APPRAISAL OF COMMERCIAL BUILDING 1102 NORTH GREENWOOD AVENUE
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Valuation ServiceJ inc..
-0____.
Real Estate Appraisers and Consultants
eM'd--
~LJ.<g CC la.s- q~
APPRAISAL OF
COMMERCIAL BUILDING
1102 NORTH GREENWOOD AVENUE
CLEARW A TER, PINELLAS COUNTY
FLORIDA
(#6175)
FOR
MR. MICHAEL HOLMES
ASSISTANT DIRECTOR
ECONOMIC DEVELOPMENT
CITY OF CLEARWATER
112 SOUTH OSCEOLA AVENUE
CLEARWATER, FLORIDA 34616
6414 First Avenue North · St. Petersburg, FL 33710 · (813) 345-0721 · FAX (813) 347-6225
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VALUATION SERVICES. INC.
TABLE OF CONTENTS
Letter of Transmittal ........................................ 1
Certificate of Valuation ...................................... 2
Executive Summary ........................................ 4
Photographs ............................................. -
Assumptions and Limiting Conditions .............................. 6
Purpose, Function, and Date of Appraisal .......................... 10
Legal Description ......................................... 12
Survey ................................................
Neighborhood Location, Description, and Trend ...................... 13
Demographic Analysis ...................................... 14
Neighborhood Map ......................................... -
Public Service and Utilities ................................... 17
Zoning ............................................... 18
Property Assessment and Taxes ................................ 20
Site Description .......................................... 21
Plat Map ............................................... -
Site Plan ...............................................
Flood Plain Map- ..........................................
Improvement Description .................................... 23
Building Sketch ........................................... -
Marketability ........................................... 26
Highest and Best Use ...................................... 28
Valuation Methodology ..................................... 31
Sales Comparison Approach .................................. 32
Improved Sales ......................................... 33
Improved Sales Summary ................................... 45
Improved Sales Map ....................................... -
Analysis of Improved Sales .................................. 46
Appraiser's Qualifications .................................... 50
Addenda - Purchase Order
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Valuation Service.r inc..
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Real Estate Appraisers and Consultants
October 11, 1996
Mr. Michael Holmes
Assistant Director
Economic Development
City of Clearwater
112 South Osceola Avenue
Clearwater, Florida 34616
Dear Mr. Holmes:
Re: Commercial Building
1102 North Greenwood Avenue
Clearwater, Pinellas County, Florida
As requested, we have made a detailed investigation, analysis, and appraisal of the fee
simple interest of the referenced property, legally described later in the report.
Included within the attached report, containing 51 pages, are Certificate of Valuation,
exhibits, and documented data in support of our value conclusions. The reader is advised
to review the assumptions and limiting conditions included in this report.
Material collected during this analysis is available for inspection upon request.
If you have any questions or comments, please contact us. The opportunity to conduct
this assignment is appreciated.
Respectfully submitted,
VALUATION SERVICES, INC.
c. ~--~ I~
C. Richard Tobias, MAl
State-Certified General
Appraiser #0000705
6414 First Avenue North. St. Petersburg, FL 33710 · (813) 345-0731 · FAX (813) 347-6225
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VALUATION SERVICES, INC.
CERTIFICATE OF V ALUA TION
This is to certify that, upon request for valuation by Michael Holmes, Assistant Director,
Economic Development, City of Clearwater, I have personally inspected, collected and
analyzed various data, and appraised the fee simple interest of the commercial building
located at 1102 North Greenwood Avenue, Clearwater, Pinellas County, Florida. The
property is more fully described in the attached report.
I certify that, to the best of my knowledge and belief:
The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the
reported assumptions and limiting conditions and are my personal, unbiased
professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of
this report, and I have no personal interest or bias with respect to the parties
involved.
My compensation is not contingent upon the reporting of a predetermined
value or direction in value that favors the cause of the client, the amount of
the value estimate, the attainment of a stipulated result, or the occurrence of
a subsequent event; nor was the appraisal assignment based on a requested
minimum valuation, a specific valuation, or the approval of a loan.
My analyses, opinions, and conclusions were developed and this report has
been prepared in conformity with the Uniform Standards of Professional
Appraisal Practice.
I have made a personal inspection of the property that is the subject of this
report.
No one provided significant professional assistance to the person signing this
report.
The use of this report is subject to the requirements of the Appraisal
Institute relating to review by its duly authorized representatives.
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VALUATION SERVICES, INC.
The reported analyses, opinions, and conclusions were developed and
this report has been prepared in conformity with the requirements of the
Code of Professional Ethics and the Standards of Professional Appraisal
Practice of the Appraisal Institute.
As of the date of this report, I have completed the requirements under the continuing
education program of the Appraisal Institute.
This certificate is in accordance with the Uniform Standards of Professional Appraisal
Practice Standard Rule 2-3 and with the Appraisal Institute's Supplemental Standards of
Professional Practice, both effective January 1, 1991, and with Title XI, Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 ("FIRREA"). It is also a
certification under the Florida Real Estate Appraisal Board.
The reader should review the assumptions and limiting conditions included in this report.
In my opinion, the fee simple interest of appraised property, a commercial building
located at 1102 North Greenwood Avenue, Clearwater, Pinellas County, Florida, had a
market value lias is, II as of the appraisal date, October 2, 1996, of FIFTY-FOUR
THOUSAND, FIVE HUNDRED DOLLARS ($54,500).
C'~/~
C. Richard Tobias, MAl
State-Certified General
Appraiser #0000705
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VALUATION SERVICES, INC.
Property Identification:
Purpose of Appraisal:
Function of Appraisal:
Property Assessment (1995):
Millage Rate (1995):
Real Estate Taxes (1995):
Zoning:
Land Use Plan:
Neighborhood:
Census Tract:
Flood Zone:
Site Data:
EXECUTIVE SUMMARY
Commercial building
1102 North Greenwood Avenue
Clearwater, Pinellas County, Florida
Estimate market value of the fee simple interest of
subject property "as is" as of October 2, 1996
Possible acquisition
$49,700 (two parcels)
23.0366
$1,144.91
CNG, North Greenwood Commercial District
Commercial General
Neighborhood scale commercial district flanking
North Greenwood Avenue, a secondary north/-
south artery in the northwest section of Clear-
water, approximately 0.75 mile north of downtown
Clearwater; older one and two-story commercial
buildings of single-tenant and multi-tenant design
in immediate area; medium-density residential
development in the blocks east and west of North
Greenwood A venue
262.00
Zone X, non-flood-prone area
Level, rectangular, interior site on the west side of
North Greenwood A venue, approximately 130 feet
south of LaSalle Street; 84' x 92.5' site comprises
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VALUATION SERVICES, INC.
Improvement Data:
Highest and Best Use:
Estimated Marketing Time:
Estimated Exposure Time:
Market Value Estimate Via:
Cost Approach -
Sales Comparison Approach -
Income Capitalization Approach -
Market Value Conclusion:
7,770 square feet or 0.18 acre, MOL; municipal
utilities and services are available
High one-story, concrete block and stucco com-
mercial building (designed as a theater), built in
1947; ground-floor area comprises 3,629 square
feet plus partial second floor of 756 square feet; ..
building is in average condition but displays con-
siderable functional obsolescence due to its special-
ized design and minimal parking
As Vacant: Assemblage with surrounding parcels
for future neighborhood commercial development
As Improved: General-purpose, owner-occupied
commercial building or church/fraternal facility
18 months
18 months
N/A
$54,500
N/A
$54,500
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FRONT VIEW OF SUBJECT PROPERTY
FROM NORTH GREENWOOD AVENUE
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NORTH FACADE OF SUBJECT BUILDING AND PARKING LOT
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INTERIOR VIEW OF DANCE FLOOR AND STAGE
SNACK BAR ALONG SOUTH SIDE OF BUILDING
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PARKING LOT NORTH OF SUBJECT BUILDING
MACCABEE'S ON EAST SIDE OF
NORTH GREENWOOD AVENUE OPPOSITE SUBJECT
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NEIGHBORHOOD TO THE SOUTH
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NEIGHBORHOOD TO THE NORTH
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VALUATION SERVICES, INC.
ASSUMPTIONS AND LIMITING CONDITIONS
1. The conclusions as to market value contained herein represent the opinion of the
undersigned and are not to be construed in any way as a guarantee or warranty,
either expressed or implied, that the property described herein will actually sell
for the market value contained in this opinion.
2. No responsibility is assumed for the legal description or for matters including
legal or title considerations. Title to the property is assumed to be good and
marketable unless otherwise stated.
3. No furniture, furnishings, or equipment, unless specifically indicated herein, has
been included in my value conclusions. Only the real estate has been considered.
4. The property is appraised free and clear of all encumbrances, unless otherwise
noted.
5. No survey of the property was made or caused to be made by the appraiser. It is
assumed the legal description closely delineates the property. It was checked with
public records for accuracy. Drawings in this report are to assist the reader in
visualizing the property and are only an approximation of grounds or building
plan.
6. It is assumed that there are no hidden or unapparent conditions of the property's
subsoil or structure that render it more or less valuable. No responsibility is
assumed for such conditions or for arranging for engineering studies that may be
required to discover them.
7. Subsurface rights (minerals, oil, or water) were not considered in this report.
8. Description and condition of physical improvements, if any described herein, are
based on visual observation. As no engineering tests were conducted, no liability
can be assumed for soundness of structural members.
9. The appraiser has inspected improvements. Unless otherwise noted, subject
improvements are assumed to be free of termites, dry rot, wet rot, or other
infestation. Inspection by a reputable pest control company is recommended for
any existing improvement.
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VALUATION SERVICES, INC.
10. All value estimates have been made contingent on zoning regulations and land use
plans in effect as of the date of appraisal, and based on information provided by
governmental authorities and employees.
11. It is assumed that there is full compliance with all applicable federal, state, and
local environmental laws and regulations, unless noncompliance is stated, defined,
and considered in the appraisal report.
12. It is assumed that all applicable zoning and land use regulations and restrictions
have been complied with, unless a nonconformity has been stated, defined, and
considered in the appraisal report.
13. It is assumed that all required licenses, certificates of occupancy, consents, or
other legislative or administrative authority from any local, state, or national
government or private entity or organization have been or can be obtained or
renewed for any use on which the value estimate contained in this report is based.
14. No responsibility is assumed by the appraiser for applicability of "concurrency
laws" referring to the 1985 amendments to Chapter 163, Florida Statutes. At this
time it is unclear what effect, if any, these laws might have on any property in a
given county. The reader is cautioned, therefore, to fully investigate the likeli-
hood of development moratoriums or other governmental actions with appropriate
municipal, county, or state officials.
15. It is assumed that the utilization of the land and improvements is within the
boundaries or property lines of the property described and that there is no en-
croachment or trespass unless noted in the report.
16. Appraisal does not constitute an inspection for compliance with local building,
fire, or zoning codes. Reader is advised to contact local government offices to
ensure compliance with applicable ordinances.
17. This appraisal report covers only the premises herein; and no figures provided,
analysis thereof, or any unit values derived therefrom are to be construed as
applicable to any other property, however similar they may be.
18. Certain data used in cO"lpiling this report was furnished by the client, his counsel,
employees, and/or agent, or from other sources believed reliable. However, no
liability or responsibility may be assumed for complete accuracy.
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VALUATION SERVICES, INC.
19. An effort was made to verify each comparable sale noted in the report. There are
times when it is impossible to confirm a sale with the parties involved in the
transaction; all sales are confirmed through public records.
20. Consideration for preparation of this appraisal report is payment in full by the
client of all charges due the appraiser in connection therewith. Any responsibility
by the appraiser for any part of this report is conditioned upon full and timely
payment.
21. The appraiser, by reason of this report, is not required to give testimony in court
with reference to the property herein, nor obligated to appear before any govern-
mental body, board, or agent, unless arrangements have been previously made
therefor.
22. Estimates of expenses, particularly as to assessment by the County Property
Appraiser and subsequent taxes, are based on historical or typical data. Such
estimates are based on assumptions and projections which, as with any prediction,
are affected by external forces, many unforeseeable. While all estimates are based
on my best knowledge and belief, no responsibility can be assumed that such
projections will come true.
23. Responsible ownership and competent property management are assumed.
24. Unless otherwise stated in this report, the existence of radon gas, a naturally
occurring element, or hazardous materials, which mayor may not be present on
the property, were not observed by the appraiser. The appraiser has no knowl-
edge of the existence of such materials on or in the property. The appraiser,
however, is not qualified to detect such substances. The presence of substances
such as asbestos, urea-formaldehyde foam insulation, or other potentially hazard-
ous materials may affect the value of the property. The value estimate is predi-
cated on the assumption that there is no such material on or in the property that
would cause a loss in value. No responsibility is assumed for any such condi-
tions, or for any expertise or engineering knowledge required to discover them.
The client is urged to retain an expert in this field, if desired.
25. It is my recommendation that the client obtain a qualified engineer, architect, or
other ADA expert to inspect the subject, determine the level of ADA compli-
ance/non-compliance, and estimate the cost to bring the property into compliance.
Any non-conformity could have an effect on the market value conclusion. Unless
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VALUATION SERVICES, INC.
otherwise stated, the value conclusion of this appraisal is based on the assumption
the property is in ADA compliance.
26. C. Richard Tobias is a State-Certified General Appraiser performing real estate
appraisal services for Valuation Services, Inc., as an independent contractor.
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VALUATION SERVICES, INC.
PURPOSE, FUNCTION, DATE OF APPRAISAL, AND SCOPE:
Purpose of this appraisal is to estimate, with the highest degree of accuracy possible,
market value "as is" of the fee simple interest of the commercial building located at 1102
North Greenwood A venue, Clearwater, Pinellas County, Florida.
Effective date of this appraisal is October 2, 1996.
Market value is: "The most probable price which a property should bring in a com-
petitive and open market under all conditions requisite to a fair sale, the buyer and seller,
each acting prudently, knowledgeably, and assuming the price is not affected by undue
stimulus. Implicit in this definition is the consummation of a sale as of a specified date
and the passing of title from seller to buyer under conditions whereby:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and each acting in
what they consider their own best interest;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of
financial arrangements comparable thereto; and
5. The price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions
granted by anyone associated with the sale. "1
Fee simple estate is: "Absolute ownership unencumbered by any other interest or estate;
subject only to limitations imposed by the governmental powers of taxation, eminent
domain, police power, and escheat. "2
1 Title XI, Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("FlRREA "), [Pub. L. No.
101-73,103 Stat. 183 (1989)],12 U.S.C. 3310,3331-3351, and Section 5(b) of the Bank Holding Company
Act, 12 D.S.C. 1844(b); Part 225, Subpart G: Appraisals; Paragraph 225.62(f).
2 Appraisal Institute, The Dictionarv of Real Estate Appraisal, Third Edition, Chicago, I1Iinois 1993,' page 140.
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VALUATION SERVICES, INC.
Function of the appraisal is to serve as a basis for possible acquisition of the property by
the City of Clearwater.
The scope of the appraisal includes:
Inspection of the subject property both interior and exterior
Analysis of regional and neighborhood data
Description of the property, including zoning, taxes, site, and im-
provements with an evaluation of the specialized building design and
lack of parking
Analysis of highest and best use both as vacant and as improved
Analysis of appropriate valuation methodologies; in this case the age,
design, location, and excessive depreciation indicated that the cost
approach would be meaningless and that the income approach was
inapplicable; determination that only the sales comparison approach
could provide a reasonable and supportable estimate of market value
Research of improved sales of similar properties in Pinellas County
which closed between 1992 and the date of valuation, October 2,
1996; sales were drawn from appropriate Pinellas County sub markets
utilizing TRW's DISC and OMNI sales service, Vlti-Comp, and
Rea1tron; the purpose of the search was to locate representative sale
properties not to identify all potential comparables; specific effort
was made to find sales of older theaters and former theaters as well
as commercial buildings with minimal on-site parking; listings of
comparable properties were also considered.
Estimation of value using the sales comparison approach only
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VALUATION SERVICES, INC.
LEGAL DESCRIPTION:
Subject property is legally described as:
Lots 1 and 2, Greenwood Manor, according to the map or plat thereof recorded
in Plat Book 21, page 65, Public Records of Pinellas County, Florida.
Three- Year HistoI)' of the Property:
According to the 1996 Pinellas County Tax Roll, the subject property is owned by
Ieraline C. Burt.
Ms. Burt acquired Lot 1 and the south 9.7 feet of Lot 2 (theater building) from South-
Trust Bank in March 1996 by warranty deed for a cash price of $38,000; the deed was
recorded in OR Book 9283, page 1770, Public Records of Pinellas County, Florida.
SouthTrust Bank had acquired title to the property from Alfred Bridges in a non-arm's
length transation.
Ms. Burt acquired the north 32 feet of Lot 2 (parking lot) April 24, 1996, by tax
certificate for $1,760.00. The property was previously owned by Raybon R. Curtis and
Alvin G. Curtis, Ir.
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El:-'END:
F.I.R.. FOUIO IRON ROO: F.C.I.R.- FOUND CAPPED IRON ROO: S.C.I.R.- SET CAPPED IRON ROO; F.I.P._ FOUI~D IRON PIPE:
F.C.l.p.- Fet'"' CAPPED IRON PIPE: F.N.D.- FOlN) NAIL eo DISK; S.N.D.- SET NAIL e. DISK: F.e.H.- FOU'lD, CONCRETE HONLt1EI'lT,
P.R.li." PEIl: lA"-"tIT REFERENCE Hoot.t1ENT; P.C.P.- PERHA/oENT CONTROL POINT: P.r.. POINT OF INTERSECTION; R I W _ RIGHT OF WAY:
ELEV,"ELEVATlON; C.B.S.- CONCRETE BLOCK STRUCTrnE; CONC.cCONCRETE; ASPH.- ASPHALT; PVHT.- PAVEI'-tENT;
COV."COVEr~EO; D." DEED; SEC.- SECTION: TWP.. TOWNSHIP: RGE,- RANGE; P._ PLAT: M.- MEASlJ;'eO; t:SMT. ,. EASEHENT:
R.= RADlln; A.- ARC; C.- CHORD; C.B.- CHORD BEARING: STY., STORY; C.L.F. _ CHAIN LN( FENCE; W.F. _ WOOD fENCE;
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SURVEY OF
r.O'T' 1 ;:!nn thp SOUTH 9.7 FT. OF LOT 2
GREENWOOD MANOR
S RECORED IN PLAT BOOK ~ I . PAGE ":>, OF THE P~L1C RECORDS OF PINELLAS COUNTY. FLORIDA.
I, WILLlAJol C" KEATIN<;. TilE SLfWEVOR IN ReSPONSIBLE CHARGE CERTIFV THAT Tile SURvev RePRESeNTED HEReON AS HI!I!TlNG TIlE HINIHLt1 TI!CllHltAL
STANDARDS SI'T "C'<1TH "V THP ,.LORIOA 1I0ARD Of' LAND SURVI!YORS, I'\.JR!lVNH TO IlI!CTOIN 472.0n 0,. THI! "LOAIOA IlTAT'JTPS All ......<:101.110 IN
'HAI'TI!R 61017-6 DErT. Of' rqOf"1! !IIDNN.. RI!O~TION. NO V 10 ~LI!!IS Sl!AL D WITH AN Hila UA v . S
ELEVATION STATEHe~IT: THIS IS TO CEnnf"V THAT WI! HAV!! OBTAINED ELEVATIONS SHOWN HEREON Of' THI! ABove DeSCRIIIED lAND. THI!se I!LI!\lATIONS
SHOWN HEReON AIlE IIASEO .)N THe /4AT10NAI.. VERTICAL DATLt1, 1929, BI!NCHI1AAK -"""'ED II'" THe ENGItE.ERING
)(PT. a rr\l ...IT..., C"I _._..
..... .............. .... ocoP'nIIGHT ,.,.
( Survey)
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VALUATION SERVICES, INC.
NEIGHBORHOOD LOCATION, DESCRIPTION, AND TREND:
The subject property is located on the west side of North Greenwood A venue, approxi-
mately 130 feet south of LaSalle Street in the northwest section of the City of Clearwater.
The property is further located in a neighborhood-scale commercial district which flanks
North Greenwood A venue between Palmetto Street and Marshall Street. This neighbor-
hood commercial district lies just north of Jack Russell Stadium, the spring training home
of the Philadelphia Phillies. South of Jack Russell Stadium is an established, light-
industrial district which consists of warehouses, service firms, and small assembly and
manufacturing companies.
The latest traffic count indicates 2,520 cars per day on North Greenwood Avenue,
approximately 1/4 mile north of the subject property.
Neil:hborhood Boundaries:
North:
South:
East:
West:
Douglas Avenue, 0.3 mile
Drew Street, 0.6 mile
Betty Lane, 0.5 mile
North Myrtle Avenue, 0.25 mile
Demographics:
Referring to the accompanying demographic analysis chart, we see that the subject
neighborhood is roughly defined by Census Tract 262.00. This area is in a declining
population trend, having decreased approximately 15% during the 1980's. During the
same decade, Pinellas County grew by 16.9%.
The subject neighborhood, however, in 1990, with a population of 2,370, reflects a
medium to high density of 5,043 persons per square mile. This is well above the county
density of 3,040 per square mile.
Within the subject neighborhood there are 864 households, again revealing a declining
trend of approximately 16% during the 1980's. Household size remained relatively
constant, however, at 2.7 persons per household, roughly 20% above the Pinellas County
figures.
Correlating with the larger household size is the median age of the subject neighborhood
(31.8 years), well below the county median age of 42.1 years. There is a substantial
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DEMOGRAPHIC ANALYSIS
NORTHWEST CLEARWATER
PINELLAS COUNTY. FL
STUDY AREA:
POPULATIONl1980J
POPULATION(1990J
GROWTH RATE(1980-19901
PERSONS PER SQ MILE(1990J
HOUSEHOLDS I 1980J
HOUSEHOLDS I 1990J
GROWTH RATE11980-19901
HOUSEHOLD SIZEl1980J
HOUSEHOLD SIZE(1990J
MEDIAN AGE(1980)
MEDIAN AGEl19901
PERCENT 65 YRS+11980J
PERCENT 65 YRS+119901
MEDIAN HSHLD INCOMEI19901
MEDIAN SF DWLG PRICEl19901
MEDIAN MONTHLY RENTI1990J
TOTAL OCCUPIED UNITSI1990J
OWNER OCCUPIED UNITSl1990J
PERCENT OWNER OCCUP UNITS
AVG OWNER OCCUP UNIT PRICE
% UNITS $0 TO $50000
$50000 TO $74999
$75000 TO $99999
$100000 TO $149999
$150000 AND ABOVE
CT 262.00
2793
2370
-15.15%
5043
1029
864
-16.03%
2.71
2.74
N/A
31. 8
N/A
14.50%
$12716
$39000
$254
864
299
34.61%
$42458
65.55%
18.06%
3.01%
1.34%
.33%
14
COUNTY
728531
851659
16.90%
3040
319527
380635
19.12%
2.28
2.24
45.8
42.1
27.84%
26.00%
$26296
$73800
$39.3
380635
263388
69.20%
$83001
17.40%
34.30%
21.60%
14.60%
12.20%
CENSUS TRACT
AS PERCENTAGE
OF COUNTY FIGURE
. 38~~
.28%
165.89%
..32%
..23%
119.05%
122.60%
N/A
75.53%
N/A
55.77%
48.36%
52.85%
64.63%
,,~o,..
.....:......;"'0
.11%
50.01%
51.15%
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VALUATION SERVICES, INC.
population of young adults and minor children within the neighborhood. Conversely,
only 14.5 % of the neighborhood population is of retirement age, which is just slightly
more than half the retiree representation in Pinellas County's population figures.
The subject neighborhood is a relatively low income area; median household income in
1990 was approximately one-half that of Pinellas County as a whole. The lower income
nature of the neighborhood is also reflected in the median single-family dwelling price,
$39,000 versus $73,800 for Pinellas County. Also single-family home rents are only
approximately two-thirds that of the county rate.
Home ownership in the subject neighborhood is at 50 % of the rate found in Pinellas
County as a whole. There are 299 owner-occupied homes in the neighborhood and 565
rented units. Of the 299 owner-occupied homes in the neighborhood, the average price is
$42,458 (per 1990 u.s. Census), again approximately one-half the average home price
for Pinellas County as a whole. The breakdown of home prices in the area is heavily
skewed toward the lower price ranges where two-thirds of the units are valued below
$50,000. Further analysis of Rea1tron data indicates 1996 single-family home prices
clustered in the $60,000 to $100,000 bracket in the southeast section of the neighborhood
near Clearwater Golf Course. Home sales north of Jack Russell Stadium and west of
North Betty Lane were clustered in the $25,000 to $50,000 price bracket.
Supporting Uses:
The 864 households within the subject neighborhood provide a certain market demand for
neighborhood-scale goods and services. Approximately one block south of the subject is
a large, two-story apartment complex. Additional demand for retail and business services
is generated by the light-industrial district which lies in the blocks south of Jack Russell
Stadium. There is also some seasonal demand created by Jack Russell Stadium itself
(February and March spring training season).
The commercial zoning along North Greenwood A venue and the medium to high-density
resident population in the area resulted in the development of several one and two-story
commercial buildings. These buildings, most of which were constructed in the 1950's
and 1960's, consist of small to medium-size single and multi-tenant facilities with a
strong emphasis on the service industry. For example, immediately south of the subject
property is a two-tenant retail building which houses a funeral home and storefront
church. On the east side of North Greenwood Avenue opposite the subject is the recently
renovated Maccabee's Restaurant.
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VALUATION SERVICES, INC.
At the northeast comer of North Greenwood and Palm Bluff Avenue is a small, older
convenience store. Another neighborhood store is located on the west side of North
Greenwood Avenue a short distance north of the subject property.
Immediately north of the subject property is an asphalt-paved parking lot accessed from
North Greenwood A venue with a capacity of approximately 24 cars. This entire parking
lot appears to have supported the subject property at some point in its history, but the
north half of the lot is now under separate ownership. The subject building, therefore, is
supported by the south half of this parking lot, providing parking for approximately 12
cars.
Some of the commercial buildings in the neighborhood have been well maintained and
appear to house successful local businesses. Most noteworthy are the Larkins Funeral
Home, the convenience stores, and Maccabee's Restaurant. Several other commercial
buildings, however, have been neglected; and some are vacant or abandoned. Commer-
cial occupancy in the neighborhood is in the range of 75% to 80% with rents ranging
from $1.00 to $5.00 per square foot. Based on these two criteria, the North Greenwood
Business District ranks relatively low in the larger Clearwater commercial market.
Concl usion:
The subject neighborhood consists of a medium to high-density resident population which
has been trending downward over the last 15 years in population and number of house-
holds. The retail stores and service businesses located along North Greenwood A venue
reveal a mixture of small and medium-size facilities, 30 to 45 years of age, with physical
conditions ranging from poor to above average. The commercial buildings reveal lower
occupancy rates and lower rents than most sub markets within Clearwater. The declining
population base and relatively low traffic volume on North Greenwood Avenue appear to
have contributed to these conditions. There is, however, increasing evidence of new
construction in the residential sections of the neighborhood and within the business
corridor itself. The North Greenwood Business District appears to have begun the
upward trend observed in comparable Pinellas County neighborhoods after extended
periods of neglect and decline.
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TERNA TIVE
SCH
( Neighborhood Map J
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VALUATION SERVICES, INC.
PUBLIC SERVICES AND UTILITIES:
The following public services and utilities are available to subject site:
Electricity
Florida Power Corporation
Telephone
GTE Florida
Water and Sewer
City of Clearwater
Police Protection
City of Clearwater
Fire Protection
City of Clearwater
Public Transportation
PST A (bus service)
Emergency Medical Service
Pinellas County
Public services and utilities for subject property and its neighborhood appear to be
adequate and supportive of most residential and commercial uses in the area.
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VALUATION SERVICES, INC.
ZONING:
District:
Purpose:
Permitted Uses:
Conditional Uses:
Maximum Density:
Front Setback:
Setback from Other Streets:
CNG, North Greenwood Commercial District
To stimulate reinvestment and revitalization of an
intercity commercial district; preferred uses are
neighborhood-oriented retail, service, and profes-
sional uses
-- Indoor retail sales
-- Personal services
-- Restauran ts
--Indoor commercial recreation/entertainment
-- Business/professional offices
--Attached dwellings
--Non-profit, social, or community services
--Funeral homes
--Multi-family dwellings
--Three-family dwellings
-- Two- famil y dwellings
--Detached single-family dwellings
--Family care
-- Business services
--Outdoor retail sales
--Nightclubs, taverns, and bars
--Package alcoholic beverage sales
--Child day care
-- Veterinary offices
--Non-commercial parking
--Utility facilities
--Restaurants serving alcoholic beverages
15 Dwelling units per acre
30 Feet
10 Feet
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VALUATION SERVICES, INC.
Maximum Building Height:
Minimum Open Space:
Maximum Floor Area Ratio:
Minimum Lot Area:
Parking:
Comprehensive Land
Use Plan Designation:
Zoning Conformity:
Concurrency:
25 Feet
15%
0.55
5,000 Square feet
Retail sales centers less than 25,000 square feet
require six spaces per 1,000 square feet gross
floor area; theaters and other recreation centers
require one space per three customers computed
on the basis of maximum serving capacity plus
one additional space for every two employees;
North Greenwood Business District may reduce
the required parking spaces by not more than
60%; parcels less than 5,000 square feet shall be
permitted a parking waiver with some conditions
Commercial General
The subject building was developed in 1947 and,
thus, qualifies as a legal non-conforming use by
"grandfather. "
No impediments to development
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VALUATION SERVICES. INC.
PROPERTY ASSESSMENT AND TAXES:
Property under appraisement is in Tax District CW, City of Clearwater, which had a
1995 millage rate of 23.0366. One mill is equivalent to $1.00 of tax for each $1,000 of
assessed value. The property is identified by the Pinellas County Property Appraiser's
Office as follows:
1995 1995
Parcel No. Assessed Value Taxes
10-29-15-33498-0000-0010 $44, 100 $1,015.91
10-29-15-33498-0000-0120 5.600 129.00
Totals $49,700 $1,144.91
The Pinellas County Tax Collector reports that the 1995 taxes for the property have been
paid.
Taxes are due in November, when a 4% discount is allowed; discount decreases by 1 %
per month until March, when there is no discount. Taxes become delinquent Apri11, at
which time a penalty is imposed.
The current assessed value of the property ($49,700) is equivalent to 91 % of our estimate
of market value; most commercial and investment properties in Pinellas County carry
assessments ranging from 50% to 90% of current market value.
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VALUATION SERVICES, INC.
SITE DESCRIPTION:
Physical Location:
Land Area:
Data Sources:
Configuration:
Primary Frontage:
Secondary Frontage:
Current Floor Area Ratio (FAR):
Current Land/Building Ratio:
Topography/Drainage:
Flood Zone Designation:
Soil Conditions:
Easements:
Encroachments:
West side of North Greenwood Avenue, approxi-
mately 130 feet south of LaSalle Street
7,770 Square feet or 0.18 acre, MOL
Plat maps and inspection of premises October 2,
1996; March 1996 survey by William C. Keating
Rectangle; interior parcel
84 Feet on the west side of North Greenwood
A venue
N/A
0.56
1.8: I
Level site at surrounding road grade; average
drainage for neighborhood
Zone X, unshaded; area outside 500-year flood;
FEMA Map Panel #125096-00080, August 19,
1991
Typical sandy urban soils; no abnormalities noted
None apparent other than typical utility or drain-
age easements; none revealed on survey
Canopy at front of building over main entrance
appears to encroach slightly within North Green-
wood Avenue right-of-way; other possible minor
site improvement encroachments such as chain
link fence at rear of site
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VALUATION SERVICES, INC.
Deed Restrictions, Covenants, etc.:
Visibility from Street:
Access:
Conclusion:
None known
Good visibility from both north and south-bound
lanes of North Greenwood A venue
Site fronts of North Greenwood A venue with
vehicular access to the parking lot
Site is well located in the North Greenwood
Commercial District, but interior position re-
duces visibility and access; most significant nega-
tive aspect is the small parcel size (7 I 770 square
feet) which significantly reduces the potential
building size, particularly when allowing for on-
site parking
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VALUATION SERVICES, INC.
IMPROVEMENT DESCRIPTION:
General Description:
Data Sources:
Year Built:
Effective Age:
Economic Life:
Remaining Economic Life:
Building Size (GFA):
Ground Floor:
Second Floor:
Building Length:
Building Width:
Eave Height:
Ceiling Height (seating area):
Air Conditioned Area:
Floor Plan:
Foundation:
High, concrete block and stucco, single-story
commercial building with partial second story;
originally designed as a theater, it has functioned
as a restaurant, night club, and currently is a
youth recreation center ("Teen Heroes")
Pinellas County Property Appraiser's records;
inspection of premises October 2, 1996; Ms.
Jeraline C. Burt, owner
1947
25 Years
40 Years
15 Years
4,385 Square feet
3,629 Square feet
756 Square feet
84 Feet
43.8 Feet
18 Feet
16 Feet
4,385 Square feet
Typical older theater design with small lobby ,
two restrooms, utility room, and office adjacent
to the customer entrance in the east section of the
building; large open seating area with raised
platform (stage) at west end; kitchen and service
bar along south wall; mezzanine seating area and
manager's office on second floor
Appears to be conventional, reinforced concrete
perimeter footings for load-bearing walls
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VALUATION SERVICES, INC.
Structure:
Load-bearing concrete block walls with
reinforced corners and pilasters
Exterior Walls:
8-Inch concrete block with stucco
Roof:
Clear-span truss system with wood deck and
built-up composition roofing
Windows:
Single-hung aluminum units with security bars in
second-floor office only
Doors:
Two standard metal customer entrances; one
metal security door at northwest corner of build-
Ing
Floors:
Standard reinforced concrete slab on grade (first
floor) with gradual pitch in theater seating area;
second floor appears to be conventional wood
frame assembly; floor finishes include carpet and
vinyl tile
Plumbing:
Two small restrooms with total of seven fixtures
located in northeast corner of building adjacent to
lobby; 30-gallon electric water heater, fiberglass
utility tubs, and other plumbing in commercial
kitchen
Electrical Service:
Combination of older fuse type service and
newer circuit breaker panel (200 amp); new con-
duit wiring installed in 1996
HVAC:
Newer central heat and air conditioning unit with
short duct delivery system adjacent to the stage
in the west section of the building
Ceiling:
2' x 4' Acoustical tile panels attached to lower
edge of roof in seating/stage area; standard 8-
foot high plaster or drywall ceilings in other
areas
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VALUATION SERVICES, INC.
Interior Walls:
Plaster applied direct to exterior concrete block
walls; other interior partitions are wood frame
with combination of plaster and drywall finishes
Building Condition:
Interior exhibits average condition with consider-
able remodeling done in 1996; interior and exte-
rior repainted; roof leaks repaired; plumbing
repaired; kitchen and service bar repaired and
upgrades done; damaged ceiling tiles replaced;
tile floor replaced
Site Improvements:
Parking Lot:
1,664-Square-foot, asphalt-paved lot north of
building; capacity approximately 12 cars
Sidewalk:
Municipal sidewalk at front of property
Fencing:
Six-foot high chain link fence with barbed wire
at perimeter of rear lot
25
FIRST FLOOR
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VALUATION SERVICES, INC.
MARKET ABILITY:
Generally, the market for income-producing properties has declined significantly from its
peak: in 1986, largely influenced by the passage of the Tax Reform Act of 1986 and
credit tightening by lenders following over-building. One market segment is comprised
of users, those entities which require a facility for their own use and may elect to acquire
a multi-tenant facility, providing both an investment opportunity and potential expansion
capabilities. This group is still fairly active, as those financially able are looking for
distress-priced opportunities. Unfortunately, the availability of very low priced properties
and lack of financing have negatively impacted value of all investment properties.
The subject property, an older commercial building (former theater), has been negatively
impacted in general by the soft commercial real estate market conditions. The location of
this property in northwest Clearwater reduces its marketability, primarily due to the
declining population trend and above average vacancy rate. Also, the highly specialized
design of the building and minimal parking further impact marketability.
Sales commissions in Pinellas County are negotiable, particularly for properties such as
the subject, and typically range from 3% to 7% of the sales price. Most larger brokers
are members of a Multiple Listing Service, providing area-wide exposure.
Mortgage financing would be difficult to obtain from local commercial banks and savings
associations due to the type of property. The best credit prospects for purchase of this
property would be an established service business or fraternal/religious organization that
has a strong relationship with a local lender. Loan demand in 1996 remains relatively
soft as the economy has made steady but modest gains. Our survey of area lenders
indicates the following probable mortgage terms for the subject property.
Loan Type:
Interest Rate:
Origination Fee:
Term:
Amortization:
Loan/Value Ratio:
Fixed Rate (3 Years)
Prime + 2 Points
1 Point
3 Years
15 Years
60%
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VALUATION SERVICES, INC.
Exposure Time:
Exposure time may be defined as follows: "The estimated length of time the property
interest being appraised would have been offered on the market to the hypothetical
consummation of a sale at market value on the effective date of the appraisal; a retrospec-
tive estimate based upon an analysis of past events assuming a competitive and open
market. "3
Exposure time is always presumed to precede the effective date of the appraisal. In this
case we have analyzed the various comparable sales as to their exposure time prior to the
consummation of a sale. In most cases of distressed properties; i.e., sales following
foreclosures, the exposure time was 9 to 12 months. Other sales analyzed were found to
have exposure times of 12 to 18 months prior to their closings. For the subject property,
assuming consummation of a sale as of the effective date of appraisal, October 2, 1996,
we would estimate a reasonable exposure time which would have preceded this sale date
of approximately 18 months.
Marketing Time:
"The reasonable marketing time is an estimate of the amount of time it might take to sell
a property interest in real estate at the estimated market value level during the period
immediately after the effective date of an appraisal."4
Market conditions have been generally improving since 1993 with relatively little
speculative development which might tend to extend marketing times. We would,
therefore, estimate a reasonable marketing time for the subject property, following the
date of appraisal, to be approximately 18 months.
3 Statement on Appraisal Standards No.6 (SMT -6), Appraisal Standards Board of The Appraisal Foundation,
1992.
4 Advisory Opinion 0-7, Appraisal Standards Board of The Appraisal Foundation, 1992.
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VALUATION SERVICES, INC.
HIGHEST AND BEST USE:
Highest and best use is defined as: "The reasonably probable and legal use of vacant
land or an improved property, which is physically possible, appropriately supported,
financially feasible, and that results in the highest value. The four criteria the highest
and best use must meet are legal permissibility, physical possibility, financial feasibility,
and maximum profitability. "S
These criteria should usually be considered sequentially. It makes no difference that a
use is financially feasible if it is physically impossible to construct or if such a use is not
legally permitted.
Legally Permissible:
Private restrictions, zoning, building codes, district controls, and environmental regula-
tions are considered because they may preclude many potential uses.
The subject property is zoned CNG, North Greenwood Commercial District, with a
conforming land use plan of Commercial General. The zoning permits a wide variety of
both intensive and non-intensive commercial uses which were enumerated in the zoning
discussion. Those uses considered most likely to be developed on the subject site include
the following:
- Restaurant
- Offices
- Indoor retail sales
- Non-profit social or community services
- Funeral home
- Business services
The development constraints placed upon the property by the zoning code are relatively
generous. For example, the front setback is 30 feet and a building may cover 55 % of the
site area. Also, in the North Greenwood Commercial District, the required parking
coverage may be reduced by up to 60%. Therefore, while the subject site is relatively
small, it could conceivably be developed with a building and minimal on-site parking.
5 Appraisal Institute, The Dictionarv of Real Estate Appraisal. Third Edition (Chicago, Illinois, 1993), page
171.
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VALUATION SERVICES, INC.
The existing building is supported by approximately 12 parking spaces in a paved lot to
the north.
Physically Possible:
Size, shape, area, and terrain affect the use to which land may be developed.
Parcel size in this case (7, 770 square feet) is the single-most significant physical aspect to
be considered in highest and best use. Minimum lot size specified by the zoning code is
5,000 square feet. Because of the relatively small land area, maximum building size is
estimated at approximately 3,500 square feet.
Appropriately Supported:
The subject site is located in the North Greenwood Commercial District, which is flanked
by a relatively dense resident population base. While the demographic analysis indicates
a downward trend in population, there are, nonetheless, 864 households within the subject
neighborhood which provide a certain market demand for neighborhood scale goods and
services. Approximately one block south of the subject property is a large, two-story
apartment complex. Additional demand for retail and business services is generated by
the light-industrial district lying south of Jack Russell Stadium.
Immediately south of the subject site is a small, two-unit strip center which is occupied
by a funeral home and small storefront church.
Convenience food stores and restaurants in the neighborhood appear to be the more
successful business ventures in this area.
Financially Feasible:
Financial feasibility entails the analysis of development costs and current market returns
wherein the net income generated by any proposed development would be sufficient to
amortize the cost of the improvements and provide an adequate return to the land.
Commercial occupancy in the subject neighborhood is in the range of 75 % to 80 %, with
rents ranging from $1.00 to $5.00 per square foot. At these levels, development of even
a modest commercial property, such as a two-unit strip store, would fail to meet the
feasibility test. While it is unlikely, therefore, that any speculative commercial real estate
would be developed, there is a possibility of an owner-occupied business. Inspection of
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VALUATION SERVICES, INC.
the neighborhood, however, reveals some evidence of owner-occupied commercial
development within the last 5 years. Most commercial buildings in this area were
developed in the 1950's and 1960's, but there has been some recent evidence of renova-
tion of the original structures.
Hiehest and Best Use as Vacant:
With little perceived demand for the subject site because of its relatively small size and
prevailing market conditions, we would conclude highest and best use as assemblage with
surrounding parcels. The subject site has a greater value and more utility as part of a
larger tract than it does as a free-standing site.
Under this concept of highest and best use, we would also anticipate retention of the
property until such time that additional market demand might justify speculative or
owner-occupied commercial development.
Hiehest and Best Use as Improved:
The subject site is improved with a high, one-story, concrete block and stucco commer-
cial building originally designed as a theater and built in 1947; ground floor area
comprises 3,629 square feet plus a partial second floor of 756 square feet. The building
is in average condition but displays considerable functional obsolescence due to its
specialized design and lack of parking. The building occupies the south portion of the
site and is supported by a 12+ space parking lot adjacent north. The north half of the
parking lot, which comprises another 12 parking spaces, is now under separate owner-
ship.
While the building suffers considerable physical, functional, and external depreciation,
there would be no benefit in razing the structure. This site is very small (7,770 square
feet), occupies an interior position in the block, and there is very little demand for
commercial land in this area.
We would conclude, therefore, that highest and best use as improved is served by
retention of the existing structure for one of the following uses:
Religious/fraternal facility
Social service agency
Business services
Retail sales
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VALUATION SERVICES. INC.
V ALUA TION METHODOLOGY:
Application of the cost approach to the subject property would be meaningless because of
the advanced age of the building and the degree of physical depreciation. Another
complicating factor is the specialized design of the building which creates a substantial
element of functional obsolescence. Finally, the local market conditions indicate external
obsolescence and little demand for vacant commercial sites. For these reasons, we have
omitted the cost approach to value.
The income capitalization approach is normally most useful for properties which are
commonly held by investors for their rental income capabilities. The income approach
may also be applied to single-tenant buildings or other properties which are normally
owner-occupied. However, the physical, functional, and external factors affecting the
subject property are such that an investment market is extremely remote. Specifically,
the design elements and lack of parking reduce this building to a very marginal market
which would, in our opinion, not include investors. For these reasons, the income
capitalization approach was excluded.
The subject property, as explained above, has a very narrow market. In the highest and
best use analysis we concluded most probable uses of the existing building, such as
religious/fraternal facilities, social service agencies, and business services. We have
researched the Pinellas County market and found several examples of sales of this type of
property. We have selected seven of these sales as most representative of the subject
property and have employed this data in the application of the sales comparison approach.
In our opinion, this methodology is the only reasonable and supportable technique
applicable in this estimation of market value of the subject property.
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VALUATION SERVICES, INC.
SALES COMPARISON APPROACH:
The sales comparison approach, like the cost approach, is based on the principle of
substitution; in other words, value of a property should be no higher than cost to acquire
another property offering similar physical or locational attributes. The procedure
involves market research, to identify similar properties which have recently sold or are
offered for sale, investigation of the sales transactions to insure the validity and determine
motivating forces, and comparison of the sold properties to the subject, adjusting prices
paid for the various dissimilarities having a discernible effect on value. Adjustments are
generally made for such factors as changes in market condition since time of sale,
condition and construction of the properties, location, size, land area, income producing
capabilities and, if available, terms of sale.
This analysis is usually processed on a "unit of comparison" basis. Unit of comparison
most commonly employed for improved properties such as the subject is price paid per
building square feet, inclusive of land.
Salient data regarding each comparable sale follows:
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VALUATION SERVICES, INC.
IMPROVED SALE NO. 1
Location:
1102 North Greenwood Avenue
Clearwater, Florida
(subject property)
Parcel No.:
10-29-15-33498-000-0010
Date of Sale:
March 1996
OR Book/Page:
9283/1770
Grantor:
SouthTrust Bank of Florida
Grantee:
Jeraline C. Burt
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VALUATION SERVICES, INC.
Indicated Consideration:
Allocated to Land:
Allocated to Improvements:
$38,000
$15,500
$22,500
Building Size:
3,629 Square feet
Price Per Sq. Ft.:
$10.47 Including land
$ 6.20 Excluding land
Land Area:
4,810 Square feet or 0.11 acre, MOL
Land to Building Ratio:
1.3: 1
Year Built:
1947
Condition:
Fair-poor
Financing:
Cash to seller terms
Cap Rate:
N/A
Confirmation:
Ms. J. Burt (buyer) and Kathi Gilbert, Vice Pres-
ident, SouthTrust Bank (seller)
Sales History (3 years):
Foreclosure sale only; no arm's length transac-
tions
Comments:
Older theater building most recently used as a restaurant/lounge located on small, interior
site in North Greenwood Business District, north of the central business district. The
building was in general disrepair with some evidence of roof leaks and code violations.
Buyer invested approximately $8,000 in renovations and repairs prior to opening the
building as a teen recreation center (Teen Heroes).
Ms. Burt also acquired the south half of a paved parking lot (12+ cars) north of the
building through a tax deed sale for $1,760.
34
VALUATION SERVICES, INC.
IMpROVED SALE NO.2
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Location:
1139 Eldridge Street
Clearwater, Florida
Parcel No.:
10-29-15-59796-004-0001
Date of Sale:
May 1995
OR Book/Page:
9001/1338
Grantor:
Fred M. Judy
Grantee:
George M. Kostantinidis
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VALUATION SERVICES, INC.
Indicated Consideration:
Allocated to Land:
Allocated to Improvements:
$150,000
$ 40,000
$110,000
Building Size:
10,000 Square feet
Price Per Sq. Ft.:
$15.00 Including land
$11.00 Excluding land
Land Area:
17,050 Square feet or 0.39 acre, MOL
Land to Building Ratio:
1.7: 1
Year Built:
1952
Condition:
Fair
Financing:
$120,000 PMM/20 years
N/A
Cap Rate:
Confirmation:
John Skicewicz (broker)
Sales History (3 years):
No arm's length transactions
Comments:
This sale involves an older light-industrial building located in north Clearwater just south
of Jack Russell Stadium. The structure includes an older, high-bay warehouse with metal
roof, a newer warehouse (1976), and an older workshop/office.
Assessed value is $99,100, equivalent to 66% of 1995 sale price; a non-arm's length sale
in September 1994 preceded this transaction.
36
VALUATION SERVICES, INC.
IMPROVED SALE NO.3
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Location:
1204 Rogers Street
Clearwater, Florida
Parcel No.:
15-29-15-38574-018-0290
Date of Sale:
August 1995
OR Book/Page:
9067/300
Grantor:
Arthur H. Cote
Grantee:
Kenneth E. Knapp
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VALUATION SERVICES, INC.
Indicated Consideration:
Allocated to Land:
Allocated to Improvements:
$96,000
$37,500
$58,500
Building Size:
3,400 Square feet
Price Per Sq. Ft.:
$28.24 Including land
$17.21 Excluding land
Land Area:
5,000 Square feet or 0.115 acre, MOL
Land to Building Ratio:
1.5: 1
Year Built:
1962
Condition:
Average
Financing:
$80,000 PMM/8%/25 years
Cap Rate:
N/A
Confirmation:
Pat Marzulli (broker)
Sales History (3 years):
None
Comments:
This is an average quality office/showroom building on a small site approximately 100
feet east of Missouri A venue at the eastern periphery of the Clearwater central business
district.
There are five paved parking spaces at the front of the property which has some exposure
to Missouri A venue. A McDonalds restaurant is located at the southeast corner of
Missouri and Rogers Street.
The building was remodeled following the sale and has been put back on the market at
$160,000; no offers have been made to date.
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VALUATION SERVICES, INC.
IMPROVED SALE NO.4
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Location:
4825 Ninth A venue North
St. Petersburg, Florida
Parcel No.:
16- 31-16-62622-001-0140
Date of Sale:
January 1995
OR Book/Page:
8884/950
Grantor:
King of Peace Church
Grantee:
Pentecostal Church of God
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VALUATION SERVICES, INC.
Indicated Consideration:
Allocated to Land:
Allocated to Improvemen~:
$127,200
$ 80,000
$ 47,200
Building Size:
5,234 Square feet
Price Per Sq. Ft.:
$24.30 Including land
$ 9.02 Excluding land
Land Area:
16,700 Square feet or 0.38 acres, MOL
Land to Building Ratio:
3.2:1
Year Built:
1950
Condition:
Below average
Financing:
Cash to seller terms
Cap Rate:
N/A
Confirmation:
Rob Elkins (broker)
Sales History (3 years):
None
Comments:
This is a church property located on a secondary east/west artery in north-central St.
Petersburg. The building resembles a fraternal hall and exhibits minimal architectural
appeal.
A parsonage located adjacent east of the church was sold in December 1995 for $37,500
to Pentecostal Church of God.
40
VALUATION SERVICES, INC.
Location:
Parcel No.:
Date of Sale:
OR Book/Page:
Grantor:
Grantee:
IMPROVED SALE NO. 5
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3000 - 16 Street North
St. Petersburg, Florida
12-31-16-37980-001-0010
October 1994
88021709
Barnett Bank
Ralph B. Voorhis
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VALUATION SERVICES, INC.
Indicated Consideration:
Allocated to Land:
Allocated to Improvements:
$96,000
$60,000
$36,000
Building Size:
5,236 Square feet
Price Per Sq. Ft.:
$18.33 Including land
$ 6.88 Excluding land
Land Area:
19,720 Square feet or 0.45 acre, MOL
Land to Building Ratio:
3.8:1
Year Built:
1947
Condition:
Fair
Financing:
Cash sale
Cap Rate:
N/A
Confirmation:
Gary Ackley (Barnett Bank)
Comments:
This is a former social club which had been foreclosed by Barnett Bank. It was acquired
by a local printing company.
A small parking lot is located at the. rear of the property.
42
VALUATION SERVICES, INC.
IMPROVED SALE NO.6
Location:
301 - 38 Street North
St. Petersburg, Florida
Parcel No.:
22 - 31-16-69174-007 -0090
Date of Sale:
May 1996
OR Book/Page:
9353-1453
Grantor:
Orthodox Church of Holy Trinity
Grantee:
Fairmont Park Church of Christ
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VALUATION SERVICES, INC.
Indicated Consideration:
Allocated to Land:
Allocated to Improvements:
$140,000
$ 40,000
$100,000
Building Size:
5,100 Square feet
Price Per Sq. Ft.:
$27.45 Including land
$19.61 Excluding land
Land Area:
12,700 Square feet or 0.29 acre, MOL
Land to Building Ratio:
2.5:1
Year Built:
1950
Condition:
Above average
Financing:
$10,000 PMM/8%/1 year
Cap Rate:
N/A
Confirmation:
Skip Cole (broker)
Sales History (3 years):
None
Comments:
Older, but well-maintained church located in a low-traffic, residential area of north-
central St. Petersburg.
There is a small, paved parking lot for approximately 10 cars; street parking is available
in: the immediate area.
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- 5sg"l:i:~~'-!Ut~ \ ~"'rr ---~ ,,-.~ . .~..;r .:~~ ~o.e_~'~:f,,~
-' ~' ~ , rglnlllli' f1&~ ~~ ~ :~ \61 ~ ,:~ ~ . ,'1 II . :~~.\!-~}!i.t 580 ~.
,\:)OTRIN/TY .' >"'r;:n~;t~ ~- -I,'.' ~~.J ~...... "_/ '~~""
~. COLLEGE ..;~ ~~, rl~~fe~ff.' -I,.,,~.'.'.:tl" ~i ~ ";"'P :;i..;~:"r~~~',
Clearwater Beach \ ,I n . ~~' . J./...::-:;n s:-. ',',', ~ ~:~c. ~i;,.. SAFETY I' r....;~.'.....'.~..~...&. .~..~
Island I (I~ '- "'II[ .g'l Su I!Ult Pmnt -c:' ..~ 1 ::"Uarn ~t .,'1' .';( . ;p,.;;~tf;
P(]8l1C8E"CH.iM~RIN~~ i ~ Q J ~~:!.~. N'"~~2.G-"'. HARBOR I ~ ':f%;JJ
EARWATER I i~ NC, ~~~~. ~J ~ ~r---.:i~:lk~'6~<J,~'g'AHtrlLCEfhER Ii
~OF . S ~ EXEC\:C ~ -----~ ~'f/)CLEARWATER I 6
. .c.... 2. ' AIRPARK . r~T .;:=- ?>/ CHRISTI"N
PU8l1C 8&\CH '~sale _ I \ .I. ~ ,;.-,; / COLLEGE U, PARICWA Y ,
. '-' . ~ r....' I'H'LF TO 81. Y · . fY CAMP8f
SAND KEY ) ~ i "', .!! '- Sale 3 8L YO J~i~~ COURTN l
P"RK./ .,' ~ I lie ~ Oruicl'~ ,\. t! R ~, C"RPENTER FIELD 0 I d
.' 1/c'~ I::I! .... n ~'l. G' PHIL LIES .... -
.\;,~. / \~ . . lI, d~akeview .'. Rd'> ::J 19 .'_ TRAINING FIELD ..........
199" ~ ~ c)e~G.C: T.. L.L, ._ " T a in p a. ..
~ i:BELLEAIR/' ('OAS Belleair j J' Jl " Rd ~ ..........
ELLEAIR BEACH f3? / .j,..iit'c NTE. R' . '1!J; f. '. . BO. A. .TYARD~ B"
/{$ , I Rosery;') l!! :;.J'>>IlLAGE\ a Y ,,0 ff
B~~~:J: ~,I EJ-tcrt.,F1[r ~ Rd r <f!d ~. ~ I...~ ! itA V i.D ./...." ul~~~~~y.~.:."':.I:.~...s:rY~.~A.~.L.M. RW.A T.E R. . "'o~~
~ ~;:{i"n~.~'~ D.: LARGO Cii8l 'c' t 'OO~E~(. ""<'~ ~ l215f
DIANROCKS Ki;t;~ V_~ ~i [J c.. ': .~r~,. .....,' ~c0~
BEACH ~? R/06/~.ES;i: .. .. 688 fii .. h ,\ u ,. ~I"}1.J "'9
~,~/a W"M1Jiff,Lf. r rl . _"J1.l Llff ON~UHAr.n.. ~/.~~.~~-l1~ 0, .~
,./ ! 'F{J.f ~ l5-~: ) ,~:r F/~ 1;1 SUNSHINE,-,~'/Z ~ ~,
i(' WAL ~~HAIf f- RD < Aff)'T," (~ ,~ ::r- iW SPEEqWAY ... .13~ _ ...'~' .'~r-.,\
Sand \ ... HERITAGE.P"RK _ 1 9 ) a: / ,.J J en '" 'iQ ,.
~ : ANDM~VUM~ CIJ .(1 Bryan1 iry Rd' P fii 16.<k lo. I . ' "
\\ :::l Q 80TANlCAL ~,"" .i v 693 ;0...... il1,-, \
OIAN SHORES '-\ ~ Ill: GARDENS, J 1\ ~C ~ ) LAKE ~"I ~ 1\275) ~". ~:::.'? n
TI/(/GARDENS~,\, '...~SEMINO'rE. i,'. ~:'.~..~..'I:.K./~LE .~.~~" PINELLA~ ~ (,,11'; ~ >_~~~~,,~~~'
Key ~ '(,1, 233 .g, ~, ~ (. ~\ -= ~... ~..n. ~ PARK -= 19 ~fo:~ '15 a; ; ~ ". ~",l
SUNcoAsr~" c ii:' .~ ,~-':~I fii .. . 'J L~ lD ~. ""'-' ' ,
SEABIRD fiOLLJPark Blvdl..'iit; -;!;.., '.' U~c^ ..~f-... 'It ,J ~' ~>~~.^ ;~ 'e:
SANCru"RY ''-.'--'...... ~'" '. ~.'.~" '1.:6..~..p...:a'...r...Jt._.........a\l.vd......~.. ,IItC.R.OUND.S PARK 8LVD.. "':.,; ~~':'tG~~ SS '.)~;: d,~
.DINGTON SHORES . r ',- ~':'''Z:\ \. ....:.:: ~,'. 62nd Z Z Av ~ ..~- \' <
t6Qi1'\9 ../'?~ \) ,;, 1cZt::J 0 "._.r</) ....! ,.....-1.". '\. - Z 62nd Av N Y
~ ~. - '6 GO .~., ..\./ ( KENNETH 5Ath[l. _ '6", N ~_.,,-----=
NORTH REDIr:s~I~~. ~~,' ~f~~~ .sA. y. "'~ES..'S 41:'h1~~TY ..1 fii I ~8 14." ~-sr<il Zl) 92 (Z '1 ,~tf
<'~ ~ ~~~,--;SL"Vo- ~ ,..,"'" r '\"'6117;,;' ,~q"Je,r 1'-.:.-'lothAv'N 4-
REDINGTON BEACH~(\./'.~~ t~" '~wILDi"Ff4 ~ A ........~
~v~ REFUGE' ~ ... _ '-"\~.--~
c; ~~i.II p' rso ,~,:ow,.... 30th Avl Sale 5 ~ Vi '" CIJ) ----::~ <;:,\ Si
...:.:, f!!. J: ""EL~ _.:""", ........... "J<' SUN~ N_.i',
MADEIRA BEACH.", V tt"RONI"LS .. """Ill 22nd Av N C"R[ EN<. D .,,=) 5 II
'NING FIELO \p.nd/w N ~ -=... -= ~ 12.... .c:: ~ ,_ _ ~c ~ ,--,. ne
\~ ~(','..o 5CIENCE~ ~ 'It N11-a;"- i.:!
. . .r-'~~.%~.. ....~ ~ ENTER= ~Sale 4 :v ... . ~ 0 C F ~ A:'1'~~FINE "RTS M
Gulf \\~;<~~~ v N ~THEPIER
ST PETERSBURG"- ":?"'(TOLL)~\ -1st Av<' Sale 6 ~..u LANG STAl
MUNICIP"L BEACH "R.....U..:WE. M1" ~ ., . S" ~.- I~. B"YFRONTCEN:
TREASURE dflMC~~s ASADENA f;-:-::: fiiH"Asu, ~ en~ 75) ..~ IAl8ERT WHIm!
nf ISLAND \~:--> ,~""~ ij/ ~ MUSEUM ~N.,EHt:r.,"",.~A/RPORT
~'"J~~;''-' u ..- -= "',J SPORTSPLEX ... "X(UNIV OF S FLA B
I~ ~[o(:~) 1"'. ~ I~ ~ '" Vi sr"OlUMVi Ill'. ',DALI MUSEUM
I~!l... r; 693 ~~);A 8LVC 7~ 1 --'ind Av 5 a; ~ '~.'~
, "X......";> 0l _ __'I~ _ ~
\.~...., ~ '5~_....J( ~ ,,' I _~
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Rut lEa.... a,..~. Inc C)COPVAIGMT llt1'
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(Improved Sales Map)
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VALUATION SERVICES, INC.
Analysis of Improved Sales:
The six comparable sales set forth represent the best available market data for valuing the
subject property by the sales comparison. These sale properties were drawn from various
sub markets in Pinellas County over the period 1994 to 1996. Because of the specialized
design of the subject property, we have selected sales representing general-purpose
commercial, retail stores, industrial, fraternal, and church buildings.
The criteria used to select the comparable sales are reflected in the descriptive headings
set forth on the adjustment chart. Some sales were selected because they demonstrate a
specific aspect. For example, Comparable 2 is a large, older industrial property which is
larger than the subject. This sale was selected as it is approximately the same age,
quality, and parking coverage as the subject but, more importantly, is located in the same
neighborhood.
Set forth below are explanations of the adjustments made on the accompanying chart.
Financing:
Prior to adjustment for other dissimilarities, the comparable sales must first
be reduced to a cash equivalent basis where concessionary seller financing or
other unusual terms of sale can be neutralized. In this case only Comparables
2 and 3 required downward adjustment for financing.
Market Conditions:
This is sometimes referred to as the time adjustment as it considers changes in
market conditions between the date of the comparable sale and the current
date of valuation for the subject.
All six sales occurred within the last 2 years, during which time the market
has been relatively stable with no upward or downward movement.
Location:
Factors considered in the location category were traffic volume, demograph-
ics, complimentary land uses, and development activity in the immediate area.
46
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VALUATION SERVICES, INC.
Most of the comparables reflected superior locations, thus requiring down-
ward adjustments. Comparable 3, for example, required the greatest down-
ward adjustment as it is located at the eastern fringe of the central business
district. Comparables 4, 5 and 6 also required downward adjustments as they
are located in higher value areas in St. Petersburg. Comparable 2, however,
is located in an industrial, lower-traffic area near the subject and, thus,
required a modest upward adjustment.
Size:
All else being equal, there is generally an inverse relationship between unit
price and building size when considering commercial and industrial buildings.
The subject building comprises ground-floor area of 3,629 square feet plus a
partial second floor of 756 square feet. This second floor, however, has very
limited utility; and, therefore, only the ground floor area has been considered
in this comparative analysis.
The comparable sales range in size from 3,400 square feet to 10,000 square
feet. Comparable 2 is the large, older industrial property which comprises
10,000 square feet; it is considerably larger than the subject and the other
comparables but, as noted, was included because of its nearby location and
similar highest and best use.
The other five comparables range from 3,400 square feet to 5,236 square feet
and, as such, closely correlate with the subject size. Comparable 1 is the
March 1996 sale of the subject property itself.
An upward adjustment was made, therefore, on a unit price basis, to Compa-
rable 2; the other sales were not adjusted.
Ouality:
This refers to quality of construction which begins with an assessment of the
structural elements. The subject building is a standard concrete block, load-
bearing exterior wall structure with a truss roof system and an eave height of
approximately 18 feet.
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VALUATION SERVICES, INC.
Comparable 1 (subject), 2, 4, and 5 require no adjustment. Comparables 3
and 6 are rated higher than the subject in quality and adjusted downward.
Functional Utility:
This category refers to the design elements of the comparables and the subject
considering such aspects as floor plan, ceiling height, restrooms (and their
placement), and adaptability of the building to various uses. The subject
property ranks relatively low in this category. The other comparable sales
reflected more conventional general-purpose or retail building designs,
thereby requiring downward adjustments.
Parking:
The subject property now is supported by a small paved lot adjacent north
with approximately 12 spaces. The March 1996 sale (Comparable 1) re-
flected the market penalty for no on-site parking.
Comparables 2, 5, and 6 have approximately the same parking coverage as
the subject now, especially considering their respective uses. Comparable 3
has only five parking spaces, requiring an upward adjustment. Comparable 4
has the best parking ratio and, thus, was adjusted downward.
Age/Condition:
This category refers to the actual and effective ages of the comparable
buildings as well as their observed maintenance levels. Subject property is an
older theater building which was in fair to poor condition with considerable
deferred maintenance at the time of its sale in March 1996 (Comparable 1).
Comparable 2 was judged approximately equivalent to the subject in its "as
is" condition. Comparables 3 and 6 were judged superior, and Comparables
4 and 5 were found to be slightly inferior and adjusted upward.
Conclusion:
The six comparable sales, following adjustment, describe a unit range of
value from $14.66 to $15.80 per square foot. The lower limit of the range is
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VALUATION SERVICES, INC.
set by Comparable 1, the recent sale of the subject property itself prior to
renovation and without the support parking.
The upper limit of value ($15.80) was set by Comparable 4, the well-located
church property with good parking.
Most of the comparables fell in the vicinity of $15.00 per square foot follow-
ing adjustment. Comparable 2, the industrial property in the subject neigh-
borhood, required least adjustment of all the sales utilized; this comparable
reflected an adjusted unit price of $15.44 per square foot.
In the final analysis, we have granted most weight to Comparable Sales 1 and
2 with secondary weight given to Comparables 3, 4, 5, and 6.
3,629 Sq. Ft. @ $15.00 = $54,435
Rounded, $54,500
49
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VALUATION SERVICES, INC.
QU ALIFICA TIONS
C. RICHARD TOBIAS, MAl
EDUCATION:
B.A., 1971, Boston College - School of Arts and Sciences
Have passed or received credit for the following courses sponsored by the Appraisal
Institute.
1A-1 Real Estate Appraisal Principles
1A-2 Basic Valuation Procedures
1B-1 Capitalization Theory and Techniques
2-1 Case Studies in Real Estate Valuation
2-2 Valuation Analysis and Report Writing
2-3 Standards of Professional Practice
6 Investment Analysis
Attended numerous seminars sponsored by American Institute of Real Estate Appraisers
(now Appraisal Institute), Society of Real Estate Appraisers (now Appraisal Institute),
Florida State University, National Association of Mutual Savings Banks, and other
financial institution associations. Most recent seminar attended was "Basics of Commer-
cial Construction." Most recent appraisal course was Course 510, Advanced Income
Capitalization (November 1993), sponsored by the Appraisal Institute.
Florida Certified General Appraiser #0000705
Expert witness in appraisal of real estate and businesses --
Circuit Court of Florida, Sixth District
Federal Court, Middle District of Florida
BUSINESS EXPERIENCE:
1987 to present: Independent Contractor associated with Valuation Services, Inc., a firm
specializing in appraisal and consulting in commercial and investment
real estate. Assignments have included appraisal of a variety of com-
mercial, industrial, and residential properties, as well as vacant land.
Areas of specialization include convenience food/gasoline outlets, office
buildings, mobile home parks, residential subdivisions, and restaurants.
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VALUATION SERVICES, INC.
Appraisal assignments have been prepared for financing, litigation,
sale/purchase, and other functions.
1980 to 1987: Vice President, Warren Hunnicutt, Jr., Inc., Real Estate Appraisers
and Consultants. Assignments included office buildings, shopping
centers, industrial facilities, residential developments, apartment build-
ings, resort properties, and closely-held businesses.
1979 to 1980: Associate Appraiser with L. T. Bookhout, Inc., Real Estate Appraisal
and Consultation. Assignments included industrial facilities, special
purpose properties, undeveloped land tracts, as well as historically
significant properties being acquired by the National Park Service.
1977 to 1979: Commercial Loan Analyst! Appraiser with Poughkeepsie Savings Bank.
Duties included appraisal of residential and commercial properties for
mortgage loan purposes; review and recommendation of commercial
loans to Board of Directors; field inspection and analysis of investment
properties in Southeast and Southwest United States.
1975 to 1977: Associated with Dutchess County Department of Real Property Tax and
City of Beacon, New York in the assessment of properties for ad
valorem taxation purposes.
1973 to 1975: Owned and operated masonry contracting firm specializing in custom
residential fireplaces, accent walls, exterior facades, etc.
Independently registered Real Estate Broker -- State of Florida
PROFESSIONAL AFFILIATIONS:
MAl, Member Appraisal Institute
The Appraisal Institute conducts a program of continuing education for its designated
members. MAl's who meet the minimum standards of this program are awarded periodic
educational certification. C. Richard Tobias is currently certified under this program.
Member, St. Petersburg Suncoast Association of Realtors
Member, Appraisal Institute, West Coast Florida Chapter
-- Team Leader, Experience Review Committee
-- Regional Panel Member, Ethics and Counseling
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I VALUATION SERVICES, INC.
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ADDENDA
NO. 6 9 9 0 0 C . ~~ " :; C 0
tAil TW.O COPIES OF INVOICE TO:
CITY OF CLEARWATER
FINANCE DEPARTMENT
I P.O. BOX 4748
CLEARWATER, FLORIDA 34618-4748
I
PURCHASE (11'111,,:
CITY OF CLEARWATt:H
PURCHASING DIVISION
. PO BOX 4748 PHONE (813) 562,4630
CLEARWATER. FLORIDA 34618-4748
FLORIDA SALES TAX EXEMPTION CERT. NO. 62-02-134859-54C
FEDERAL EXCISE TAX EXEMPTION NO. 59-78-0105K
PO. DATE
10/03/96
REQ'D DATE: 10/18/96
SHIP TO:
ECONC~IC DEVELOP~ENT
CITY HALL
112 S. OSCEOLA AVE.
CLEARWATER FL 3~616
INDOR NAME: _ _'
V.-\Li_.,:'=O\ SERVICES, INC
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ATTENTION: 24 HOUR ADVANCE NOTIFICATION REQUIRED
ON ALL SHIPMENTS TO CITY OF CLEARWATER LOCATIONS,
DIRECT ALL COMMUNICATIONS ON THIS ORDER TO:
6~11 ~~RST AVENUE NORTH
FL
33710
ST :==:':':=:,3DURG
~j. HOUIES
813/~62-63S2
PAYMENT TERMS
DEPARTMENT F.O.B,
NET 30
ECONOMIC ~~'=~OPME~T CLEARWATER
ORD
001 1,000
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. .
UNIT
DESCRIPTION
UNIT PRICE
TOTAL PRICE
?fITi)'~
~J~l(f
'<-:,r" t "-:"
r y" t " :..- '
~;. i ;-: ~'. -;:- ~~.
1 ~ ." -~,.,:.."..
:~i~H
r . t 1 .,~
t~.tr~;: ~. ~ ~~.
1 ,~. :....~~..-. "!
:j#t"fn
'y:, t: i ), ;..'" ~
s..~." 7: (- - ~ :-
i t ~'-:"J~"";
:~it~fH
'rti t ;'~;~
y.... ,,': (-,- '::-
I:Jjpftt
Doll PREPARE APPRAISAL ON
1102 NORTH GREENWOOD AVENCE,
CLEARWATER, FLORIDA,
PARCEL #10-29-15-33~98-000-0010,
TO ESTI~ATE THE MARKET VALCE OF
THE FEE SIMPLE INTEREST IN THE
PROPERTY AS OF CURRENT DATE.
1.0000
1,000.OC
ISCOUNTS: On any discount, time will be computed
om date of satisfactory ,jelivery of all items or from
te correct invoice is resclvec. whichever is the later date.
THE CITY OF C~=.\F:'i';'TcR MAY CANCEL THIS ORDER, EITHER ORALLY
OR IN WRITING'\T ,1<) COST TO THE CITY, IF ANY ITEMS DO NOT ARRIVE
BY THE DATE RE':JIJIR::D AND/OR IF ANY DO NOT CONFORM TO SPECIFI-
CATIONS. NON.COr'JFORMING ITEMS WILL BE HELD FOR THIRTY (30) DAYS,
PENDING RECEiPT OF DISPOSITION INSTRUCTIONS FROM VENDOR, AFTER
WHICH TIME THE/ NILl. BE DISPOSED OF AS SURPLUS CITY-OWNED PROPERTY.
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0.00
1,000.00
TITLE
''":l'!:)CR CO?Y