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Findings of Fact for Petition 2024-02950: Aida includes the Petition,Agent Authorization and Hearing Notice. List of Property Appraiser's witnesses and Exhibits: Joseph Richardson represented the Property Appraiser's Office(PA)and provided testimony via telephone.Their evidence packages include:the property card,photographs,aerialphotos,applicable valuation,Dept.of Revenue Form DR-493 relating to Cost of Sale adjustments,tax bill and hearing info,Florida Statutes relating to Just Valuation, Appraiser Mass Appraisal and the Presumption of Correctness Tax Year 2024,memos and documents on Assessments from Florida Department of Revenue.The market value of the property is$8,520,370. List of Petitioner's witnesses and Exhibits: Ryan Malik of Flanagan Bilton represented the petitioner via phone.He discussed the 115-page Florida supporting evidence and valuation document.Various administrative documents and memoranda are included in the evidence, along with property card,property info,aerial photo,rent comparables,cap rate support. Overview of the Subject Property: The subject property(Palm Crossing North)has three light-industrial warehouses containing 56,299 SgFt.The address is 3520 NW 56th St.Ft.Lauderdale.The masonry building was constructed in 1986 and features 7 dock height truck doors and 18'clear height.The land area is 180,148 which indicates a land to building ratio.of 3.21:1:0.The assessed value equals$151.34 psf Costar indicates it is a rated a Class B,3-Star property with 19,278 SF Industrial and 13,344 SF office. Summary of Evidence presented by the Property Appraiser: The property appraiser has submitted a 55-page evidence package in addition to Florida Statute document packages, which contain Dept.of Revenue Form DR-493,Florida Statutes relating to Just Valuation,Appraiser Mass Appraisal and the Presumption of Correctness Tax Year 2024.The.PA evidence includes the property sheet, photographs and the building card for the parcel.PA reviews the recorded sale of the property whi was disqualified as it was an allocation of a bulk purchase.Costar indicates a market rent of$16-20 psf. The Pro Forma income analysis is presented on page 13 of the evidence.The p • a appraiser has estimated a market rent of$14.00 peon a NNN basis,then deducted 5%for a stabilized vacancy a ' collection loss.Expenses were estimated at 8%of effective gross income.PA estimates a base capitalization rate of 6.5%.The cost of sales figure of 10%is deducted to indicate a Just Value of$9,538,268 or$169.42 psf. Lease comparable info begins on page 15.A lease comps survey from Costar includes 9 deals on similar industrial properties m the area.The rent comps are offered between$14.00 and$20.50 psf NNN with starting rents at$14.50- $19.50.The unit sizes range from 1,871 to 15,000 square feet.The average asking rent is$18.12 psf with an average starting rent at$17.65.The property appraiser briefly reviews the comps. Numerous tables and charts from a wide variety of recognized surveys are presented for cap rate andvacancy support. The Avison Young First Qtr 2024 survey shows an average vacancy rate of 5:2%for the NE Broward market and an average asking rent of$14.88 psf on a triple net lease basis:It shows the Deerfield Beach Warehouse Distribution market at$1939 psf with 0.8%vacancy.Costar Group surveys the NE Broward market at 5.5%vacancy and average gross rent of$19.37 psf.CBRE surveys market vacancy of 3.53%and$15.43 psf NNN rent.Cushman and Wakefield surveys the North Broward market at 4.69%vacancy and$16.54 psf rent and the Pompano Beach market with 4.0% vacancy and$14.10 psf NNN.Cap rates indicate around 6.5%for the Miami-Metro submarket in the Newmark survey. Costar indicates a cap rate of 7.5%(for Logisticses)with asking rates at 6.3%CBRE surveys the Miami- Metro submarket with a Class A cap rate of 5.0%to and Class B at 5.5%to 6.0%.Cushman and Wakefield indicate a range of 4.5%-6.25%(average of 5.49%)for Class A and 5.5%to 7.5%(average of 6.28%).The evidence also includes a Costar group survey of the NE Broward County Industrial Flex Market indicating an average sale price of$276 psf.All industrial sales average$229 psf in the NE Broward industrial market. The property appraiser included six comparable sales in a sales comparison analysis on page 25.The sold in 2023 through early 2024. and indicate a sale price range of$183 to$293. psf.The buil are between 10,910 and 36,106 SE All are older buildings and smaller than the subject,Details are provided for a comps.He states the sales indicate around$188 to$190 psf and they support the Assessed Value. Summary of Evidence presented by the Petitioner: Mr.Malek for the petitioner refers to his 115-page evidence and valuation document He reviews property info then 2024-02950 Page 2 of 4 - 90 -