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IDENTIFICATION OF SUBJECT PROPERTY <br />LOCATION - ADDRESS 19051 Collins Avenue, <br />Sunny Isles Beach, Florida 33160 <br />OWNER OF RECORD MB RE Investments LLC <br />2850 Tigertail Avenue, STE 800 <br />Sunny Isles Beach, Fl 33160 <br />TAX ID # 31-2202-016-0001 <br />LEGAL DESCRIPTION MIAMI BEACH CLUB A MOTEL CONDO DESC NO <br />BISCAYNE BEACH PB 44-42 N20OFT OF TR E & PORT <br />LYING EAST & ADJACENT WEST OF EROSION LINE PER <br />PB 105-62 <br />Source: www.miamidade.gov. <br />DATES OF VALUE & REPORT <br />DATE OF REPORT September 15, 2025 <br />EFFECTIVE DATE OF VALUE September 10, 2025 <br />INSPECTION DATE September 10, 2025 <br />PURPOSE OF THE APPRAISAL <br />The purpose of the report is to estimate the cost per unit for the purchase of TDR's as it pertains to <br />the subject property. <br />PRIOR RECENT SALES AND HISTORY <br />The subject property consists of 104 residential and 4 commercial condominium units. Over the <br />course of several years the aforementioned property owner negotiated with the association and <br />individual unit owners to purchase, or buyout, the entire project. The selling price was $1,345,000 <br />per unit or $145,260,000. The buyer/developer's intent is to raze the existing building and construct <br />said high-rise condominium tower. <br />The cost and timing required to assemble this many units adds to the overall cost of buying the land, <br />or land basis. When compared to a traditional land purchase the increase in pricing due to a <br />premium, or opportunity cost, of assembling an existing condominium project, with the intent of re- <br />development. Due to a lack of available vacant sites along the oceanfront this has been the <br />predominate form of land transactions throughout the coastal areas of South Florida over the past <br />five to ten years. When compared to a traditional land purchase the assemblage purchase of a <br />condominium project is well above market. <br />539 <br />