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Summary of Evidence Presented:hy the: Petitioner; <br />The: Petitioner's (PET. evidence incudes general information on the subject property, <br />.... including the property card,:maps and photographs. The income analysis includes five lease <br />comparables from the Orlando area with starting: rent of $30:40 <br />p g per: square:: foot. The <br />properties have a two -star or three -star rating according :to .Costar. The comps:: <br />include ANF Gyros and Grill built: in 1989. and .located on W Colonial br; Flapjack i <br />Johnny's built in 1984 and located: in the Apopka: area; Marion's Tavern built ip 1997- <br />Dunkin' <br />Donuts built in 201,0; and: a :.Crystal built in 1970. <br />j <br />PA has included a market: survey called Viewpoint prepared by IRR for the Orlando retail ` <br />market. The midyear 2,022 report includes an indication ofcap rates :and asking rents. and <br />vacancy rates :for community: retail and neighborhood retail properties in the: Orlando MSA. <br />In addition, PET has included investment surveys: from SitusAMC for regional: mall <br />j <br />power centers and neighborhood commercial' properties. RERC reports for Orlando and <br />Palm Beach: County were included. An: investor survey. prepared by irealtyrates.cQ was <br />... . <br />included:for support of an overall cap rate. The survey'includes.retail anchor centers and.. <br />all types of retail properties for first quarter 2023.:A market study by resltyrates.com for <br />class A and B office buildings in various :regions of the state was included:: ' <br />A capitalization rate com son analysis has-been included to: i Ovide a com arison of <br />P P� Y Pr p : � cap <br />rates in January 2022: and January 2023 to show the impact.of increasing interest rates. The <br />analysis is not specific to freestanding restaurant properties and was eared b Master I <br />p 1�� prepared Y , .. <br />CRE and . Haute: Commercial Real Estate, : LLC. The Band of Investment comparison <br />applies a higher mortgage constant due to higher interest rates in 2023, and a higher equity <br />dividend rate in 2023. The result of the example is a 12,63% higher'cap rate. <br />The petitioners package includes numerous survey data tables .from realtyrateg.com°to <br />support equity rates and financial indices: has been provided for the :10-year:treasury rate. <br />Data from PWC Real Estate Investor Survey. for first -.quarter 2023 was included. The data '. <br />relates to malls, power centers, and shopping centers. NAI Realvest Retail Report -from the <br />Orlando metro market was included for fourth-quarter 2022. Additional survey data from <br />PWC was included to provide support for cap rates ;and:expenses Survey data from CBRE <br />research was included for retail ,properties and various markets, the closest market being <br />Orlando. The petitioner has included a table related to rental units for various types: of <br />.. income, producing properties and also included .the ° Florida.:Real . Property Appraisal <br />Guidelines ::prepared. by.I the Florida Department:- of Revenue.::: <br />A sales analysis was included with 12 improved -restaurant sales located in the Orlando and <br />Polk County markets. The properties: were built between 1983. and 2019. The sales occurred:.:: <br />between 2021 and 2022 and indicate a sale price. _range of 3156 to $587 per square .foot <br />with an average of $411 per square foot. Petitioner has deducted a 10% cost of sale to <br />: <br />1 <br />l <br />