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MARINA MILE BUSINESS PARK 2860 MARINA MILE,SUITE 109 opus FORT LAUDERDALE,FLORIDA 33312 MC eipore ^� D u k- TELEPHONE(954)587-2701 inc _1 a t FACSIMILE(954)587-2702 WEBSITE www.cmdflorida.com MIAMI-FORT LAUDERDALE-WEST PALM BEACH-KEY WEST DIRECT LINE(954)854-2044 EMAIL dukes cmdflonda.com Walter B.Duke,III,MAI,CCIM STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ375 March 2, 2015 Mr. Hans Ottinot City Attorney City of Sunny Isles Beach 18070 Collins Avenue, 4th Floor Sunny Isles Beach, FL 33160 Re: 1.027-Acre Commercial Development Site 18080 Collins Avenue Sunny Isles Beach, Miami-Dade County, Florida 33160 Dear Mr. Ottinot: As requested, Clobus, McLemore & Duke Inc. (CMD) has performed a real estate appraisal of the above referenced property. The attached Appraisal Report is intended to comply with the reporting standards set forth under Standard Rule 2-2 of the Uniform Standards of Professional Appraisal Practice(USPAP). The subject property is a 1.027 acre prime commercial development site situated along the west side of Collins Avenue in Sunny Isles Beach. The site is improved with a 1,377 square foot commercial building and is currently encumbered by a ground lease in conjunction with a car rental operation. The client is contemplating a purchase of the site and has requested a market value estimate of the underlying land, under the extraordinary assumption that the property is free from any lease encumbrances. Therefore, the purpose of the appraisal is to estimate the Market Value"As Is" of the fee simple interest in the subject site, as of February 18, 2015. The accompanying appraisal report describes in detail the neighborhood, site, improvements, approaches to value, and other pertinent data that was used to solve the appraisal problem. The Appraisal Report has been prepared in conformance with the appraisal regulations issued by the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by the Appraisal Standards Board of the Appraisal Foundation and the Code of Professional Ethics and Standards of Appraisal Practice of the Appraisal Institute. The report was prepared for and submitted to the City of Sunny Isles Beach for the intended use of establishing a fair purchase price for the subject property. This report cannot be used by any other person/entity or for any other purpose. Use of this report by others is not intended by CMD. This report is intended only for the use in providing data upon which the client may analyze the property for a potential purchase. No other purchasers or sellers of the subject property, nor any borrowers, are intended users of this appraisal report and no such third parties should use or rely on the appraisal for any purpose. All such parties are advised to consult with appraisers or other professionals of their own choosing.