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from 2018, one from 2019,. and one from 2020, with sale prces from $3.25 to $8.92/sf. The subject land assessment is $2.38/s.f.. Zoning of the sales is CL; CG, and CH. Zoning of the subject is CG, Commercial General. A chart of land listings provides a range of listing prices from $644/sf to $9.97/sf for three listings. The PA income analysis considers a Proforma, with no actual income and expense information due to the new condition of the facilities. The PA utilized a room rate of $122 per night;;as reported on. the motel web site. A vacancy and collection loss is estimated at 45%. Additional miscellaneous :Income Is estimated at 1 %. Expenses are estimated at 70% (4% management + 66% other). The PA Income Capitalization rate of 11.5% is supported by LoopNet market listings of 9.52°!x, 6.5%0; 9.29%; and 8%; PA build up rate of 6.5% and Sand of Investment rate of 8.75%. The income proforma analysis provides a value of $5,204,202; less TPP assessment estimated at $671,078 supporting a real property value of $4,5010,000. The PA provided a Cost Approach using Marshall Valuation Service Cost Analysis. Land value is included at $522,720 ($4/sf). The Cost Approach value indication is $5,176,335, or $64,704/room. The PA analysis provided the following value indications: Current Assessed/;lust Value $3,998,068, 49,976/room: ($311,018 land and $3,687,050 improvements) Market Sales $77,915 / room (80 rooms, $6,233,200) Income Analysis $4,500,000 Cost Analysis $5,176,335 The PA concluded that the analysis supports the subject Just Value Assessment of $3,998,068. D. Summary of evidence presented by Petitioner (PET) The PET provided a valuation for the subject property based on Income Analysis. The, -PET income approach provided utilized the following Information: -The subject was opened December 2019; with limited income provided and limited potential to established an appropriate.yearly ADR. .The actual income from the subject provided a loss of $135,870 over the first.months of operation due to the timing of the calendar year. -The only information available indicated an ADR for peak winter months of December/January for the subject at $104.54. The same timeframe provided an ADR for the comp set at $118.70. -The STIR report provided Occupancy rates for the subject at 39.2% and 71.5% for the comp set. -Capitalization rate support includes regional Investment criteria TILTier at 5%c-10%, avg 7.8%, CBRE rates for stabilized properties at 8.5% to 9.750%, and.Tier Il properties 8% to 8:75%0 -CBRE Expense support for rooms from $75 to $115, limited service hotels, at 81,5% after adjustment for insurance, taxes, and reserves. This expense rate is within the range of expense rates from 75% to 115%. The expense rate includes 4% for reserves, an adjustment for higher insurance costs in Florida, and excludes property taxes.- -61-