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<br />SUMMARY OF SALIENT FACTS AND CONCLUSIONS <br /> <br />Type Report <br /> <br />Complete <br /> <br />Report Format <br /> <br />Self-Contained <br /> <br />Purpose of Appraisal <br /> <br />Market Value <br /> <br />Property Rights Appraised <br /> <br />Fee Simple <br /> <br />Location <br /> <br />16682-16690 Collins Avenue <br />Sunny Isles Beach, Florida <br /> <br />Legal Description <br /> <br />Lot 35 and Island 35, Lot 26 and a <br />portion of Lot A, Vista Island, SECOND <br />REVISED PLAT OF BELLA VISTA <br />SlJBDIVISION, according to the Plat <br />thereof, as recorded in Plat Book 50, <br />Page 76 in the Public Records of <br />Miami-Dade County, Florida. <br /> <br />Land Size <br /> <br />31,113 Square Feet/O. 714 Acres <br /> <br />Zoning <br /> <br />TC, Town Center District by the City of <br />Sunny Isles Beach <br /> <br />Highest and Best Use <br /> <br />Multi-family residential usage <br /> <br />Estimated Land Val ue <br /> <br />$5,150,000 <br /> <br />Final Estimate of Value <br /> <br />$5,150,000 <br /> <br />Date of Value Estimate <br /> <br />June 20, 2006 <br /> <br />Dates of Inspection <br /> <br />June 12,2006 and June 20, 2006 <br /> <br />Date of Report <br /> <br />June 20, 2006 <br /> <br />Remarks <br /> <br />The site had been improved with a <br />Miami Subs restaurant and a retail strip <br />center. These structures have recently <br />been razed. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />3 <br />