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RALPH ABRAHAM i ASSOCIATEB <br />REAL ESTATE APPRAIS.*RB <br />1820 N.E. 163rd Street, Suite 201 <br />North Kiami Beach, Florida 33162 <br />(305) 944-2345 <br />August 28, 1998 <br />City of Sunny Isles Beach <br />17070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />Attn: Jack Neustadt <br />Finance Director <br />Pursuant to your authorization and request, I have prepared a <br />Complete Appraisal, prepared as a Self -Contained Appraisal <br />Report, for the vacant site located at 393-401 Sunny Isles Beach <br />Boulevard, Sunny Isles Beach, Florida, the legal description of <br />which appears elsewhere in this report. <br />Its use is limited to the client named herein for the specific <br />use stated. Use by unintended users (anyone other than the <br />client for the specified use) is prohibited. <br />This report was prepared for the City of Sunny Isles Beach, <br />client, for the following intended use: Estimate the Market <br />Value of subject site, as if vacant, to assist in purchasing <br />decisions. <br />The estimated Market Value of the Fee Simple Estate of subject <br />site, as of August 18, 1998, the date of inspection, in my <br />opinion is: <br />ONE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS <br />( $1,250,000.00 ) • <br />Market Value is defined as the most probable price in terms of <br />money which a property should bring in a competitive and open <br />market under all conditions requisite to a fair sale, the buyer <br />and seller, each acting prudently, knowledgeably and assuming ,the <br />price is not affected by undue stimulus. <br />iL"iABRl1HAlt, ABA <br />STAVE-CERTIFI$D GZNERAL <br />REAL ESTATE APPRAISER <br />LICENSE #0000676 <br />i <br />