HomeMy WebLinkAboutVII (E) Maguire Road Widening Project: Proposed Settlement with Orange County Cruisers (Parcel 105) Agenda 4-18-2000
F O L E Y & L A R D N E R Item VII E
ATTORNEYS AT LAW
CHICAGO POST OFFICE BOX 2193 SACRAMENTO
DENVER ORLANDO, FLORIDA 32802-2 193 SAN DIEGO
JACKSONVILLE III NORTH ORANGE AVENUE, SUITE 1800 SAN FRANCISCO
LOS ANGELES ORLANDO, FLORIDA 3280 I-2386 TALLAHASSEE
MADISON TELEPHONE: (407)423-7656 TAMPA
MILWAUKEE FACSIMILE: (407)648-1 743 WASHINGTON, D.C.
ORLANDO WEST PALM BEACH
EMAIL ADDRESS CLIENT/MATTER NUMBER
mdoty@foleylaw.com 020377/0517
MEMORANDUM
TO: The Honorable Mayor and City Commissioners of the City of Ocoee
FROM: Mary A. Doty, Esq., Assistant City Attorneyatt
THROUGH: Paul E. Rosenthal, Esq., City Attorney
DATE: April 5, 2000
RE: Maguire Road Widening Project: Proposed Settlement with Orange County
Cruisers (Parcel 105)
As part of the Maguire Road Widening Project, the City acquired Parcel 105 on
March 27, 2000, pursuant to an Order of Taking entered by the Circuit Court. Parcel 105 is a
±.8 acre (34,750 square feet) parcel that was formerly owned by Orange County Cruisers,
Inc., a local motorcycle club. Parcel 105 fronts on the west side of Maguire Road, across
from the Mobil gas station. The property is needed for a retention pond. Parcel 105 is
improved with a 1,600 square foot clubhouse and a 1,500 square foot pole shed. Walter
Carpenter, of Pinel & Carpenter, appraised Parcel 105 for the City. His value conclusion was
$190,000, broken down as follows:
Land Value: $121,700
Improvements: $ 68,300
Total: $190,000
Mr. Carpenter's conclusion is based on a $3.50 per square foot land value. The property is
located in unincorporated Orange County, but is encompassed by the Orange County/City of
Ocoee Joint Planning Area Agreement. Under the terms of that Agreement, upon annexation
into the City, the property would be zoned P-S (Professional Services). Under current Orange
county zoning, the property is zoned C-3 (Commercial). Mr. Carpenter assumed the highest
006.176361
ESTABLISHED 1 8 4 2
A MEMBER OF GLOBALEX WITH MEMBER OFFICES IN BERLIN,BRUSSELS,DRESDEN,FRANKFURT, LONDON,SINGAPORE,STOCKHOLM AND STUTTGART
FOLEY & LARDNER
April 5, 2000
Page 2
and best use of the property, as if vacant, would be for annexation into the City for a small
professional office use consistent with the City's future land use and zoning designations.
Orange County Cruisers, represented by Attorney Charles Stratton, obtained an
appraisal report prepared by Brad Pierson. Mr. Pierson appraised Parcel 105 at $268,750,
broken down as follows:
Land Value: $ 173,750
Improvements: $ 95,000
Total: $ 268,750
Mr. Pierson assumed that the highest and best use of the property would be for commercial
development consistent with its Orange County zoning. Mr. Pierson concluded to a $5 per
square foot value based on comparable sales with commercial zoning designations. Copies of
both the Carpenter and Pierson appraisal reports are available for review in the City Clerk's
office.
The difference between the two appraisals is the assumption regarding the
highest and best use. Mr. Carpenter has assumed that in order to utilize the City sewer and
water services available in front of the property, the property would be annexed into the City
of Ocoee and would assume a PS (Professional Services) zoning designation. Mr. Pierson has
assumed that the property would develop consistent with Orange County regulations, without
annexation into the City, in order to utilize the commercial zoning designation. In my
opinion, a jury could find merit in either position asserted by the appraisers.
We have been approached by Orange County Cruisers with a settlement offer of
$230,000 for Parcel 105. This number almost exactly represents splitting the difference
between the two appraisals. Although this proposed settlement indicates an increase in the
City's appraised value of the property in the amount of 21%, it is my opinion that continuing
to litigate the matter in the hopes of obtaining a settlement or verdict more favorable to the
City of Ocoee would not be cost effective. Not only does the City of Ocoee have to pay the
reasonable expenses of the property owner's experts if the matter were to go to trial, the City
would incur experts' fees and attorneys' fees of its own. There is also no guarantee that the
City would achieve a better result than $230,000 if the matter continued to be litigated. Under
Florida law, a jury may return a verdict anywhere in the range between $190,000 and
$268,750.
Pursuant to Florida Statutes the City of Ocoee is obligated to pay Orange
County Cruiser's attorney, Charlie Stratton, 33% of the difference between the first written
offer and the ultimate settlement or jury valuation. Settlement of this matter at the amount of
$230,000 results in an attorneys' fee payment to Mr. Stratton in the amount of $13,200.
Under Florida law the City of Ocoee is also obligated to pay reasonable engineering, land
planning, and appraisal fees incurred by the property owner. To date, Orange County
Cruisers has submitted bills in the amount of $10,125.00 for their appraiser, $11,475.00 for
006.176361
FOLEY & LARDNER
April 5, 2000
Page 3
their land planning expert, and $156.25 for a surveyor. I have reviewed these bills and find
them to be within a reasonable range. Mr. Pierson, however, has agreed to accept $9,500.00
as full payment and the land planner has agreed to accept $10,000.00 for his bill.
RECOMMENDATION:
It is respectfully recommended that the Mayor and City Commissioners approve
the settlement of the eminent domain litigation for Parcel 105, formerly owned by Orange
County Cruisers, by payment of the following amounts:
$230,000.00 to Orange County Cruisers (with credit given for the
$190,000.00 previously deposited with the Court).
$13,200.00 to Charles Stratton, Esq.
$9,500.00 to Pierson Appraisal Group.
$156.25 to Mid-Florida Construction Consultants, Inc.
$10,000.00 to the Laughner Group, Inc.
and authorizing the City Attorney to execute a final judgment for these amounts.
cc: Ellis Shapiro, City Manager
James W. Shira, P.E., City Engineer
006.176361
APPRAISAL REPORT
Parcel: Orange County Cruisers
Owner: Orange County Cruisers, Inc.
Maguire Road (Retention Pond)
RECEA711, ;err+ 0 1r2n
Ocoee, Florida L
Orange County
FOR
MR. CHARLIE STRATTON, ESQUIRE
First Florida Bank Tower S-400
215 S. Monroe Street, P.O. Drawer 11300
Tallahassee, Florida 32301
AS OF August 31, 1999
BY
BRADLEY J. PIERSON
PIERSON APPRAISAL GROUP
State Certified General Real Estate Appraiser
Certification No. RZ0001977
6723 Woodside Court
Lakeland, Florida 33813
Telephone (941) 644-6775
r►P
PAG Pierson Appraisal Group
Real Property Appraisal, Eminent Domain Consultants
November 30, 1999
RE: Parcel: Maguire Road Pond
County: Orange
Owner: Orange County Cruisers, Inc.
Maguire Road - Ocoee, Florida
Mr. Charlie Stratton
First Florida Bank Tower
215 S. Monroe Street
Tallahassee, Fl. 32301
Dear Mr. Stratton:
In accordance with your request, I have appraised the above referenced parcel which is further identified
and legally described in the attached report.
The appraisal purpose is to estimate the market value of the Fee Simple Estate of the subject property.
Market Value is defined within the appraisal. We wish to report that we have completed a field inspection
of this property, the neighborhood, and we have studied those factors which influence Market Value.
The total appraised value of the subject property as of August 31, 1999 is:
$268,750.00
TWO HUNDRED SIXTY EIGHT THOUSAND SEVEN HUNDRED FIFTY DOLLARS
It should be noted that the appraisal is attached and contains the analysis and documentation which is subject
to comments, assumptions and limiting conditions contained herein.
We appreciate the opportunity of providing this appraisal service for you. If there are questions concerning
any part of the assignment, please advise.
Very truly you ,
LOCt(
Bradley J!ia.
1112
St.Cert.Gen.REA RZ0001977
P.O. Box 5233 • Lakeland, Florida 33807 • (941) 644-6775 • Fax (941) 644-6775
1')QQ Main Street Suite C • Dunedin Florida 1469R • (R 111 1�F_Rh5'7
CERTIFICATE OF VALUE
(DELETE APPROPRIATE(BRACKETED)WORD) FPN No.: N/A
Section/Job:Maguire Road Widening
I certify to the best of my knowledge and belief, that: County: Orange
FAP No.: N/A
1. The statements of fact contained in this report are true and correct. Parcel No.: 100
2. 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.
3. 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. (Describe fully the interest or bias on an addendum to this certificate).
4. My compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions that were developed.
5. My analyses, opinions, or conclusions were developed and this report has been prepared in conformity with the requirements of the
State of Florida for state-certified appraisals.
6. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal
Board.
7. I have made a personal inspection of the property that is the subject of this report and I have afforded the property owner the
opportunity to accompany me at the time of the inspection. I have also made a personal field inspection of the comparable sales relied
upon in making this appraisal. The subject and the comparable sales relied upon in making this appraisal were as represented by the
photographs contained in this appraisal.
8. No persons other than those named herein provided significant professional assistance to the person signing this report. (The name
of each individual providing significant professional assistance must be stated on an addendum to this certificate, together with a
statement of whether such individual is a state licensed or certified appraiser and, if so, his or her license or certification number).
9. I understand that this appraisal is to be used in connection with the acquisition of right-of-way for a transportation facility to be
constructed by the City of Ocoee.
10. This appraisal has been made in conformity with the appropriate State laws, regulations, policies and procedures applicable to
appraisal of right-of-way for highway purposes; and, to the best of my knowledge, no portion of the property value entered on this
certificate consists of items which are noncompensable under the established law of the State of Florida.
11. I have not revealed the findings or results of this appraisal to anyone other than the my client and I will not do so until so authorized
by my client, or until I am required by due process of law, or until I am released from this obligation by having publicly testified as
to such findings.
12. Statements supplemental to this certification, as required by membership or candidacy in a professional appraisal organization, are
described on an addendum to this certificate and, by reference, are made a part hereof.
Based upon my independent appraisal and the exercise of my professional judgement, my opinion of the market value for the part taken,
including net severance damages after special benefits, if any, of the property appraised as of the 31th day of August, 1999, is:
$268,750. Two Hundred Sixty Eight Thousand Seven Hundred Fifty Dollars.
Market value should be allocated as follows:
LAND $173,750. LAND AREA (SF) 34.750 s.f.
IMPROVEMENTS $95.000. PROPERTY TYPE
NET DAMAGES &/OR CODE*(1234) UIBW
COST TO CURE $ -0- *Property Type Codes
TOTAL $268.750. l.R-Rural 3.H-(Home)Residence 4.W-Whole Taking
U-Urban B-(Business)Commercial P-Partial
2.I-Improved F-(Factory)Industrial
V-Vacant A-Agricultural
S-Special Pu se
11/30/99 1 141 1/ . • • fit
Date :radley J. 'ier•l)n
St.Cert.Gen.' ' - ' Z0001977
TABLE OF CONTENTS
Orange County Cruisers
Title Page i
Letter of Transmittal ii
Certificate of Value iii
Table of Contents iv
Summary of salient facts and conclusions v
APPRAISAL OF THE WHOLE PROPERTY
Property Owner Address 1
Property Location 1
Legal Description 1
Property Inspection 1
Type of Property 1
History of the Property 1
Subject Sketch 2
Subject Photographs 3-6
Description of the property 7
Zoning 9
Assessed Value &Taxes 9
Public and Private Restrictions 9
Property Interest Appraised 9
Purpose of the Appraisal 9
Appraisal Problem 10
Market Value Definition 10
Effective Date 10
Highest and Best Use 10
Land Market Data Grid 11
Cost Approach 14
Sales Comparison Approach 18
Reconciliation of Approaches 22
Summary of Values 24
Addenda 25
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Orange County Cruisers
Maguire Road
Orange County, Florida
OWNER OF RECORD Orange County Cruisers, Inc.
PROPERTY LOCATION On the west side of Maguire Road about 1000' north of
Robertson Road, in Ocoee, Polk County, Florida
DATE OF INSPECTION(S) 8/31/99, 9/7/99 and various days prior to the appraisal
submission.
OWNER, OR REPRESENTATIVE
WHO ACCOMPANIED APPRAISER Planner, Dale Laughner
SIZE
Parent Tract 34,750 s.f.
Tract To Be Acquired 34,750 s.f.
Remainder -0-
Area in Easement N/A
VALUE CONCLUSIONS
Land Value Total $173,750.
Land Value Per Sq. Ft. $5.00
Building Value $95,000.
Property Value $268,750.
Acquisition Value $268,750.
Damages $ -0-
Special Benefits $ -0-
Remainder Value $ -0-
SIGNIFICANT PROFESSIONAL
ASSISTANCE Land Planner, Dale Laughner
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
APPRAISAL OF THE WHOLE PROPERTY
PROPERTY OWNER
Orange County Cruisers, Inc.
P.O. Box 639
Ocoee, Florida 34761
PROPERTY LOCATION
Subject property is located on the west side of Maguire Road about 1000 feet north Robertson Road, in Ocoee,
Orange County, Florida. Address: 636 Maguire Road.
LEGAL DESCRIPTION
The property is legally described as follows:
E 350 Ft of N 1/4 of SE 1/4 of NE 1/4 (Less N 167.6 & Less E 40 FT for RD
& Less S 115 FT of W 150 Ft of E 190 F) of Sec 31-22-28
PROPERTY INSPECTION
The dates inspected are August 31, 1999 and September 7, 1999 and other days prior to the appraisal submission.
Appraiser Bradley J. Pierson and Planner Dale Laughner were present for the inspections.
TYPE OF PROPERTY
The property is improved with a one story CB building presently used as a local club/lodge known as the Orange
County Cruisers and a one story concrete block structure containing two restrooms with an attached covered canopy
area. Other site improvements include minor landscaping, chainlink fencing with gate, private well and septic
system, partial asphalt drive. Parking is provided by a gravel and dirt parking area. The buildings face toward
the north and are situated behind another property located along Maguire Road, therefore are set back
approximately 200 feet from Maguire Road. The Clubhouse measures about 1,600 s.f. in area and the
restroom/canopy structure measures 1,500 s.f. in area.
HISTORY OF THE PROPERTY (LAST FIVE YEARS)
A search of the Orange County Public Records revealed that the ownership of the property has not been changed
in the preceding five years. Last transfer of the property is recorded as follows:
Grantee: Orange County Cruisers, Inc. C/O John Maszy
Verification: Grantee
Date of Transaction: April 1, 1980
OR Book/Page: 3115/1180
Consideration: $15,000.
- 1 -
OWNER : ige County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
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SUBJECT SKETCH PAGE
Parcel Number Area Total Area Taken Remainder Easement Area
100.1 34,750 S.F. 34,750 S.F. -0- N/A
- -) -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
3 • y
44.
1 •
•
4
•
•
' 1
From Maguire Road looking west into the property
Photograph taken by
B.J. Pierson
on August 31, 1999
6723 Woodside Ct.
Lakeland, FL. 33813
- 3 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
I �
♦ \
T 1
•
—
WAle—
•
•
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Looking south along the west side of Maguire Road
Photograph taken by
B.J. Pierson
on August 31, 1999
6723 Woodside Ct.
Lakeland, FL. 33813
- 4 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
Ry
4 af � act •
•
oCCI h`{
IN
�.yt(l�mrY'
Looking southwest at Orange County Cruisers clubhouse
Photograph taken by
B.J. Pierson
on August 31, 1999
6723 Woodside Ct.
Lakeland, FL. 33813
- 5 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
.
-
•
-
C '
y •
y .1 4
144
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•
•
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Looking southwest at canopy area and restroom facility
Photograph taken by
B.J. Pierson
on August 31, 1999
6723 Woodside Ct.
Lakeland, FL. 33813
- 6 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
DESCRIPTION OF PROPERTY
Subject properties is fully described below:
LAND & LAND IMPROVEMENTS
Area The area of land being appraised is 34,750 Square Feet.
Shape Subject property's shape is somewhat irregular. Refer to sketch on page 2.
Dimensions
North Side Property Line 310.00 FT.
South Side (first run) Property Line 150.00 FT.
South Side (second run) Property Line 160.00 FT.
West Side Property Line 167.76 FT.
East Side Maguire Road 52.76 FT.
and contains approximately 34,750 S.F.
Utilities on
Site Utilities connected to the site include:
Water - Private connected - Public is available
Sewerage- Private connected - Public is available
Electric & Telephone are public
Street
Improvements Maguire Road is a two lane paved thoroughfare and is a primary source of
transportation in a North-South direction of travel through Ocoee north into Winter
Garden and south into Windermere. There is no curbing or streetlights in the
vicinity of the subject.
Ingress/Egress Access is designated along Maguire Road along the east property line. There is
one point of access along this roadway and is considered adequate.
Topography The site is generally level, at or slightly below road grade with Maguire Road.
Flood Plain Data The land to be acquired is located in flood zone C. This zone is described for
areas having limits of 100-500 flood year; or certain areas subject to 100-year
flooding with average depths less than one (1) foot or where the contributing
drainage area is less than one square mile; or areas protected by levees from the
base flood. Map No.: 120179 0175C, Date: 6/15/84
Drainage Drainage upon inspection appears to run from the south portion of the property to
the north and west portion of the site. The property is adequately drained.
- 7 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
Easements - Encroachments
or Restrictions After analysis of the subject property an encroachment of about 5 feet of the
neighboring building improvement was discovered to exist along the eastern
property line. This building encroachment unto the subject property does not
appear to effect market value. Any expense to cure or remove the building will
be incurred by the building owner.
Site
Improvements:
Chain Link/wire Fencing - approximately 520 l.f. of wire fencing.
Landscaping/private well and septic - minor landscaping improvements and sod,
the site is serviced by both private well and septic.
Building Improvements
Both the exterior and interior of subject building improvements were inspected.
Clubhouse
Number of Stories One
Function Subject property is a one story Clubhouse/lodge facility.
Construction Type Concrete block on concrete slab foundation, composition asphalt shingle roof with
wood truss.
Quality Average
Condition Average
Physical Age Built in the 1980
Effective Age 15 Years
Remaining Econo-
mic Life 25 years (total life expectancy 40 years see guidelines - Marshall Swift Section 97
Page 4 - March 1990)
Square feet content 1,600 s.f. gross building area
Number of Units One
- 8 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
Number/kind 3 rooms which consist of:
of rooms 1 general meeting/recreation hall
1 restroom
1 kitchen
A pole shed type building with enclosed restrooms is also located on the site. This building contains 1,500
s.f. and has a metal roof with a dirt floor under the canopy area while the restrooms are enclosed with a
concrete slab floor and concrete block walls.
A small storage shed is located in the southeast corner of the property. It is a concrete block storage
building and is in good condition.
Fixtures & Equip-
ment (real property) None
Zoning Zoning is C-3 by the County of Orange. The purpose and intent of the commercial
district is to encourage the development of commercial retail and service activities
The zoning permits various commercial uses under this zoning ordinance.
The property presently appears to conform with the C-3 zoning requirements.
ASSESSED VALUE AND TAXES
Subject property was assessed at $48,526 in 1998 by the Orange County Property Appraiser. The Real
Estate assessment Folio Number is 31-22-28-0000-00-031. Property taxes in the amount of$950.34 for
the total property were paid for the tax year 1998. The assessment is broken down as follows:
Assessed Value Land: $15,000 Building: $33,316
Taxes(1998) 950.34
Millage Rate (Current) 19.5841
PUBLIC AND PRIVATE RESTRICTIONS
Other than zoning and concurrency plans, there are no public or private restrictions of which the appraiser
has knowledge.
PROPERTY INTEREST APPRAISED
The property rights appraised herein are Fee Simple.
PURPOSE OF TIE APPRAISAL
The purpose of this appraisal is to estimate the market value of the parent tract the property to be acquired,
the remaining property, the damages and special benefits, if any.
- 9 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
APPRAISAL PROBLEM
The appraisal problem is to estimate the market value of the acquisition, which in this case, includes the
whole property including all land improvements.
MARKET VALUE DEFINITION
The most probable price in cash,as of a specified date,financial arrangements equivalent to cash,or in other
precisely revealed terms, for which the appraised property will sell in a competitive market under all
conditions requisite to a fair sale,with the buyer and seller each acting prudently, knowledgeably, and for
self-interest,and assuming neither is under duress.
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 acting in what they consider their own
best interests.
3. A reasonable time is allowed for exposure in the open market.
4. Payment is made in terms of cash in United States 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.
EFFECTIVE DATE(Date of Valuation)
The effective date of this appraisal report is August 31, 1999.
HIGHEST AND BEST USE ANALYSIS
The subject property is located on the west side of Maguire Road in Ocoee, Orange County, Florida. It is
presently improved with two one story buildings currently utilized by the Orange County Cruisers for
Clubhouse/Lodge usage. The total size of the parcel is 34,750 s.f. with the clubhouse building measuring
1,600 S.F. and the pole type building measuring 1,500 s.f. Taking into consideration the location, zoning
and surrounding commercial development along Maguire Road, the highest and best use would be for
commercial development "as vacant" and to continue its present use as a clubhouse facility until demand
is great enough to warrant redevelopment of the site. Any other use than a commercial related use would
not be considered the highest and best use of the land.
In determining the highest and best use for a particular site, the intended use must meet four important
criteria. There criteria state that the highest and best use must be (1) legally permissible; (2) physically
possible; (3) financially feasible; and (4) highly productive.
After analyzing the four criteria mentioned above it is concluded that the present improvements add value
to the land as is shown by the market approach in this report. The highest and best use of the subject
property "as improved" is its present use, and "as vacant" is for future commercial development, as zoned.
- 10 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
LAND VALUATION
The following sales are considered comparable in valuing the subject land.
LAND SALES SUMMARY GRID
SALE Subject L-1 L�2
OR-PAGE 5242-3319 5437-3639 5814-1332
DATE 8/31/99 4/25/97 3/13/98 8/6/99
PRICE $160,000 $175,000. $260,000.
SIZE 34,750 26,130 sf 37,401 sf 41,500 sf
ZONING C-3 I-1 C-2 I-1
PRICE PER
S.F.: $6.12 $4.68 $6.27
GRANTEE: Cruisers Casserino JRW Invest Usmani
PROPERTY RIGHTS
CONVEYED: -0- -0- -0-
FINANCING: -0- -0- -0-
COND.OF SALE: -0- -0- -0-
MARKET COND.: 4 707 Q
$6.12 $4.68 $6.27
PHYS.CHAR.
CORNER: -0- -0- -0-
LOCATION: -10% -10% -15%
SIZE: -0- -0- -0-
SHAPE: -10% -10% -0-
ZONING: -0- -0- -0-
TOPOGRAPHY: 0 Q Q
NET ADJ.: _2,0_%Q 4.1%
INDICATED
VAL./SF: $4.90 $4.68 $5.33
EXPLANATION OF ADJUSTMENTS
PROPERTY RIGHTS CONVEYED- Property rights conveyed are "Fee Simple" for all three sales, no
adjustment is warranted.
FINANCING- Typical financing was used for all three sales, with no effect on the sales price, therefore
no adjustment was believed necessary.
CONDITIONS OF SALE- All three sales were verified as arm's length sales, therefore no adjustment was
warranted.
- 11 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
MARKET CONDITIONS-The most recent comparable sales of which the appraiser has knowledge, within
the area, have been employed in estimating subject property's market value. The sales have occurred with
in a two year period since April 1997. Real Estate conditions in the Ocoee area and other neighborhoods
west of Orlando have remained stable. Sales activity for the two years have remained basically the same
with moderate activity but no measurable increase in value over time. An observation of the sales used for
comparison would indicate that with a passage of time there is little difference from April of 1997 to
August of 1999 ($4.90/adj. to 5.01/adj. per SF). It is believed that an adjustment for passage of time is
not necessary and cannot be supported by the market data that is available.
CORNER-The subject is located along Maguire Road on an interior site with access from this road only.
Sales L-1 and L-3 are located on corner locations but do not benefit from increased traffic exposure since
the roads where dual frontage occur are lightly traveled side streets. The sales remain unadjusted for corner
influence.
LOCATION - The sale is located on the west side of Maguire Road, about 1,000 feet north of Robertson
Road. The site has frontage along this road but is narrow in shape and can only be used for access to the
portion of the property located further west. The sales used for comparison have road frontage with
development potential directly adjacent to the frontage. The subject property's development potential is
to the rear of the property about 150 feet west of Maguire Road. Therefore it lacks the desired commercial
exposure that contribute to the underlying land value. This sales were adjusted -10% (L-1 & L-2) and
-15% (L-3) for superior location having developable frontage that the subject property lacks.
SIZE- It is generally accepted that smaller parcels command a higher per unit price than larger parcels
because the lower overall price of smaller parcels is available to a larger segment of the purchasing market.
The subject property is a small site measuring 34,750 s.f. The sales used for comparison are similar in
size, the smallest being 26,130 s.f. with the largest being 41,500 s.f. The sales remain unadjusted for any
differences in size.
SHAPE - Subject is generally rectangular and all comparables are all generally similar in shape. The
subject property is irregular in shape, sales L-1 and L-2 are generally rectangular and were nominally
adjusted. Sale L-3 is triangular in shape, and was not adjusted since the sales shape also somewhat effects
potential development.
ZONING - The subject property is zoned commercial, the sales are similar in zoning with similar highest
and best use potential, therefore the sales were not adjusted for zoning.
UTILITIES-Subject property has private well and septic providing water and sewer service to the property.
The sales have similar utility services, no adjustment was considered necessary.
TOPOGRAPHY-Comparables and subject property have similar topography characteristics. The subject's
topography is level with adequate drainage. No adjustment is necessary.
- 12 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
CORRELATION OF ADJUSTED LAND SALES
Three sales were analyzed and compared to the subject property. They varied in size from 26,130 S.F.
to 41,500 s.f. Their indicated values after adjustments ranged from $4.68 per S.F. $5.33 per S.F.
Consideration was given to all three comparable sales. Sales L-1 and L-3 were considered most
comparable and were thusly most heavily weighted. Based on the foregoing analysis, it is believed that the
market value for the subject property is $5.00 per S.F.
Computations:
34,750 S.F. @ $5.00 per S.F. = $173,750.00
- 13 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
THE COST APPROACH
That approach in appraisal analysis which is based on the proposition that the informed purchaser would
pay no more than the cost of producing a substitute property with the same utility as the subject property.
It is particularly applicable when the property being appraised involves relatively new improvements which
represent the highest and best use of the land or when relatively unique or specialized improvements are
located on the site and for which there exist no comparable properties on the market.
The effective age of the subject improvements is estimated to be 15 years with the actual age being 19
years, the subject buildings were built in 1980. The subject property is improved with two one-story
buildings and supporting site improvements. The property is well maintained and in good
condition. The buildings purpose is to provide its members with social quarters for social functions. This
is considered to have some special purpose property characteristics, since this type of facility is not
frequently purchased and sold within the marketplace. The cost approach will be considered along with
the market approach in the final estimation of value.
A reproduction cost new estimate of the subject improvements has been prepared by using information
contained in the Marshall Valuation Service publication, a national cost estimating service, published by
the Marshall & Swift Publishing Company.
Source: Marshall Valuation Service Section 11, Page 18, 3/96. Calculator Cost Method. Class
C - Average Clubhouse. The cost per s.f. base is $52.14/s.f. The restrooms and canopy area
measuring about 1,500 s.f. is comparable to pole type construction costs which would indicate
16.00/s.f. for construction costs considering the plumbing and partial concrete flooring. These
base costs include architect's fees and contractors overhead and profit, impact fees, permitting and
other "soft costs".
- 14 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
Base Cost: $52.14 - Clubhouse
$16.00 - Canopy/restrooms
Total Base Cost: $52.14
Section 99, page 3 & 7
Refinements
2/99-Current Cost Multiplier = 1.05
7/98-Local Cost Multiplier = 0.95
Floor Area Perimeter = 1.099
$52.14 X 1.05 X 0.95 X 1.099 = $57.16
Area 1,600 s.f. Q $57.16/s.f. = $91,456.00
Area 1,500 s.f. @ $16.00/s.f. = $24,000.00
Site Improvements
Well & Septic $6,000.
Fencing, Gate $2,500.
Clearing & Grubbing $1,500
Earth Work $2,000
Landscaping $2,000.
Total Site Improvements: $14,000.
Total RCN: $129,456.00
ACCRUED DEPRECIATION ESTIMATE
Five elements of depreciation will be considered and "broken down". The five elements include
(1) physical deterioration curable, (2) physical deterioration incurable, (3) functional obsolescence
curable, (4) functional obsolescence incurable, and (5) external obsolescence.
1) Physical Deterioration Curable (deferred maintenance)
None
2) Incurable Physical Deterioration
Short Lived Items
Incurable physical deterioration is measured by use of an age/life premise on the
short-lived items of construction, relating the effective age of the components with
their total useful life expectancy.
- 15 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
Cruisers Reproduction Effective Useful Depreciation
Building Cost Age Life °Lo $
Well & Septic $6,000. 10 25 40 2,400.
Roof $5,000. 10 15 66 3,300.
Total
Cost New $11,000.
Incurable Physical Deterioration - Short Lived Items $5,700.
ACCRUED DEPRECIATION ESTIMATE (Cont'd.)
3) Incurable Physical Deterioration - Long Lived Items
Incurable physical deterioration is measured by use of an age/life premise on the long-lived
items of construction. The age/life ratio is applied to the reproduction cost new of the
structure, less the curable physical deterioration, and less the reproduction cost new of the
short-lived incurable physical deterioration items. The ratio is based upon the effective age
of the structure and its total economic life expectancy.
Reproduction Cost New $129,456.
Less
Curable Physical Deterioration -0-
Reproduction Cost New-Short Lived $5,700.
Total 21,975.
Total Reproduction Cost New-Long Lived Items $123,756.
Depreciation, Marshall Valuation Service, Section
97, Page 4, March 1996.
Typical Life Expectancy: 40
Effective Age: 15
20% Depreciation x .20
Total Incurable Physical Deterioration-Long Lived $24,751.
- 16 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
Accrued Depreciation Estimate Recap
Physical Deterioration Curable -0-
Incurable Physical Deterioration
Short Lived Components 5,700.
Long Lived Components 24,751.
Functional Obsolescence Curable -0-
4) Functional Obsolescence Incurable -0-
5) External Obsolescence Q
Total Accrued Depreciation $30,451.
INDICATED VALUE BY COST APPROACH
Total Reproduction Cost New $129,456.
Less Total Accrued Depreciation $ 30,451.
Total Value Improvements $99,005.
Add Land $173,750.
Total Value VIA Cost Approach $272,755.00
- 17 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
THE MARKET DATA APPROACH
Traditionally, an appraisal procedure in which the market value estimate is predicated upon prices paid in
actual market transactions and current listings, the former fixing the lower limit of value in an advancing
market (price wise), and fixing the higher limit of value in a declining market; and the latter fixing the
higher limit in any market. It is a process of analyzing sales of similar recently sold properties in order
to derive an indication of the most probable sales price of the property being appraised. The reliability of
this technique is dependent upon(a) the availability of comparable sales data, (b) the verification of sales
data, (c)the degree of comparability or extent of adjustment necessary for the time differences, and(d)the
absence of non-typical conditions affecting the sale price.
COLLECTION AND ANALYSIS OF COMPARABLE SALES
Sales data sheets of sale properties used in the following direct comparison method are included in the
addenda of this report. An effort was made to select the most recent, most comparable improved property
sales available. The following three sales are considered most comparable.
- 18 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
DIRECT COMPARISON OF SALES - BEFORE
COMPARABLES
Sale No.: Subject I1 1=2 13
OR/BK-PG: 5213-3213 5795-3095 5749-3986
Grantee: Cruisers Creasman Simeone Casserino
Date of Sale: 8/31/99 10/21/97 7/15/98 5/4/99
Financing
Terms: Normal Normal Normal
Conditions
of Sale: Normal Normal Normal
Location: 2nd St. Silver Star Rew Circle
Land/Bldg.
Ratio: 11.2:1 4.27:1 7.6:1 7.03:1
Construction
Quality: Average Average Avg Avg
Age/Condition: 19/Avg 14Act/Fair 27Act/Avg 8Act/Avg
Effective Age: 15 14eff 27eff 8eff
Zoning: PS RNC-3 14-R3 I-1
Sales Price: $175,000 $116,500. $215,000.
Lot Size: 34,750 23,100sf 12,750sf 22,500sf
Land Value: $62,500 $63,750 $135,000
S.F./Building: 2,350 Effective 2,922 1.663 3,200
Building Value: $112,500 $52,750 $80,000
Build$/S.F. $38.50 $31.72 $25.00
Market Cond.:
Adj. Price: $38.50 $31.72 $25.00
Construction Quality: -0- -0- -0-
Construction Type: +10% -0- +20%
Size: -0- -0- -0-
Age/Condition: Q +25% Q
Net Adj.: +10% +25% +20%
Ind. Value/S.F.: $42.35 $39.65 $30.00
DISCUSSION OF ADJUSTMENTS
METHODOLOGY - Each comparable sale price is adjusted for its estimated land value. This yields an
estimated improvement value which can be divided by living area to yield a price per square foot of the
comparable sale. This price per square foot estimate is then applied to the difference (subject + or -
comparable) in living area size for any living area adjustments. Size, condition, construction, etc. are all
given an estimated contributory value and appropriate adjustments are then applied. After all adjustments
are made, the indicated value of the improvements is added to the site value of the subject for an indicated
value of the subject by the comparable.
- 19 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
DISCUSSION OF SALES
Sale I-1 - is located on the north side of 2nd Street, in Winter Garden, Florida, north of the subject
property. The property is located on a small corner site with 100 feet of frontage along 2nd Street. The
site is approximately 12,500 S.F., is generally rectangular in shape, with 100 feet of frontage and has 125
feet of depth. The quality of construction is considered similar to the subjects, since the building
improvement is a two-story the construction type is inferior based on the premise that two story
construction is cheaper. The sale was nominally adjusted 10% for that difference. The building was in
average condition at the time of the sale and was in need of only minor repairs and maintenance. The
building was constructed in 1985 and has an estimated effective age of 14 years, which is comparable to
the subject property, thus it was not adjusted. The sale is on similar in location with the exception of the
corner location. The sale's land value was estimated and subtracted from the total purchase price so that
the building value could be isolated and compared directly to the subject building improvements. The
adjustment was a small adjustment at only 10%. The sale has a net adjustment of +10%, therefore the sale
indicates a unit value of$42.35 per s.f. for the building improvement.
Sale I-2 - is located on the north side of Silver Star Road about two miles north of the subject property in
Orlando, Florida. The sale took place in July of 1998 for a confirmed consideration of$116,500. This
property has 85 feet of frontage along Silver Star Road and a depth of 150 feet. The property has a much
smaller land/bldg ratio than the subject property, it is currently utilized as a professional office. The
building improvement was built in 1972 and at the time of the sale, as indicated by the grantee, the building
improvement was in fair to poor condition. The grantee believed that he purchased the property 25% to
30% below market value due to the condition of the building improvement. The sale was adjusted 25%
age/condition, this was the only adjustment for the sale. The building improvement is considered similar
in all other aspects to the subject improvement. This sale indicates a unit value of$39.65 per s.f. for the
building improvement.
Sale I-3 - is located on Rew Circle which is southwest of Old Winter Garden Road, about one mile north
of the subject property. The sale took place in May 1999 for a confirmed consideration of$215,000.
The building is a warehouse type structure with a small finished office area and three overhead garage bays.
The building was constructed in 1991 with an effective age of 8 years, the building is presently used as a
storage and inventory facility. The improvement is a one-story concrete block building, in good overall
condition, site improvements include chainlink fencing, concrete drive, parking area and average
landscaping. The sale was adjusted for its construction type. The lack of interior finish that is common
with storage buildings is considered inferior to the construction type of the subject property's. This sale
indicates a unit value of$30.00 per s.f. for the building improvement.
- 20 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
INDICATED VALUE BY THE MARKET DATA APPROACH
The foregoing sales, adjusted, develop a range of values from $30.00/S.F. - $42.35/S.F. The comparable
sales are located in similar market areas within close proximity of the subject property. Since the
adjustments were small, the sales selected are believed to be good indicators of value. After considering
all factors net adjustments ranged from +10% to +25%. All sales were given consideration, they required
few adjustments. Based on these sales the subject property is considered to have a present value of
$40.00/S.F. The subjects market value was calculated as follows:
2,350 S.F. x $40.00/S.F. _ $94,000.
Storage Building $1,000.
Add Land Value: 34,750 S.F. @ $5.00/S.F. = $173,750.
Total Property Value $268,750.00
- 21 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
RECONCILIATION OF APPROACHES
Two approaches to value were considered in the estimation of the subject property's Fair Market Value as
of August 31, 1999 and are indicated as follows:
Cost Approach $272,755.
Market Approach $268,750.
Income Approach $N/A
The two approaches that were used are considered to provide a good indication of market value for the
subject property. The quantity and quality of market data for the subject property was considered sufficient
for similar type properties, and a small range of value has been established from which Fair Market Value
can be derived.
The Cost Approach is considered a good indication of value when the subject is a special purpose property
or when the improvements are relatively new. The building improvements located on the subject property
were built in 1980. Although the cost approach is considered well supported its major weakness is usually
in estimating the accrued depreciation. When estimating depreciation a large adjustment can occur leaving
room for error, which cannot be supported in the market place. This property is considered a special use
property, therefore the cost approach is considered the most reliable indication of value. It should be noted
that the other approaches that were completed complement the cost approach. The Cost Approach is
considered a good indication of value and was relied upon in the final determination of value.
The Market Approach is considered the best indication of value when actions and trends of prudent sellers
and buyers are supported and well represented within the market place. The market approach to value used
in this report was considered to be a good indication of value because of sufficient amount of market data
available to the appraiser. Adjustments were relatively small(10%-25%), and sales used were comparable.
A small range of values were indicated in the sales comparison approach and the value indicated is
considered a good representation of the property's value and is supported by the other two approaches.
The Market Approach was most relied upon in the final estimation of value.
- 22 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
FINAL CONCLUSION OF FAIR MARKET VALUE OF THE WHOLE PROPERTY
Taking into account the two approaches utilized in the foregoing analysis and the data upon which it was
based, it is my opinion that the Market Value of the subject property is $268,750.
Market Value is allocated as follows:
Land $173,750.
Improvements $95,000
Total Value $268,750.
- 23 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
SUMMARY OF VALUES
WHOLE ACQUISITION
LAND $173,750.
IMPROVEMENTS $95,000.
TOTAL COMPENSATION $268,750.
- 24 -
OWNER : Orange County Cruisers
COUNTY: Orange
PROJECT: Maguire Road Widening
ADDENDA
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VACANT COMPARABLE
SALES MAP
SALES DATA SHEETS
COMMERCIAL COMPARABLE SALE
Bradley J. Pierson - St.Cert.Gen. REA RZ0001977
Sale No.: L-1 Property Type: Commercial - Vacant
Grantor: Inspection Dates: Sec/Job:
Tim M. Sivore, Trustee 9/7/99 N/A
FA No:
N/A
Grantee: Type of Instrument: Recorded:
Frank Casserino Warranty Deed 5242/3319
Date of Sale: Total Land Area: Consideration:
4/25/1997 26,130 SF. $160,000
Zoning: County: Unit Price:
I-1 Orange $6.12/S.F.
Dimensions: Rectangular - 170' X 155'
Legal Description: West Orange Commercial Center 25/67 Lot 15, OR B&P
5242/3319, on 4/25/97, inst WD
Property Location: 1552 Boren Drive, Ocoee, FL
Access: Provided via Boren Drive
Topography: At or slightly above grade with existing roadways
Present Use: Professional Office
Highest & Best Use: As Developed, Office - Industrial
Condition of Sale: Arms Length
Motivation: Typical, operation of business
Financing/Effect
on Sales Price: Cash to Seller, no Effect on Sales Price
Sale No.: L-1
CONTINUED
Folio No.: 292228915800150
Encumbrances: None Noted
Added Improvements
Since Time of Sale: One story office building, 4550 s.f. gross bldg. area
Utilities: Public: Electric, Telephone, Water, Sewer
Verified With: Grantee
Verified By: B.J. Pierson
Analysis of Pertinent
Information: Year Built, 1999
Remarks: None
�•
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Sale L-1
Photograph Taken by B.J. Pierson on September 7. 1999
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Recorded 5242/3319
ya.=.q � `^ is
6..;:e . 0 16m y�*�5
Ins 'rummest prepared
prepared by: Orange Co FL 1997-0147601
ALAN L. GABRIEL, Esq. 04/30/97
international Building, Penthouse E at OR Bk S24 2�Pg�3 3 2 9
2455 East Sunrise Boulevard Rec 6.00 DEC 1,120.00
Fort Lauderdale, Florida 33304
Property Appraiser's�P}arcel C,
Identification No: 4x J-a,..2 _
Grantor's Sat: Recorded - Martha 0. Haynie
Grantee's SSN:
•
?atRANTY DEED
Tuxs INDENTURE, made this day of t f)ri 1 , 1997, BETWEEN TIM M. SIVORE,
TRUSTEE, whose post office address is: 2455 E. Sunrise Boulevard, Suite 312, Ft.
Lauderdale, Florida 33304, Grantor, with full power and authority to protect,
conserve, sell, lease, encumber and otherwise to manage and dispose of the below
described pluperty as Trustee under the provisions of Section 669.071, Florida
Statutes, and the interest of any beneficiary under the Trust is personal property
only, and FRANK CASSZRIN0, a married man, whose post office address is: 1554 Boren
Drive, Suite 100, Ocoee, FL 34761, Grantee.
wITNESSETH, That said Grantor for and in consideration of the sum of Ten Dollars
($10.00) and other good and valuable considerations to said Grantor in hand paid by
said Grantees, the receipt whereof is hereby acknowledged has granted, bargained and
transferred to the said Grantee, and Grantee's heirs and assigns forever, the
following described land, situate, lying and being in Orange County, Florida, to-wit:
Lot 15, WEST ORANGE COMMERCIAL CENTER, according to the Plat thereof, as
recorded in Plat Book 25, Page 67, of the Public Records of Orange
County, FL
NOTE: The above described property is not homestead property of the Grantor.
SUBJECT TO: zoning and/or restrictions and prohibitions imposed by governmental
authority; restrictions, easements and other matters appearing on the Plat and/or
common to the subdivision; taxes for the year 1997 and subsequent years.
and said Grantor does hereby fully warrant the title to said land, and will defend
the same against the lawful claims of all persons whomsoever.
• IN WITNEss fit, Grantor has hereunto set his hand and seal the day and year first
above written.
r
Witnesses:
Print Name: dU.T).(,4 F�2.n+�,yAR o TIM
Print 274mw: 4V
At Fv<F $2,t —
sTATE of rJ5j J h f}
COUNTY or C)(1.1.3,vb
• I hereby certify that on this 7� fh
officer duly of 1997, before me, an
qualified to administer oaths and tak acknowledgments, personally
appeared TIM M. SIVORE, TRUSTEE, who is personally known to me
and who did take an oath.
Notary Public
Print Name:
My commission expires:
‘ OPPIWAL.W1DA NAL
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If CC47Ottt
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is
SALES DATA SHEETS
COMMERCIAL COMPARABLE SALE
Bradley J. Pierson - St.Cert.Gen. REA RZ0001977
Sale No.: L-2 Property Type: Commercial - Vacant
Grantor: Inspection Dates: Sec/Job:
Zom Lake Bennet, LTD 9/7/99 N/A
FA No:
N/A
Grantee: Type of Instrument: Recorded:
JRW Invest. Properties Warranty Deed 5437/3639
Date of Sale: Total Land Area: Consideration:
3/13/1998 37,401 SF. $175,000
Zoning: County: Unit Price:
C-2 Orange $4.68/S.F.
Dimensions: Generally Rectangular - 260' X 163'
Legal Description: Lake Bennet Centre Lots 8, 9 Replat, Lot 8, OR B&P
5437/3639, On 3-13-98, Inst SW
Property Location: Sedalia Street, about 155 feet west of Blackwood Avenue,
Windermere, FL
Access: Undeveloped, could be provided via Sedalia Street
Topography: At or slightly above grade with existing roadways
Present Use: Vacant
Highest & Best Use: Professional Office - Medical
Condition of Sale: Arms Length
Motivation: Typical, speculation for development
Financing/Effect
on Sales Price: Cash to Seller, no Effect on Sales Price
Sale No.: L-2
CONTINUED
Folio No.: 202228423700080
Encumbrances: None Noted
Added Improvements
Since Time of Sale: None
Utilities: Public: Electric, Telephone, Water, Sewer
Verified With: Grantee
Verified By: B.J. Pierson
Analysis of Pertinent
Information: None
Remarks: The Grantee stated the property was purchased somewhat below
market value.
}
N l For Lease _ wn 290-1735
/•;
r � 3#Sf[
Medical-Pro •ssional Offices_
' i •t' 1
. `.; if - -
itkr.
` • .� Y ' a` 4�114 ib."�*I •rii
t.. --40 Z. -> . !! ' a .r Ri", _ _.. ��.� •�
Sale L-2
Photograph Taken by B.J. Pierson on September 7, 1999
317 317
306
MAINE ST o r VAC OR 4926/3959
roort to 0
434.36
503.67 OLD3303
'37e1 ro0 Retention /Detention Areo 330
9j TRACT 8
'®'
�Ck�Q
.4i RV Lift Station
499 001
h
6 o TRACT C 4
Retention/Detention Area rfg
394.47
y? 241.81 152.65
N
'o
a' 8
9
'CI'',./
ti.\
''J 23.02 260.43 62.31 94 ''�
ryry .ma SEDALLA T
to
` y%4 211.43 65.3 4 r�-r��1
1 J)
9.43
I
Recorded 5437/3639
_ . rr A. r id sQ,' •n,s 1, l y ye. :4 4• e Y 3 0 -•¢,„A. .. i Y;:i �s„ � ,, Lw Y s � .-z4 -, uif:. ft • tQ ♦_ :;" + iIg a k< ev + .d1 3f .� 3 ;a J a z
. •I ,
.
Oranee Co F` 1998-0100548
0315'7,A 04:08:31 om
OR Nk `zi-:=;7 s,r 36:39 i
Rec 15.00 DSC 1.225.00
x Prepared By and Return To:
James E. Slater, P.A.
Broad and Cassel {
Barnett Bank Center 1
P.O. Box 4961 {
Orlando, Florida 32802-4961
For Recording Purpose;Only
I-
SPECIAL WARRANTY DEED
'Li
THIS INDENTURE, made and executed the t3‘kk day of March. 1998,by ZOM LAKE
BENNET, LTD., a Florida limited partnership, whose taxpayer identification number is
59-2719682 and whose address is 1950 Summit Park Drive • Suite 300,Orlando, Florida 32810
(hereinafter referred to as "Grantor"), to JRW Investment Properties, Inc., a Florida
4 corporation, whose tax payer identification number is69•3444439, and whose address is Post
Office Box 865, Windermere, Florida 34780 (hereinafter called the "Grantee").
WITNESSETH:
'' THAT the Grantor, for and in consideration of the sum of Ten Dollars ($10.00) and
4 other valuable consideration, receipt whereof is hereby acknowledged, hereby grants, bargains.
i sells, aliens, remises, releases, conveys and confirms unto the Grantee, all that certain land
situate in Orange County, Florida, to-wit:
LOT 8 AND TRACT C, LAKE BENNET CENTRE, LOTS 8& 9 REPEAT, according
to the Plat thereof as recorded in Plat Book 38, Pages 80 and 81, Public Records
of Orange County, Florida;
PARCEL IDENTIFICATION NUMBER: A portion of 20-22-28-0000-00024
TOGETHER with all the tenements, hereditaments and appurtenances thereto belonging
-. or in anywise appertaining.
sl.
TO HAVE AND TO HOLD, the same in fee simple forever.
14 AND the Grantor hereby covenants with said Grantee that Grantor will warrant and
I defend the property hereby conveyed against the lawful claims and demands of all persons
claiming by, through, or under Grantor, but against none other and that the premises are free
from all encumbrances except taxes accruing subsequent to December 31. 1997, and those
matters set forth on Exhibit "A" attached hereto and by this reference made a part hereof.
3tiE110476OOO6\DOCSVESSEOLD3.IOW
980313•8-Ram 1
SALES DATA SHEETS
COMMERCIAL COMPARABLE SALE
Bradley J. Pierson - St.Cert.Gen. REA RZ0001977
Sale No.: L-3 Property Type: Commercial - Vacant
Grantor: Inspection Dates: Sec/Job:
Lakendon, Inc. 9/7/99 N/A
FA No:
N/A
Grantee: Type of Instrument: Recorded:
Shahid Usmadi, M.D. Warranty Deed 5814/1332
Shaista Usmani, M.D.
Date of Sale: Total Land Area: Consideration:
8/6/1999 41,500 SF. $260,000
Zoning: County: Unit Price:
I-1 Orange $6.27/S.F.
1
Dimensions: Triangular - 360' X 283'
Legal Description: West Orange Commercial Center 25/67, Lot 11, OR B&P
5814/1332, On 8/6/99, Inst SW
Property Location: 1551 Boren Drive, Ocoee, FL
Access: Undeveloped, could be provided via Boren Drive
Topography: At or slightly above grade with existing roadways
Present Use: Vacant
Highest & Best Use: Industrial, Professional Office - Medical
Condition of Sale: Arms Length
Motivation: Typical, speculation for development
Financing/Effect
on Sales Price: Cash to Seller, no Effect on Sales Price
I
Sale No.: L-3
CONTINUED
Folio No.: 292228915800110
Encumbrances: None Noted
Added Improvements
Since Time of Sale: None
Utilities: Public: Electric, Telephone, Water, Sewer
Verified With: Grantee
Verified By: B.J. Pierson
Analysis of Pertinent
Information: None
Remarks: None
•0..
6 Ott •. r
.:r , 1'. '
• .,��<'i�' '6� ,..� - "' fir';
: .,• ..El.
•1F•` •
♦ ;.
•
it
STOP
L -. . '' .,
y`.
Sale L-3
Photograph Taken by B.J. Pierson on September 7, 1999
:. :•..f F $ ,d MS,C S3JOtld
ran 1
i c::::,.%- t. -.F e a t i c t,
b
E wxY \ co Z.
w,.36.• y'
°�ti \ l��F s
w I.: 3
a i i `,
k we
i o• u F
t .4 .� `f`.» tliJ..Jd� �` a __
\,
if 4_ ? i
A 4 q
‘` t. c Y ~ tl
a
am f° ®o. .� »., �it
i•: ` ♦ `t, a wmaiip
.raw .
.y w •.• i •.. —4 �. f /; s. ww '�: A F L 4 !I ` i i al
Recorded 5814/1332
FSF,. f K7& ..3�`':ylu'.,'? a%�:',�7X.;' A?9 3°. f 9' :::;:'.tZr.q.;�`. ,
'3 t f b7 ..� O: i. NiN
- •,'— ... -, . ..;:•.•e:.. ..:E E;vi:%:- •.•-;fie n. .<5� tii rr D >`.�: :•:.f: �,�. .;� i•; z
.p
'war'.:...
0;:•r` Prepared By/Retum To:
.
Jere F.Daniels of ,;(. Oranga Co 1999-03�►S83S
Tumbull&Daniels g
2431 Mamaoma Ave,,Suite 22l 08119 08:38:�C 46aa Y
OR Bk ,JE3 1 4 Pg 1 33�
Winter Park,Florida 32792 Rec 10.50 DSC 1,620.00
SPECIAL WARRANTY DEED /jam
THIS SPECIAL WARRANTY DEED, made and executed this 16 day of `'a
August, 1999, between LAKENDON, INC., a Florida Corporation,:hereinafter called
"Grantor", whose post office:address is Post Office Box 220, Killarney, Florida, 34740,
and SHAHID USMANI, MI). and SHAISTA USMANI, M.D.,.husband and wife,
hereinafter called "_Grantee', whose_ post office_address_is_1554.Boren Drive, Ocoee, `el
Florida,34761.
WITNESSETH, that Grantor, for and n consideration of the sum of$10.00 and
other good and valuable:Considerations to Grantor in hand paid by Grantee,the receipt of .%
which is acknowledged, conveys to Grantee and Grantee's heirs, executors, •
administrators, and assigns forever the following described land situated in Orange x
County,Florida,to wit:
Lot 11,WEST ORANGE COMMERCIAL CENTER,according to the map Y•'
or plat thereof, as recorded in Plat Book 25, Page 67, Public Records of -
Orange County,Florida.
Subject to: .4y
A
1. Real estate taxes for the year 1999.
2. Declaration of Covenants,Conditions and Restrictions for West i.
Orange Commercial;Center, as recorded in O.R. Book 4159, page
3951,and Amendments thereto. -A
3. Easements and restrictions of record.
Tax ID No.: 29-22-28-9158-00110 x
••
And Grantor covenants with Grantee that, except as noted, at the time of the ::•
delivery of this deed:
I
f I. The premises are free from all encumbrances made by Grantor, except as
1"..• follows: ,
"None"
�.'.' 2. Grantor willwarrant and defend against the lawful claims and demands of
all persons c by, g or under Grantor but against none other.
z Claiming throughg
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- w. Ya e:H E i E- e�`.
'.
ages arising from errors of OmmIssions.Users are urged to notIfy us or, .... laocasooss 7•010.fi
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_
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IMPROVED COMPARABLE
SALES MAP
SALES DATA SHEETS
COMMERCIAL COMPARABLE SALE
Bradley J. Pierson - St.Cert.Gen. REA RZ0001977
Sale No.: I-1 Property Type: Commercial
Grantor: Inspection Dates: Sec/Job:
Inga Logan 9/7/99 N/A
FA No:
N/A
Grantee: Type of Instrument: Recorded:
Brent & John Warranty Deed 5213/3213
Creasman
Date of Sale: Total Land Area: Consideration:
10/21/1997 12,500 SF. $175,000
Zoning: County: Unit Price:
3-RNC Orange $59.89/S.F. (incl. Bldg.)
Dimensions: Rectangular - 100' X 125'
Legal Description: Twin City Development E/26 Lots 9 & 10 Blk 7 OR B&P
5213/3213, ON 3-5-97, Inst WM
Property Location: 100 2nd Street, Winter Garden, FL
Access: Provided via 2nd Street
Topography: At or slightly above grade with existing roadways
Present Use: Commercial - Office
Highest & Best Use: As Developed, Commercial
Condition of Sale: Arms Length
Motivation: Typical, owner occupied
Financing/Effect
on Sales Price: Cash to Seller, no Effect on Sales Price
Sale No.: I-1
CONTINUED
Folio No.: 272223881607090
Encumbrances: None Noted
Added Improvements
Since Time of Sale: None
Utilities: Public: Electric, Telephone, Water, Sewer
Verified With: Grantee
Verified By: B.J. Pierson
Analysis of Pertinent
Information: Year Built, 1985
Remarks: The building has the following features:
Concrete Blk/wood frame construction
2,922 sq. ft. gross building area
2 story
2 storage areas
Asphalt paved parking
Central heat and air
Chainlink Fencing
I
j . . 1!! . !Igh .
Pi' •
tor—
Sale I-1
Photograph Taken by B.J. Pierson on September 7, 1999
V bo I I I 1 J I 1 50 I I / 5
2 1STST
1 105 101 77
50 706 , 50 50
o N
NIQ—
W N • 1
—
` \ ` _ \ \.
\ \ N
U
6) 01 4 CN N 0 I J
rJ es.)
CT [n
CJ�
i S0 50 5C
2 128 122 118 104 100• 64
)1 131 101 2ND ST
71 I Crl 1 1 I I I 1 I50 I I 5r
Recorded 5213/3213
t .e 11''-h aR )' Y '"a.v;'c a. 'a �' >D>,� ;,�kR,.::3 ::� :('a�Y'.:.4i ...
`-a{:d'; ii th^ange Co FL 1997-0080317
. Irifeiiataotsk,p aaedBy and Return to: 03/10/97 101261 13as
r L Skppe Attorney at Law OR Bk '3213 Pg 3213
4`_.;. itroyv;od.-rmercRd,orttodo.FL.32szs Ric 6.00 DSC 1,225.00
G:
" 'PaDeLNumbet(s): 23-22-27-881907090 Recorded - Martha 0. Haynie
.
s._f` . OtonOee's Tax Number.
r, s .
S.!
.a
;. Sodiuory Warranty Deed s.689.02,F.S.
sy
`<;;: `' a:• . {[s ldettture,Made this this the 5th day of March,1997
•;:� :x asiangk Person
k' • .`'..•• (herein called'grantor),
<;, address is 200005 US 27 N N 185,Cle Hero rrt FL 34711
~•i A;::John i;Cra rota a s mo
on,ssrt 244-76-2527,and Breit C.Creasman,a married person,
•
_.• - .es#50.5#06f� ivDosentailiug.addiess is 100 Second Street, Winter Garden,FL 34787,in equal shares,as
k• ...jai*tea rile 1461 ;sidt'af sii rl orsuip(herein jointly and severally called'grantee').
.. .�:]t:eat R;_11yit!paid> ,for and in consideration of the sum of Ten Dollars and other valuable
Soil by.the.said grantee,the receipt whereof is hereby acknowledged,has granted,
= foldto dtesed 's heats and assigns forever,the following described land,situated
y sad'be .iadiitai oyof0RANGE,State of Florida,.to7wit
•
•
s<' Lota`!;'.1 II attl32,.B$odt 7,of THE TWIN CITIES DEVELOPMENT COMPANY'S
` SUBDIVIStO�I,<'Ecaledigg to.the plat thereof as recorded in Plat Book E,at Page 26,of the Public
N:: - Reooidi of Opiaige:Caiioty:°Pbcida •
;. ' �ib/actto:tatxs:�oribe .fueat year,and all rases,reservations and restrictions of record,if any,
.>:.:.'. bOWC erO h.cefeoe iii.aWI atit:cpaaoe.to reimpose same.
x;! : Atim die'isid:paiege does hereby fully warrant the title to said land,and will defend the same against the • .
K:' •iyry. . •hta�td chitin(>f all peaa0os MhOmSOGVCr. k
Oka7.4, • - • • • A
r ::In *Totems WAt ,The grantor has hereunto set his/her/their hands)effective the day and year first '
.v s"rr . • above wnt*en • clfi i
r„ . ',Signed, the presence of:
Print Irame:Ste "
's err Nkt �,.y, e �r l.'tvs„ -- . ..
` y COE1rI
� oEy'OR'ANGE:, :r....
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SALES DATA SHEETS
COMMERCIAL COMPARABLE SALE
Bradley J. Pierson - St.Cert.Gen. REA RZ0001977
Sale No.: I-2 Property Type: Commercial
Grantor: Inspection Dates: Sec/Job:
Barry N. Nager 9/7/99 N/A
FA No:
N/A
Grantee: Type of Instrument: Recorded:
Carmen Simeone Warranty Deed 5795/3095
Date of Sale: Total Land Area: Consideration:
7/15/1998 12,750 SF. $116,500
Zoning: County: Unit Price:
14-R3 Orange $68.45/S.F. (incl. Bldg.)
Dimensions: Rectangular - 85' X 150'
Legal Description: Silver Star Terrace W/133 E 85 Ft of Following Desc: From SE
cor Lot 25 Run W 200 Ft for POB TH W 170 Ft N 150 Ft E 170
Ft S 150 Ft to POB
Property Location: 6005 Silver Star Road, Orlando, FL
Access: Provided via Silver Star Road
Topography: At or slightly above grade with existing roadways
Present Use: Commercial - Office
Highest & Best Use: As Developed, Commercial
Condition of Sale: Arms Length
Motivation: Typical, operation of business, rental property
Financing/Effect
on Sales Price: Cash to Seller, no Effect on Sales Price
Sale No.: I-2
CONTINUED
Folio No.: 282213805800221
Encumbrances: None Noted
Added Improvements
Since Time of Sale: None
Utilities: Public: Electric, Telephone, Water, Sewer
Verified With: Grantee
Verified By: B.J. Pierson
Analysis of Pertinent
Information: Year Built, 1972
Remarks: Grantee stated that the Building was in fair to poor condition at
the time of the sale. He believes that he purchased the property
at 25% to 30% below market value due to the condition of the
building improvements.
The building has the following features:
Concrete Blk construction
1,663 sq. ft. gross building area
1 story
Asphalt paved parking
Central heat and air
Minimal landscaping improvement
1
It
.
4 - I
-- a P 7
✓ • - P
Sale I-2
T Photograph Taken by B.J. Pierson on September 7, 1999
/ — j24
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+ 28 m N ,,,
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441
502.73 90 90 7(1, 80 + { 52.28 i t 57.28 9 t 62.68 127.72o
6099 ` 6091 6021- 06005 6001
SILVER STAR RD
Recorded 5795/3095
r ,«
•
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Prepared By and Return To:
�;. Kathy Loyd
Fidelity National Title Insurance Company of
5554 Lake Howell Road
• Winter Park,FL 32792
Or 9 •
an e Co FL99-03O5666
File No. 99 410-100082 OROBk5S79S�Pg 19�39S •
} Rec 15.00 DSC 815.50
Property Appraiser's Parcel I.D.(folio)Numbers)
r.° 13-22-28.8058-00221
•
WARRANTY DEED
THIS WARRANTY DEED dated June 30, 1999, by Barry R. Nager,a married man hereinafter called the grantor, to
Carmen R. Simeone, a married man, whose post office address is 3807 Inwood Landing Court, Orlando, FL 32812
hereinafter called the grantee:
(Wherever used herein the terms"grantor"and"grantee"include all the parties to this instrument and
the heirs, legal representatives and assigns of individuals, and the successors and assigns of
corporations)
WITNESSETH: That the grantor, for and in consideration of the sum of $10.00 and other valuable consideration,
receipt whereof is hereby acknowledged, hereby grants, bargains, sets, aliens, remises, releases, conveys, and
confirms unto the grantee, all the certain land situated in Orange County, Florida, viz:
SEE EXHIBIT ONE ATTACHED HERETO AND MADE A PART HEREOF
Subject to easements,restrictions, reservations, and limitations of record, if any.
TOGETHER with all the tenements,hereditaments and appurtenances thereto belonging or in any wise appertaining.
TO HAVE AND TO HOLD the same in fee simple forever.
AND the grantor hereby covenants with said grantee that the grantor is lawfully seized of said land in fee simple;
that the grantor has good right and lawful authority to sell and convey said land;that the grantor hereby fully warrants
the title to said land and will defend the same against the lawful claims of all persons whomsoever;and that said land
is free of ail encumbrances,except taxes accruing subsequent to December 31, 1998.
l;.
Wr,.xy Ned n.w,:m a v I 'b.4
Rev(2K61Urdrri.wp4)
Pago 1 of 2
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1
SALES DATA SHEETS
COMMERCIAL COMPARABLE SALE
Bradley J. Pierson - St.Cert.Gen. REA RZ0001977
Sale No.: I-3 Property Type: Commercial
Grantor: Inspection Dates: Sec/Job:
CCN Investments 9/7/99 N/A
FA No:
N/A
Grantee: Type of Instrument: Recorded:
Frank Casserino Warranty Deed 5749/3986
Date of Sale: Total Land Area: Consideration:
5/4/1999 22,500 SF. $215,000
Zoning: County: Unit Price:
I-1 Orange $67.19/S.F. (incl. Bldg)
Dimensions: Rectangular - 100' X 225'
Legal Description: West Orange Commercial Center 25/67 Lot 17, OR B&P
5749/3986, on 5/4/99, inst WD
Property Location: 2707 Rew Circle, Ocoee, FL
Access: Provided via Rew Circle
Topography: At or slightly above grade with existing roadways
Present Use: Industrial - Warehouse Storage
Highest & Best Use: As Developed, Industrial
Condition of Sale: Arms Length
Motivation: Typical, operation of business
Financing/Effect
on Sales Price: Cash to Seller, no Effect on Sales Price
Sale No.: I-3
CONTINUED
Folio No.: 292228915800170
Encumbrances: None Noted
Added Improvements
Since Time of Sale: None
Utilities: Public: Electric, Telephone, Water, Sewer
Verified With: Grantee
Verified By: B.J. Pierson
Analysis of Pertinent
Information: Year Built, 1991
Remarks: The building has the following features:
Concrete Blk construction
3,200 sq. ft. gross building area
1 story
Asphalt paved parking with driveway
Office - Central heat and air
Average landscaping improvement
3-bay garage type door openings
16- ".,. ,[at,. ',Zt ♦ .
:4.1* . P. .. .
••y ` •
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-
Sale I-3
Photograph Taken by B.J. Pierson on September 7, 1999
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P PROFESSION.W s
_ ». ®s Z, yr, ®•^\\4\ � 8
Recorded 5749/3986
4„,G us�AtH r,'x y4'i ,x^a r� �' �¢'' �se9?� �7 � +�o,�MiTHy' / ';�; ry y ",v,Rttlyt4
a:< iliant�►a�,� Co FL-tens-oacica23
: . 05139s• 10:101:33a*
: QR1!k Ricb09(? SW 60.00
•I'' Recorded - Marra 0. Haynie
,p:
Rood D ttuehc 29-22-28-9158-00-170
OAaers t! TIN:
;fa, Warranty Deed
•
-.. This tatter are, Us*d►is 4thdty of May,1f99 A.D.. Between
CQi INVESTMENTS. INC.. a corporation existing under the laws of
.1.:: the state of FLORIDA
v`: oraecdaa car
xor Orange sy'et Florida ,goatee, „a
>' FRANK CASSERIHO, a married man.
Pi:%.
..e.,.e+ddrwe 1552 Boren Drive, Ocoee, I'lorida 34761
1%?
ot+he co.e y ee Orange wk.c Florida
WitacoNth ram as sawn*,Ra a•#la avi 0*i..„r the ssm. TWO HUNDRED THIRTY THOUSAND
AHD xx/aoo
ad user jooe sod sahabk aatidaaowa lo GRANTOR a bud paid t, GRANThL. the emir*bread is hereby'actxyits e4.a»
turd.►rseW-bed mild w the gait GRA.Y1It mad GRA..t1FE'S hairs and maims foreva.the%oaa.;,r described tab!.sieeale.
tr+c w hoi.e in+t of Orange sere K i brida I.wit:
Lot 17. West Orange Commercial Center. according to the Plat
thereof, as recorded in Plat Book 25. page 67 of the Public
Records of Orange County, Florida.
Subject to restrictions, reservations and easements of record,
if any, and taxes subsequent to 1''398.
The property herein conveyed DOES NOT constitute the HOMESTEAD
property of the Grantor. The Grantor's HOMESTEAD address is
1899 Vista Royale Blvd. Orlando, Florida 32835.
I
tg. "dihr traitor does Moly fah want at sick its said bed.and via s4rad ac sere api„t 'orbit dais a or an moors bissweot.cr.
.,'?;:< bi Witness Whereof, at tarot has harmao see bib baba seal the
_: Si(tlwd.oMiN mil itheet�Mr CCN d+7 yew Gera shove rriets.
jE` xrrc.
Printed ` It'• (Sal)
^D JO . COLBURN. PRESIDENT
P.O.Addtaw 11199 Vida 1toyak BAd..(Mario.FL =S
r),'".r 0161e17GLL/ rJe'Ll7)r.4 ,, ;..ti rev `IgLOSS
Printed Name:, '' ram ,,S. •inbi f.ALTH LA, D
Witness :t:.E .s; R. o•r.;ANY
STATE � �' Lf.E SL1T�-�t
•'1lR 0 Florida TtR Fkti le3..
3 `O Orange (Corporate Seal)
,.', 11*�M riIig Yror.wa sas misto to let before MC ea 4 t h day
of
JD�N D. COLBURN, PRESIDENT of CCN INVBSTh!823TS. INC., may, 1999 try
y<> 'vs Niel( *FLORIDA cospoeatioa.
a y. , i s Niel(NN ewapos ins,Ka is ps uow,haws a re a has peodreed Iris Florida r's 1'cens a as
•
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•
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i;•Z •,j �F!$aLA tl . '♦i< T k� ".' G 1 � r 4 09 "ij .. t . 3 4'3 . 3¢ fst ..y C903o2C / ,sv r 'F Y r �X tr..? ud , /GLig-, d�lxmeaS�a `� A - , tx
BRADLEY J. PIERSON
EDUCATION, EXPERIENCE AND QUALIFICATIONS
EDUCATION: Florida Institute of Technology - Melbourne, Florida
Bachelor of Science - Aviation Management, June 1990
Course Work: General Physics, Calculus, Corporate Finance, Accounting Principles I
& II, Micro & Macro Economics, Sales Mgmt., Business Law.
PROFESSIONAL
AFFILIATIONS: * St. Cert. Gen. Real Estate Appraiser - No. RZ0001977
* Associate Member - Appraisal Institute
* Member AEDP (Association of Eminent Domain Professionals)
EXPERIENCE: Appraiser - Principal
January 1996- Pierson Appraisal Group
Present Lakeland, Florida
Activities:
Eminent Domain specialist appraising several types of properties involved in the
condemnation process throughout the State of Florida.
Commercial Staff Appraiser
September 1992- D.J. Leggate Appraisal Service, Inc.
December 1995 Lakeland, Florida
Activities;
*Commercial appraisal and review experience with the appraisal of several commercial
properties for the Department of Transportation and the private sector in the following
counties: Polk, Pasco, Volusia, Hillsborough, Palm Beach, Citrus, Sumter, Orange,
Manatee, Seminole and Flagler. Several residential & commercial appraisals in Polk
County for private use.
Commercial and Residential Staff Appraiser
August 1991- Real Estate Appraisal and Consulting Services, Inc.
Septeber 1992 Lakeland, Florida
Activities:
* Completed several single family residential appraisals through out Polk County.
* Appraised commercial properties including office buildings, a financial institution, an
auto service and repair station, a car wash and waterfront property in the City of Stuart,
Florida for the Department of Transportation.
* Commercial narrative appraisal writing in Polk, Pasco and Martin Counties for the
private and public sector.
APPRAISAL COURSES COMPLETED
Polk Community College - 1991
* Real Estate Salesman Course
Appraisal experience
• •
PP P
continued, Page 2
Appraisal Institute - 1991/1997
* Standards of Professional Practice, Part A & Part B
* MO - Appraisal Principles
* I120 - Appraisal Procedures
* Capitalization Theory & Techniques, Part A
* Capitalization Theory & Techniques, Part B
* E4 - Litigation Valuation - Milwaukee, Wisconsin
* 540 - Report Writing & Valuation
* 550 - Advanced Applications
TYPES OF APPRAISAL ASSIGNMENTS COMPLETED
Automotive sales properties and lots, banks, day-care centers, professional office buildings, churches, apartment
buildings, warehouses, industrial buildings, medical buildings, residences, mobile homes, motels/hotels,
restaurants, lounges, service stations, shopping centers, car wash, lumber yards, special purpose buildings, store
buildings, vacant lots, industrial and rural acreage.
CLIENTS & REFERENCES
Jeffrey Savlov, Esquire Arthur J. Shimek, Esquire
Savlov & Anderson 423 N. Baylen Street
411 N. Calhoun Street Pensacola, FL. 32501
Tallahassee, FL 32301 (904) 434-7995
(904) 222-3886
Charlie Stratton, Esquire Bella Y. Patel, P.A.
Broad & Cassel 4126 Tyndale Avenue
215 S. Monroe Street Brandon, FL. 33511
Tallahassee, FL 32302 (813) 689-0788
(904) 681-6810
Marc Sachs, Esquire Fred Werdine, Esquire
Sachs & Werdine, P.A. Sachs & Werdine
601 Bayshore Blvd. 601 Bayshore Blvd.
Tampa, FL 33606 Tampa, FL. 33606
(813) 253-3755 (813) 253-3755
Ellen Neil Kalmbacher, Esquire Peter Bellas, Esquire
Holland & Knight Zelle & Larson
360 Central Avenue, S-1500 200 S. Biscayne Blvd.
St. Petersburg, FL. 33701 Miami, FL. 33131
(813) 824-6117 (305) 373-5000
Jim Hart, Broker Joseph M. Hanratty, Esquire
Real Estate Services Forman, Krehl & Montgomery
1800 Englewood Road 320 NW Third Avenue
Englewood, FL. 34223 Ocala, FL. 34478-0159
(813) 474-3259 (904) 732-3915
Clients: continued, Page 3
Dale Laughner, Land Planner James Anderson, Esquire
Laughner Group Savlov & Anderson
411 First Avenue 411 N. Calhoun Street
Windermere, FL. 34786 Tallahassee, FL. 32301
(904) 222-3886
Al Esposito, Broker Blake Melhuish, Esquire
Esposito & Associates 522 Twelfth Street
326 Moody Blvd. Bradenton, Florida 34205
Flagler Beach, FL. 321236 (941) 748-1976
Tony Policastro, Esquire John LeRoux, Esquire
Policastro & LeRroux, P.A. Policastro & LeRoux, P.A.
26133 US Highway 19 North, S-300 26133 US Highway 19 North, S-300
Clearwater, FL. 33763 Clearwater, FL. 33763
(813) 712-1137 (813) 712-1137
•
PIERSON APPRAISAL GROUP
CONTINGENT AND LIMITING CONDITIONS
An appraisal and its resulting indications are naturally influenced by the terms of the assignment and the limiting conditions as
outlined by the Client's instructions in addition to the contingencies which form the very basis necessary for completion of an
assignment. The conditions under which this appraisal was prepared are as set forth below.
1. This appraisal is to be used in whole and not in part. No part of it shall be used in conjunction with any other appraisal.
2. No responsibility is assumed for the legal description given or for matters pertaining to legal or title considerations.
Marketable title, but no responsibility as to legal matters, is assumed.
3. It is assumed that the legal description as given are correct,that the improvements are entirely and correctly located on
the property described and that there are no encroachments or overlapping boundaries. An investigation, but no survey
has been made.
4. The property has been appraised as free and clear, unencumbered by mortgages, liens, delinquent taxes, assessments,
special or unusual deed conditions or restrictions, but subject to zoning regulations. An investigation, but no records
search has been made.
5. The data used in compiling this report was secured from sources considered reliable and authentic, no warranty is given
for its accuracy or correctness.
6. The appraiser herein, by reason of this report, is not required to give testimony or attendance in court or any
governmental hearing with reference to the property appraised,unless arranged previously.
7. Neither all,nor any part of the content of the report,or copy thereof(including conclusions as to the property value,the
identity of the Appraiser, professional designations, reference to any professional appraisal organizations,or the firm
with which the Appraiser is connected), shall be used for any purposes by anyone but the client specified in the report,
the mortgagee or its successors and assigns, mortgage insurers, consultants, professional appraisal organizations, any
state or federally approved financial institution, any department,agency,or instrumentality of the United States of any
state of the District of Columbia, without the previous written consent of the Appraiser; nor shall it be conveyed by
anyone to the public through advertising,public relation, news, sales,or other media, without consent and approval of
the Appraiser,unless required by law.
8. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional
Ethics and Principals of Appraisal Practice and Code of Ethics of the Uniform Standards of Professional Appraisal
Practice of The Appraisal Foundation.
9. The appraiser has no present or contemplated interest in the property appraised and compensation for making this
appraisal is in no manner contingent on the value reported.
10. The Appraiser has not surveyed the property. The location of improvements on the site in regard to the proposed right
of way line are based on measurements made by the appraiser from what is believed to be the proposed right of way line
to existing improvements. Those calculations are shown in the drawing of the subject property.
11. Since surveys were not made by the Appraiser,or furnished to the Appraiser by a surveyor, the drawings provided in
this report are approximate, and are presented to aid the reader in visualizing the property before and after the taking.
These drawings are not precise, although every effect was made by the Appraiser to be as precise as possible.
12. I hereby certify that to the best of my knowledge and belief,the statements and opinions contained in this appraisal report
are correct, subject to the assumption and limiting conditions above set forth and subject to modifications and changes
of conditions as stat;, in ' = gee)/of the appraisal report.
aosuit., . _
Bradley J. Pier on /11 Date
State Certifi:i Gen- . 'eal Estate Appraiser
Certification No. 'Z0001977