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APPRAISAL REPORT LAND APPRAISAL REPORT File No z 0 P LL Z 90 Borrower N/A Census Tract 0503.02 Map Reference 32 -39 -21 - Property Address 4740 58TH AV Cie/ VERO BEACH county INDIAN RIVER State FL_ Zip Code 32967 Legal Description INDIAN RIVER FARMS CO SUB PBS 2-12 N 145.95 FT OF W 323.46 FT OF N -11.0,1 A OF S 21.01 A OF TR 12, LESS RAN(OR BK 707 PP 3019 u Sale Price $ Date of Sale Loan Term yrs. Property Rights Appraised I X I Fee Leasehold I 1 De Minimis PUD Actual Real Estate Taxes $ 1438 (2017) (yr.) Loan charges to be paid by seller $ Other sales concessions Lender/Client INDIAN RIVER COUNTY Address 1840 25TH ST. VERO BEACH. FL. 32960 occupant PAULETTE BROWN Appraiser PETER D. ARMFIELD Instructions toAPprals r TAX ID 32-39-21-00001-0120-00003.1 NEIGHBORHOOD Location U Urban U Suburban U Rural Built Up n Over 75% © 25% to 75% . Under 25% Growth Rate II Fully Dev. ❑ Rapid ' X I Steady ❑ Slow Property Values © Increasing . Stable ❑ Declining Demand/Supply ❑ Shortage © In Balance . Over Supply Marketing Time NI Under 3 Mos. n 4-6 Mos. © Over 6 Mos. Present Land Use 65 % 1 Family % 2-4 Fam _ % Apts. % Condo % Commerdal _ % Industrial % Vacant 35 % VACANT Employment Stability Convenience to Employment Convenience to Shopping Convenience to Schools Adequacy of Public Transportation Recreational Facilities Adequacy of Utilities Good n • X n n • ❑ Avg n X ❑ ©�l f X Fah In ❑ ❑ MI .11 ❑ ❑ Poor ❑ n • ❑ n � 7 Change in Present Land Use Not Ukety r I Likely (') IJ Taking Place (') (') From To Property Compatibility Protection from Detrimental Conditions • ❑ �X I A I ©n In n n Predominant Occupancy X Owner U Tenant 1 % Vacant Police and Fire Protection • X ❑ ❑ Single Famiy Price Range $ 75 to 9 375 Predominant Value $ 200 General Appearance of Properties ❑ X ❑ • Single Family Age 18 yrs. to 60 yrs. Predominant Age 35 yrs. Appeal to Market • X ❑IN Comments including those factors, favorabte or unfavorable, affecting marketabilly (e.g. public parks, scho Is, noise) THE SUBJECT NEIGHBORHOOD REPRESENTS THE RESIDENTIAL USES LOCATED PERIPHERAL TO NORTHWEST VERO BEACH. TO THE SOUTH ARE COMMERCIAL DISTRICTS ASSOCIATED WITH THE INDIAN RIVER MALL AND SATELLITE USES. "' SEE ADDITIONAL COMMENTS "' SITE Dimensions SEE ATTACHED DESCRIPTIONS AND SITE MAP F U Comer Lot Zoning Classification RS, SINGLE FAMILY RESIDENTIAL Present improvements 1 X 1 do 1 1 do not conform to zoning regulations ‘.-6 Highest and best use: U Present use 1 'Other (spedly) Public Other (Describe) OFF SITE IMPROVEMENTS Tope LEVEL Elec. © Street Access: © Public Private Size SEE ATTACHED Gas . Surface PAVED Shape RECTANGULAR Water © COUNTY Maintenance: U Pubic 1 'Private View RESIDENTIAL San. Sewer SEPTIC ❑ Storm Sewer . Curb/Gutter Drainage APPEARS ADEQUATE • Underground Elect. 8 Tel. • Sidewalk • Street Lights �� Is the property located in a HUD Identified Special Flood Hazard Area? I n l No U Yes Continents (favorabte or unfavorable Including any apparent adverse easements, encroachments or other adverse conditions) SEE ATTACHED MARKET DATA ANALYSIS The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description Includes a dollar adjustment, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant Item in the comparable property Is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the Indicated vatue of subject; if a significant item in the comparable is Inferior to, or less favorable Man, the subject property, a plus (*) adjustment is made, thus Increasing the Indicated value of the subject. ITEM Subject Property COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address 4740 58TH AV VERO BEACH, FL 32967 8226 93RD AVE VERO BEACH,FL,32967 2725 8TH ST VERO BEACH FL,32968 1490 17TH ST SW VERO BEACH.FL.32967 Proximity toSubj. ,6.18 MILES NW 4.85 MILES SE 7.96 MILES SE Sales Price $ 5 50.000 $ 36,000 $ 38 000 Price $ 5 1.07 $ 1.53 $ 0.77 Data Source INSPECTION MLS 188500 MLS 193426 PUBLIC RECORDS CLOSED Date of Sale and DESCRIPTION DESCRIPTION ' 441„t,,, DESCRIPTION I 40,1-4.t, DESCRIPTION I ("�$ Ad)f rc mnm Time Adjustment 07/27/2017 2,10010/17/2017 11/21/2017 Location NW VERO VERO LAKE EST ! SW VERO ! SOUTH VERO +10% 3,800 Sitemew 146 X293 157 X 296.5 93 X 253 353 X 145 Site Area 42866 SF 46550 SF ,23522 SF - 10% -3 600,49313 SF 1 � I i � I Sales or Finandng Concessions ' Net Adj. (Taal) 1 X 1 Rus 1 1 Minus 5 2.100 1 'Plus l X1 Minus $ -3,600 1 X l Plus f j Minus $ 3.800 Indicated Value of Subject GROSS 4.2% NET 4 ,0$ 52_,100 GROSS 10.0% NET -10.0%$ 32.400 GROSS 10.0% NET 10.0%$ 41.800 RECONCILIATION Comments on Market Data: SALE 1 AFTER ADJUSTMENTS SALE 1 FIGURES TO $1.12/SF: FOR SALE 2 $1.38/SF; AND $0.77/SF FOR SALE 3. CONCLUSION OF MARKET VALUE FOR SUBJECTS PARENT SITE AS VACANT BEFORE THE TAKING IS $48000 WHICH IS EQUIVALENT TO $1.12/SF WITH MOST WEIGHT ON SALE 1 AS REPRESENTATIVE OF MID RANGE. Comments and Conditions of Appraisal: THE APPRAISER HAS NOT PROVIDED SERVICES ON THE SUBJECT WITHIN PAST THREE YEARS. EXPOSURE TIME IS ESTIMATED IN THE RANGE OF 2 TO 5 MONTHS. SEE ATTACHED SUMMARY SPREAD SHEET THAT EXPLAINS ESTIMATE OF JUST COMPENSATION OF $44,516 WHICH INCLUDES ESTIMATED $10,000 FOR SEVERANCE DAMAGES. FlnalReconciliation: BASED ON THE INVESTIGATION MADE IT IS MY OPINION THAT JUST COMPENSATION FOR PROPOSED PARTIAL TAKING IS $44,516. I ESTIMATE THE MARKET VALUE. AS DEFINED. OF SUBJECT PROPERTY AS OFAPRIL 12 2018 to be $44,516 • Appraiser(s) Review Appraiser (I applicable) Signature Signature • Did U Did Not Physically Inspect Property 223 Name PETER D. ARMFIELD�Date 04/20/2018 Name Date State FL n License 1 >` I Certification # CERT GEN RZ524 State n License n Certification # Page 1 of 14