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PRESENTATION OF DATA 45 <br /> Improvement Description <br /> The subject property is a well located office development site in affluent Sunny Isles <br /> Beach. The likely purchasers of the site would be knowledgeable investor/developers <br /> who are familiar with the primary market area and the components that drive demand for <br /> office space in the South Florida market. <br /> Market Participants/Most Probable Purchaser <br /> The subject site possess entitlements for an office development In order to estimate the <br /> market value of the subject property, valuation procedures, which best reflect the typical <br /> investment criteria and motivations of such purchasers have been utilized. <br /> Marketability (SWOT Analysis) <br /> In order to determine the marketability of the subject property, a SWOT analysis has <br /> been undertaken. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. <br /> Strengths and Weaknesses are internal to the subject and deal with what a property can <br /> and cannot control. Opportunities and Threats are external forces that cannot be <br /> controlled directly by the subject but the subject can adapt to external factors. Factors <br /> serving to affect the desirability and marketability of the subject include: <br /> Strengths <br /> • Prime location in Sunny Isles Beach <br /> o Frontage along Collins Avenue <br /> o Adjacent to Sunny Isles Beach Government Center <br /> o Excellent walkability with proximity to retail, residential and medical uses <br /> • Entitlements in place for a 136,250-square foot office tower with structured parking <br /> garage and ground floor retail <br /> Weaknesses <br /> • Narrow site could limit some development possibilities <br /> Opportunities <br /> • Pent-up demand for office space in the submarket <br /> • Minimal new office development over the past 10 years <br /> • Diminishing supply of developable land in the area and fragmented ownership of smaller <br /> sites provide significant barriers to entry for other users in the market <br /> Threats <br /> • Rising interest rates could diminish purchasing power <br /> • Given Florida's (especially Miami) dependence on foreign investment the recent <br /> decrease in oil prices is expected to slow economic growth in petroleum producing <br /> Clobus, McLemore & Duke, Inc. <br />