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... ... f PA has: included: the statement: "The property. appraisers office has properly considered all statutory criteria in the valuation process. The methodology used to determine the value of the subject property was consistent with acceptable appraisal practices, and not different fromsimilar properties. All: evidence available to this office at the present time indicates that the 2023 Just. value as published by the Property Appraiser': s Office is welh supported by transactions occurring in the open:market:" The cost: approach included three: _land sales in Alachua County. The transactions all occurred in 2021 and:range in size from 27,060 SgFt to 53;578 SgFt. A sales location map is included. The property appraiser has concluded at $35 per square foot,: which is: below the range of -the sales. This indicates a land value: of $2,31:7;392. A Marshall :& Swift worksheet was included to provide an estimated building value.. Class C .average quality i concrete block restaurant withdrive-in has been utilized to provide abase cost:of $182'p- er square foot. Adjustments and refinements were applied: for HVAC, perimeter current cost, and location. The -final cost was;$171.46 per square foot, indicating a replacement cost of $854,376.: PA deducted 9% for depreciation: resul#ng in a depreciated cost: of $777 482 Miscellaneous extra features were included at $57;954. The cost: approach Indication is $3;152,819: Property Appraiser has. included. a sales comparisonapproach with four comparable sales located in Alachua, Marion and St. John's: Counties: The freestanding :restaurants :contain between 1,880 SgFt and 3,693 SgFt. The sales occurred in 2021 through early 2023. This data indicates a range and sale price of $901 to $1;646 per square foot. The assessed value of the. subj ect property falls below the range at $615.80: per square foot. Photogr#phs of the j sales and a sales location map are provided. : The income approach includes six food restaurants that range in size from 3,693: SgFt to 4,440 SgFt. The rental:rates indicate a range of. $44 to $58 per square foot. PA concluded at $50 per square foot indicating a potential gross income of $249,150. A 5% vacancy Factor was deducted as: well as 5%o for operating expenses. The net operating income was: $224,857. Appraiser has applied a:6% cap rate from both market .and' published rates, indicating. a: market. value of $3:;747,61:7. The property. appraiser's evidence package also, includes. a tenant: 'overview from the j Boulder Group for Chick-fil-A, which indicates: a general cap rate range of 165% to 4.5% based on the length of lease. The typical building size is 4,200 SgFt. The.mostrecent data. indicates. an average sale :price of $2,350;949: with:a:rental rate of $33: per square. foot; a sale price of $637 per square foot, anda. caprate of 5.10%: Net Lease Advisor -report dated 1'/31/23 by Avison. Young was also included. The reportdiscusses:Chick-fil A.'ANet Lease report by Brisky: dated 7/18/23 was: provided; which; discusses : Chick41=A as .one of the most successful :`quick serve restaurant franchises in the world. i