Agenda 04/14/2026 Item #16L2 (To facilitate a future stormwater improvement project in the Gateway Triangle neighborhood of the Bayshore Gateway Triangle Community Redevelopment Area)4/14/2026
Item # 16.L.2
ID# 2026-717
Executive Summary
Recommendation that the Board of County Commissioners and acting in its capacity as the Community Redevelopment
Agency Board, approve an Agreement for Sale and Purchase to acquire the property located at 2663 Francis Avenue for
a future stormwater expansion project. The cost for this transaction is $440,000 plus associated closing cost.
OBJECTIVE: To acquire strategically located property necessary to facilitate a future stormwater improvement project
in the Gateway Triangle neighborhood of the Bayshore Gateway Triangle Community Redevelopment Area
CONSIDERATIONS: Collier County owns approximately property at the intersection of Linwood Way and Frances
Avenue that provides a pump station and pond site. The project maintains the pond water surface at a level that provides
a positive outfall into the pond from the surrounding drainage basin and provides for water quality. The Transportation
Management Services Division has expressed an interest in possibly expanding the pond site to increase the stormwater
storage capacity and further improve water quality. The proposed acquisition furthers the goals of the Bayshore
Gateway Triangle Community Redevelopment Plan and is consistent with long-term stormwater planning efforts. Once
constructed, the Collier County Road, Bridge & Stormwater Maintenance Division would manage and maintain the
expanded pond area.
The Seller’s improved property contains 0.15 acres and is located at 2663 Francis Avenue. A location map is attached
for reference. The independent appraisal, using the sales comparison and income approaches, valued the property at
$471,000. The property owner accepted the offer of $440,000, which is below the appraised value and represents a
favorable acquisition for the County.
The property consists of two (2) two-bedroom, two-bathroom units historically used as rental properties. The CRA
intends to use the units in support of the existing temporary employee housing program until funding becomes available
for the planned stormwater expansion project.
The Bayshore Gateway Triangle Advisory Board recommended approval of this acquisition at the March 5, 2026, public
meeting.
This item is consistent with the Community Development Element of Collier County’s Strategic Plan by Developing
integrated and sustainable plans to protect and manage water resources.
FISCAL IMPACT: The total estimated cost of the acquisition of the property is $444,000, inclusive of the $440,000
purchase price plus an estimated $4,000 for a title commitment, title policy, closing costs, and recording of the
documents. Annual maintenance of the property until it is incorporated into the stormwater pond is estimated at $500.
Funding for the purchase is available within Bayshore CRA Capital Fund (1021); Project 50203.
GROWTH MANAGEMENT IMPACT: This item is consistent with the Collier County Growth Management Plan.
LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires a majority vote for approval.
-SAA
RECOMMENDATION(S):
1. Approve the attached Agreement for Sale and Purchase.
2. Authorize the Chairman to execute the Agreement and any additional closing documents, and accept the
Warranty Deed, once approved by the County Attorney’s Office.
3. Authorize staff to prepare related vouchers and warrants for payment.
4. Direct the County Manager or her designee to proceed with the acquisition of the Property, follow all
appropriate closing procedures, obtain a clear title to the Property, and record all necessary documents—upon
approval by the County Attorney’s Office—in the Public Records of Collier County, Florida.
PREPARED BY: Shirley Garcia, Program Manager
Page 3078 of 3203
4/14/2026
Item # 16.L.2
ID# 2026-717
ATTACHMENTS:
1. Seller Signed P.A.
2. MHS' Appraisal
3. Exhibit A -Stormwater Pond Expansion
Page 3079 of 3203
COLLIER COUNTY EAYSHORE TRIANGLE CRA
TAX I0 NUI\TBERT 61834160003
AGREEMENT FOR SALE AND PURCHASE
THIS AGREEMENT is made and entered inlo by and between Phyllis J. Estes aka
Phyllis Dodd Estes, individually as Trustee of the Estes Family Trust dated
December 29, 2011, whose address is 3384 Balboa Cir W, Naples, FL 34105
(hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of
the State of Florida, its successors and assigns, whose address is 2685 Horseshoe
Drive South, Suite 103, Naples, FL 34'104 (hereinafter refened to as "Purchaser").
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:
1.0'1 ln consideration of the purchase price and upon the terms and conditions
hereinafter set forth, Seller shall sell lo Purchaser and Purchaser shall purchase
from Seller the Property, described in Exhibit "A".
2.01 The purchase price (the "Purchase Price") for the Property shall be Four
Hundred Forty Thousand Dollars and 00/100 dollars ($440,000.00), (U.S.
Currency) payable at time of closing.
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 closing documents, whichever is later' The Closing shall
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CRA Agreement 06/05/2025 Page 1 of 14
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
refere n ce.
I, AGREEMENT
II. PAYMENT OF PURCHASE PRICE
Page 3080 of 3203
COLLIER COUNTY BAYSHORE TRIANGLE CRA
TAX tO NUMBER: 6183,t160003
be held at the office of the insuring title company or by mail. 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 tille 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
acknowledged, in recordable form:
3.0111 Warranty Deed in favor of Purchaser conveying title to the Property'
free and clear of all llens and encumbrances other than:
(a) The lien for current taxes and assessments.
(b) Such other easements, restrictions, or conditions of record.
3.0'1 12 Combined Purchaser-Seller closing slatement.
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 underwriter to insure the "gap" and issue the policy contemplated
by the title insurance commitment.
3.0114 A W-9 Form, "Request for Taxpayer ldentification and Certification"
as required by the lnternal Revenue Service.
3.012 At the Closing, the Purchaser, or its assignee, shall cause to be
delivered to the Seller the following:
3.0l2lAnegotiableinstrument(CountyWarrant)inanamountequaltothe
purchase piice. No funds shall be disbursed to Seller until the Title
CompanyverifiesthatthestateofthetitletothePropertyhasnotchanged
adveisety since the date of the last endorsement to the commitment,
,"f"r"n."d in section 4.01 1 thereto, and the Title company is irrevocably
committed to pay the Purchase Price to seller and to issue the owner's title
poiic, to purchaier in accordance with the commitment immediately after the
recording of the deed.
3,0122 Funds payable to the Seller representing the cash payment due -at
Closing in accordince with Article lll hereof, shall be subiect to adjustment for
prorations as hereinafter set forth
CRA Agreemenl 06/05/2025
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COLLIER COUNTY BAYSHORE TRIANGLE CRA
TAX lD NUMBER: 61834160003
IV. REQUI REMENT S AND CONDITIONS
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 wananty Deed, in accordance with chapter 201 .01,
Florida- statutes, closing fee for title services, and the cost and electronic fee of
recording any instruments necessary to clear sellefs title to the Property. The
cost of ihe b*n"r'" Form B Title Policy, issued pursuant to the Commitment
provided for in section 4.011 below, shall be paid by Purchaser. The cost of the
iitle commitment shall also be paid by Purchaser. lf required by a Phase I report
and desired by purchaser, Seller shall pay for a Phase ll Environmental
Assessment selected by Purchaser.
3,03 Purchaser shall pay for the cost of recording the warranty Deed. Real
iroperty taxes shall be' prorated based on the current year's tax with due
allowante made for maximum allowable discount, homestead and any other
applicable exemptions and paid by seller. lf closing occurs at a date which the
current year,s millage is not fixed, taxes will be prorated based upon such prior
yeais millage.
4.01 Upon execution of this Agreement by both parties or at such other time as
soecified within this Article, Purchaser and/or seller, as the case may be, shall
plrf"rn.' the following within the times stated, which shall be conditions precedent
to the Closing;
4.011 within fifteen (15) days after the date hereof, Purchaser shall request as
"uidun""
of title an ALTA bommitment for an Owner's Title lnsurance Policy
(nLfn
-f ot. B-1970) covering the Property,. together with hard copies of all
ir."ptiont shown thereon. Furchaser shall have thirty (30) days' following
i"."iii "t the title insurance commitment, to notifv q:ll,:1.,i1 *I}'l-s..".|:ll
obiection to title other than liens evidencing monetary obligations' il any, wnrcn
;i,s;ilr, .h"il be paid at closing. lf the tiile commitment contains exceptions
that make the ti e unmarketable] purchaser shall deliver to the seller written
noticeofitsintentionto*"i,"theapplicablecontingenciesortoterminatethis
Agreement.
4.012 lt Purchaser shall fail to advise the Seller in writing of any such
iui".ri""" in Seff"i. tnfe in tne manner herein required by this Agreement' the
t,trl, it rrr be deemed acceptable. upon notification of Purchaser's ob.iection to
title, Seller shall have inidv-iiol o'Vt to remedy,any defects to convey go-od
uni ,r*"t"nfe title at 'Sdtefs expense' exceot for liens or monetary
obligations which will uJ'rrtiri[o "t ciosing. seller. at its sole expense, shall
use its best efforts to *lt" "u"tr
tiif" good ind marketable ln the event Seller
CRA Ag.€ement 06/0t2025
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COLLIER COUNTY BAYSHORE TRIANGLE CRA
TAX lD NUMBER: 6'1834'160003
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. 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.
V. INSP ECTION PERIOD
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 optlon, at its own expense, to obtain a
current suryey of the Property prepared by a surveyor licensed by the State of
Florida. No ad.justments to the Purchase Price shall be made based upon any
change to the total acreage referenced in Exhibit "A," unless the difference in
acreage revealed by survey exceeds 5% of the overall acreage lf the survey
provided by Seller or obtained by Purchaser, as certified by a reglstered
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 pro.iection, or obtaining
legal access to the Property from a public roadway, within sixty (60) days of
reieipt 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
sevLn (7) days after expiration of said sixty (60) day period, may accept the
Property as itthen is, waiving any objection to the encroachment, or projection,
or lack of legal access, or Purchaser may terminate the Agreement. A failure
by Purchaser to give such written notice of termination within the time period
piovided herein ihall be deemed an election by Purchaser to accept the
i'roperty with the encroachment, or projection, or lack of legal access'
5.01 Purchaser shall have one hundred twenty (120) days from the date of this
ng1""r"ni, (,,lnspection period,,), to determine through appropriate investigation
that:
l.soiltestsandengineeringstudiesindicatethatthePropertycanbedeveloped
witnout any abnoimal demucking, soil stabilization or foundations'
2. There are no abnormal drainage or environmental requirements to the
develoPment of the ProPerty.
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CRA Agreernent 06/05/2025
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Page 3083 of 3203
COLLIER COUNW BAYSHORE TRIANGLE CRA
TAX lD NUMBER: 61834160003
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 in the
Conservation Collier Program.
5.02 lf Purchaser is not satisfied, for any reason whatsoever, with the results of
any investigation, Purchaser shall deliver to seller prior to the expiration of the
lnspection Period, written notice of its intention to waive the applicable
contingencies or to terminate this Agreement. lf Purchaser fails to notify the Seller
in writi-ng 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
investigations and the contingencies of this Article V shall be deemed waived. ln
the ev-ent 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 commlssioned 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 [o go upon the Property for the purpose of surveying and
conducting site analyses, soil borings and all other necessary investigation.
purchaseishall, in performing such tests, use due care. Seller shall be notified by
Purchaser no less than twenty-four (24) hours prior to sald inspection of the
Property.
vt. I NSPECTION
VII. P SESS ON
7.0.1 Purchaser shall be entitled to full possession of the Property at closing
vill. PRO R ATIONS
IX. TER MINATION AN D REMEDIES
6.01 seller acknowledges that the Purchaser, or its authorized agents, shall have
the right to inspect the Froperty at any time prior to the Closing'
g.o1 Ad valorem taxes next due and payable, after closing on the Property, shall
[" pi"Ltua ai closing based upon the gross amount of current year taxes' and
shall be paid bY Seller.
g.0llfSellershallhavefailedtoperformanyofthe-covenantsand/oragreements
containeo herein which are to be performed by seller, within ten (10) days of
,rriiien notitication of such failure, Purchaser may, at its option, terminate this
CRA Ag.esment 06/05/2025
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COLLIER COUNTY AAYSHORE TRIANGLE CRA
TAx lD NUI,IBER: 61834 160003
Agreement by giving written notice of termination to Seller. Purchaser shall have
the right to seek and enforce all rights and remedies available at law or in equity to
a contract vendee, including the right to seek specific performance of this
Agreement.
9.02 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 PU RCHASER'S REPRESENTATIONS AND WARRANTIES
'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
execule this Agreement and to undertake all actions and to perform all tasks
required of each hereunder. 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 Property 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 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.
10.014 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 Seller's ability to sell the
Property to Purchaser according to the terms of this Agreement
CRA Agreement 06/05/2025 Page 6 of 14
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Page 3085 of 3203
COLLIER COUNTY BAYSHORE TR]ANGLE CRA
TAx lO NUMBER: 61834160003
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 there is no proceeding or
inquiry by any authority with respect thereto. Seller represents that they have
(it nai) nt knowledge that there is ground water contamination on the Property
or potential of ground water contamination from neighboring properties. Seller
represents thai 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
Itre propJrty at any time during or prior to Seller's ownership thereof. Seller
represents ihat tney have (it has) no knowledge that any part of the Property
has ever been used as a sanitary landfill.
10.018 Seller has no knowledge that the Property and Seller's operations
concerning the Property are in violation of any applicable Federal, state or
tcal statu-te, law oi regulation, or of any notice from any governmenlal body
nrr'nL", seived upon Seller claiming any violation of any law, ordinance, code
o, i"gulition or requiring or calling altention to the need for any work' repairs'
consiruction, atteraiions'or installation on or in connection with the Property in
oiO"i to comply with any laws, ordinances, codes or regulation with which
SJf", ttrt noi iomplied. Seller represents that it has no knowledge of consent
orO"rs, noti"es of viotation, correspondence and any other documents issued
bv or submitted to any governmenial agency or regulatory authority relating to
the environmental condition of the property'
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COLLIER COUNTY BAYSHORE TRIANGLE CRA
TAX lD NUMBERT 61634160003
10.019 Seller has no knowledge of unrecorded leases, licenses or other
possessory interests, restrictions, easements, or rights of way (other than
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.
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
improvemenl agreements, utility moratoriums, use moratoriums, improvement
moratoriums, administratrve or other proceedings or governmental
investigations or requirements, formal or informal, existing or pending or
threatened which affects the Property or which adversely affects Seller's ability
to perform hereunder; nor is there any other charge or expense upon or related
to the Property which has not been disclosed to Purchaser in writing prior to
the effective date of this Agreement.
10.021 Seller acknowledges and agrees that Purchaser is entering into this
Agreement based upon Seller's representations stated above and on the
understanding that Seller will not cause the zoning or physical condition of the
Property to change from its existing state on the 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 iurisdiction of the development of the property
which may restrict or change any other condition of the Property
1 0.022 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 shall
survive the Closing.
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 which shall
be in accordance with, but not limited to, the Comprehensive Environmental
Response, Compensation, and Liability Act of '1980,42 U.S.C, Section 9601'
Pa96 8 ot lilCRA Agreemenl 0&05/2025 I
Page 3087 of 3203
COLLIER COUNTY BAYSHORE TRIANGLE CRA
TAX lD NUMBERi 61834't60003
XI. NOTICES
lf to Purchaser:
With a copy to
lf to Seller:
With a copy to: N/A
Name: Estes Family Trust
Address: 3384 Balboa Cir W
Naples, Florida 34105
Telephone number: 239-290-627 4
Fax number: N/A
Email: p estesfl@aol.com
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/or damage to the Property between the date of this
Agreement and the date of Closing shall be Seller's sole risk and expense
1 1.01 Any notice, request, demand, instruction, or other communication to be
given to either pa(y hereunder shalt be in writing, sent by facsimile with
iutomated confirmation of receipt, or by registered, or certified mail, return receipt
requested, postage prepaid, and with notification to the other Party sent via email
containing ifre trict<ing number and/or fax number (if applicable) of such notice
addressed as follows:
CRA Agreement 06/05/2025 Page 9 of '14
Attn: Grant Cox
Collier County Real Property Management
2685 Horseshoe Drive South, Suite 103
Naples, Florida 34104
Telephone n umber: 239-252-537 3
Fax number: 239-252-887 6
Email: Grant. Cox@Collier. Gov
Attn: Shirley Garcia
Program Manager for Community Redevelopment Area
3335 Tamiami Trl E, Unit 102
Naples, Florida 34112
Email: Shirlev.Garcia@Collier.qov
(",)
Page 3088 of 3203
COLLIER COUNTY BAYSHORE TRIANGLE CRA
TAX lD NUMBERi 6'1834160003
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.
xil.REAL ESTATE B R OKERS
12.01 Any and all brokerage commissions or fees shall be the sole responsibillty
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.
X III. NNISCELLANEOUS
'13.01 This Agreement may be executed in any manner of counterparts which
together shall constitute the agreement of the parties.
13.02 This Agreement and the terms and provisions hereof shall be effective as of
the date this Agreement is executed by both parties and shall inure to the benefit
of and be binding upon the parties hereto and their respective heirs, executors,
personal representatives, successors, successor trustee, and assignees
whenever the context so requires or 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 lhis 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.
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COLLIER COUNTY BAYSHORE TRIANGLE CRA
TAX lD NUMBER: 61834160003
13.06 No waiver of any provision of this Agreement shall be effective unless i1 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 ''offei' to purchase represenled
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 ol 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, ol the name and address of every person having a
beneficial interest in the Property before Property held in such capacity is
conveyed to collier county. (lf the corporation is registered with the F_ederal
Securities Exchange Commission or regislered 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 AGR EEfulENT
14.0,,| This Agreement and the exhibits attached hereto contain the entire
aoreement between the parties, and no promise, representation, warranty, or
"Jrlnunt not included in this Agreement, or any such referenced agreements, has
bu"n o,. is being relied upon OyLitner party. No mod.ification or amendment of this
ngi"";"ni.nr'il be of any force or effect unless made in writing and executed and
dJted by both purchaser and Seller. Time is of the essence of this Agreement.
ACKNOWL EDGIM ENT OF P OTENTI AL FUTURE USE
S/GNATURES A PPEAR ON THE FOLLOWNG PAGES'
l5.0lAnydevelopmentrightsorcreditsavailableonthePropertyarerelinquished
nv t" i;rei ""d'"onr"y6d
to the purchaser al closing as part of the sale of the
Property.
CRA Agreement 06/05/2025
Page 11 of '14
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COLLIER COUNTY BAYSHORE TRIANGLE CRA
TAX lD NUMBER: 6183416@03
lN WITNESS WHEREOF, the parties hereto have signed below.
Dated Project/Acquisition Approved by BCC:_
AS TO PU CHASER,
ATTEST:
CRYSTAL K. KINZEL, Clerk of the
Circuit Court and Comptroller
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNry, FLORIDA
By:
, Deputy Clerk Dan Kowal, Chairman
REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK
CRA Agroement 06/05/2025 Page 12 of 14
Page 3091 of 3203
COLLIER COUNTY BAYSHORE TRIANGLE CRA
TAX lO NUMBER: 61834160003
AS TO SELLER:
DATED:J- tr- 3-L
By:F
Print Name: Phyllis J. Estes aka Phyllis Dodd Estes, individually and as Trustee of the
Estes Family Trust dated December 29,2O11.
Approved as to form and legality:
Sally A. Ashkar, Assistant County
CRA Agreement 06/05/2025
U"
Page 13 of 14
("d
a
t-.5}rs
Page 3092 of 3203
All that tract or parcel of land being within the boundaries of Lot 32 of Naples Grove and
Truck Co's Little Farms # 2 according to a plat thereof recorded in Plat Book 1, Page
27, of the Public Records of collier county, Florida, and being particularly described as
follows: Being the East 50 feet of the West 587.32 feet except the South 195 feet.
Together with a perpetual right of ingress over and along the North 60 feet of the South
1 95 feet except the West 537.32 feet.
COLLIER COUNTY BAYSHORE TRIANGLE CRA
TAX lD NUMSERI 61834160003
EXHIBIT "A'
PRoPERTY IDENTIFICATION NUMBER: 61 834'1 60003
0.15 ACRES
CRA Agroement 06/05/2025
G;)
Page 14 of 14
Page 3093 of 3203
Appraisal Report
Improved Duplex Property
2663 Francis Avenue
Naples, Collier County, Florida 34112
Date of Valuation: December 10, 2025
Date of Report: January 15, 2026
File Name: 25110702 – Collier County – 2663 Francis Avenue
Prepared For
Collier County
2685 Horseshoe Drive S. Suite 103
Naples, FL 34104
Page 3094 of 3203
Page 3095 of 3203
January 19, 2026
Collier County
2685 Horseshoe Drive S. Suite 103
Naples, FL 34104
Attention: Mr. Grant Cox
Re: Appraisal of an improved quadplex property located at 2663 Francis Avenue, Naples, Collier County, FL 34112
Dear Mr. Cox:
As you requested, we have performed an appraisal of the above-referenced property, which is legally described
within the attached report. This letter is an integral part of, and inseparable from, this report.
The purpose of this appraisal is to develop an opinion of the 'as-is,' fee simple market value of the subject property
as if free and clear of all liens, mortgages, encumbrances, and/or encroachments. The interest being appraised is
the fee simple interest in the land as if otherwise free and clear of all liens, mortgages, encumbrances and/or
encroachments. The intended use of this appraisal is for decision-making guidance for a potential acquisition of
the property. The intended users of this appraisal are the Collier County Board of County Commissioners and the
Bayshore Gateway Triangle CRA.
The subject property was inspected on December 10, 2025, by Richard L. Gustin. This appraisal report is intended
to conform to the Uniform Standards of Professional Appraisal Practice & the Code of Professional Ethics and
Standards of Professional Appraisal Practice of the Appraisal Institute. This appraisal is made subject to the
Assumptions and Conditions contained within the body of this report.
This appraisal report is intended to conform to the Uniform Standards of Professional Appraisal Practice & the Code
of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. This appraisal is
made subject to the Assumptions and Conditions contained within the body of this report.
Based upon our analysis of the data contained within the attached appraisal report, our opinion is:
Respectfully submitted,
Richard L. Gustin
State-Certified Residential Real Estate Appraiser
RD 8811
Scott H. Simmons
State-Certified Residential Real Estate Appraiser
RD 6203
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Page 3097 of 3203
TABLE OF CONTENTS
SEC. I: INTRODUCTION .......................................................................................................................................... 1
SEC. II: SCOPE OF WORK ....................................................................................................................................... 3
EXTENT OF PROPERTY IDENTIFICATION ............................................................................................................................. 3
EXTENT OF INSPECTION ................................................................................................................................................. 3
TYPE AND EXTENT OF DATA RESEARCH ............................................................................................................................ 3
TYPE AND EXTENT OF ANALYSIS ...................................................................................................................................... 4
COMPETENCY PROVISION ............................................................................................................................................... 5
ASSUMPTIONS .............................................................................................................................................................. 6
EXTRAORDINARY ASSUMPTIONS ...................................................................................................................................... 6
HYPOTHETICAL CONDITIONS ........................................................................................................................................... 6
SEC. III: MARKET AREA ANALYSIS ......................................................................................................................... 7
SOUTHWEST FLORIDA / COLLIER COUNTY DATA ................................................................................................................ 7
CONCLUSION / LIFE CYCLE STAGE ................................................................................................................................ 11
SEC. IV: PROPERTY DESCRIPTION ...................................................................................................................... 12
LOCATION MAP ........................................................................................................................................................... 12
AERIAL MAP ............................................................................................................................................................... 13
FLOOD MAP ............................................................................................................................................................... 14
LEGAL DESCRIPTION ................................................................................................................................................... 15
PROPERTY PHOTOGRAPHS ........................................................................................................................................... 16
SITE CHARACTERISTICS................................................................................................................................................ 24
ZONING CATEGORY ..................................................................................................................................................... 26
FUTURE LAND USE DESIGNATION .................................................................................................................................. 27
IMPROVEMENT SKETCH ............................................................................................................................................... 28
IMPROVEMENT CHARACTERISTICS ................................................................................................................................. 29
SEC. V: HIGHEST & BEST USE ANALYSIS ............................................................................................................ 30
PRESENT USE ............................................................................................................................................................ 30
HIGHEST AND BEST USE AS VACANT ............................................................................................................................. 30
HIGHEST AND BEST USE AS IMPROVED.......................................................................................................................... 32
SEC. VI: VALUATION OF SUBJECT PROPERTY ...................................................................................................... 33
THE APPRAISAL PROCESS ............................................................................................................................................ 33
THE SALES COMPARISON APPROACH TO VALUE .............................................................................................................. 34
THE INCOME APPROACH TO VALUE ................................................................................................................................ 44
SEC. VII: RECONCILIATION OF OPINIONS OF VALUE ........................................................................................... 51
CONTRACTS, LISTINGS & SALES HISTORY ...................................................................................................................... 51
ESTIMATION OF MARKETING TIME ................................................................................................................................. 52
ESTIMATION OF EXPOSURE TIME ................................................................................................................................... 52
SEC. VIII: CERTIFICATION .................................................................................................................................... 53
SEC. IX: ADDENDA .............................................................................................................................................. 55
QUALIFICATIONS: RICHARD L. GUSTIN............................................................................................................................ 55
QUALIFICATIONS: SCOTT H. SIMMONS ........................................................................................................................... 57
ASSUMPTIONS ............................................................................................................................................................ 59
EXTRAORDINARY ASSUMPTIONS / HYPOTHETICAL CONDITIONS ......................................................................................... 60
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1
SEC. I: INTRODUCTION
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2
Intended Use
Intended Users
The intended users of this appraisal are the Collier County Board of County Commissioners and the
Bayshore Gateway Triangle CRA.
The intended use of this appraisal is for decision-making guidance for a potential acquisition of the property.
Intended Use and Users
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3
SEC. II: SCOPE OF WORK
According to the Uniform Standards of Professional Appraisal Practice (USPAP), 2024 Edition, 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.
EXTENT OF PROPERTY IDENTIFICATION
EXTENT OF INSPECTION
For the purposes of this appraisal, Richard L. Gustin conducted an interior and exterior inspection of the subject
property on December 10, 2025.
TYPE AND EXTENT OF DATA RESEARCH
Data research is regularly conducted using the following sources:
• Public Records
• Local REALTOR® Association Multiple Listing Services (MLS)/Loopnet/CCIM
• Marshall Valuation Service/ CoreLogic Commercial Cost Service/Books
• CoStar comparables service
• Information from contractors, brokers and agents in the area
The primary emphasis of the data research concentrated on the subject market area. Census data, as well as
municipal and governmental websites, were utilized in gathering the information analyzed. The time period
researched for any sale data encompasses the past few years up until the date of the most current data
available. All comparable data is verified with the buyer, seller or a property representative unless otherwise
indicated. In the analysis, the selling price, financing, motivation to purchase/sell and, if applicable, any lease or
income/expense information was verified as of the time of sale.
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4
TYPE AND EXTENT OF ANALYSIS
Condition Appraised
In this analysis, we are developing an opinion of the “as is” condition, defined by the Appraisal Institute in The
Dictionary of Real Estate Appraisal, Seventh Edition as follows:
The estimate of market value of real property in its current physical condition, use, and zoning as of the
appraisal date.
Real Property Interest Appraised
There are primarily two forms of interest to consider when developing an opinion of value for real property. These
are defined by The Appraisal Institute in The Dictionary of Real Estate Appraisal, Seventh Edition as follows:
Fee simple interest (estate) is:
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.
Leased fee interest is:
The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the
lease plus the reversionary right when the lease expires.
The subject units are currently tenant-occupied and the interest being appraised in this situation is the undivided
fee simple interest in the land and existing improvements as if free and clear of all liens, mortgages,
encumbrances, and/or encroachments except as may be amended in the body of this report.
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5
Value Appraised
The opinion of value developed and reported herein is the market value of the subject property.
Market value, as defined by the agencies that regulate financial institutions in the United States and published
by 12 CFR Ch. V Part 564.2 (g) Office of Thrift Supervision, Department of the Treasury, is:
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:
a. Buyer and seller are typically motivated.
b. Both parties are well informed or well advised, and acting in what they consider their
own best interests.
c. A reasonable time is allowed for exposure in the open market.
d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
e. 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.
Approaches Developed
COMPETENCY PROVISION
This appraisal report has been prepared in conformity with the Uniform Standards of Professional Appraisal
Practice (USPAP). Within USPAP there is a Competency Provision which states, in part, “Prior to accepting an
assignment or entering into an agreement to perform an assignment, the appraiser must properly identify the
problem to be addressed and have knowledge and experience to complete the assignment competently......” If
the appraisers lack the knowledge or experience necessary for a particular assignment, this must be disclosed
and all steps necessary to complete the assignment competently must be taken. In regard to this appraisal, we
have the necessary knowledge and experience to complete the assignment.
Cost Approach
Sales Comparison Approach x
Income Approach x
Utilized Approaches to Value
Due to the age of the improvements and the corresponding difficulty in accurately estimating accured
depreciation in older structures,the Cost Approach does not provide a credible analysis and has not been
developed.
There is adequate data to develop a value estimate and this approach reflects market behavior for this property
type.
The subject is an income producing property and there is adequate data to develop a value estimate with this
approach.
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ASSUMPTIONS
An assumption is defined by The Appraisal Institute in The Dictionary of Real Estate Appraisal, Seventh Edition
as follows:
“that which is taken to be true.”
Please see the Addenda for further details regarding the assumptions utilized in this appraisal.
EXTRAORDINARY ASSUMPTIONS
Extraordinary Assumption is defined by the Uniform Standards of Professional Appraisal Practice (USPAP), 2024
Edition, as:
“an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis
which, if found to be false, could alter the appraiser’s opinions or conclusions.”
Per USPAP standards, please note that the use of extraordinary assumptions might have affected the assignment
results. It is strongly recommended that the reader thoroughly read the entirety of these assumptions, as they
outline the limitations under which this appraisal is developed.
HYPOTHETICAL CONDITIONS
Hypothetical Condition is defined by the Uniform Standards of Professional Appraisal Practice (USPAP), 2024
Edition, 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.”
Per USPAP standards, please note that the use of hypothetical conditions might have affected the assignment
results. It is strongly recommended that the reader thoroughly read the entirety of these assumptions, as they
outline the limitations under which this appraisal is developed.
Hypothetical Conditions
There are no hypothetical conditions for this appraisal.
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SEC. III: MARKET AREA ANALYSIS
SOUTHWEST FLORIDA / COLLIER COUNTY DATA
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Collier County, named for Barron Collier, was created from Lee County in 1923, and is the second largest county
in the State of Florida by land area. Collier County is bordered by Miami-Dade Counties to the east and Lee and
Hendry Counties to the north. The county's western boundary is the Gulf of Mexico. The county contains a total
of 2,025 square miles of land area and 91 square miles of inland water area. Collier County is the second largest
county east of the Mississippi River and is larger than the States of Rhode Island and Delaware. The present-day
Collier County encompasses 2,305 square miles, with a variety of natural inland, coastal, and barrier island
habitats, with approximately 13% of the total area being water. The year-round population is 375,752 as of the
2020 census. There are three (3) incorporated municipalities in Collier County as follows:
City of Naples: Incorporated in 1949. 14.41 Square Miles. 2020 Population: 19,115.
The city of Naples is the county seat of Collier County, as well as being the principal city of the Naples-Marco
Island Metropolitan Statistical Area. The city was originally settled in 1886, with the majority of growth occurring
after the depression and World War II. The City is home to a number of major employers, as well as non-profit
organizations and Fortune 1000 companies. The Fifth Avenue South and Third Street South corridors are
considered to be the heart, or “downtown” of the City of Naples, and this area is a popular retail and shopping
destination. The City of Naples also features a number of cultural centers and organizations including The Naples
Players, the Opera Naples, the Philharmonic Center for the Arts, the Philharmonic Orchestra and Theatre Zone
Equity Theatre Company, the Naples Jazz Orchestra, the Naples Youth Jazz Orchestra and the Naples
Philharmonic Youth Orchestra.
City of Marco Island: Incorporated in 1997. 17.1 Square Miles. 2020 Population: 15,760.
Originally named San Marco Island by Spanish explorers, Marco Island is the largest barrier island within
Southwest Florida's Ten Thousand Islands area, extending southerly to Cape Sable. The island was purchased
in the 1920’s by Barron Collier, and was originally incorporated as Collier City in 1927, but was later
unincorporated. Marco Island is generally considered to be a resort destination, and the desirability of real estate
coupled with the finite supply, has led to a rapid escalation of property values, which are significantly higher than
many other parts of Collier County.
City of Everglades: Incorporated 1923. 1.2 Square Miles. 2020 Population: 425.
The City of Everglades, known more commonly as Everglades City, is located at the mouth of the Barron River,
on Chokoloskee Bay, approximately 32 miles southeast of Naples, near the extreme southeasterly corner of
Collier County. With the establishment of the Everglades National Park in 1947, the economy of Everglades City
began to shift from industrial and agricultural to tourism and eco-tourism. The Everglades National Park visitor’s
center is located in Everglades City.
There are many other unincorporated, yet distinct, communities in Collier County, both rural and suburban in
nature. These include Ave Maria, Golden Gate, Goodland, Naples Manor, Naples Park, Immokalee, Lely Resort,
and many others.
Collier County is a growing county with many diverse geographical areas and populous communities. Collier
County is second only to Lee County as the center of growth and activity for the five (5) county area (Charlotte,
Collier, Glades, Hendry, and Lee).
There are four basic factors that influence value according to The Appraisal of Real Estate, Fourteenth Edition.
These factors include:
I. Social Forces
II. Economic Forces
III. Governmental Forces
IV. Environmental Forces
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Each of the forces interacts, resulting in increases, decreases, or stabilization of property values. As a result,
these forces also serve to directly affect the demand for real property in a particular area. The four forces that
affect values are described as follows:
I. Social Forces
Source: Esri
II. Economic Forces
Economic considerations involve the financial capacity of the inhabitants of a region to rent or own property and
properly maintain it. These economic forces may include income levels, unemployment rates, the economic base
of a region and the strength of development and construction.
2024 2023 2022 2021
UNEMPLOYMENT RATE1 3.0%
(January)
2.9%
(Annual)
2.1%
(Annual)
3.7%
(Annual)
SINGLE-FAMILY MEDIAN PRICE2 $890,000
(February)
$790,000
(Annual)
$782,000
(Annual)
$645,000
(Annual)
RETAIL VACANCY RATE3 3.9% (April) 4.0% (Annual) 4.0% (Annual) 4.8% (Annual)
OFFICE VACANCY RATE3 4.8% (April) 3.6% (Annual) 5.2% (Annual) 6.7% (Annual)
INDUSTRIAL/FLEX VACANCY RATE3 1.8% (April) 1.3% (Annual) 1.2% (Annual) 1.2% (Annual)
1. https://www.floridajobs.org/
2. https://www.floridarealtors.org/
3. CoStar
4. CoStar
5. CoStar
Page 3108 of 3203
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III. Governmental Forces
The county government consists of a five-member board of county commissioners, elected to four-year terms
within single-member districts. A non-elected county manager heads the government staff. Other elected
officials in the county are sheriff, tax collector, supervisor of elections, clerk of the circuit court, and property
appraiser. In addition, there are numerous special districts with independently elected boards, with the services
provided ranging from fire protection tot water & sewer service.
Services
There are two incorporated cities with the usual municipal services, such as police protection and fire protection.
The balance of the county is patrolled by the Florida State Highway Patrol and the Collier County Sheriff’s
Department. Independent fire control districts serve the balance of the unincorporated area for fire and rescue
services.
Utilities
CenturyLink is the primary telephone service provider for Southwest Florida. CenturyLink has a fiber optic
backbone that has the ability to connect all of its central offices and maintain high network availability. KMC
Telecom, Inc., along with CenturyLink, has a SONET ring surrounding Fort Myers. This SONET ring safeguards
customers from service interruptions by using diverse routing of its fiber optic cables. Electricity is supplied by
Florida Power and Light and TECO. Gas is available from any one of a number of manufactured bottled gas
dealers in the county or directly from TECO. Water and sewer service is supplied by the either city or county
government.
Medical Services
The Naples Community Hospital System is a private non-profit which oversees several facilities throughout the
county.
Educational System
The School District of Collier County oversees the uniform K-12 public educations system within Collier County.
There are also several private and parochial schools in the county. Florida Southwestern State College has a
campus in Naples, while Florida Gulf Coast University is located in south Lee County. Ave Maria University is a
newly established Catholic University located in Naples.
Transportation
By far, the major artery through Collier County is U.S. 41 (Tamiami Trail). Another major artery is Interstate 75 (I-
75), which connects Naples to the east coast population centers of Miami and Fort Lauderdale. Air service is
limited but currently expanding out of Naples Airport. Currently, sixteen airlines operate out of Southwest Florida
International Airport, just north of Naples, in Fort Myers.
IV. Environmental Forces
The county has a sub-tropical climate. The average temperature is 74 degrees. Temperature extremes are
infrequent with only a rare freeze and few readings above the mid-90s. Rainfall averages just over 53 inches
annually, with the heaviest rains during the summer months.
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CONCLUSION / LIFE CYCLE STAGE
The subject market area is in the Growth stage of its life cycle. This market area experienced tremendous
development from 2003-2005, then an equally significant decline in property values from 2006-2011, followed
by the current growth cycle from 2012 to current. This growth trend is most pronounced within the Naples area,
but increasing property values and new development are also occurring in the eastern semi-rural areas of the
County as well as land is becoming scarce in the central (western) areas of Collier County.
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SEC. IV: PROPERTY DESCRIPTION
LOCATION MAP
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AERIAL MAP
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FLOOD MAP
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LEGAL DESCRIPTION
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PROPERTY PHOTOGRAPHS
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SITE CHARACTERISTICS
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ZONING CATEGORY
The subject property is zoned RMF-6 under the zoning ordinances of Collier County.
Zoning District Collier County
Zoning Code RMF-6
Zoning Type/Description Residential Multi-Family
Zoning Intent/Summary Residential Multi-Family-6 District (RMF-6).The purpose and intent of the
residential multi-family-6 district (RMF-6)is to provide for single-family,
two-family and multi-family residences having a low profile silhouette,
surrounded by open space, being so situated that it is located in close
proximity to public and commercial services and has direct or convenient
access to collector and arterial roads on the county major road network.
The RMF-6 district corresponds to and implements the urban mixed use
land use designation on the future land use map of the Collier County
GMP.The maximum density permissible in the RMF-6 district and the
urban mixed use land use designation shall be guided,in part, by the
density rating system contained in the future land use element of the
Collier County GMP.The maximum density permissible or permitted in the
RMF-6 district shall not exceed the density permissible under the density
rating system,except as permitted by policies contained in the future land
use element.
Permitted Uses The following subsections identify the uses that are permissible by right
and the uses that are allowable as accessory or conditional uses in the
RMF-6 district.
a.Permitted uses.
1.Single-family dwellings.
2.Duplexes, two-family dwellings.
3.Multi-family dwellings, townhouses as provided for in section 5.05.07.
4.Family care facilities, subject to section 5.05.04.
5.Educational plants and public schools with an agreement with Collier
County, as described in LDC section 5.05.14; however, any high school
located in this district is subject to a compatibility review as described in
LDC section 10.02.03.
Maximum Site Coverage None
Minimum Lot Area 5,500-12,000 sqft
Link to Ordinance Document https://library.municode.com/fl/collier_county/codes/land_development_co
de?nodeId=CH2ZODIUS_2.03.00ZODIPEUSACUSCOUS_2.03.02REZODI
Zoning Summary
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FUTURE LAND USE DESIGNATION
The subject property is designated Urban Residential Subdistrict and within the Bayshore/Gateway Triangle
Redevelopment Overlay under the Collier County Comprehensive Land Use Plan.
Governing Body Collier County
Future Land Use Designation Urban Residential Subdistrict
Minimum Density (units/acre)1/ac
Maximum Density (units/acre)16/ac
Future Land Use Summary
1. Urban Residential Subdistrict - The purpose of this Subdistrict is to
provide for higher densities in an area with fewer natural resource
constraints and where existing and planned public facilities are
concentrated. This Subdistrict comprises approximately 93,000 acres and
80% of the Urban Mixed Use District. Maximum eligible residential density
shall be determined through the Density Rating System but shall not
exceed 16 dwelling units per acre except in accordance with the Transfer
of Development Rights Section of the Land Development Code.
Future Land Use Summary
Governing Body Collier County
Future Land Use Designation Bayshore/Gateway Triangle Redevelopment Overlay
Future Land Use Summary
H. Bayshore/Gateway Triangle Redevelopment Overlay - The
Bayshore/Gateway Triangle Redevelopment (BGTR) Overlay, depicted on
the Future Land Use Map, is within the boundaries of the
Bayshore/Gateway Triangle Community Redevelopment Plan adopted by
the Board of County Commissioners on June 13, 2000, as updated by
Board Resolution 2019-75. The intent of the redevelopment program is to
encourage the revitalization of the Bayshore Gateway Triangle Community
Redevelopment Area (BGTCRA) by providing incentives that will
encourage the private sector to invest in this urban area. This Overlay
allows for additional neighborhood commercial uses and increased
intensity and higher residential densities that will promote the assembly of
property, or joint ventures between property owners, while providing
interconnections between properties and neighborhoods. The intent of this
BGTR Overlay is to allow for more intense development in an urban area
where urban services are available. Two zoning overlays have been
adopted into the Collier County Land Development Code to aid in the
implementation of this Overlay. Within the BGTR Overlay a density bonus
pool has been established to incentivize investment within the BGTCRA.
The density bonus pool units available to a project are to incentivize
redevelopment and to promote investment in the public realm. After
February 22, 2022, all projects utilizing the density pool are subject to the
access and public realm requirements.
Future Land Use Summary
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IMPROVEMENT SKETCH
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IMPROVEMENT CHARACTERISTICS
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SEC. V: HIGHEST & BEST USE ANALYSIS
Real estate is valued in terms of its highest and best use. Highest and best use is the use which would be the
most profitable and likely use of a property. It may also be defined as that available use and program of future
utilization which produces the highest present land value. Highest and best use is defined by The Dictionary of
Real Estate Appraisal, Seventh Edition, as follows:
1. 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.
2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially
feasible. The highest and best use may be for continuation of an asset’s existing use or for some alternative
use. This is determined by the use that a market participant would have in mind for the asset when
formulating the price that it would be willing to bid. (IVS)
3. [The] highest and most profitable use for which the property is adaptable and needed or likely to be needed
in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions)
The Highest and Best Use Analysis begins with an analysis of the property as if vacant and available to be put to
its highest and best use. The property is further analyzed if there are improvements, either existing or proposed,
for the site. The four criteria of highest and best use are as follows:
• Legally Permissible Use - what uses are permitted by zoning and deed restrictions on
the subject property?
• Physically Possible Use - what uses are physically possible to put on the site?
• Financially Feasible Use - which possible and permissible uses will produce a net return
to the owner of the site?
• Maximally Productive Use - among the feasible uses, which use will produce the
highest net return?
PRESENT USE
The subject property is presently utilized for as a duplex rental property.
HIGHEST AND BEST USE AS VACANT
The highest and best use analysis of the site examines the type of improvement that is most appropriate for a
particular site.
Legally Permissible
Within this community, the future land use categories are broad indicators of growth potential such as raw
residential density and service provision, while the zoning designations control specific allowable development.
This property is zoned RMF-6 under the zoning ordinances of Collier County and is designated Urban Residential
Subdistrict and Bayshore/Gateway Triangle Redevelopment Overlay under the Coller County Comprehensive
Land Use Plan. The RMF-6 zoning category allows for single family, two-family, and multi-family residences. The
purpose of the Urban Residential Subdistrict is to provide for higher densities in an area with fewer natural
resource constraints and where existing and planned public facilities are concentrated. The maximum density
allowable is for 16 dwelling units per acre (16du/ac). The subject is also located within the Bayshore/Gateway
Triangle Redevelopment Overlay District. The intent of this overlay district is to encourage the revitalization of
the Bayshore Gateway Triangle community by providing incentives that will encourage the private sector to invest
in this urban area. The maximum density allowable in this overlay is 12 dwelling units per acre (12du/ac). Finally,
there do not appear to be any additional regulatory or other restrictions which limit the legally permissible uses.
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Physically Possible
Various physical factors have an effect on the uses to which a property may be developed. These factors include
size, shape, topography, and soil conditions. The subject site contains 6,534 square feet; therefore, it is of
sufficient size to accommodate duplex uses. The parcel is serviced with full utilities and has a level topography.
The physical aspects of the property do not impose apparent limitations on development other than project size.
The physical nature of the subject parcel does not preclude any of the legally permissible uses. Based upon the
physical characteristics of the site, the legally permissible uses would be physically possible with the only physical
constraints being the size of development.
Financially Feasible
As long as a potential use has value commensurate with its cost and conforms to the first two tests, the use is
considered to be financially feasible. As mentioned above, the legally permissible uses are physically possible.
In contemplating the feasible uses, consideration must be given to the site location and access. The property is
located on the north side of Francis Ave, just west of Shadowlawn Drive and north of Tamiami Trail E. This location
gives the property access to a full range of services within the immediate community and is appealing for
residential users. Most residential properties in the subject’s immediate area are single family and multi-family
properties which are mostly owner occupied or long-term rental properties.
Considering the above, the physically possible uses are acceptable and would not meet undue resistance in the
marketplace. It is our opinion that the subject site is legally and physically suited for multi-family residential
development.
Based upon this data as well as other information derived from our research, it is our opinion that the financially
feasible uses for the subject site are for multi-family residential development purposes.
Maximally Productive
The maximally productive use is that development option which will return the greatest profit to the eventual
developer. In more urban settings, this development option may be very specific and obvious, while in more
suburban settings, with lower ratios of existing build-out, these options may be more general and broad. In the
case of the subject property, which is located within a suburban environment, the financially feasible uses are
considered to be productive options. The potential for development exists and, therefore, the highest and best
use of the subject site is for multi-family development.
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HIGHEST AND BEST USE AS IMPROVED
As described previously, the subject site is improved with two average-quality, one-story duplex buildings
constructed in 1968, which are currently tenant-occupied.
Several factors are considered in order to determine if the subject improvements are consistent with the
previously concluded Highest and Best Use As Vacant of multi-family development.
Regarding the legal conformity of the subject improvements, the property as improved is consistent with the
zoning and land use restrictions.
Regarding the functional design of the improvements, the design and finish meet the expectations of the
surrounding market.
Regarding the financial feasibility of the subject improvements, the demand for existing multi-family properties
within this area is adequate, as evidenced by the previously-illustrated CoStar information.
Overall, since the existing improvements are representative of the previously-estimated highest and best use of
the site, and are adequately developed on the parcel, the highest and best use of the subject property as
improved is its current multi-family use.
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SEC. VI: VALUATION OF SUBJECT PROPERTY
THE APPRAISAL PROCESS
There are three standard approaches to property valuation:
• Cost Approach to Value
• Sales Comparison Approach to Value
• Income Approach to Value
Each of these three approaches usually will indicate a slightly different value. After all of the factors of the three
approaches have been carefully weighed, the indicators of value are correlated to a final opinion of value.
Cost Approach to Value
The Cost Approach to Value requires estimating the replacement cost of the improvements, utilizing current labor
and material prices and modern construction techniques. Next, accrued depreciation is estimated and
subtracted from the cost new. Finally, the land value is added to the remainder to derive a value for the property
as a whole. The Cost Approach is most reliable when the improvements are new, and the opinion of land value
can be reasonably developed. Conversely, when the improvements are older and/or adequate land sales are not
available, the Cost Approach provides a less reliable result.
Sales Comparison Approach to Value
An opinion under the Sales Comparison Approach to Value is derived by comparing the property under appraisal
with other similar properties that have sold recently. The Sales Comparison Approach is most reliable when the
comparable sales are very similar to the subject property and have occurred relatively recently. Conversely, when
large or numerous adjustments are necessary, the Sales Comparison Approach is less reliable.
Income Approach to Value
The Income Approach to Value is normally applied to commercial or income-oriented properties, since it
measures the present worth of future rights to income. The Income Approach to Value, when adequate income
and expense data are available, is often the most reliable in the valuation of commercial properties, as it best
represents investors' and lenders' actions in the marketplace.
Approaches Developed
Cost Approach
Sales Comparison Approach x
Income Approach x
Utilized Approaches to Value
Due to the age of the improvements and the corresponding difficulty in accurately estimating accured
depreciation in older structures,the Cost Approach does not provide a credible analysis and has not been
developed.
There is adequate data to develop a value estimate and this approach reflects market behavior for this property
type.
The subject is an income producing property and there is adequate data to develop a value estimate with this
approach.
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THE SALES COMPARISON APPROACH TO VALUE
The Sales Comparison Approach to Value is a process of comparing sales of similar properties in the marketplace
to the subject property.
Market data, when carefully verified and analyzed, is good evidence of value because it represents the actions
and reactions of sellers, users and investors. The opinion of market value has been defined as an interpretation
of the reactions of typical users and investors in the marketplace. The Sales Comparison Approach is based
upon the principle of substitution, which states that a prudent person will not pay more to buy a property than it
would cost to buy a comparable substitute property. The price a typical purchaser pays is usually the result of
an extensive shopping process in which he/she is constantly comparing available alternatives.
The steps in the Sales Comparison Approach are:
1. Seek out similar properties for which pertinent sales and data are available.
2. Qualify the prices as to terms, motivating forces and bona fide nature.
3. Compare each of important attributes of the comparable properties with the corresponding
attributes of the property being appraised under the general division of time, location and physical
characteristics.
4. Consider all dissimilarities in terms of their probable effect upon the sale price.
5. Formulate an opinion of relative value of the property being appraised as compared with the price
of each similar property.
Source: Appraisal Institute, The Appraisal of Real Estate, 14th edition. (Chicago: Appraisal Institute, 2013).
Generally, there are two methods of analyzing this type of property within the Sales Comparison Approach, those
being the Sale Price Per Unit and the Effective Gross Income Multiplier (EGIM) analyses. Due to the typical actions
of buyers and sellers for this property type within this marketplace, we have utilized the Sale Price Per Unit
Analysis exclusively.
In developing an opinion of the market value of the subject property via the Sales Comparison Approach, we
have analyzed the following comparable sales:
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COMPARABLE IMPROVED SALES MAP
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Sale Price Per Square Foot Analysis
The comparable sales and our analysis thereof are summarized in the following chart:
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Analysis of Comparable Data
The Sales Comparison Approach is dependent upon adjustments to the sale prices of the comparable sales
based upon the following elements of comparison outlined by The Appraisal Institute:
1. Real property rights conveyed
2. Financing terms
3. Conditions of sale
4. Expenditures made immediately after purchase
5. Market conditions
6. Location
7. Physical characteristics
8. Economic Characteristics
9. Use
10. Non-realty components of value
For ease of analysis, we have divided this list into two parts. This division is based upon the type of adjustments
made for the differences. Elements 1 – 5 are considered to be transactional adjustments, whereas elements 6
– 10 are considered to be physical adjustments.
Transactional Adjustments
There were no transactional adjustments warranted for Real Property Rights Conveyed, Financing Terms,
Conditions of Sale, and Expenditures Made Immediately after Purchase for these sales.
In considering Changes in Market Conditions since the time of sale, we must consider the significant changes in
the local real estate market. The property value trend found throughout the market changed drastically over the
past decade or so, with substantial increases during the period of 2011 through most of 2016. From 2017 to
early 2020, growth slowed in the market as supply began to come from new construction. However, in late April
of 2020, prices began to increase again as additional demand came into the market as a byproduct of the COVID-
19 pandemic. This demand depleted inventory in most markets, and historic low interest rates also fueled price
growth, and there were rapid price increases through May 2022. Prices stabilized throughout 2023, and sales
data over the past 12 to 18 months indicate a return to price stability, with some submarkets experiencing
downward price correction.
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Physical Adjustments
We have considered the following specific physical adjustments to the comparable sales. A brief description of
the nature of these characteristics is provided below:
• Location: Location refers to the economic attributes of the surrounding market area. These attributes
affect the financially feasible uses of the property. All four sales are locationally comparable to the
subject property. However, the subject’s immediate neighborhood brings a higher rental rate than that
of Sale 1, warranting an adjustment in the sales grid.
• Exposure (Frontage): This refers to the exposure to the fronting thoroughfare (i.e. - capacity/traffic
count). All four sales were considered similar to the subject in terms of exposure.
• Access: This refers to the accessibility of a property (i.e. – frontage road vs. direct frontage, existence
of median cuts, etc.). All four sales were considered similar to the subject in terms of access.
• Quality/Appeal: This refers to the overall quality of the improvements, as defined by the Marshall
Valuation Service/CoreLogic Commercial Cost Service, as well as overall market appeal. All four sales
were considered similar to the subject in terms of quality/appeal.
• Condition/Year Built: This refers to the overall condition (maintenance and effective age) of the
improvements. Sale 1 required upward adjustments for the sale’s inferior condition/effective age
compared to the subject. Sales 3 and 4 required downward adjustments for their superior
condition/effective age compared to the subject.
• Building Size: Larger properties often sell for a lower price per unit than do smaller properties. All four
sales were considered comparable to the subject in terms of building size. However, adjustments for
GBA were warranted for all sales utilized.
Value Conclusion
The sales range in adjusted price as illustrated in the chart below. Considering all of this information, it is our
opinion that the Sale Price Per Unit method provides an opinion of market value for the subject property of
$470,000.
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THE INCOME APPROACH TO VALUE
The Income Approach to Value is based on the premise that an investor who purchases income producing real
estate is trading a sum of present dollars for the right to receive future dollars. Income producing property is
typically purchased for investment purposes, and the projected net income stream is the critical factor affecting
its market value.
The Income Approach is also greatly affected by the principle of anticipation. This is reflected in the definition of
value which states that the value is the present worth of all rights to future benefits. Therefore the projected
income stream is of extreme importance when estimating a property's value. The appraiser must consider both
quality and quantity of the income stream as it relates to value. Many factors can affect net income, including
supply and demand, changes in land use, or traffic patterns. External forces such as a rise in interest rates or
social changes may also have an effect on value.
The valuation of a property utilizing the Income Approach consists of the following procedure:
1. Estimate Gross Income either by contract rent or comparison to similar properties (market rent).
2. Estimate an appropriate vacancy and collection loss.
3. Estimate expenses which consist of three categories: fixed (expenses not affected by occupancy),
variable (expenses affected by occupancy), and reserves for replacement.
4. Subtract expenses from effective gross income to arrive at net operating income.
5. By use of the proper capitalization technique, convert net income into value.
Source: Appraisal Institute, The Appraisal of Real Estate, 14th ed. (Chicago: Appraisal Institute, 2013).
The purpose of this segment of the appraisal is to estimate the market value of the subject property via the
Income Approach to Value. In developing an opinion of the market value of the subject property via the Income
Approach to Value, we have considered the following comparable rentals and the gross rent multipliers of the
five sales comparables utilized within the Sales Comparison Approach.
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COMPARABLE RENTALS MAP
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COMPARABLE RENTALS
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Analysis/Discussion of Comparable Rentals
In estimating the market rent for the subject property, we utilized the most recent comparative rentals in the
Naples market. The subject units are currently leased for a total of $2,450 per month. However, these leases
are long-term tenants with below-market value rates. Each of the comparable rentals utilized in this analysis is
an annual rental. These comparables are what a tenant would consider as alternatives to the subject property.
The comparable rentals can be summarized in the following chart:
The comparables' monthly rental rates range from $3,100 to $5,200, or $1,550 to $2,600 per unit. After
consideration for differences in property characteristics, this range narrows to $3,290 to $3,590, or $1,645 to
$1,795 per unit. Based on the prevailing average monthly rental rates of comparable rentals analyzed, the
market rent has been estimated at $1,750 per unit per month with a monthly gross income of $3,500.
Estimation of Market Value via GRM Method:
The Gross Rent Multiplier Method (GRM) is most commonly used for small income properties and is based on
the proposition that an informed purchaser would pay no more for a property than the cost of obtaining a return
of the same amount and embodying the same risk as that involved in the subject property. This method is most
reliable when abundant sales and rental data are available, there are reasonable and consistent operating
expense ratios, and properties sell with sufficient frequency in the market to produce a discernible pattern. The
following are the gross rent multipliers for the comparable improved sales:
An opinion of market rent for the subject property has been based upon the comparable rentals shown above,
which are considered to be reliable indicators of current market rent. The opinion of market rent is based upon
current condition of the subject property and is subject to change based upon changes in the condition of the
subject. The values indicated from the GRM Method are shown below:
Monthly Gross Income $ 3,500
Times Estimated GRM x 135
Estimated Value $472,500
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SEC. VII: RECONCILIATION OF OPINIONS OF VALUE
The Sales Comparison Approach references sales of similar properties located in competitive areas within the
researched market area. Since properties of identical characteristics are uncommon, any reliance placed upon
the Sales Comparison Approach could be lessened due to required adjustments to the comparable sales.
However, the range of values indicated by the five sales after adjustments was considered to provide a reliable
indicator of value for the subject property.
The Income Approach compares rentals of similar properties to the subject. Market rent was estimated based
on the prevailing average monthly rental rates of comparable properties. We utilized the Gross Rent Multiplier
Method, which is the most appropriate method for small-income residential properties in the subject market.
This Approach was considered a reliable indicator of value for the subject property, and the value concluded via
the Income Approach has been given the greater weight, since a typical buyer would be purchasing the property
as an income-producing investment.
Overall, the Sales Comparison was considered to be the most reliable, and the value concluded via this Approach
has been given sole weight in the final value conclusion.
Based upon the results of the analyses and data contained in this report, including any Extraordinary
Assumptions and Hypothetical Conditions outlined in the Addenda, it is our opinion that the “as-is” market value
of the fee simple interest in the subject property, as of December 10, 2025, is:
The above opinion of market value is contingent upon the certification and the assumptions and conditions of
this appraisal, if any.
CONTRACTS, LISTINGS & SALES HISTORY
Based on Information obtained from the client, various recognized published data sources and / or the county
assessor's records, the subject property has no prior sales or transfers in the three years preceding the effective
date of this appraisal. In addition, the subject property is not currently listed for sale.
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ESTIMATION OF MARKETING TIME
Marketing time is defined by the USPAP Advisory Opinion as follows:
1. The time it takes an interest in real property to sell on the market sub-sequent to the date of an appraisal.
2. Reasonable marketing time is an estimate of the amount of time it might take to sell an interest in real
property at its estimated market value during the period immediately after the effective date of the appraisal;
the anticipated time required to expose the property to a pool of prospective purchasers and to allow
appropriate time for negotiation, the exercise of due diligence, and the consummation of a sale at a price
supportable by concurrent market conditions. Marketing time differs from exposure time, which is always
presumed to precede the effective date of the appraisal. (Advisory Opinion 7 of the Appraisal Standards
Board of The Appraisal Foundation and Statement on Appraisal Standards No. 6, "Reasonable Exposure
Time in Real Property and Personal Property Market Value Opinions" address the determination of
reasonable exposure and marketing time.)
Marketing time is further discussed in the Advisory Opinion referenced above as follows:
“…Marketing time occurs after the effective date of the market value opinion and the marketing time
opinion is related to, yet apart from, the appraisal process. Therefore, it is appropriate for the section
of the appraisal report that discusses marketing time and its implications to appear toward the end of
the report after the market value conclusion. The request to provide a reasonable marketing time
opinion exceeds the normal information required for the appraisal process and should be treated
separately from that process.
It is also appropriate for the appraiser to discuss the impact of price/value relationships on marketing
time and to contrast different potential prices and their associated marketing times with an appraiser’s
market value opinion for the subject property...
…Clients concerned with marketing real or personal properties who obtain a market value appraisal as
part of their decision-making process should be aware that it may be inappropriate to assume that the
value remains stable during the marketing period. Therefore, it is technically incorrect for the user of an
appraisal to take a current value opinion, carry it forward to the end of a concluded marketing period,
and then discount back to the present…”
Based upon the analysis and conclusions developed in this appraisal, the marketing time for the subject property
is estimated to be 3-6 months.
ESTIMATION OF EXPOSURE TIME
Inherent in an opinion of market value is the development of an estimate of exposure time for the subject
property. Exposure time is defined by the Uniform Standards of Professional Appraisal Practice (USPAP), 2024
Edition, as follows:
(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 the appraisal.
Based upon the analysis and conclusions developed in this appraisal, the exposure time for the subject property
is estimated to be 3-6 months.
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SEC. VIII: CERTIFICATION
We certify that, to the best of our knowledge and belief:
The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported assumptions
and limiting conditions and are our personal, impartial, and unbiased professional analyses,
opinions, and conclusions.
We have no present or prospective interest in the property that is the subject of this report and
no personal interest with respect to the parties involved.
The appraisers have not performed any prior services regarding the subject within the previous
three years of the appraisal date.
We have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
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.
Our analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with Uniform Standards of Professional Appraisal Practice.
Richard L. Gustin has completed an interior and exterior inspection of the subject property on
December 10, 2025.
No one provided significant real property appraisal assistance to the person(s) signing this
certification.
The use of this report is subject to the requirements of the Appraisal Institute relating to review
by its duly authorized representatives.
The reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with 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).
We are currently licensed to conduct appraisal activities and have completed the continuing
education requirements set forth with the State of Florida.
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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.
As of the date of this report, I have completed the continuing education program of the Appraisal Institute.
State-Certified Residential Real Estate Appraiser, RD8811
Scott H. Simmons
State-Certified Residential Real Estate Appraiser, RD 6203
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SEC. IX: ADDENDA
QUALIFICATIONS: RICHARD L. GUSTIN
Educational Background and Training
Oakton Community College – Des Plaines, Illinois
Broward Community College – Broward County, Florida
Santa Monica College – Santa Monica, CA
Experience
Richard L. Gustin Appraisals, Inc. – Founder/COO/Managing Appraiser (March 2000-November 2013)
Better, A Workforce Reduction Project - Supervisory Staff Appraiser (March 2022–September 2022)
Shoreline Appraisals, Inc.--Founder/Chief Operating Officer/Appraiser (November 2013-2024)
Maxwell, Hendry, & Simmons, LLC, Fort Myers, Florida – Associate Appraiser (June 2024-Current)
Professional Affiliations
Illinois State Certified Residential Real Estate Appraiser – License #556-002543
Illinois Real Estate Broker, as of 10/2017 to present - License #475.178260
Florida State Certified Residential Real Estate Appraiser – Cert Res #RD8811
7-HR National USPAP Update Course (2018-2024)
Desktop Appraisal Assignments: An Overview (January 2019)
Fundamentals of Income Property Appraisal (January 2019)
The Appraisal of 2-4 Unit Properties (January 2019)
Limited Scope Appraisals and Appraisal Reports (January 2019)
Focus on FHA Minimum Property Requirements (January 2019) (October 2023)
Diversify Your Appraisal Practice with Estate Appraisals (September 2021)
Mortgage Lending Appraisal Requirements: Fannie Mae and Freddie Mac (September 2021) (October 2023)
FHA handbook 4000.1 (September 2021)
Appraising REO Properties (September 2021) (October 2023)
Various Webinar training and update courses including, but not limited to, New Construction, Luxury Homes,
Bifurcated and Hybrid Appraisals, Expert Witness Testimony, Appraisal Laws (April 2022 – October 2023)
Re-certification
As of the date of this report, I, Richard L. Gustin, have completed the requirements under the continuing
education program for the State of Florida.
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QUALIFICATIONS: SCOTT H. SIMMONS
Educational Background and Training
Appraisal Board Course 1 (ABI), Academy of Real Estate, 2003, Fort Myers, Florida.
Sales Comparison Approach, St. Petersburg Junior College Corporate Training Center, Steve Vehmeier, 2004, St. Petersburg,
Florida.
The Professional’s Guide to the URAR, South Fort Myers/Clarion Hotel & Suites, Kathy Coon, 2005
Various Courses, McKissock, Inc. 2009, Fort Myers, Florida.
Appraisal Board Course II (ABII), Academy of Real Estate, 2006, Fort Myers, Florida.
15 - Hour National USPAP Course, Gold Coast Real Estate Schools, 2006, Miami, Florida.
7 – Hour National USPAP Update Course, McKissock, Inc. 2010, Miami, FL
Various Courses, McKissock, Inc. 2010, Miami, FL
Experience
Gulf Coast Appraisal & Consulting Services, Inc., Cape Coral, Florida, Associate Appraiser (October 2003)
Gulf Coast Appraisal & Associates, Inc., Cape Coral, Florida, Associate Appraiser (2003-2005)
Maxwell & Hendry Valuation Services, Inc., Fort Myers, Florida, Associate Appraiser (2005-2013)
Maxwell, Hendry & Simmons, LLC, Fort Myers, Florida, Associate Appraiser (2013-2022)
Maxwell, Hendry & Simmons, LLC, Fort Myers, Florida, Residential Division Manager (2022 – Present)
Professional Affiliations
State-Certified Residential Real Estate Appraiser, RD 6203
State-Licensed Real Estate Sales Associate, SL 3293556
HUD FHA Approved Appraiser
Qualified as an expert witness in the Florida District Court: 20th Judicial Circuit
Re-certification
As of the date of this report, I, Scott H. Simmons, have completed the requirements under the continuing education program
for the State of Florida.
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ASSUMPTIONS
An assumption is defined by The Appraisal Institute in The Dictionary of Real Estate Appraisal, Seventh Edition
as follows:
“That which is taken to be true.”
Please review the following assumptions, which we have “taken to be true” about this appraisal.
This appraisal is to be used in whole and not in part. This appraisal report has been prepared at a specified
point in time as indicated by the date of valuation. Therefore, this report can neither be used prior to, or
subsequent to, the effective appraisal date. Market values and conditions change significantly with the passage
of time. This report cannot be viewed subsequent to the appraisal date and then reliance placed on values,
opinions, and analysis made by the appraiser or other consultants in the report. The forecasts or projections
included in this report are used to assist in the valuation process and are based on current market conditions,
anticipated short-term supply and demand factors, and a continued stable economy. These forecasts are
therefore subject to changes in future conditions, which cannot be accurately predicted by the appraiser and
could affect the future income and/or value forecasts.
No part of this report shall be used in conjunction with any other appraisal. The appraiser(s) herein, by reason
of this report, is not required to give testimony or attendance in court or any governmental hearing with reference
to the property appraised, unless arranged previously therefore. The consideration for the preparation of this
appraisal report is the payment by the client of all charges due the appraiser in connection therewith. Any
responsibility of the appraiser for any part of the report is conditioned upon full payment.
Neither all, nor any, part of the contents of this report shall be conveyed to the public through advertising, public
relations, news, sales or other media without the written consent and approval of the author, particularly as to
the valuation conclusion, the identity of the appraiser or firm with which he is connected, or any reference to any
professional organization of which the appraiser may be a member.
The property has been appraised as if free and clear, unencumbered by mortgages, liens, delinquent taxes,
assessments, special or unusual deed conditions or restrictions, but subject to zoning regulations. An
investigation, but no record search, has been made.
All comparable data utilized are confirmed by Costar Group, Inc., the Local Multiple Listing Service (MLS), parties
related to the sale, and/or public records. The data used in compiling this report was secured from sources
considered reliable and authentic and, so far as possible, was verified. However, no responsibility is assumed
for its accuracy or correctness.
Unless otherwise noted, no survey or plans were requested or provided and information regarding the subject
property has been gathered from the appropriate public records. It is assumed that the legal descriptions, site
sizes and boundaries utilized are correct, that the improvements (if applicable) are entirely and correctly located
on the property described, and that there are no encroachments or overlapping boundaries. Unless stated
otherwise, legal access to the property is assumed. Marketable title, but not responsibility as to legal matters, is
assumed. This appraisal is subject to a current survey and title search.
It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations
and laws unless noncompliance is stated, defined, and considered in the appraisal report and it is further
assumed that all applicable zoning, land use regulations and restrictions have been complied with, unless a
nonconformity has been stated, defined and considered in the appraisal report.
This appraisal is subject to all growth management ordinances (i.e. concurrency) both local and state. The
appraiser has relied upon representations made by the developer, client or authorities considered to be
knowledgeable in this regard. A determination was not made by the appraiser as to the development potential
for the property, unless otherwise stated.
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Unless otherwise noted, we were not provided with a title search, and we have assumed that the subject property
has a unified title, or in absentia, that the right of entry is barred for oil, gas, and mineral rights holders. We have
further assumed that no off-site subsurface exploration or extraction activities are occurring, or have occurred,
which would have an impact on the subsurface elements of the property, or which would adversely affect the
value of the property. No consideration was given within this appraisal as to the time or expense (if any) which
would be required to determine or obtain unified title or bar the right of entry. Should this assumption regarding
unified title later prove to be false, this could alter the opinions and conclusions contained herein.
The Americans with Disabilities Act (ADA) became effective on February 26, 1992. The appraiser has not made
a specific compliance survey and analysis of this property to determine if it is in conformity with the various
detailed requirements of the ADA. As the appraiser has no direct evidence relating to this issue, possible
noncompliance with the requirements of ADA in estimating the value of the property has not been considered.
EXTRAORDINARY ASSUMPTIONS / HYPOTHETICAL CONDITIONS
Please see the Scope of Work for further details.
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Legend: Need BCC Approval
CRA Owned
EXHIBIT A
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