 BUILDING HIGHEST AND BEST USE
Page 57
HIGHEST AND BEST USE
Highest and best use may be defined as:
The reasonably probable use of property that results in the highest value. The four
criteria the highest and best use must meet are legal permissibility, physical
possibility, financial feasibility, and maximum productivity. 1
▪ Physically possible for the land to accommodate the size and shape of the
ideal improvement.
▪ Legally permissible under the zoning regulations, building codes,
environmental regulations, and other restrictions that apply to the site. A
property use that is either currently allowed or most probably allowable.
▪ Financially feasible to generate sufficient income to support the use.
▪ Maximally productive, or capable of producing the highest value from
among the permissible, possible, and financially feasible uses.
Highest and Best Use As If Vacant
Physically Possible
The subject site is 0.93 acres or 40,592 square feet with 118 feet of frontage along
Domestic Avenue. The northern approximately 30 feet of the lot is encumbered by the
Domestic Avenue right-of-way. The usable area is approximately 37,052 square feet or
0.85 acres. The physical characteristics of the subject tract should reasonably
accommodate any use that is not restricted by its size.
The subject's utilities are typical and adequate for the market area. The site is roughly
rectangular.
The site is located in a FEMA flood zone X area per FEMA Flood Map Number:
12021C 0392J, dated February 8, 2024, which is not classified as a flood hazard area.
There are no known physical reasons that would unusually restrict development. The site
is considered to have a functional utility suitable for a variety of uses.
Legally Permissible
The subject site is zoned Industrial District (I), which allows manufacturing, processing,
storage and warehousing, wholesaling, and distribution. Permitted uses include:
Agricultural services; automotive repair; service and parking; barber shops; building
construction; crematories; eating places; fabricated metal products; general aviation
airport; heavy construction; laundry; outdoor storage yards; welding repair, and
wholesale trade; et al. Recognizing the principle of conformity, we consider the
prevailing land use patterns in the area. Therefore, only industrial uses are given further
consideration in determining the highest and best use of the site, as if vacant.
1 The Dictionary of Real Estate Appraisal 7th ed. (Chicago: Appraisal Institute, 2022)
Page 1346 of 6526
3910 BUILDING HIGHEST AND BEST USE
Page 58
Financially Feasible
Financial feasibility is an analysis of the ability of a property to generate sufficient
income to support the use, or a reasonable probability of producing a positive income
stream net of operating expenses, financial costs, and capital amortization.
The projected growth in population and employment provide an economic base that
supports demand for real estate in the subject neighborhood and for the subject property.
These conditions have resulted in increasing property values and should stimulate
continued increases within the foreseeable future. Prior to the coronavirus pandemic, the
residential market had stabilized after several years of an expansion period, with
sustained growth in demand and increasing construction. Since the coronavirus
pandemic, residential demand increased significantly with record sales in 2020 and
continued high demand but limited inventory in 2021 and 2022. Inventory increased in
2023 and 2024 as demand declined due to continued increases in interest rates. Pricing
has generally stabilized and is projected to remain fairly stable through 2025.
The recent 50 basis point decrease and subsequent 25 basis point decreases in the federal
funds rate, as well as the projected future decreases through 2025, are expected to further
stabilize the commercial market and potentially increase demand for both residential and
commercial property. However, multiple sources including J.P. Morgan Reseach and
Goldman Sachs have increased the likelihood of a recession due to heighted trade policy
uncertainty.
On this basis, barring unforeseen changes in the market, a well-designed industrial
product that is appropriately marketed and priced, should be received favorably by the
market.
Maximally Productive
The maximally productive land use yields the highest value of the possible uses.
Industrial development is the only use that meets the tests of physically possible, legally
permissible, and financially feasible. Therefore, industrial development is concluded to
be the maximally productive and highest and best use of the site.
Highest and Best Use as Improved
As of the effective date of this appraisal, the existing improvements are 100.0% occupied.
A continuation of the current use is concluded to be financially feasible due to the
quality, age and location of the improvements.
There are no apparent alternative uses that would indicate a higher present value that the
current use. Furthermore, the value of the existing improvements, as is, exceeds the value
of the site. Therefore, the highest and best use is as currently improved.
Most Probable Buyer
Considering the size, class, and location of the property, the most probable buyer is an
owner-user or partial owner-user such as an individual or partnership.
Page 1347 of 6526
3910 BUILDING VALUATION METHODOLOGY
Page 59
VALUATION METHODOLOGY
Three basic approaches may be used to arrive at an estimate of market value. They are:
1. The Cost Approach
2. The Sales Comparison Approach
3. The Income Approach
Cost Approach
The Cost Approach estimates the current cost to construct the existing structure including
an entrepreneurial incentive, depreciation, and the estimated land value. This approach is
particularly applicable when the improvements represent the highest and best use of the
land and are relatively new. It is also applicable when the property has unique or
specialized improvements for which there is little or no sales data from comparable
properties.
Sales Comparison Approach
The Sales Comparison Approach compares sales of similar properties with the subject
property. Each comparable sale is adjusted for its inferior or superior characteristics. The
values derived from the adjusted comparable sales form a range of value for the subject.
By process of correlation and analysis, a final indicated value is derived. This approach is
most reliable in an active market, and is least reliable when valuing a property for which
no direct comparable sales data is available.
Income Approach
The Income Approach converts the anticipated flow of future benefits (cash flows and
reversion) to a present value estimate through a capitalization and or a discounting
process. This approach generally reflects a typical investor’s perception of the
relationship between the potential income of a property and its market value.
Final Reconciliation
The appraisal process concludes with the Final Reconciliation of the values derived from
the approaches applied for a single estimate of market value. The reconciliation of the
approaches is based on an evaluation of the quantity and quality of the available data in
each approach. Furthermore, different properties require different means of analysis and
lend themselves to one approach over the others.
Page 1348 of 6526
3910 BUILDING VALUATION METHODOLOGY
Page 60
ANALYSES APPLIED
A cost analysis was considered and was not developed because the age of the
improvements makes the depreciation difficult to accurately measure.
A sales comparison analysis was considered and was developed because there is
adequate data to develop a value estimate and this approach reflects market behavior for
this property type.
An income analysis was considered and was developed because the subject is an income
producing property and there is adequate data to develop a value estimate with this
approach.
Page 1349 of 6526
3910 BUILDING SALES COMPARISON APPROACH
Page 61
SALES COMPARISON APPROACH
The Sales Comparison Approach is based on the premise that a buyer would pay no more
for a specific property than the cost of obtaining a property with the same quality, utility,
and perceived benefits of ownership. It is based on the principles of supply and demand,
balance, substitution and externalities. The following steps describe the applied process
of the Sales Comparison Approach.
• The market in which the subject property competes is investigated; comparable
sales, contracts for sale and current offerings are reviewed.
• The most pertinent data is further analyzed and the quality of the transaction is
determined.
• The most meaningful unit of value for the subject property is determined.
• Each comparable sale is analyzed and where appropriate, adjusted to equate with
the subject property.
• The value indication of each comparable sale is analyzed and the data reconciled
for a final indication of value via the Sales Comparison Approach.
Comparables
I have researched five comparables for this analysis. These are documented on the
following pages followed by a location map and analysis grid. All sales have been
researched through numerous sources, inspected and verified by a party to the
transaction. For this analysis, we use the price per square foot as the appropriate unit of
comparison because market participants typically compare sale prices and property
values on this basis.
Page 1350 of 6526
3910 BUILDING SALES COMPARISON APPROACH
Page 62
Comp Address Price Price Per SF Year Built
Comp City Date Rentable Area Construction
Subject 3910 Domestic Avenue 2002
Subject Naples 8/1/2025 12,550 Class C
1 1958 Trade Center Way $6,665,000 $316.09 1995
1 Naples 1/15/2025 21,086 Concrete Block and
Heavy Steel
2 1990 Seward Ave $3,720,000 $368.32 1990
2 Naples 3/7/2024 10,100 Concrete Block & Metal
3 4344 Arnold Avenue $1,900,000 $296.88 1993
3 Naples 6/6/2025 6,400 Heavy Steel
4 3600 Westview Dr $7,500,000 $403.29 2004
4 Naples 4/15/2024 18,597 Steel with insulated
concrete block
5 3527 Plover Avenue $3,877,800 $345.00 2003
5 Naples 3/4/2024 11,240 Heavy Steel
Sale Comments
The building has a total of 2,923/sf (26%) office area; 4,300/sf of warehouse/showroom;
and 4,017/sf of warehouse with 2 OH doors. The building is fully air conditioned and
sprinklered. The property was previously purchased on 11/3/2023 by a local
investor/developer for $2,202,023. Listing and buyer agent, David Bartley, reported the
recent transaction was a straight flip to an end user. Warehouse has 23' ceiling height.
Income and expense data is proforma by the appraiser.
Industrial flex building with 1,200 SF of office space (19%) and 5,200 SF of warehouse
space. There is mezzanine storage above the office that is not included in the gross
leasable area. The warehouse has a 17' clear height at the front of the building and 12'6"
at the back of the building. It is serviced with a truckwell and 10'x12' overhead door as
well as a grade-level 14'x12' overhead door and 600-amp single-phase electric. Property
was listed for $2,250,000. David Wallace of CRE Consultants represented both the buyer
and seller and said the buyer provided a quick cash closing after a 30-day due diligence
period which was a positive for the seller. Sale was contingent on the seller closing on
4176 Mercantile Ave (replacement property). Purchased for owner occupancy by Naples
Motorsports. Income/expenses are pro-forma based on market.
Two-unit building. The seller (high-end car dealer) leased back 8,797 SF and the
remaining 9,800 SF was vacant. The building consists of approximately 4,839/sf (26%)
office area and the remaining is air conditioned warehouse (100% A/C) with 20-22' clear
height. Epoxy floors in warehouse. Fire sprinklers throughout entire building. Loading
dock (1,549/sf) has been filled in and is a concrete loading pad. Three exterior overhead
doors and one glass roll-up door between warehouse and office. Building was
configured for two-tenants. Buyer reported they were drawn to the property due to its
location and paid a premium for it. 1031 Exchange cash purchase. There is a 33' wide
drainage easement along the western border and a 59' wide drainage easement along the
southern border. Excluding the drainage easement, the usable area is approximately 0.88
acres or 38,117 square feet. Income/expenses based on contract/market. As of September
2024 the building is 100% occupied by owner related companies including Icon Rocklear
Detailing.
Two-story 6,800 SF concrete block office building (67%) with attached rear metal 3,300 SF
warehouse with approximately 14' high ceilings located at the southeast corner of Seward
Ave and Kathleen Court. Usable site area (excluding Kathleen Court ROW) is 1.78 acres.
Purchased by the tenant for owner occupancy. Income/expenses are pro-forma based on
market.
Two-story showroom/warehouse building with approximately 7,757± SF of
showroom/office space (37%); 1,769± SF of unfinished mezzanine space; and 11,560± SF
of air-conditioned warehouse space. The property was listed for lease by Jeff Buckler of
Lee & Associates for $23.00/SF triple net. According to Mr. Buckler the buyers
presented an unsolicited offer to purchase the property. Buyer will occupy after tenant
vacates on May 31, 2025. The contract lease is below market with an approximate rent
loss of $90,000 through the remaining lease term. Income/expenses are pro-forma based
on market. There is a 30' Drainage and Utility Easement along the southern border of the
site. The usable area excluding the easement is 44,800 square feet or 1.03 acres.
Page 1351 of 6526
3910 BUILDING SALES COMPARISON APPROACH
Page 63
Comparables Map
Page 1352 of 6526
3910 BUILDING SALES COMPARISON APPROACH
Page 64
Analysis Grid
The above sales have been analyzed and compared with the subject property. I have
considered adjustments in the areas of:
Effective Sale Price
This takes into consideration unusual conditions involved in the sale
that could affect the sales price, such as excess land, non-realty
components, commissions, or other similar factors. Usually the sale
price is adjusted for this prior to comparison to the subject.
Real Property Rights Property rights dissimilar to the subject which affect value.
Financing Terms
Favorable or unfavorable seller financing, or assumption of existing
financing.
Conditions of Sale
Circumstances that atypically motivate the buyer or seller, such as
1031 exchange transaction, assemblage, or forced sale.
Market Conditions Inflation or deflation since sale date due to economic influences
Location Market or submarket area influences on sale price; surrounding land
use influences.
Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc.
Age/Condition Attributes such as size, shape, age, number of stories, etc.
Economic Characteristics Material differences between the subjects’ net operating income and
the net operating income of the comparables on a per unit basis.
On the following page is a sales comparison grid displaying the subject property, the
comparables and the adjustments applied.
Page 1353 of 6526
3910 BUILDING SALES COMPARISON APPROACH
Page 65
Name
Address
City
Date
Price
Price Adjustment
Adjusted Price
Rentable Area
Rentable Area Unit Price
Property Rights Leased Fee 0.0%Fee Simple 0.0%Fee Simple 0.0%Leased Fee 0.0%Fee Simple 0.0%
Financing Conventional 0.0%Conventional 0.0%Cash 5.0%Cash to seller 0.0%Conventional 0.0%
Conditions of Sale Arm's Length 0.0%Arm's Length 0.0%Arm's Length 0.0%Arm's Length 0.0%Arm's length 0.0%
Market Trends Through 8/1/2025 0.0%
Location
% Adjustment
$ Adjustment
Rentable Area
% Adjustment
$ Adjustment
Year Built
% Adjustment
$ Adjustment
% Office/% AC Area 25%70%37%100%67%67%19%19%26%100%26%100%
% Adjustment
$ Adjustment
Land to Building Ratio
% Adjustment
$ Adjustment
Net Adjustments
Gross
Rockstar Pools
Comp 5
Naples
Motorsports
Comp 3
Omni
Construction
Comp 1 Comp 2
$0.00
0.0%
2004
0%
$0.00
2.95 to 1
$15.59
$0.00
-5%
2.37
$0.00
$0.00 $18.42
5%
10.0%0.0%
$327.30
0%-15%
3.407.68
0%
$0.00
$0.00
Similar
$0.00
0.0%
3.63
$0.00$0.00
5%
$17.25
$345.00
Inferior
0.0%
Similar Similar
$403.29
$403.29
$368.32 $311.72
$311.72
$320.35
0%
0%
0%
18,597
0%
11,240
$0.00
0%
2003
$0.00
0%
$0.00
0%
$0.00
0%
$15.59
-$55.25
-$18.42
$0.00
0%
0.0%
$345.00
$403.29
0.0%0.0%
$0
$1,900,000
$345.00
11,240
$296.88
18,597
Naples
3/4/2024
6,400
$3,877,800
4344 Arnold
Avenue
1990 Seward
Ave
$6,755,000
Former Meals of
Hope Building
$0
Naples Naples
$320.35 $368.32
$368.32$320.35
Transaction Adjustments
$1,900,000
Naples
$3,720,000
6/6/2025
$7,500,000
3/7/2024
3600 Westview
Dr
3910 Building
Analysis Grid
1958 Trade Center
Way
NaplesNaples
Spazio Marble and
Granite
3910 Domestic
Avenue
Comp 4
$0
1/15/2025
Average
12,550 21,086 10,100 6,400
0%
Adjusted Rentable Area Unit Price
0%0%
Similar
$0.00
Adjusted Rentable Area Unit Price
Fee Simple
10%0%-5%
1993
$0.00 -$15.59
0%
2002
$32.04
1995
5%
1990
5%
10.0%
$352.39
25.0%
-15.0%
Adjusted Rentable Area Unit Price $313.07
15.0%
5.0%
$403.29 $362.25
5.0%
5.0%
3.80
3527 Plover
Avenue
$3,877,800
4/15/2024
$0
$3,720,000
$0
8/1/2025
$7,500,000$0
$90,000
$6,665,000
12,550 21,086 10,100
Page 1354 of 6526
3910 BUILDING SALES COMPARISON APPROACH
Page 66
Comparable Sale Adjustments
Property Rights
With the exception of Comparable 1, all of the comparables transferred in fee simple or
leased fee interest at market rates; therefore, no adjustment for property rights is required.
Comparable 1 is adjusted upward, as a Price Adjustment, to account for the below market
lease through the remaining lease term.
Financing
All of the comparable sales had market orientated financing or were cash transactions;
therefore, no adjustments for financing are required. The listing agent for Comparable 3
noted the buyer presented a cash offer with a quick closing. It is adjusted upward
accordingly.
Conditions of Sale
All of the comparable sales were arm’s length transactions; therefore, no adjustments for
conditions of sale are required. The buyer of Comparable 4 reported they were drawn to
the property due to its location and paid a premium. No adjustments are made in the grid;
however, this is considered in the final reconciliation.
Economic Trends
The following graph developed from CoStar shows all industrial sales less than 20,000
square feet, excluding outliers, in Collier County since January 2024.
Page 1355 of 6526
3910 BUILDING SALES COMPARISON APPROACH
Page 67
The survey included 83 transactions. The sales ranged from 741 to 19,432 square feet and
averaged 5,598 square feet. Prices per square foot ranged from $126 to $651 per square
foot and averaged $322 psf. Cap rates ranged from 4.0% to 10.06% and averaged 5.75%.
The graph indicates a slight increasing trend in sales prices from January 2023 through
the current date. However, it is noted this is unadjusted raw data and does not relate
directly to the subject.
Based on the previous analysis, and considering the stabilization of pricing, we have not
applied an annual adjustment.
Location
The following table summarizes the population growth and average household income
within a two mile radius and the CoStar industrial market areas statistics within a two
mile radius.
Page 1356 of 6526
3910 BUILDING SALES COMPARISON APPROACH
Page 68
The subject and Comparables 3 are both located in the Naples Production Park.
Comparable 4 is located just south of the Naples Production Park along Westview Drive.
Comparables 1 and 2 are located in the J&C/Trade Center Industrial Park in North
Naples.
Comparable 5 is located in the White Lake Industrial Park in Outlying Naples with the
smallest surrounding population base and lowest income levels.
The subject and Comparables 1, 2, and 4 have the largest surrounding population base.
Comparables 1 and 2 have the highest surrounding income levels.
The subject and Comparables 3 and 4 are located in the largest industrial submarket.
Comparables 1 and 2 have the highest surrounding rental rates. Comparable 5 has the
lowest rental rates. All markets have stabilized vacancy rates.
Comparable 5 is adjusted upward for its inferior location. Comparables 1, 2, 3, and 4 are
considered relatively similar in terms of location.
Physical Characteristics
This adjustment reflects differences in attributes such as size, shape, number of stories,
etc. Size and price per square foot are typically inversely related; therefore comparable 1
is adjusted upward for its larger size while comparable 3 is adjusted downward for its
smaller size. Comparables 2, 4, and 5 are relatively similar in terms of size and no
adjustments are required.
Age/Condition
This adjustment reflects differences in age and condition. For this analysis, comparables
2 and 3 are adjusted upward for their older age. Comparable 1 has been updated recently
and is relatively similar in terms of condition; therefore, no adjustments are required.
Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5
Address 3910 Domestic
Avenue
1958 Trade
Center Way
1990 Seward
Ave
4344 Arnold
Avenue
3600 Westview
Dr
3527 Plover
Avenue
City Naples Naples Naples Naples Naples Naples
2025 Population 20,942 25,254 26,811 19,275 26,420 12,011
2030 Population 22,298 26,305 27,895 19,927 28,565 12,919
% Change 6.48%4.16%4.04%3.38%8.12%7.56%
Avg Household Income $149,156 $174,290 $176,665 $159,569 $126,364 $107,685
Total Industrial SF 5,577,309 3,199,158 3,227,754 5,403,639 5,759,609 1,985,024
Average Rental Rates $18.77 $20.20 $20.16 $18.57 $18.80 $14.27
Average Vacancy Rate 5.6%2.1%2.1%5.7%5.6%2.8%
Primary Frontage Street Domestic Avenue Trade Center Seward Ave Arnold Ave Westview Plover Ave
Source: STDB Online and Department of Transportation
Locational Adjustment - Site to Do Business (2 Mile Radius)
CoStar Industrial Analysis (2 mile radius)
Page 1357 of 6526
3910 BUILDING SALES COMPARISON APPROACH
Page 69
Comparables 4 and 5 are similar in terms of age and condition; therefore, no adjustments
are required.
Percent Office /Air Conditioning
This adjustment reflects differences in build out or condition of the interior; i.e.
percentage of office or AC space. Approximately 25% of the subject building is finished
out office area and approximately 60% of the warehouse area is air conditioned for a total
of 70% of the building being air conditioned area. Marshall Valuation Service estimates
that the cost to finish out office area in a warehouse is $74.50/sf and the cost to air
condition a warehouse is $11.00/sf. The following chart summarizes the calculations
upon which the adjustments were made. It is noted that this chart does not include factors
such as differences in quality of finish out, depreciation or size differentials, etc. This has
been taken into consideration in the concluded adjustment.
Land to Building Ratio
This adjustment category generally reflects material differences between the size of the
land and the size of the building. The subject land to building ratio is 2.95 to 1, based on
the usable area, and the comparables are different to various degrees. Because of the
shortage of land, the size of the supporting land will have an impact on overall value of
an improved property. The following chart summarizes the calculations upon which the
adjustments were made. It is noted that this chart does not include factors such as location
of building on the site; usability of the unimproved land; overall sizes of site and
improvements; etc. These factors have been taken into consideration in the concluded
adjustments.
Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5
SF 12,550 21,086 10,100 6,400 18,597 11,240
SF/Office 3,100 7,757 6,800 1,200 4,839 2,923
% Office 25%37%67%19%26%26%
% Office Cost of Building Cost 21%29%43%17%22%22%
% Difference -7%-21%4%-1%-1%
Sale Price $ Adjustment -$23.84 -$78.01 $12.67 -$3.58 -$3.03
% Adjustment Office -7%-21%4%-1%-1%
SF/Warehouse 9,450 13,329 3,300 5,200 13,758 8,317
SF/Warehouse AC 5,670 13,329 0 0 13,758 8,317
% of Warehouse AC 60%100%0%0%100%100%
% AC Whse Cost of Building Cost 5%7%0%0%9%9%
% Difference -1%5%5%-3%-3%
Sale Price $ Adjustment -$4.34 $20.09 $16.19 -$12.45 -$10.66
% Adj Whse -1%5%5%-3%-3%
Total Indicated Adjustment -9%-16%10%-4%-4%
Concluded Adjustment 0%-5%5%0%0%
Page 1358 of 6526
3910 BUILDING SALES COMPARISON APPROACH
Page 70
Similar to the subject, the land area shown for Comparables 1, 2 and 4 is the usable area
net of the large easements.
Sales Comparison Approach Conclusion
All of the value indications have been considered. Comparables 1, 4, and 5 have the least
net and gross adjustments are given most weight in arriving at my final reconciled per
square foot value of $365.00.
Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5
Sale Price $6,665,000 $3,720,000 $1,900,000 $7,500,000 $3,877,800
GBA 12,550 21,086 10,100 6,400 18,597 11,240
Lot size/sf 37,052 44,800 77,537 21,780 37,117 42,689
Land to Bldg Ratio 2.95 2.12 7.68 3.40 2.00 3.80
Land needed to equal subject
Land to Bldg Ratio 62,253 29,819 18,895 54,905 33,184
Difference/Land/SF 17,453 -47,718 -2,885 17,788 -9,504
Value of difference $610,864 -$1,670,132 -$100,973 $622,575 -$332,653
% of Sale Price 9%-45%-5%8%-9%
Concluded Adjustment 0%-15%0%0%0%
5 % Δ
5.45%
0.00%
1.41%Average:$346.77
Value Ranges & Reconciled Values
$403.29
Low:$313.07
$403.29
$351.66
$365.00
12,550
Indicated Value:
Reconciled Value/Unit Value:
Subject Size:
Number of Comparables:Adjusted
$296.88
$4,580,750
$4,580,000Reconciled Final Value:
High:
Unadjusted
Page 1359 of 6526
3910 BUILDING INCOME CAPITALIZATION APPROACH
Page 71
INCOME CAPITALIZATION APPROACH
The Income Approach to value is based on the present worth of the future rights to
income. This type of analysis considers the property from an investor's point of view, the
basic premise being that the amount and quality of the income stream are the basis for
value of the property.
Direct capitalization and discounted cash flow analysis are the two most common
capitalization methods. In direct capitalization, a single year’s expected income is divided
by an appropriate capitalization rate to arrive at a value indication. In discounted cash
flow analysis, anticipated future net income streams and a future resale value are
discounted to a present value at an appropriate yield rate.
In this analysis, we use only the direct capitalization analysis as the subject property is
largely owner occupied with one, month-to-month tenant.
Direct Capitalization Analysis
The steps involved in capitalizing the subject's net operating income are as follows:
• Develop the subject's Potential Gross Income (PGI) through analysis of the
subject’s actual historic income and an analysis of competitive current market
income rates.
• Estimate and deduct vacancy and collection losses to develop the Effective Gross
Income (EGI).
• Develop and subtract operating expenses to derive the Net Operating Income
(NOI).
• Develop the appropriate capitalization rate (Ro).
• Divide the net operating income by the capitalization rate for an estimate of value
through the income approach.
Page 1360 of 6526
3910 BUILDING INCOME CAPITALIZATION APPROACH
Page 72
Potential Gross Income (PGI)
The subject is largely owner occupied with one month-to-month tenant; therefore
potential gross income will be based on market rental rates.
Lease Structure
The predominant lease structure in the market area is net.
Occupancy
The subject is largely owner occupied with one, month-to-month tenant.
Market Rent
Market Rent Comparables
I have researched five comparables for this analysis. These are documented on the
following pages followed by a location map and analysis grid.
Comp #Name Year Built
City/State Condition Type Size Base Rent/SF
1 4440 Domestic Avenue 2001
1 Naples, FL Average Triple net 5,440 $20.00
2 3927 Exchange 1989
2 Naples, FL Average NNN 7,200 $23.33
3 6203 Janes Lane 1975
3 Naples, FL Average Triple net 7,200 $24.00
4 4085 Arnold Ave 1997
4 Naples, FL Average NNN 6,500 $22.00
5 Taylor Village Unit 5 &
9 2000
5 Naples, FL Average NNN 4,084 $21.00
Comm Lease Comments
The building features a secured, gated outdoor storage area,
mezzanine, 4 grade-level bay doors, and warehouse restroom.
Additionally, the property offers a 1,140 FF office space adjoining
the warehouse, featuring four private offices, two restrooms, and
a kitchenette.
Class S industrial building with 2,400 SF of office (33%) and 4,800
SF of warehouse space. Site is 37,897 SF with approximately 0.25
acres of outside storage available. Building has a center height of
17 feet.
7,200 Sq. Ft. building situated on 0.50± acres of land. Building
height/clear height 14’/16’. (8) 10’ W x 12’ H and (2) 8’ W x 8’
W overhead doors. 6,000 Sq. Ft warehouse space and 1,200 Sq.
Ft of office buildout. Warehouse a/c at 2,400 Sq. Ft. The property
was listed at $25/SF NNN and also for sale at $3,500,000 or
$486.11 psf. Landlord responsible for removing a Garmot Paint
booth and cleaning the warehouse to broom swept condition.
End cap space in 4-unit industrial/flex building. Unit has
approximately 960 SF of office space and 5,540 SF of warehouse
(no A/C). Warehouse is serviced by four drive-in overhead doors
and a truck well. Yard is fenced.
Two industrial flex condominium leased by one tenant. Renewal
of lease with commencement February 21, 2025. Contract rent is
flat through the three year lease term. Unit 5 consists of
showroom/warehouse space with 2nd floor private offices. Unit 9
consists of fully air-conditioned workstation with small kitchenette
and bath. Units have 16' eave height. Units are listed for sale for
$1,559,000 or $382/SF. Tenant has one remaining 3 year option.
Page 1361 of 6526
3910 BUILDING INCOME CAPITALIZATION APPROACH
Page 73
Comparables Map
Subject
Page 1362 of 6526
3910 BUILDING INCOME CAPITALIZATION APPROACH
Page 74
Analysis Grid
The above rentals have been analyzed and compared with the subject property. I have
considered adjustments in the areas of:
Lease Terms
Conditions of Lease
Other
Economic Trends (time)
Location
Physical Characteristics
Following is a rental comparison grid displaying the subject property, the comparables
and the adjustments applied.
Name
Address
City
Tenant
Start Date
Base Rent/SF
Lease Type
Term
Size
Conditions of Lease Normal 0%Normal 0%Normal 0%Normal 0%Normal 0%
Other Similar 0%Similar 0%Similar 0%Similar 0%Similar 0%
Market Trends/Year
Location
% Adjustment
$ Adjustment
Year Built
% Adjustment
$ Adjustment
Comm 1 SF
% Adjustment
$ Adjustment
% Office/% AC Area
% Adjustment
$ Adjustment
Net Adjustments
Gross Adjustments
0.0%
$21.00
5.0%10.0%10.0%
10.0%
$24.20
0.0%
Adjusted Rent $21.00 $26.40$25.23
5.0%10.0%
Transaction Adjustments
5%
$1.00
25% | 70%
$0.00
5,440
0%
21% | 21%
$20.00
Naples
2/1/2024
CMR Consruction
and Roofing
4440 Domestic
Avenue
$20.00
8/1/2025
3910 Domestic Avenue
Negotiable
5,440
Naples
Lease Analysis Grid
$23.33
NNN
Listing
Triple net
Comp 2
7,200
3927 Exchange
Ave
3927 Exchange 4085 Arnold Ave
Comp 3
6203 Janes Lane
4085 Arnold Ave
Comp 4
Taylor Village Unit
5 & 9
4/1/202512/1/2024
Naples
All Year Cooling Air Cool Inc Debbie's Draperies
& Design Studio
Comp 5
$22.00
7,200
5%
$0.00
Similar
0%
1997
5 years
Naples
2/21/2025
$21.00
NNNNNN
Naples
$22.00
$24.00
0.0%
4,084
3 years
0.0%
6,500
$24.00
$24.00
$0.00
$22.00
$21.00
$22.00
0%
$23.33
$24.00
5 years
Triple net
5 years
$24.03
Similar
$0.00
0%
$0.00
1975
0%
Similar
$1.20
5%
1989
$0.00
$24.03
3.0%
5%
Similar
2000
0.0%
$21.00
$0.00
$0.00
6,500
0%
$0.00
$21.00
$0.00
0%
7,200
0%
$0.00
0%
4,084
$1.20 $0.00$1.10
0%
7,200
0%
0%
33% | 33%15% | 15%17% | 17%
$1.20 $1.10
$0.00$0.00
$0.00
5%
5405 Taylor Road,
Unit 5 & 9
6203 Janes Lane
Comp 1
4440 Domestic
Avenue
0%
2002 2001
Similar
Expenses
Adjusted Rent
$0.00
$20.00
0%
Average
Adjusted Rent
0.0%0.0%
Adjusted Rent $20.00
5.0%
5.0%
$0.00
$0.00
$0.00
12,550
30% | 100%
5%
8/1/2025
Naples
3910 Building
Page 1363 of 6526
3910 BUILDING INCOME CAPITALIZATION APPROACH
Page 75
Comparable Rent Adjustments
Conditions of Lease
All of the comparables are recent contract leases and no adjustments for conditions of
lease are required. Comparable 1 is an active listing at market rent; therefore, no
adjustment for negotiations is required.
Economic Trends
The comparables are all recent contract leases or active listings; therefore, no adjustments
are required. Comparable 2 is adjusted upward for its annual contracted escalation.
Expense Structure
The comparables all have net lease structures; therefore, no adjustments are required.
Location
All the comparables are relatively similar in terms of location; therefore, no adjustments
are required.
Age/Condition
For this analysis, comparables 2, 3, and 4 are adjusted upward for their older age.
Comparables 1 and 5 are relatively similar in terms of age and condition.
Size
The subject consists of 12,550 square feet but can be easily leased to multiple tenants
with five (5), 1,890± square foot warehouse bays and 3,100 square feet of office space.
For this analysis, no adjustments for size are applied.
Percent Office /Air Conditioning
As in the Sales Comparison Approach, the comparables are all analyzed and adjusted for
their differing percentage of office and air-conditioned warehouse space.
Market Rent Reconciliation
The adjusted comparables range from $21.00 to $26.40 with an average of $23.57 per
square foot. Based on the preceding analysis, I have reconciled to a market rent of
$23.00, as of August 1, 2025, for the subject space.
Market Rent and Terms Reconciliation
Market Rent by Space Type
Space Type Rent Increases Type Term
Industrial $23.00 3% per annum Net 3-5 years
Page 1364 of 6526
3910 BUILDING INCOME CAPITALIZATION APPROACH
Page 76
Expense Reimbursements
The subject is analyzed on a net basis with projected reimbursements of $6.85 per square
foot.
Vacancy and Collection Loss
Based on a review of market conditions, I have projected vacancy and collection loss at
5.00%.
Expenses
Expenses Analysis and Projection
Real Estate Tax
Real Estate Tax expense of $38,869 or $3.10 per square foot is based on the projected tax
liability upon reassessment.
Insurance
Insurance expense of $18,825 or $1.50 per square foot is based on expenses at
comparable properties.
Utilities
Utilities expense of $1,883 or $0.15 per square foot is based on estimated utilities
expenses while vacant.
Repairs/Maintenance
Repairs/Maintenance expense of $12,550 or $1.00 per square foot is based on expenses at
comparable properties.
General/Administrative
General/Administrative expense of $3,138 or $0.25 per square foot is based on expenses
at comparable properties.
Management
Management expense of $10,675 or $0.85 per square foot is based on 3% of effective
gross income.
Replacement Reserves
Investors in Southwest Florida do not typically include reserves for replacement as a line
item expense above the net operating income line. Therefore, reserves for replacement
are not included in the following analysis.
Page 1365 of 6526
3910 BUILDING INCOME CAPITALIZATION APPROACH
Page 77
Capitalization Rate
The capitalization rate is the factor that coverts the stabilized net operating income (NOI)
to a present value. It is the ratio of net income to value or sale price.
NOI ÷ Sale Price = Capitalization Rate
For example, if a property sells for $500,000, and has a stabilized NOI of $50,000, the
indicated capitalization rate is 10%.
Market Extracted Rates
The table below details capitalization rates extracted from the market. The following cap
rates were derived using net operating income (NOI) that does not include a replacement
reserve expense line item. The reserve allowance is generally considered by Southwest
Florida investors as an expense below net operating income and incorporated within the
overall cap rate.
The comparable cap rates range from 4.70% to 6.94% with an average of 6.11%.
Comparable Price Date NOI NOI/SF Cap Rate
1 $6,665,000 1/15/2025 $425,972 $20.20 6.39%
2 $3,720,000 3/7/2024 $243,314 $24.09 6.54%
3 $1,900,000 6/6/2025 $131,840 $20.60 6.94%
4 $7,500,000 4/15/2024 $352,386 $18.95 4.70%
5 $3,877,800 3/4/2024 $231,582 $20.60 5.97%
Comparable Sale Cap Rates
Page 1366 of 6526
3910 BUILDING INCOME CAPITALIZATION APPROACH
Page 78
Survey Data
The following table from the RealtyRates Market Survey shows overall capitalization
rates for Industrial Flex/R&D space in Florida ranging from 8.0% to 9.2%. The overall
average for the regions is 8.8%. Overall capitalization rates for Industrial Warehouse
space in Florida ranged from 8.0% to 9.2%. The overall average for the region is 8.4%.
The following table from the PwC Real Estate Investor Survey shows overall
capitalization rates for East Coast Region Warehouse space ranging from 4.05% to 6.00%
with an average of 5.22%. Non-institutional properties (such as the subject) typically
have overall cap rates (for the National warehouse market) ranging from 6.00% to 7.00%
with an average of 6.50%.
Page 1367 of 6526
3910 BUILDING INCOME CAPITALIZATION APPROACH
Page 79
As shown, overall cap rates for the East Coast Region warehouse buildings increased by
18 basis points over the past year and by 15 basis points over the past quarter. Surveyed
investors project cap rates will either increase or hold steady over the next six months.
Capitalization Rate Conclusion
Based on the preceding analysis I place greatest reliance on the overall capitalization
rates derived from the comparable sales and conclude to an overall capitalization rate of
6.00%.
Capitalization to Value
Direct Capitalization Analysis Conclusion
Based on the preceding analysis detailed above, I have reconciled to a direct
capitalization approach value of $4,500,000 as of August 1, 2025.
Unit/Space Type Income Method Units/SF Annual % of PGI
Industrial $23.00 $/SF/Year 12,550 $288,650 77.1%
Expense Reimbursements $6.85 $/SF/Year 12,550 $85,905 22.9%
$374,555 100.0%
5.00%$18,728
$0
$355,827 95.0%
Expense Amount Annual $/SF
Real Estate Tax $38,869 $38,869 $3.10
Insurance $1.50 $18,825 $1.50
Utilities $0.15 $1,883 $0.15
Repairs/Maintenance $1.00 $12,550 $1.00
General/Administrative $0.25 $3,138 $0.25
Management 3%$10,675 $0.85
$85,939 $6.85
24.15%
$269,888 $21.51
6.00%
$4,498,140 $358.42
$4,500,000 $358.57
Income Capitalization Analysis
Potential Gross Income:
Vacancy & Collection Loss
Other Income:
Effective Gross Income (EGI):
Method
$/Year
$/SF
$/SF
$/SF
$/SF
% of EGI
Total Expenses:
Expense Ratio (Expenses/EGI):
Net Operating Income (NOI):
Capitalization Rate:
Value (NOI/Cap Rate):
Rounded:
Page 1368 of 6526
3910 BUILDING RECONCILIATION
Page 80
RECONCILIATION
The process of reconciliation involves the analysis of each approach to value. The
quantity and quality of data applied the significance of each approach as it relates to
market behavior and defensibility of each approach are considered and weighed. Finally,
each is considered separately and comparatively with each other.
Value Indications
Cost Approach: Not Developed
Sales Comparison Approach: $4,580,000
Income Approach: $4,500,000
Cost Approach
A cost analysis was considered and was not developed because the age of the
improvements makes the depreciation difficult to accurately measure.
Sales Comparison Approach
The sales comparison approach is most reliable in an active market when an adequate
quantity and quality of comparable sales data are available. Typically, this is the most
relevant method for owner-user properties, because it directly considers the prices of
alternative properties with similar utility for which potential buyers would be competing.
The subject property is a largely owner-occupied industrial building. The analysis and
adjustment of the sales provides a reasonably narrow range of value indications. While it
does not directly account for the income characteristics of the subject, this approach is
given primary weight.
Income Approach
The income approach is usually given greatest weight when evaluating investment
properties. The value indication from the income approach is supported by market data
regarding income, expenses and required rates of return. An owner/user is the most likely
purchaser of the appraised property, and a typical owner/user would not place greatest
reliance on this analysis. For these reasons, the income approach is given secondary
weight in the conclusion of value.
Page 1369 of 6526
3910 BUILDING RECONCILIATION
Page 81
Value Conclusion
Based on the data and analyses developed in this appraisal, I have reconciled to the
following value conclusion(s), as of August 1, 2025, subject to the Limiting Conditions
and Assumptions of this appraisal.
VALUE CONCLUSIONS
Appraisal Premise Interest Appraised Date of Value Value Conclusion
Market Value, As Is Fee Simple August 1, 2025 $4,580,000
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: None.
Extraordinary Assumptions: None.
Exposure and Marketing Times
Exposure time is always presumed to precede the effective date of the appraisal and is the
length of time the subject property would have been exposed for sale in the market had it
sold on the effective valuation date at the concluded market value. Marketing time is an
estimate of the amount of time it might take to sell a property at the estimated market
value immediately following the effective date of value.
Based on our review of recent sales transactions for similar properties and our analysis of
supply and demand in the local market it is our opinion that the probable marketing and
exposure time for the property is 12 months.
Page 1370 of 6526
3910 BUILDING CERTIFICATION
Page 82
CERTIFICATION
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, unbiased professional
analyses, opinions and conclusions.
3. I have no present or prospective interest in the property that is the subject of this
report, and have no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
5. Our engagement in this assignment was not contingent upon developing or
reporting predetermined results.
6. Our compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors
the cause of the client, the amount of the value opinion, the attainment of a
stipulated result, or the occurrence of a subsequent event directly related to the
intended use of this appraisal.
7. The reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the requirements of the Code of Professional
Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute.
8. My reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the Uniform Standards of Professional
Appraisal Practice
9. The use of this report is subject to the requirements of the Appraisal Institute
relating to review by its duly authorized representatives.
10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property.
11. No one provided significant real property appraisal assistance to the person signing
this certification.
12. We have experience in appraising properties similar to the subject and are in
compliance with the Competency Rule of USPAP.
Page 1371 of 6526
3910 BUILDING CERTIFICATION
Page 83
13. This appraisal is not based on a requested minimum valuation, a specific valuation,
or the approval of a loan.
14. We have not relied on unsupported conclusions relating to characteristics such as
race, color, religion, national origin, gender, marital status, familial status, age,
receipt of public assistance income, handicap, or an unsupported conclusion that
homogeneity of such characteristics is necessary to maximize value.
15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or
in any other capacity, regarding the property that is the subject of this report within
the three-year period immediately preceding acceptance of this assignment.
16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the
continuing education program for Designated Members of the Appraisal Institute.
Rachel M. Zucchi, MAI, CCIM
Florida State-Certified General Real Estate Appraiser RZ2984
rzucchi@rklac.com; Phone 239-596-0801
Page 1372 of 6526
3910 BUILDING ASSUMPTIONS AND LIMITING CONDITIONS
Page 84
ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is based on the following assumptions, except as otherwise noted in the
report.
1. The title is marketable and free and clear of all liens, encumbrances,
encroachments, easements and restrictions. The property is under responsible
ownership and competent management and is available for its highest and best
use.
2. There are no existing judgments or pending or threatened litigation that could
affect the value of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements
that would render the property more or less valuable. Furthermore, there is no
asbestos in the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale
price are in correct relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning,
and other federal, state and local laws, regulations and codes.
6. The information furnished by others is believed to be reliable, but no warranty is
given for its accuracy.
This appraisal is subject to the following limiting conditions, except as otherwise
noted in the report.
1. An appraisal is inherently subjective and represents our opinion as to the value of
the property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the
appraisal, and no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including,
without limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction
with this appraisal, and we reserve the right to revise or rescind any of the value
opinions based upon any subsequent environmental impact studies. If any
environmental impact statement is required by law, the appraisal assumes that
such statement will be favorable and will be approved by the appropriate
regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony,
respond to any subpoena or attend any court, governmental or other hearing with
reference to the property without compensation relative to such additional
employment.
6. We have made no survey of the property and assume no responsibility in
connection with such matters. Any sketch or survey of the property included in
this report is for illustrative purposes only and should not be considered to be
Page 1373 of 6526
3910 BUILDING ASSUMPTIONS AND LIMITING CONDITIONS
Page 85
scaled accurately for size. The appraisal covers the property as described in this
report, and the areas and dimensions set forth are assumed to be correct.
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if
any, and we have assumed that the property is not subject to surface entry for the
exploration or removal of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other
legal matters such as legal title, geologic considerations such as soils and seismic
stability, and civil, mechanical, electrical, structural and other engineering and
environmental matters.
9. The distribution of the total valuation in the report between land and
improvements applies only under the reported highest and best use of the
property. The allocations of value for land and improvements must not be used in
conjunction with any other appraisal and are invalid if so used. The appraisal
report shall be considered only in its entirety. No part of the appraisal report shall
be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions
as to value, the identity of the appraisers, or any reference to the Appraisal
Institute) shall be disseminated through advertising media, public relations media,
news media or any other means of communication (including without limitation
prospectuses, private offering memoranda and other offering material provided to
prospective investors) without the prior written consent of the person signing the
report.
11. Information, estimates and opinions contained in the report, obtained from third-
party sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only
for the purpose of estimating value and do not constitute predictions of future
operating results.
13. If the property is subject to one or more leases, any estimate of residual value
contained in the appraisal may be particularly affected by significant changes in
the condition of the economy, of the real estate industry, or of the appraised
property at the time these leases expire or otherwise terminate.
14. No consideration has been given to personal property located on the premises or
to the cost of moving or relocating such personal property; only the real property
has been considered.
15. The current purchasing power of the dollar is the basis for the value stated in our
appraisal; we have assumed that no extreme fluctuations in economic cycles will
occur.
16. The value found herein is subject to these and to any other assumptions or
conditions set forth in the body of this report but which may have been omitted
from this list of Assumptions and Limiting Conditions.
Page 1374 of 6526
3910 BUILDING ASSUMPTIONS AND LIMITING CONDITIONS
Page 86
17. The analyses contained in the report necessarily incorporate numerous estimates
and assumptions regarding property performance, general and local business and
economic conditions, the absence of material changes in the competitive
environment and other matters. Some estimates or assumptions, however,
inevitably will not materialize, and unanticipated events and circumstances may
occur; therefore, actual results achieved during the period covered by our analysis
will vary from our estimates, and the variations may be material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992.
We have not made a specific survey or analysis of any property to determine
whether the physical aspects of the improvements meet the ADA accessibility
guidelines. In as much as compliance matches each owner’s financial ability with
the cost to cure the non-conforming physical characteristics of a property, we
cannot comment on compliance to ADA. Given that compliance can change with
each owner’s financial ability to cure non-accessibility, the value of the subject
does not consider possible non-compliance. A specific study of both the owner’s
financial ability and the cost to cure any deficiencies would be needed for the
Department of Justice to determine compliance.
19. The appraisal report is prepared for the exclusive benefit of the Client, its
subsidiaries and/or affiliates. It may not be used or relied upon by any other party.
All parties who use or rely upon any information in the report without our written
consent do so at their own risk.
20. No studies have been provided to us indicating the presence or absence of
hazardous materials on the subject property or in the improvements, and our
valuation is predicated upon the assumption that the subject property is free and
clear of any environment hazards including, without limitation, hazardous wastes,
toxic substances and mold. No representations or warranties are made regarding
the environmental condition of the subject property and the person signing the
report shall not be responsible for any such environmental conditions that do exist
or for any engineering or testing that might be required to discover whether such
conditions exist. Because we are not experts in the field of environmental
conditions, the appraisal report cannot be considered as an environmental
assessment of the subject property.
21. The person signing the report may have reviewed available flood maps and may
have noted in the appraisal report whether the subject property is located in an
identified Special Flood Hazard Area. We are not qualified to detect such areas
and therefore do not guarantee such determinations. The presence of flood plain
areas and/or wetlands may affect the value of the property, and the value
conclusion is predicated on the assumption that wetlands are non-existent or
minimal.
22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector.
RKL Appraisal and Consulting, PLC does not guarantee that the subject property
is free of defects or environmental problems. Mold may be present in the subject
property and a professional inspection is recommended.
Page 1375 of 6526
3910 BUILDING ASSUMPTIONS AND LIMITING CONDITIONS
Page 87
23. The appraisal report and value conclusion for an appraisal assumes the
satisfactory completion of construction, repairs or alterations in a workmanlike
manner.
24. The intended use of the appraisal is stated in the General Information section of
the report. The use of the appraisal report by anyone other than the Client is
prohibited except as otherwise provided. Accordingly, the appraisal report is
addressed to and shall be solely for the Client’s use and benefit unless we provide
our prior written consent. We expressly reserve the unrestricted right to withhold
our consent to your disclosure of the appraisal report (or any part thereof
including, without limitation, conclusions of value and our identity), to any third
parties. Stated again for clarification, unless our prior written consent is obtained,
no third party may rely on the appraisal report (even if their reliance was
foreseeable).
25. All prospective value estimates presented in this report are estimates and forecasts
which are prospective in nature and are subject to considerable risk and
uncertainty. In addition to the contingencies noted in the preceding paragraph,
several events may occur that could substantially alter the outcome of our
estimates such as, but not limited to changes in the economy, interest rates, and
capitalization rates, behavior of consumers, investors and lenders, fire and other
physical destruction, changes in title or conveyances of easements and deed
restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
Page 1376 of 6526
3910 BUILDING ADDENDA - APPRAISER QUALIFICATIONS
ADDENDA
Page 1377 of 6526
3910 BUILDING ADDENDUM A - APPRAISER QUALIFICATIONS
ADDENDUM A
APPRAISER QUALIFICATIONS
Page 1378 of 6526
3910 BUILDING ADDENDUM A - APPRAISER QUALIFICATIONS
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
RKL Appraisal and Consulting, PLC
COMPANY PROFILE:
RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members
of the Appraisal Institute. It is our mission to maximize our combined appraisal
experience to provide our clients with the highest quality of Real Estate Appraisal and
Consulting Services.
Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI
Partner / Managing Director Partner Senior Partner (Retired)
rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com
BUSINESS FOCUS:
Practice is focused on community/neighborhood shopping centers, retail and office
buildings, industrial warehouse/distribution buildings, residential and commercial
condominium and subdivision projects, hotels and motels, vacant land and special
purpose properties. Specialized services include appraisal review, business valuations,
market feasibility studies, acquisition/disposition counseling, and litigation support in
connection with real estate transactions including bankruptcy, eminent domain, estate
valuations, and matrimonial and equitable distribution. Clients served include banks and
financial institutions, developers and investors, law firms, government, and property
owners.
Page 1379 of 6526
3910 BUILDING ADDENDUM A - APPRAISER QUALIFICATIONS
PROFESSIONAL QUALIFICATIONS OF
Rachel M. Zucchi, MAI, CCIM
EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC
Naples, FL (2009 – Present)
President of D&R Realty Group, Inc.
Naples, FL (2009 – Present)
Senior Real Estate Analyst, Integra Realty Resources – Southwest Florida
Naples, FL (2003 – 2009)
Research Associate, Integra Realty Resources – Southwest Florida
Naples, FL (2002-2003)
PROFESSIONAL
ACTIVITIES:
Member:
President:
VP/Secretary/Treasurer:
Region X Representative:
Board of Directors:
Government Relations:
Prof. Standards & Guidance:
LDAC Attendee:
Member:
Member:
Licensed:
Licensed:
Appraisal Institute – MAI Certificate Number 451177
Appraisal Institute Florida Gulf Coast Chapter (2020)
Appraisal Institute Florida Gulf Coast Chapter (2017 - 2019)
Appraisal Institute Florida Gulf Coast Chapter (2017 - 2022)
Appraisal Institute Florida Gulf Coast Chapter (2015 - 2021)
Appraisal Institute National (2022)
Appraisal Institute National (2023-2026)
Leadership Development & Advisory Council
Appraisal Institute - Washington, D.C. (2016, 2017, 2018)
CCIM Institute - CCIM Designation Pin Number 21042
Naples Area Board of REALTORS
Florida State Certified General Real Estate Appraiser
License No. RZ 2984
Real Estate Broker (Florida)
License No. BK3077672
EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County and
Lee County
EDUCATION: Bachelor of Arts, Major in Economics
Florida Gulf Coast University, 2002
Graduated Magna Cum Laude
Presented at Eastern Economic Association Conference
Successfully completed real estate and valuation courses and seminars sponsored by the
Appraisal Institute and others.
BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on
community/neighborhood shopping centers, retail and office buildings, industrial
warehouse/distribution, multi-family and single-family subdivisions, condominium
developments, hotels/motels, vacant land and special purpose properties. Specialized services
include market feasibility studies and litigation support in connection with real estate
transactions. Clients served include banks and financial institutions, developers and investors,
law firms, government, and property owners. Valuations have been performed for eminent
domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence
support.
Page 1380 of 6526
3910 BUILDING ADDENDUM A - APPRAISER QUALIFICATIONS
Page 1381 of 6526
3910 BUILDING ADDENDUM B - PROPERTY INFORMATION
ADDENDUM B
PROPERTY INFORMATION
Page 1382 of 6526
$1,750,000
$180,000
Collier County Property Appraiser
Summary
Parcel ID 00282090906 Site Location 3910 DOMESTIC AVE, NAPLES 34104
Name / Address AMBROSI 3 LLC
3910 DOMESTIC AVENUE
City NAPLES State FL Zip 34104
Legal 36 49 25 W 118FT OF N1/2 OF S 688.60FT OF W1/2 OF E1/2 OF E 1/2 OF NW1/4
Sub./Condo 100 - ACREAGE HEADER
Use Code 48 - WAREHOUSING, DISTRIBUTION
TERMINALS, TRU Millage Area 153 Municipality UNINCORPORATED
Map No.Strap No.Section Township Range Acres *Estimated
4A36 000100 301 04A36 36 49 25 0.85
Latest Sales History
(Not all Sales are listed due to Confidentiality)
Date Book-Page Amount
07/26/19 5657-1674
03/31/99 2529-918
2025 Preliminary Tax Roll
(Ad Valorem Only, Non-Ad Valorem After Certification)
Just Values Amount
Land $1,304,511
(+) Improvements $1,598,276
(=) Total Just $2,902,787
Assessment Reductions Applies To
(-) Non-Homestead 10%Non-School $878,407
Assessed Values
(=) Non-School Assessed $2,024,380
(=) School Assessed $2,902,787
Taxable Values Millage Rates
(=) Non-School Taxable 6.3593 $2,024,380
(=) School Taxable 4.2490 $2,902,787
Tax Amounts
Ad Valorem Taxes $25,207.59
(=) Total Tax $25,207.59
Important: This is not a tax bill. Preliminary values are subject to change. Ad valorem taxes shown are proposed only. Non-
ad valorem assessments are not included in preliminary figures and will be posted after certification by the levying
authorities. Do not rely on current taxes to estimate taxes after a change in ownership. A transfer may significantly affect the
taxable value due to loss of exemptions, reset of Save Our Homes or the 10% Cap, and/or market changes. Use our Tax
Estimator to estimate taxes under new ownership. Values reflect conditions as of January 1st each year and may differ from
the actual tax bill due to millage changes or additional non-ad valorem assessments. For the most accurate and up-to-date
tax information, please visit the Collier County Tax Collector ’s Office.
Page 1383 of 6526
Collier County Property Appraiser
Detail
Parcel ID 00282090906 Site Location 3910 DOMESTIC AVE, NAPLES 34104
Permits (Provided for reference purposes only. )
Tax Yr Issuer Permit #Issued Date CO Date Temp CO Final Bldg Type
2022 COUNTY PRHV20210102574 05/27/21 06/03/21 OTHER
2021 COUNTY PRPL20200831564 12/16/20 OTHER
2020 COUNTY PRBD20190833623 08/21/19 10/03/19 OTHER
2018 COUNTY PRBD20170518265 06/06/17 06/14/17 OTHER
2015 COUNTY PRFR20140306046 03/19/14 02/18/15 OTHER
2002 COUNTY 2000033126 03/20/02
Land
#Calc Code Units
10 ACREAGE 0.85
20 ACREAGE 0.08
Building/Extra Features
#Year Built Description Area Adj Area
10 2002 FACTORY BUILDING 11000 11000
20 2002 ASPHALT PAVING 17100 17100
Page 1384 of 6526
Page 1385 of 6526
Page 1386 of 6526
Collier County Water-Sewer District
TAX ID NUMBER. 00282090906
AGREEMENT FOR SALE AND PURCHASE
THIS AGREEMENT FOR SALE AND PURCHASE (hereinafter referred to as this
"Agreement") is made and entered into by and between AMBROSI 3 LLC, a Florida
limited liability company whose address is 3910 Domestic Avenue, Naples, FL 34104
(hereinafter referred to as "Seller"), and the BOARD OF COUNTY COMMISSIONERS
OF COLLIER COUNTY, FLORIDA, AS THE GOVERNING BODY OF COLLIER
COUNTY AND AS THE EX-OFFICIO GOVERNING BOARD OF THE COLLIER
COUNTY WATER-SEWER DISTRICT, its successors and assigns, whose address is
2685 Horseshoe Drive South, Suite 103, Naples, FL 34104 (hereinafter referred to as
"Purchaser").
WITNESSETH
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", attached hereto and made a part hereof by
reference.
WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions
and other 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 respective
undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the
receipt and sufficiency of which is hereby acknowledged, it is agreed as follows:
I. AGREEMENT
1.01 ln consideration of the purchase price and upon the terms and conditions
hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase
from Seller the Property, described in Exhibit "A" attached hereto and made a part
of this Agreement.
II. PAYMENT OF PURCHASE PRICE
2.01 The purchase price (the "Purchase Price") for the Property shall be Four
Million, Five Hundred Thousand Dollars and 00/100 dollars ($4,500,000.00),
(U.S. Currency) or the average of two appraisals engaged by the Purchaser,
whichever is lower, payable at time of Closing; lf the average of the appraisals is
less than Four Million Five Hundred Thousand and 00/100 Dollars ($4,500,000.00),
the Board of County Commissioners may, by supermajority vote, approve payment
of the higher Purchase Price. Notwithstanding anything in this Agreement to the
Public Utilities Division 612025 Page 1 of 17
cP'o
Docusign Envelope ID: 91AECEE8-30B3-4E69-8A22-A996FDE2679A
Page 1387 of 6526
Collier County Water-Sewer District
TAX ]D NUM BER : 00282090906
contrary, if such supermajority approval is not obtained or if for any reason the
Purchase Price to be paid to Seller to Purchaser at Closing is less than Four
Million, Five Hundred Thousand Dollars and 00/100 dollars ($4,500,000.00), then
Seller in its sole discretion shall have the right to rescind this Agreement upon
written notice without cost or penalty.
III. CLOSING
3.01 The Closing (THE "CLOSING DATE", "DATE OF CLOSING", OR "CLOSING") of
the transaction shall be held on or before one hundred and eighty (180) days
following execution of this Agreement by the Purchaser, or within thirty (30) days of
Purchaser's receipt of all reasonably required closing documents, whichever is
later; provided, however, notwithstanding anything herein to the contrary, if for any
reason Closing does not occur on or before December 31,2025, and the failure to
Close is not caused by any act or omission of the Seller, then Seller in its sole
discretion shall have the right to rescind this Agreement upon written notice without
cost or penalty. The Closing shall be held at the office of the insuring title company
or by mail or by electronic signatures. The procedure to be followed 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 determined according to
applicable title standards adopted by the Florida 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,
if legally required, acknowledged and 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, restrictiohs, or conditions of record.
3.0 112 Combined Purchaser-Seller closing statement.
3.0113 A "Gap Tax Proration, Owner's Non-Foreign Affidavit", as required by
Section 1445 of the lnternal Revenue Code and as required by the title
insurance undenrvriter to insure the "gap" and issue the policy contemplated
by the Title Commitment.
3.0114 A W-9 Form, "Request for Taxpayer ldentification and Certification"
as required by the lnternal Revenue Service.
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3.012 At the Closing, the Purchaser, or its assignee, shall cause to be
delivered to the Seller the items specified herein and the following documents and
instruments duly executed :
3.0121 A negotiable instrument (County Warrant) in an amount equal to the
Purchase Price. 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 Title Commitment,
referenced in Section 4.011 thereto, and the Title Company is irrevocably
committed to pay the Purchase Price to Seller and to issue the Owner's title
policy to Purchaser in accordance with the Title Commitment immediately
after the recording of the deed.
3.0122 Funds payable to the Seller representing the cash payment due at
Closing in accordance with Article lll hereof, shall be subject to adjustment
for prorations as hereinafter set forth.
3.0 123 Combined Purchaser-Seller closing statement.
3.02 Each party shall be responsible for payment of its own attorney's fees. Seller,
at its sole cost and expense, shall pay at Closing all documentary stamp taxes due
relating to the recording of the Warranty Deed, in accordance with Chapter 201.01,
Florida Statutes, and electronic fee of recording any instruments necessary to clear
Seller's title to the Property (including a Multiple Lien Search, Electronic Service
Fees for documents being recorded, and a Corporate Affidavit). The cost of the
Owne/s Form B Title Policy, issued pursuant to the Title Commitment provided for
in Section 4.011 below, shall be paid by Purchaser. The cost of the Title
Commitment along with the closing fee and any other charges for title services
shall also be paid by Purchaser. lf (i) required by a Phase I report issued by a
licensed environmental professional received prior to Closing at Purchaser's sole
expense and (ii) desired by Purchaser, then Seller shall pay for a Phase ll
Environmental Assessment selected by Purchaser; provided, however, if for any
reason the cost of such Phase ll Environmental Assessment exceeds Five
Thousand Dollars and 00/100 dollars ($5,OOO.OO), then Seller in its sole discretion
shall have the right to rescind this Agreement upon written notice without cost or
penalty.
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 yeads millage is not fixed, taxes will be prorated based upon such prior
yea/s millage.
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IV. REQUIREMENTS AND CONDITIONS
4.01 Upon execution of this Agreement by both parties or at such other time as
specified within 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;
4.011 Within fifteen (15) days after the effective date hereof, Purchaser shall
request as evidence of title an ALTA Commitment for an Owner's Title
lnsurance Policy (ALTA Form B-1970) covering the Property (the "Title
Commitment"), together with hard copies of all exceptions shown thereon.
Purchaser shall have thirty (30) days, following receipt of the Title Commitment,
to notify Seller in writing of any objection to title other than liens evidencing
monetary obligations, if any, which obligations shall be paid at Closing. lf the
Title Commitment contains uncurable exceptions that make the title
unmarketable, Purchaser shall deliver to the Seller written notice of its intention
to waive the applicable contingencies or to terminate this Agreement no later
than ninety (90) days after the effective date of this Agreement as Purchaser's
sole remedy.
4.012 lf Purchaser shall fail to advise the Seller in writing of any such
objections or uncurable exceptions in Selleds title in the manner herein
required by this Agreement, the title shall be deemed fully acceptable to
Purchaser and Purchaser shall waive all rights to raise any further objections
or uncurable exceptions in Selle/s title. Upon notification of Purchase/s
objection to title, Seller shall have thirty (30) days to cure or othenuise 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 objections within said time period,
Purchaser, by providing written notice to Seller within seven (7) days after
expiration of said thirty (30) day period, may accept title as it then is, waiving
any objection; or Purchaser may terminate the Agreement as Purchaser's sole
remedy. 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 and the
contingencies in Sections 4.011 and 4.012 shall be deemed waived.
4.013 Seller agrees to furnish any existing surveys of the Property in Seller's
possession to Purchaser within ten (10) days of 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 adjustments to the Purchase Price shall be made based upon any
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change to the total acreage referenced in Exhibit "A," unless the difference in
acreage revealed by survey exceeds 5o/o of the overall acreage. lf the survey
provided by Seller or obtained by Purchaser, as certified by a registered
Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an
improvement located on the Property projects 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
shall have the option of curing 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 this Agreement to notify Seller of any such
objections. Should Seller elect not to or be unable to remove the
encroachment, projection, or provide 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 projection,
or lack of legal access, or Purchaser may terminate the Agreement as
Purchaser's sole remedy. 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 projection, or
lack of legal access and the contingencies in this Section 4.013 shall be
deemed waived.
V. INSPECTION PERIOD
5.01 Purchaser shall have ninety (90) days from the effective date of this
Agreement, ("lnspection Period"), to determine through appropriate investigation
that:
1. Soil tests and engineering studies indicate that the Property can be developed
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 Property is in compliance with all applicable State and Federal environ-
mental laws and the Property is free from any pollution or contamination.
4. The Property can be utilized for its intended use and purpose by the Collier
Cou nty Water-Sewer D istrict.
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 notify the Seller
in writing of its specific objections as provided herein within the lnspection Period,
it shall be deemed that the Purchaser is satisfied with the results of its
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investigations and the contingencies of this Article V shall be deemed waived. ln
the event Purchaser elects to terminate 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 during normal business hours for
the purpose of surveying and conducting site analyses, soil borings and all other
necessary 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 Property. Purchaser shall be solely responsible for any and
all damage to the Property or improvements thereon caused by or resulting from
any inspections, analyses, borings or other investigations conducted by Purchaser
or any of its agents, employees and servants, Purchaser agrees to repair such
damage and restore the Property and improvements thereon to their pre-existing
condition. Purchaser's repair and restoration obligations hereunder shall survive
termination of this Agreement.
VI. INSPECTION
6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have
the right to inspect the Property at any time during normal business hours prior to
the Closing upon no less than twenty-four (24) hours prior notice to Seller.
VII. POSSESSION
7.O1 Purchaser shall be entitled to full possession of the Property at Closing,
subject to the following temporary occupancy rights granted to Seller. Purchaser
shall allow the Seller to occupy and use (i) all of the shop (i.e., retail space) portion
of the Property, including all of the upstairs area above the shop (i.e. the portion of
the Property closest to Domestic Avenue), (ii) all of the bay adjacent to the shop
and closest to Domestic Avenue (i.e., the first of five warehouse spaces) and (iii)
the five (5) parking spaces in the parking area closest to and abutting the front
doors to the shop (collectively, the "Occupied Area") for a period of up to sixty (60)
days following the date of Closing ("Occupancy Period"). Seller shall not be
required to pay rent or any other amounts to Purchaser for such post-Closing
Occupancy Period; however, Seller shall be solely responsible for all utility
charges associated with the use of the Occupied Area during such Occupancy
Period, as well as the cost of installation, maintenance, and service of any
separate meters required to measure such use, if any.
All other portions of the Property shall be delivered vacant and free of any
personal property or occupants at Closing. Upon expiration of the Occupancy
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Period, Seller shall deliver the Occupied Area to Purchaser free and clear of all
personal property and occupants, in broom clean condition, and othenrvise in the
same condition as it existed as of the date of Closing. lf Seller fails to vacate at the
end of the Occupancy Period, Seller shall be liable for holdover damages in the
amount of $233.33 per day, in addition to any other remedies available to
Purchaser at law or in equity.
Seller shall maintain commercially reasonable liability and personal property
insurance naming Purchaser as an additional insured during the Occupancy
Period. Seller shall release, indemnify and hold harmless Purchaser, as well as
their employees, agents and representatives, from any and all claims, demands,
causes of action or damages of any kind or nature brought by the undersigned or
others, including reasonable attorneys' fees, arising out of or in any way
associated with Seller's post-Closing temporary occupancy of the Occupied Area,
including without limitation any personal injury or property damage arising from
such occupancy. This indemnification shall survive the Closing and remain in full
force and effect until the expiration of the Occupancy Period and the resolution of
any claims arising therefrom.
VIII. PRORATIONS
8.01 Ad valorem taxes next due and payable after closing on the Property shall be
prorated as of the Closing Date (with Seller charged for the period prior to the
Closing Date and Purchaser charged for the period on and after the Closing Date)
based upon the gross amount of current year taxes.
IX. TERMINATION AND REMEDIES
9.01 lf Seller shall have failed to perform any of the covenants and/or agreements
contained herein which are to be performed by Seller, within ten (10) days of
written notification of and opportunity to cure such failure, Purchaser may, at its
option, terminate this Agreement by giving written notice of termination to Seller;
provided, however, if the cure of such failure reasonably requires more than ten
(10) days, then Seller shall have an additional (and final) thirty (30) day period
commencing immediately upon the expiration of the initial ten (10) day period so
long as Seller is continuously and diligently taking action to complete the cure of
such failure as soon as reasonably practicalwithin such additional (and final) thirty
(30) day period. lf Seller fails to cure such failure within the extended cure period,
Purchaser may terminate this Agreement by written notice to Seller. Termination
in accordance with this section shall be Purchaser's sole and exclusive remedy for
any such failure by Seller.
9.02 lf Purchaser shall have failed to perform any of the covenants and/or
agreements contained herein which are to be performed by Purchaser, within ten
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(10) days of written notification of and opportunity to cure such failure, Seller may,
at its option, terminate this Agreement by giving written notice of termination to
Purchaser; provided, however, if the cure of such failure reasonably requires more
than ten (10) days, then Purchaser shall have an additional (and final) thirty (30)
day period commencing immediately upon the expiration of the initial ten (10) day
period so long as Purchaser is continuously and diligently taking action to
complete the cure of such failure as soon as reasonably practical within such
additional (and final) thirty (30) day period. lf Purchaser fails to cure such failure
within the extended cure period, Seller may terminate this Agreement by written
notice to Purchaser. Termination in accordance with this section shall be Seller's
sole and exclusive remedy for any such failure by Purchaser.
9.03 The parties acknowledge that the remedies described herein and in the other
provisions of this Agreement provide mutually satisfactory 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 AND PURCHASER'S REP RESENTATIONS AN D WARRANTI ES
10.01 Seller and Purchaser represent and warrant the following:
10.011 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. To the best of Seller's knowledge, Seller is not
presently the subject of a pending, threatened or contemplated bankruptcy
proceeding. Seller further represents the Property is free from any and all
occupants, tenants, and other persons or entities claiming possession of the
Proper$ at the time of Closing. This provision shall survive Closing.
10.012 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 executed 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 effective
date of this Agreement and as of the date of Closing. Purchaser's acceptance
of a deed to the said Property shall not be deemed to be full performance and
discharge of every agreement and obligation on the part of the Seller to be
performed pursuant to the provisions of this Agreement.
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1O.O14 Seller represents that it has no knowledge of any actions, suits, claims,
proceedings, litigation or investigations pending or threatened against Seller, at
law, equity or in arbitration before or by any federal, state, municipal or other
governmental instrumentality that relate to this agreement or any other
property that could, if continued, adversely affect Selle/s ability to sell the
Property to Purchaser according to the terms of this Agreement.
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
Property or any rights therein, nor enter into any agreements 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 represents 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 that to their 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 currently used in
connection with the operation of the Property, and, to the best of Seller's
knowledge, there is no proceeding or inquiry by any authority with respect
thereto. Seller represents that they have (it has) no knowledge that there is
ground water contamination on the Property or potential of ground water
contamination from neighboring properties. Seller represents that they 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 the Property at any
time during or prior to Seller's ownership thereof. Seller represents that they
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 Selle/s operations
concerning the Property are in violation of any applicable Federal, State or
local statute, law or regulation, or of any notice from any governmental body
has been served upon Seller claiming any violation of any law, ordinance, code
or regulation or requiring or calling attention to the need for any work, repairs,
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construction, alterations or installation on or in connection with the Property in
order to comply with any laws, ordinances, codes or regulation with which
Seller has not complied.
10.019 Seller has no knowledge of unrecorded leases, licenses or other
possessory interests, restrictions, easements, or rights of way (other than
easements, restrictions or conditions of record, and existing zoning
regulations) that restrict or affect the use of the Property, and there are no
maintenance, construction, advertising, management, leasing, employment,
service, or other contracts affecting the Property which have not been
disclosed to Purchaser in writing prior to Closing.
10.020 Seller has no knowledge that there are any suits, 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 Selle/s ability
to perform hereunder; nor does Seller have knowledge of any other charge or
expense upon or related to the Property which has not been disclosed to
Purchaser in writing prior to the Closing.
10.021 Seller acknowledges and agrees that Purchaser is entering into this
Agreement based upon Selle/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 effective 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 Property or the governmental
ordinances 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 Upon Purchaser's request at the Closing, Seller shall deliver to
Purchaser a statement (hereinafter called the "Closing Representative
Statement") reasserting the foregoing representations as of the Date of
Closing, which provisions shallsurvive the Closing.
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10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend
and hold Purchaser harmless from any and all costs (including attorney's fees)
asserted against, imposed on or incurred by Purchaser, directly or indirectly,
pursuant to or in connection with the application of any federal, state, local or
common law relating to pollution or protection of the environment to the extent
arising from the condition of the Property prior to the Closing Date, including,
but not limited to, the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980,42 U.S.C. Section 9601, et seq.,
("CERCLA" or "Superfund"), which was amended and upgraded by the
Superfund Amendment and Reauthorization Act of 1986 ("SARA"), including
any amendments or successor in function to these acts. This provision and
the rights of Purchaser, hereunder, shall survive Closing and are not deemed
satisfied by conveyance of title.
10.024 Any loss and/ordamage to the Property between the effective date of
this Agreement and the date of Closing shall be Selle/s sole risk and expense.
XI. NOTICES
11.O1 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, and with notification to the other Paff sent via email
containing the tracking number and/or fax number (if applicable) of such notice
addressed as follows:
lf to Pu rchaser:Joseph Bellone
Division Director
Public Utilities Division
3339 Tamiami Trail E. Suite 301
Naples, Florida 341 12
Email: Joseph.Bello Iiercou ntvfl.oov
With a copy to Attn: Grant Cox
Collier County Real Property Management
2685 Horseshoe Dr. S., Suite 103
Naples, Florida 34104
Telephone n umber: 239-252-5373
Fax number: 239-252-8876
Ema il : G ra nt. Cox@co lliercou ntyfl.q ov
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lf to Seller:Name: AMBROSI 3 LLC, a Florida lirnited liability company
Address: 3910 Domestic Avenue
City. Naples State. FL Zip:34104
Telephone n umber: 239-253- 177 4
Fax number: _N lA-
Email: rba7660@qmail.com
With a copy to Attn: William L. Owens
Bond, Schoeneck & King, PLLC
4001 Tamiami Trail North, Suite 105
Naples, FL 34103
Telephone n umber: 239-6 59-3822
Fax number: 239-649-3410
E ma i I : wowg n s@.[-s,K. co m
&
Name: Cody Shadley
Address: 9130 Galleria Court, Suite 100
City: Naples State. FL Zip. 341 09
E m a i I : co d vs h adlgy(QK,gy.ag_q..,-c".o m
&
Name: Bryan Flores
Email : bryanflores@kovacq .com
11.02 The addressees and numbers for 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 respective 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.
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XIII. MISCELLANEOUS
13.01 This Agreement may be executed in any manner of counterparts by manual
signature or authenticated by any electronic signature or other method effective
under applicable law, each of which shall be deemed an original and all of which
together shall constitute one and the same 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 admits.
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 the use thereof may require.
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 to any other provision.
13.07 lf any date specified in this Agreement falls on a Saturday, 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 acceptance 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
Public Utilities Division 612025 Page 13 of 17
elo
Docusign Envelope ID: 91AECEE8-30B3-4E69-8A22-A996FDE2679A
Page 1399 of 6526
Collier County Water-Sewer District
TAX ID NUMBER. 00282090906
beneficial interest in the Property before Property 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.
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
covenant not included in this Agreement, or any such referenced agreements has
been or is being relied upon by either party. No modification or amendment of this
Agreement shall be of any force or effect unless made in writing and executed and
dated by both Purchaser and Seller. Time is of the essence of this Agreement.
XV. ACKNOWLEDGMENT OF POTENTIAL FUTURE USE
15.01 Any development rights or credits available on the Property are relinquished
by the Seller and conveyed to the Purchaser at Closing as part of the sale of the
Property.
S/GA/ATURES APPEAR O/V THE FOLLOWING PAGES
Public Utilities Division 612025 Page 14 of 17
CAC
Docusign Envelope ID: 91AECEE8-30B3-4E69-8A22-A996FDE2679A
Page 1400 of 6526
Collier County Water-Sewer District
TAX lD NUMBER : 00282090906
lN WITNESS WHEREOF, the parties hereto have signed below
Dated ProjecUAcquisition Approved by BCC:_
AS TO PURCHASER:
ATTEST:
CRYSTAL K. KINZEL, Clerk of the
Circuit Court and Comptroller
BOARD OF COUNTY COMMISSIONERS
OF COLLIER COUNTY, FLORIDA, AS
THE GOVERNING BODY OF COLLIER
COUNTY AND AS THE EX-OFFICIO THE
GOVERNING BOARD OF THE COLLIER
COU NTY WATER-SEWER DISTRICT
By:
, Deputy Clerk Burt L. Saunders, Chairman
REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK
cAO
Public Utilities Division 612025 Page 15 of 17
Docusign Envelope ID: 91AECEE8-30B3-4E69-8A22-A996FDE2679A
Page 1401 of 6526
Collier County Water-Sewer District
TAX ID NUMBER. 00282090906
AS TO SELLER:
AMBROSI 3 LLC,
a Florida limited liability company
By:
Name: Rudy Ambrosi
Title: Manager
Date:
Approved as to form and Iegality:
Sally A. Ashkar, Assistant County
,r/\
Public Utilities Division 612025
1V
Page 16 of 17
CAO
Docusign Envelope ID: 91AECEE8-30B3-4E69-8A22-A996FDE2679A
7/25/2025
Page 1402 of 6526
Collier County Water-Sewer District
TAX lD NUMBER : 00282090906
EXHIBIT *A"
PROPERTY IDENTIFICATION NUMBER: 00282090906
The West 1 1 8 feet of the North 1 12 of the South 688.60 feet of the West 1 12 of the East
112 of the East 112 of the Northwest 114, Section 36, Township 49 South, Range 25
East, of the Public Records of Collier County, Florida.
0.85 ACRES +l-
CAO
Public Utilities Division 612025 Page 17 of 17
Docusign Envelope ID: 91AECEE8-30B3-4E69-8A22-A996FDE2679A
Page 1403 of 6526
3910 BUILDING ADDENDUM C - COMPARABLE DATA
ADDENDUM C
COMPARABLE DATA
Page 1404 of 6526
3910 BUILDING ADDENDUM C - COMPARABLE DATA
ID 9799 Date 1/15/2025
Address 1958 Trade Center Way Price $6,665,000
City Naples Price Per RA $316.09
State FL Transaction Type Closed Sale
Grantor Naples Warehouse, LLC Financing Conventional
Grantee Spazio Marble & Granite Inc Property Rights Leased Fee
Tax ID
Days on Market --Sale Verification Date 10/22/2024
Book/Page or Reference Doc OR 6431 PG 3144 Sale Verification Source Jeffrey Buckler, SIOR; Lee &
Associates
Conditions of Sale Arm's Length Sale History None in previous 3 years.
Acres 1.15 Topography Level
Land SF 50,050 Zoning I (Industrial District)
Primary Frontage Feet 175 Flood Zone Zone AE and X
Primary Frontage Street Trade Center Way Dimensions 175' x 286'
Utilities All Utilities Available Shape Roughly rectangular
Land to Building Ratio 2.37 Floor Area Ratio 0.42
GBA 21,086 PGI $559,412
Rentable Area 21,086 EGI $542,630
Construction Concrete Block and Heavy Steel NOI $425,972
Year Built 1995 Cap Rate 6.39%
Roof Type Flat NOI/SF $20.20
Condition Good Occupancy Buyer
Comparable 1
Two-story showroom/warehouse building with approximately 7,757± SF of showroom/office space (37%); 1,769± SF of unfinished
mezzanine space; and 11,560± SF of air-conditioned warehouse space. The property was listed for lease by Jeff Buckler of Lee &
Associates for $23.00/SF triple net. According to Mr. Buckler the buyers presented an unsolicited offer to purchase the property. Buyer
will occupy after tenant vacates on May 31, 2025. The contract lease is below market with an approximate rent loss of $90,000 through the
remaining lease term. Income/expenses are pro-forma based on market. There is a 30' Drainage and Utility Easement along the southern
border of the site. The usable area excluding the easement is 44,800 square feet or 1.03 acres.
Site
Comments
Improvements & Financial Data
Transaction
77020006509
Page 1405 of 6526
3910 BUILDING ADDENDUM C - COMPARABLE DATA
ID 9740 Date 3/7/2024
Address 1990 Seward Ave Price $3,720,000
City Naples Price Per RA $368.32
State FL Transaction Type Closed Sale
Grantor 9720 Sample, LLC Financing Conventional
Grantee Omni RE Holdings LLC Property Rights Fee Simple
Tax ID
Days on Market --Sale Verification Date 9/4/2024
Book/Page or Reference Doc Instr #6518183 Sale Verification Source Adam Palmer, CCIM, SIOR;
LQ Commercial
Conditions of Sale Arm's Length Sale History 8/2022 - $2,850,000
Acres 1.78 Topography Level
Land SF 77,537 Zoning I (Industrial)
Primary Frontage Feet 165 Flood Zone Zone X
Primary Frontage Street Seward Ave Dimensions 165' x 566'
Utilities All Utilities Available Shape Roughly rectangular
Land to Building Ratio 7.68 Floor Area Ratio 0.13
GBA 10,100 PGI $306,186
Rentable Area 10,100 EGI $297,000
Construction Concrete Block & Metal NOI $243,314
Year Built 1990 Cap Rate 6.54%
Roof Type Flat NOI/SF $24.09
Condition Average Occupancy Buyer
Improvements & Financial Data
Two-story 6,800 SF concrete block office building (67%) with attached rear metal 3,300 SF warehouse with approximately 14' high ceilings
located at the southeast corner of Seward Ave and Kathleen Court. Usable site area (excluding Kathleen Court ROW) is 1.78 acres.
Purchased by the tenant for owner occupancy. Income/expenses are pro-forma based on market.
Comments
Comparable 2
00255087700 & 52685000143
Transaction
Site
Page 1406 of 6526
3910 BUILDING ADDENDUM C - COMPARABLE DATA
ID 10330 Date 6/6/2025
Address 4344 Arnold Avenue Price $1,900,000
City Naples Price Per RA $296.88
State FL Transaction Type Closed Sale
Grantor Meals of Hope, Inc Financing Cash
Grantee Senna Vault, LLC Property Rights Fee Simple
Tax ID
Days on Market 2 months Sale Verification Date 4/17/2025
Book/Page or Reference Doc Instru #6693533 Sale Verification Source David Wallace; CRE
Consultants
Conditions of Sale Arm's Length Sale History None in previous 3 years.
Acres 0.50 Topography Level
Land SF 21,780 Zoning I (Industrial)
Primary Frontage Feet 109 Flood Zone Zone X
Primary Frontage Street Arnold Ave Dimensions 109' x 200'
Utilities All Utilities Available Shape Roughly rectangular
Land to Building Ratio 3.40 Floor Area Ratio 0.29
GBA 6,400 PGI $179,200
Rentable Area 6,400 EGI $170,240
Construction Heavy Steel NOI $131,840
Year Built 1993 Cap Rate 6.94%
Roof Type Flat NOI/SF $20.60
Condition Average Occupancy Buyer
Transaction
Site
Comments
Improvements & Financial Data
Comparable 3
279880006
Industrial flex building with 1,200 SF of office space (19%) and 5,200 SF of warehouse space. There is mezzanine storage above the office
that is not included in the gross leasable area. The warehouse has a 17' clear height at the front of the building and 12'6" at the back of the
building. It is serviced with a truckwell and 10'x12' overhead door as well as a grade-level 14'x12' overhead door and 600-amp single-phase
electric. Property was listed for $2,250,000. David Wallace of CRE Consultants represented both the buyer and seller and said the buyer
provided a quick cash closing after a 30-day due diligence period which was a positive for the seller. Sale was contingent on the seller
closing on 4176 Mercantile Ave (replacement property). Purchased for owner occupancy by Naples Motorsports. Income/expenses are
pro-forma based on market.
Page 1407 of 6526
3910 BUILDING ADDENDUM C - COMPARABLE DATA
ID 9644 Date 4/15/2024
Address 3600 Westview Dr Price $7,500,000
City Naples Price Per RA $403.29
State FL Transaction Type Closed Sale
Grantor Motorsports Storage, LLC Financing Cash to seller
Grantee Spartan Investment Property -
Naples, LLC (67%), Greystone Debt
Acquisitions, LLC (4%), Wells Next
Generation Financial (27%), Wells
Investment (2%)
Property Rights Leased Fee
Tax ID
Days on Market 7-8 months Sale Verification Date 7/23/2024
Book/Page or Reference Doc 6351-174 Sale Verification Source Jeff Buckler, SIOR; Lee &
Associates
Conditions of Sale Arm's Length Sale History None in previous 3 years
Acres 1.55 Topography Level
Land SF 67,518 Zoning Westview Plaza PUD
Primary Frontage Feet 220 Flood Zone Zone AE
Primary Frontage Street Westview Drive Dimensions 220' x 300'
Utilities All Public Shape Rectangular
Land to Building Ratio 3.63 Floor Area Ratio 0.28
GBA 18,597 PGI $491,384
Rentable Area 18,597 EGI $466,815
Construction Steel with insulated concrete block NOI $352,386
Year Built 2004 Cap Rate 4.70%
Roof Type Gable - insulated metal NOI/SF $18.95
Condition Good Occupancy 100.00%
81570360008
Improvements & Financial Data
Transaction
Comments
Site
Two-unit building. The seller (high-end car dealer) leased back 8,797 SF and the remaining 9,800 SF was vacant. The building consists of
approximately 4,839/sf (26%) office area and the remaining is air conditioned warehouse (100% A/C) with 20-22' clear height. Epoxy floors
in warehouse. Fire sprinklers throughout entire building. Loading dock (1,549/sf) has been filled in and is a concrete loading pad. Three
exterior overhead doors and one glass roll-up door between warehouse and office. Building was configured for two-tenants. Buyer
reported they were drawn to the property due to its location and paid a premium for it. 1031 Exchange cash purchase. There is a 33' wide
drainage easement along the western border and a 59' wide drainage easement along the southern border. Excluding the drainage
easement, the usable area is approximately 0.88 acres or 38,117 square feet. Income/expenses based on contract/market. As of September
2024 the building is 100% occupied by owner related companies including Icon Rocklear Detailing.
Comparable 4
Page 1408 of 6526
3910 BUILDING ADDENDUM C - COMPARABLE DATA
ID 9643 Date 3/4/2024
Address 3527 Plover Avenue Price $3,877,800
City Naples Price Per RA $345.00
State FL Transaction Type Closed Sale
Grantor Anna Louise Properties, LLC Financing Conventional
Grantee Rebel RE, LLC Property Rights Fee Simple
Tax ID
Days on Market --Sale Verification Date 7/23/2024
Book/Page or Reference Doc 6336/1504 Sale Verification Source David Bartley; Bartley Realty
LLLP
Conditions of Sale Arm's length Sale History 11/23 - $2,202,100
Acres 0.98 Topography Level
Land SF 42,689 Zoning PUD
Primary Frontage Feet 200 Flood Zone Zone AE
Primary Frontage Street Plover Ave Dimensions 200' x 213'
Utilities All Utilities Available Shape Roughly rectangular
Land to Building Ratio 3.80 Floor Area Ratio 0.26
GBA 11,240 PGI $313,966
Rentable Area 11,240 EGI $298,268
Construction Heavy Steel NOI $231,582
Year Built 2003 Cap Rate 5.97%
Roof Type Flat NOI/SF $20.60
Condition Average Occupancy Buyer
81790004649
Comments
Transaction
Site
Improvements & Financial Data
Comparable 5
The building has a total of 2,923/sf (26%) office area; 4,300/sf of warehouse/showroom; and 4,017/sf of warehouse with 2 OH doors. The
building is fully air conditioned and sprinklered. The property was previously purchased on 11/3/2023 by a local investor/developer for
$2,202,023. Listing and buyer agent, David Bartley, reported the recent transaction was a straight flip to an end user. Warehouse has 23'
ceiling height. Income and expense data is proforma by the appraiser.
Page 1409 of 6526
3910 BUILDING ADDENDUM C - COMPARABLE DATA
ID Name
Address Comm 1 Lessor
City GBA
State Comm 1 Escalations
Market Comm 1 Expense
Reimbursements
Year Built Comm 1 Concessions
Condition Comm 1 TI
Comm 1 Lease
Transaction Type
Comm. Verification Source
Tenant Size Base
Rent/SF Type Comm 1 Start
Date Term
Listing 5,440 $20.00 Triple net 8/1/2025 Negotiable
Location Building
Average
FL
4440 Domestic Avenue
5285
Leases
2001
4440 Domestic Avenue
Sealog, LLC
10,240
Listing
Naples
Suburban
The building features a secured, gated outdoor storage area, mezzanine, 4 grade-level bay doors, and warehouse restroom.
Additionally, the property offers a 1,140 FF office space adjoining the warehouse, featuring four private offices, two
restrooms, and a kitchenette.
3.00%
Comments
Lease Comparable 1
Bryan Flores w/ KOVA
Commercial Group
None
$3.00
Negotiable
Page 1410 of 6526
3910 BUILDING ADDENDUM C - COMPARABLE DATA
ID Name
Address Comm 1 Lessor
City GBA
State Comm 1 Escalations
Market Comm 1 Expense
Reimbursements
Year Built Comm 1 Concessions
Condition Comm 1 TI
Comm 1 Lease
Transaction Type
Comm. Verification Source
Tenant Size Base
Rent/SF Type Comm 1 Start
Date Term
CMR Consruction
and Roofing 7,200 $23.33 NNN 2/1/2024 5 years
Location Building
Leases
J&C Industrial Park
Lease Comparable 2
8225 3927 Exchange
New Lease Christine McManus, IPC
$3.46
3927 Exchange Ave Exchange Avenue LLC
Class S industrial building with 2,400 SF of office (33%) and 4,800 SF of warehouse space. Site is 37,897 SF with
approximately 0.25 acres of outside storage available. Building has a center height of 17 feet.
Comments
1989 None
Naples 7,200
FL 3% per year
Average Second generation
Page 1411 of 6526
3910 BUILDING ADDENDUM C - COMPARABLE DATA
ID Name
Address Comm 1 Lessor
City GBA
State Comm 1 Escalations
Market Comm 1 Expense
Reimbursements
Year Built Comm 1 Concessions
Condition Comm 1 TI
Comm 1 Lease
Transaction Type
Comm. Verification Source
Tenant Size Base
Rent/SF Type Comm 1 Start
Date Term
All Year Cooling 7,200 $24.00 Triple net 12/1/2024 5 years
Comments
7,200 Sq. Ft. building situated on 0.50± acres of land. Building height/clear height 14’/16’. (8) 10’ W x 12’ H and (2) 8’
W x 8’ W overhead doors. 6,000 Sq. Ft warehouse space and 1,200 Sq. Ft of office buildout. Warehouse a/c at 2,400 Sq.
Ft. The property was listed at $25/SF NNN and also for sale at $3,500,000 or $486.11 psf. Landlord responsible for
removing a Garmot Paint booth and cleaning the warehouse to broom swept condition.
Location Building
Eric Edwards, CCIM w/ LSI
Companies
None1975
2nd generation
FL 2% per year
Naples $2.50
Leases
New Lease
Lease Comparable 3
FMG Enterprises of Naples LLC6203 Janes Lane
Average
Naples 7,200
8561 6203 Janes Lane
Page 1412 of 6526
3910 BUILDING ADDENDUM C - COMPARABLE DATA
ID Name
Address Comm 1 Lessor
City GBA
State Comm 1 Escalations
Market Comm 1 Expense
Reimbursements
Year Built Comm 1 Concessions
Condition Comm 1 TI
Comm 1 Lease
Transaction Type
Comm. Verification Source
Tenant Size Base
Rent/SF Type Comm 1 Start
Date Term
Air Cool Inc 6,500 $22.00 NNN 4/1/2025 5 years
New Lease Dean Arnold; Arnold & Arnold,
LLC
Leases
Comments
End cap space in 4-unit industrial/flex building. Unit has approximately 960 SF of office space and 5,540 SF of warehouse
(no A/C). Warehouse is serviced by four drive-in overhead doors and a truck well. Yard is fenced.
1997 None
Average Second generation
Naples 20,500
FL 3% per year
Building
Naples Production Park $5.00
4085 Arnold Ave Arnold Properties Inc
Lease Comparable 4
Location
10123 4085 Arnold Ave
Page 1413 of 6526
3910 BUILDING ADDENDUM C - COMPARABLE DATA
ID Name
Address Comm 1 Lessor
City GBA
State Comm 1 Escalations
Market Comm 1 Expense
Reimbursements
Year Built Comm 1 Concessions
Condition Comm 1 TI
Comm 1 Lease
Transaction Type
Comm. Verification Source
Tenant Size Base
Rent/SF Type Comm 1 Start
Date Term
Debbie's Draperies
& Design Studio 4,084 $21.00 NNN 2/21/2025 3 years
Naples
Lease Comparable 5
J&C Industrial $5.25
2000 None
Average
None
Two industrial flex condominium leased by one tenant. Renewal of lease with commencement February 21, 2025.
Contract rent is flat through the three year lease term. Unit 5 consists of showroom/warehouse space with 2nd floor
private offices. Unit 9 consists of fully air-conditioned workstation with small kitchenette and bath. Units have 16' eave
height. Units are listed for sale for $1,559,000 or $382/SF. Tenant has one remaining 3 year option.
Comments
Designer Creations LLC
New Lease Christine McManus, CCIM, SIOR
Leases
4,084
FL
5405 Taylor Road, Unit 5 & 9
10148 Taylor Village Unit 5 & 9
Second generation
Location Building
Page 1414 of 6526