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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 />17475 Collins Avenue <br />Sunny Isles Beach, Florida <br /> <br />Legal Description <br /> <br />The North 100 feet of Lot 3, TATUM'S <br />OCEAN PARK COMPANY'S <br />SUBDIVISION, according to the plat <br />thereof, as recorded in Plat Book 10, <br />Page 64, of the Public Records of <br />Miami-Dade County, Florida. <br /> <br />Land Size <br /> <br />Approximately 45,389 Square Feet/ <br />1. 04 Acres <br /> <br />Zoning <br /> <br />MU-R, Mixed Use Resort by the City of <br />Sunny Isles Beach <br /> <br />Highest and Best Use <br /> <br />Multi-family residential usage <br /> <br />Estimated Land Value <br /> <br />Final Estimate of Value <br /> <br />$22,700,000 <br />$22,700,000 <br /> <br />Date of Value Estimate <br /> <br />August 14,2006 <br /> <br />Dates of Inspection <br /> <br />August 14,2006 <br /> <br />Date of Report <br /> <br />August 18, 2006 <br /> <br />Remarks <br /> <br />At the time of sales, the site was <br />improved with a two-story apartment <br />condominium building known as Ocean <br />Beach Resort Motel Condo containing <br />66 units. The building has been razed <br />and the owner intends to construct a 40- <br />story residential condominium tower <br />containing 107 units. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />3 <br />