REGIONAL ANALYSIS OF TAMPA, FLORIDA

The subject is influenced in a general manner by the economic, political, physical and social characteristics of the Tampa Metropolitan Statistical
Area (MSA). An MSA is a geographic area with a significant population nucleus, along with any adjacent communities that have a high degree of
economic and social integration with that nucleus.  

The value of real property is influenced by the interaction of four basic forces. These forces include social trends, economic circumstances,
environmental conditions, and governmental controls and regulations. The interaction of these four forces influences the value of every parcel of
real estate in the market.

The Tampa MSA is part of a metropolitan statistical area that includes the cities of St. Petersburg and Clearwater.  Counties included in the
Tampa MSA are Hillsborough (of which Tampa is the county seat), Pasco, Hernando, and Pinellas.  St. Petersburg and Clearwater are located in
Pinellas County.   Unless stated otherwise, the data in this report will focus on Tampa and Hillsborough County, rather than on the entire
Tampa/St. Petersburg/Clearwater area.

Social Trends:        Social forces are trends that are exerted primarily through population characteristics. Real property values are affected not
only by population changes and characteristics, but also by various forms of human activity. In 2010, Tampa/Hillsborough County demographics
broke down as follows:     

Race

White        53%
Hispanic        23%
African-American        35%
Mixed race (non-Hispanic)         3.5%
Other (non-Hispanic)          5%

The sexes were divided almost evenly, with 51% of the county’s population being female.  Out of the more than 400,000 households, 65% had
families.1


Population and Area:        

Population growth trends influence employment growth, income levels, and many other key demand parameters analyzed in determining
commercial real estate productivity.

The census has provided population data from 2010, and the projections are considered reliable. The Tampa/St. Petersburg/Clearwater MSA
ranks as the 19th largest MSA in the United States, second in the Southeast, and the largest in Florida.  The population for the Tampa MSA in
2010 was 4,228,855.  Between 2000 and 2006, the MSA population increased by 2.47% a year. Hillsborough County represents more than 40%
of the total population of the Tampa MSA.  In addition to being the MSA’s largest county in terms of population, it is also the locale for the highest
number of households and the highest effective buying income.

Higher Education:         

Institutions of higher learning typically are not as vulnerable to economic downswings, and they help to provide an area with a more solid
employment base. Noted universities and colleges in Tampa/Hillsborough County are the University of South Florida (the second largest
university in the Southeast), University of Tampa, Hillsborough Community College, Eckerd College, Tampa Technical Institute, and University of
Phoenix – Tampa Main Campus.  Throughout the seven-county region are located approximately twenty more institutions of higher learning.

Recreational and Regional Attractions:         

Recreational and regional attractions enhance an area’s quality of life. These activities may also have a significant economic impact on an area
by increasing the demand for services and retail trade created by visitors.

The Tampa area’s physical attributes have defined its culture from the onset of its establishment.  Its warm climate and waterfront location have
had obvious influences on every aspect of life in Tampa.  Tampa Bay and the Gulf of Mexico (est. 25 miles west of the Tampa CBD) provide
limitless opportunities for boating, fishing, or just relaxing on the famous Florida beaches.  The Port of Tampa is home to an increasing number
of cruise ships and is becoming one of the fastest-growing cruise ports in the United States.  

In addition to the cornucopia of water-related recreational opportunities in the Tampa area, residents and visitors can choose from a broad
spectrum of other activities and attractions.  Hillsborough County alone houses sixteen regional and state parks, including Lake Park, Upper
Tampa Bay Park, Hillsborough River State Park, and Little Manatee River State Park.  There are eleven major festivals held in Hillsborough
County each year, including the Florida Strawberry Festival, the Florida State Fair, the Gasparilla Festival of Arts, Fiesta Day, and Bern’s Wine
Fest.  Major tourist attractions include Busch Gardens, Ybor City, the Lowry Park Zoo, the Florida Aquarium, and Adventure Island.  

The arts are alive and thriving in the Tampa area.  Two new jewels in its crown are the Tampa Museum of Art and the Tampa Bay Performing
Arts Center, where one can enjoy a wide variety of performances, from ballets to plays to popular artists to the Florida Orchestra.  The Tampa
area is home to 26 other museums and performance halls of note, including the Florida Holocaust Museum, the Museum of Science and History,
the Children’s Museum of Tampa, the Museum of Fine Arts, the Bishop Planetarium, the Bayfront Center/Mahaffey Theater, the Ruth Eckerd
Hall, and the Tampa Theatre.

The Tampa area provides a stimulating environment for professional sports.  Tampa is, of course, home to the Tampa Bay Buccaneers, the
2003 Super Bowl Champions.  Tropicana Field is home of the Tampa Bay Devil Rays baseball team.  Pro hockey is represented by the Tampa
Bay Lightning (2004 Stanley Cup Champion), arena football by the Tampa Bay Storm.  There are three professional golf courses, open year-
round to the public.



Economic Forces:        

Economic forces are the fundamental relationships between current and anticipated supply and demand and the economic activities in which the
population participates in order to satisfy its wants, needs, and demands through its purchase power.

The national recession that began in the fall of 1999 contributed to a nationwide weakness in the manufacturing sector.  The events of
September 11, 2001 were a major cause of this weakness, as market participants stood back and waited to see what would happen next.  The
recession’s effects on the Tampa area are reflected in the area unemployment figures from 2001 to 2002 – an increase of .9%.  The downturn
was temporary, minor, and somewhat indirect due to the fact that manufacturing does not play a major role in the area’s overall economic
picture, ranking sixth out of ten area industry types. 1

The economic climate in the Tampa/Hillsborough County area is thriving.  The area boasts a healthy balance of many different types of
businesses and industries, giving it strength “across the board”, rather than being dependent upon one or two major industries.  See “Industries
and Employment” for more information on the economic climate in the Tampa area.  

Income:         

The economic vitality of an area is an important consideration in forecasting the demand and potential income for commercial real estate. Income
levels provide an indication of an area’s economic vitality since they reflect an area’s economic growth and its residents’ standards of living.



Per capita income for Hillsborough County in 2010 was $20,142, up from $16,704 in 2000 – an increase of nearly 17%.  Median household
income for Hillsborough County in 2010 was $38,186, up from $30,441 in 2000- an increase of nearly 20%. Average household income for
Hillsborough County in 2010 was $49,054, up from $40,795 in 2000- an increase of nearly 17%.1

Industries and Employment:         

The distribution of employment and the overall unemployment rate help determine the economic character of an area.   As mentioned above, the
Tampa area’s vital economy can be attributed to its wide variety of many healthy business and industries.  Certainly one of the strongest factors
in the overall economic picture is the Port of Tampa.  Please see “Other Industrial Transportation” for more information on the Port of Tampa.

Another very strong contributor to the local economy is the agriculture industry.  In 1997, Hillsborough County was home to over 2,600 farms.  In
2000, it ranked third in the state for total net farm income, at over $171 million. 1

The corporate climate in the Tampa area is welcoming and profitable.  It has attracted hundreds of businesses in the last decade – in particular,
those in the communications and finance industries.  


Hillsborough County’s top five major public and private employers are listed below, along with the number of employees:

Hillsborough Co. School District – 21,426                         
MacDill Air Force Base – 19,000
Verizon Communications – 14,000
University of South Florida – 12,477
Hillsborough Co. Government – 10,886

The regional top five private sector employers are as follows:

Publix Super Markets, Inc. – 23,248
Baycare - 17,000
Verizon Communications – 14,000
Danka Business Systems PLC – 9,500
Lincare Holdings – 6,1002


Highway Transportation:         

Highway accessibility is a primary consideration in planning an area’s future growth and development.  The Tampa metropolitan area is
accessed via I-75, a major north-south corridor that connects the Michigan/Canada border to Detroit, Cincinnati, Atlanta, and Orlando to Tampa,
extending down to Naples in South Florida. The Hillsborough County I-75 corridor contains 39 miles of corporate campuses.  The corridor’s
residential population is estimated at 300,000.  I-275 serves as a local beltway around the metropolitan area.  I-4 is a major Florida corridor
extending from Tampa in a northwesterly direction through Orlando and ending at Daytona Beach.  The I-4 corridor connects with I-95, another
major north-south corridor serving the entire Eastern Seaboard of the United States, from the Maine/Canada border to Miami.       Driving time
between Orlando and Tampa is roughly 1.25 hours, an estimated 7.5 hours between Atlanta and Tampa.

Public Transportation:        

The Tampa/Hillsborough County area is serviced by the HARTline (Hillsborough Area Regional Transit), a bus system linking major metropolitan
points to both the central business district and other suburban areas.   

Air Transportation:         

The Tampa International Airport serves 58 domestic destinations daily via nonstop flights and 14 international destinations.  Out of 149 national
airports, Tampa International is ranked 29th busiest.  The Conde´ Nast Traveler has ranked the airport as No. 1 in the nation and No. 3 in the
world as the best airport facility in terms of customer satisfaction.1  In addition, Tampa is served by two regional airports, Peter O. Knight Airport
and Vandenberg Airport.  These two smaller airports facilitate ingress and egress for smaller, private jets and turbo-props.    Albeit much smaller
than the Tampa International Airport, the St. Petersburg/Clearwater International Airport in Pinellas County serves as an auxiliary facility for the
region.  It is located approximately 18 miles to the west of the Tampa CBD.2

Other Industrial Transportation:          

Without question, the largest industrial transportation hub for the Tampa area is the Port of Tampa, the largest seaport in Florida.  Through it
passes nearly half of all seaborne cargo that enters or leaves the state..  The port supports 93,000 jobs for the area.   In addition, the Tampa
area is served by the CSX railroad system, with approximately 300 trains weekly connecting Tampa with most major United States markets.2




Environmental Forces /Climate:          

Environmental forces are both natural and manmade forces that influence real property values. Some environmental forces include climactic
conditions, natural barriers to future development, primary transportation systems, and the nature and desirability of the immediate areas
surrounding a property.

The Tampa area enjoys a warm, sub-tropical climate year-round.  The topography is fairly flat to rolling (eastern Hillsborough County).  Humidity
is usually fairly high.  The average minimum and maximum winter temperatures are 51.9 and 71.5 degrees, respectfully; average minimum and
maximum summer temperatures are 74 and 90 degrees. Annual minimum temperature is 63.5 degrees; annual maximum is 81.7.   Average
annual precipitation is 47.62 inches, the heaviest rainfall occurring June through September.  The entire state of Florida, is, of course, heavily
affected by periodic tropical storms and hurricanes that typically occur in the summer and early fall months.  These figures are from the period
3/25/1900 through 3/31/2010.3  Please see the topographical map of the State of Florida on the following page.

Governmental Forces:       

Governmental, political, and legal actions at all levels have an impact on property values. The legal climate of a particular time or in a particular
place may overshadow the natural market forces of supply and demand.   The State of Florida mandates very high standards in building and
development due to the tropical storms and hurricanes – and their destruction – that are a fact of life in Florida.  In Hillsborough County, DRIs
(Developments of Regional Impact) have been implemented very successfully in several areas.  They are large, thoughtfully planned projects
that serve local businesses and residents with world-class facilities and amenities.  


Utilities:         

The availability of utilities is extremely important to the future development of any community. Electricity and natural gas are available to
residents and businesses in Tampa through Tampa Electric Company and Peoples Gas.  Water and sewage are maintained by the Hillsborough
County Water Department.


Outlook:        

Our review of the above data indicates that the Tampa metropolitan area has an impressively stable economy, evidenced by increasing income
and population levels, the steady creation of new jobs and influx of corporations, and low unemployment rates. Metropolitan Tampa also features
limitless regional attractions and a world-class transportation system that includes land, air, rail, and water. In conclusion, the economic outlook
for the Metro Tampa MSA is very favorable for the overall success of the subject.  




SUBJECT MARKET AREA AND ANALYSIS:

Neighborhood is defined as follows: A group of complementary land uses; a congruous grouping of inhabitants, buildings, or business
enterprises.

The subject property is located in the city of Tampa, an incorporated community within the northeastern portion of Hillsborough County, Florida,
approximately five miles northeast of the Tampa Central Business District (CBD) on E. Busch Boulevard.  However, the subject is located within
two miles of the southeast boundary of the city of Temple Terrace and for purposes of this report is considered to be in the general
neighborhood of the Temple Terrace area.  

The neighborhood is easily accessible with good access to the interstate system.  The subject site is 2.75 miles east of I-275, 4.10 miles north of
I-4, 4.60 miles west of I-75, 0.20 miles east of U.S. 41 (40th St.), and 0.75 miles west of State Route 583.  The subject site is approximately 5.89
miles northeast of the Tampa CBD.  Busch Gardens Theme Park is .2 miles northwest of the subject and the Hillsborough River is approximately
0.40 miles southeast of the subject site.   

The neighborhood boundaries are generally described as Bruce B. Downs Boulevard to the north, I-75 to the east, I-4 to the south and I-275 to
the west.

With little undeveloped land, numerous types of building improvements are present within the neighborhood and include single and multi-family
residential, retail, commercial and office.  Styles are typically traditional with a wide spectrum of quality characteristics.  Residential properties are
found along interior streets in a number of residential subdivisions.  These properties range from single family residences to multi-family
properties.  The homes in the immediate area of the subject property consist of medium size single family dwellings.

The outlook for the neighborhood is for relatively stable performance with continued commercial property improvement and re-development over
the next several years.  This is considered to have a positive influence on value.  As a result, the demand for existing developments and
underdeveloped/undeveloped land is expected to continue to improve.  

IDENTIFICATION OF THE SUBJECT:         

The subject property is recorded in Deed Book 20035 Page 1370.  The property is further identified as PIN: A-21-28-19-43U-000007-00001.0
with a mailing address of 4115 E. Busch Boulevard, Tampa, FL 33617, in the county of Hillsborough.  

ZONING:          

The site is zoned CG-General Commercial & PD-Planned Development.   This zoning has very broad use restrictions including but not limited to:  
single-family residential, multi-family residential, condominiums (office and residential), auto service stations, boarding homes, car wash,
churches/institutional,  convenience stores, day care, drug stores, funeral homes, grocery stores, hotels, laundr-o-mat, libraries, liquor stores,
medical   laboratories, professional office use, retail, restaurant-bar.  The maximum seating allowed for the subject property as a restaurant
facility is 342 seats according to the Tampa Planning and Zoning office.

ASSESSMENT HISTORY:          

The property is assessed by the Hillsborough County PVA at $456,495 land, $592,667 improvements, for a total of $1,049,162.   

TAXES:                          

The property is subject to the city of Tampa and the Hillsborough County tax rates of 2.2272 per $100 of assessed value.  By state statute,
properties in Florida are required by law to be assessed, for tax purposes, at 100% of market value. If the property sold, the assessment would
likely be updated; in such cases, the PVA typically bases the following year's assessment on the sale price. If taxes are calculated based on the
final value concluded in this report of $900,000, the estimated tax burden for the following year would be $20,045.

REASONABLE EXPOSURE TIME

In the Statement on Appraisal Standards No.6 (SMT-6), Exposure time is defined as follows:  "The estimated length of time the property interest
being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of
the appraisal; a retrospective estimate based upon an analysis of past events assuming a competitive and open market."

Exposure time is different for various types of real estate and under various market conditions. It is noted that the overall concept of reasonable
exposure encompasses not only adequate, sufficient and reasonable time but also adequate, sufficient and reasonable effort. The reasonable
exposure period is a function of price, time and use.

SUBJECT PROPERTY EXPOSURE TIME:

Based on interviews with brokers and others involved with some of the comparable sales indicates that approximately 12 to 18 months is
reasonable exposure time for this type of property at the market value level estimated in this report. Based on this information, it is our opinion
that the estimated reasonable exposure time for the subject property would have been 12 to 18 months prior to the effective date of this
appraisal.


SITE SUMMARY


Location: The subject is located on E. Busch Boulevard.     

Gross Site Area: 89,180 SF or 2.05 Acres

Primary Road Frontage: E. Busch Boulevard

Secondary Road Frontage: N. Orangeview Avenue

Additional Road Frontage: None

Zoning District: CG-General Commercial & PD-Planned Development

Flood Map Panel No. & Date: 12057C0216H

Flood Zone(s): X – The subject is not located in the 100 year flood plain according to flood map number 12057C0216H, dated August 28, 2008.  

Parking Lot:There is a paved parking lot with approximately 135 lined parking spaces and overall parking appears adequate.  

Landscaping: Overgrown landscaping that has not been well kept and managed since the subject became vacant.

Shape and Frontage: The site is rectangular in shape and fronts E. Busch Boulevard.    

Ingress/Egress: There is one curb cut on E. Busch Boulevard.  


Topography and drainage: The site is primarily level.  The topography of the site is not seen as an impediment to the development of the
property.  During our inspection of the site, we observed no drainage problems and assume that none exist.  

Soils: A soils analysis for the site has not been provided for the preparation of this appraisal.  In the absence of a soils report, it is a specific
assumption that the site has adequate soils to support the highest and best use.  

Easements and encroachments:Based on an inspection and review of the subject deed, the property does not appear to be adversely affected
by any easements or encroachments.  It is recommended that the client/reader obtain a current title policy outlining all easements and
encroachments on the property, if any, prior to making a business decision.  

Covenants conditions and restrictions:There are no known covenants, conditions and restrictions impacting the site that are considered to affect
the marketability or highest and best use.

Utilities and services:The site is within the jurisdiction of Hillsborough County and is provided the following municipal services:
-Police
-Fire
-Garbage collection
-Water
-Electricity
-Sanitary Sewer
-Storm Sewer
-Telephone

Adjacent properties:The adjacent land uses are summarized as follows:

North: Commercial
South:Commercial/Residential
East: Busch Gardens
West:Residential

The subject is improved with a  7,937 SF, 1-story single tenant restaurant building.  The improvements are brick and drywall interior walls,
masonry construction, built up tar and gravel roof, masonry stucco exterior, on a concrete slab foundation.    

The interior improvements in the dining are a mixture of ceramic tile and exposed concrete slab (carpet has been removed), a mixture of
brick/drywall/bead board walls, exposed truss ceilings and suspended light fixtures.  

The interior improvements of the kitchen area are ceramic tile floors, a mixture of ceramic tile and vinyl walls, exposed ceilings (ceiling tiles
removed) and fluorescent lighting.  

There are also 2 bathrooms with 7 fixtures each.  The finish includes ceramic tile flooring with ceramic tile/ drywall walls and suspended ceiling
tile ceilings.

NOTE: A portion of the ceiling in the dining room and the majority of the ceiling in the kitchen area is missing.  The previous tenant removed
most of the ceiling and removed the wiring that ran to the three (3) electrical boxes (there is currently no electricity).  They also took all the FF&E
including stoves, dishwashers, etc.  The building is basically in a shell form where the buyer will have to replace a majority of the interior finish.

Drawings and descriptions of the subject’s improvements are provided in the following pages:  

DESCRIPTION OF THE IMPROVEMENTS

Building type: Restaurant

Number of stories: 1 story

Year Built: 1996

Occupancy type: Building is 100% owner occupied and is currently vacant.

Overall condition: Subject has been gutted by the previous tenant and is in below average condition for the area.  

Building size: 7,937  SF

Floor area ratio: 8.90%        

Foundation: Concrete slab

Basement: None

Superstructure: Masonry frame

Exterior walls: Masonry stucco

Windows:  Aluminum casement

Roof: Flat, built up tar & gravel

Ceiling material: Open joist

Interior walls: Mixture of brick/drywall/bead board.  Kitchen is vinyl and ceramic tile.

Floor: Exposed concrete slab and ceramic tile.

HVAC: Gas forced air furnace and central air conditioning        

Utility meters: Single tenant building with one electric meter and one natural gas meter.

Elevators: None

Restrooms: Two restrooms with 7 fixtures each.

Functional utility: The subject is in below average condition, butis well suited for its use as a restaurant.

Special features: None


ENVIRONMENTAL ISSUES       

American Appraisers has not observed and is not qualified to detect, the existence of potentially hazardous material or underground storage
tanks which may be present on or near the site.  The existence of hazardous materials or underground storage tanks may affect the value of the
property. The presence of substances such as asbestos, urea formaldehyde foam insulation or other potentially hazardous materials may affect
the value of the property.  For this appraisal, American Appraisers has specifically assumed that the property is not affected by any hazardous
materials that may be present on or near the property.  

The subject was built after 1978 and as such should not contain hazardous building materials such as asbestos, lead paint or urea formaldehyde
foam insulation.  

Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed
by the Appraiser.  



HIGHEST AND BEST USE ANALYSIS

Highest and best use is defined as follows:

The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially
feasible, and that results in the highest value.  The four criteria the highest and best use must meet are legal permissibility, physical possibility,
financial feasibility, and maximum profitability .

Highest and best use gives consideration to the possible, physical, feasible, legal and permitted uses which would provide the highest net return
to the owner of the site under current market conditions.

Physically Possible: The physical characteristics of a site can affect the uses to which it can be put.  These characteristics can include size,
location, shape, topography, easements, utility availability, and surrounding property uses.

Legally Permissible: Except for a legally non conforming property, the first step in determining what is legally permissible is to analyze private
restrictions, zoning and building codes, historic district controls, and environmental regulations.

Financially Feasible: The uses that are physically possible and legally permissible must be analyzed further to determine those that are likely to
produce a positive return greater than the combined income needed to satisfy operating expenses, financial expenses, and capital amortization.  
All uses that are expected to produce a positive return are regarded as financially feasible.


Maximally Productive: Among financially feasible uses, the use that reflects the highest rate of return (or value) constitutes the highest and best
use.
       
Implied in this definition is that the determination of highest and best use takes into account the contribution of a specific use to the community
and community development goals as well as the benefits of that use to individual property owners.  Hence, in certain situations, the highest and
best use of land may be for parks, greenbelts, preservation, conservation, wildlife habitats, and the like.
       
An additional implication is that the determination of highest and best use results from the appraiser's judgment and analytical skills; that is, that
the use determined from analysis represents an opinion, not necessarily a fact to be found.  In appraisal practice, the concept of highest and
best use represents the premise upon which value is based.

HIGHEST AND BEST USE OF SUBJECT

Legally Permissible:The subject’s CG-General Commercial & PD-Planned Development zoning allows for a variety of types of commercial uses.  
The existing improvements conform to the prevailing zoning codes, surrounding land use patterns, and are not restricted by any known deed
restrictions; therefore, the subject improvements are legally permissible.  

Physically Possible:Currently the property is an improved site that is 89,180 SF or 2.05 acres in size.  The physical characteristics of the subject’
s site are adequate to accommodate improvements, which do not require a larger land size.

The subject is currently improved with a restaurant building with  7,937 SF total GBA for an 8.90% FAR.  The improvements were constructed in
1996 and there are approximately 135 lined parking spaces with the majority being on the west side of the parcel.    

Financially Feasible:The site is currently improved with a single tenant facility constructed for restaurant use.  It is unlikely that a buyer would
purchase the property with the intention of razing the existing improvements and then replacing them with new ones.  The current improvements
have an effective age of 20 years and are well suited for a restaurant user.

Maximally Productive:The improvements currently in place are consistent with the highest and best use as though vacant, and the value
associated with the existing improvements is higher than the value of the site as though vacant.  Therefore, as improved, the current
improvements represent the highest and best use for the subject.  

As it is highly unlikely that a future buyer would purchase this property and replace the existing improvements, and as the existing improvements
do contribute to the overall value of the property, the highest and best use of the subject is for a continuation of its existing use as a restaurant.  

The subject is currently owner occupied and vacant.   With that being said, the subject property would also have good market appeal to an
investor.  Therefore, the subject will have appeal for both the investor and the owner-occupant.  The size of the subject improvements is well
suited for an owner- occupant user as well as an investor.


SALES COMPARISON APPROACH

The Sales Comparison approach is essential to almost every appraisal of the value of real property. The application of this approach produces
an estimate of value of a property by comparing it with similar properties of the same type and class which have been sold recently or are
currently offered for sale in the same or competing areas. The sales prices of properties judged to be comparable tend to set the range in which
the value of the subject property will fall. Further consideration of the comparative data will indicate to the appraiser a figure representing the
value of the subject; that is, the probable price at which it could be sold by a willing seller to a willing buyer as of the date of the appraisal. The
data involved in the application of this process concerns comparable properties as well as the subject property, and will vary with the type of
property.

In appraisal practice, the sales comparison approach is a set of procedures in which a value indication is derived by comparing the property
being appraised to similar properties that have been sold recently, then applying appropriate units of comparison and making adjustments to the
sale prices of the comparables based on the elements of comparison.  The sales comparison approach may be used to value improved
properties, vacant land, or land being considered as though vacant:  it is the most common and preferred method of land valuation when
adequate supply of comparable sales are available.




ANALYSIS OF COMPARABILITY TO SUBJECT PROPERTY        

QUALITY AND QUANTITY OF DATA:Several comparable sales were considered in the sales comparison approach and five were utilized in the
analysis.  

The first adjustment considered was for changes in market conditions over time.  The comparable sales were very recent and are considered to
reflect current market conditions.  Therefore the comparable sales are given a market conditions adjustment of 0.00%.  

The second adjustment considered is for property rights conveyed, financing terms, conditions of sale, and expenditures after sale.  No
adjustments were required for any of the comparables.   

The comparables were then adjusted based on their age (depreciation) and differences in income.  No adjustments were required for any of the
comparables.

Next the comparables were analyzed for differences in physical attributes such as:  location, size, age and condition, FAR, and building design.  
In the qualitative analysis the determined conclusions are then summed and an overall ranking is chosen to represent the comparable.  The
concluded ranks are inferior, similar, and superior.  


Comparable 1 is the sale of a free standing restaurant located on North 56th Street in Tampa, FL and is currently zoned CG.  The improvements
set on 0.41 Acres and were originally constructed in 1972. The ceiling height is approximately 10’. The buyer continues to use this facility as a
restaurant (Stefano Greek-Italian Restaurant).  There were no adjustments warranted for this comparable sale and is ranked similar to the
subject.

Comparable 2 is the sale of a free standing restaurant located on East Busch Boulevard  in Tampa, FL and is currently zoned CG & PD.  The
improvements set on 1.54 Acres and were originally constructed in 1985. The ceiling height is approximately 12’. The buyer continues to use this
facility as a restaurant (Sonny’s BBQ).  There were no adjustments warranted for this comparable sale and is ranked similar to the subject.

Comparable 3 is the sale of a free standing restaurant located on East Busch Boulevard in Tampa, FL and is currently zoned CG & PD.  The
improvements set on 0.76 Acres and were originally constructed in 1977. The ceiling height is approximately 12’. The buyer continues to use this
facility as a restaurant (The Gardens Restaurant and Pizzeria).  There were no adjustments warranted for this comparable sale and is ranked
similar to the subject.

Comparable 4 is the sale of a free standing restaurant located on East Busch Boulevard in Tampa, FL and is currently zoned CG.  The
improvements set on 0.32 Acres and were originally constructed in 1973. The ceiling height is approximately 12’. The buyer continues to use this
facility as a restaurant (Dunkin’ Donuts).  There were no adjustments warranted for this comparable sale and is ranked similar to the subject.

Comparable 5 is the active listing of a free standing restaurant & grocery/convenience store (2-tenant facility) located on East Busch Boulevard
in Tampa, FL and is currently zoned CG & PD.  The improvements set on 0.48 Acres and were originally constructed in 2007. The ceiling height
is approximately 12’. There were no adjustments warranted for this comparable sale and is ranked similar to the subject.

The adjusted unit value of the comparable sales are as follows:  

Comparable         1        $161.05 Per SF
Comparable         2        $152.66
Comparable         3        $167.22        Comparable         4        $125.00
Comparable         5        $165.86
                                       
The above comparable sales indicate an adjusted value ranging from $125.00 per SF to $167.22 per SF for the subject property. The adjusted
comparables have a median of $161.05 and a central tendency of $154.36 per square foot of building improvements.  

Comparables 2 and 5 were most similar to the subject property and were given the most weight in this analysis.  Therefore, a price per SF near
the median of $161.00 is chosen to represent the subject and is considered well supported.  

Line item adjustments are then accounted for; -$373,039 is subtracted for the cost to finish the interior of the improvements and repair the
electrical systems.  

7,937 SF @ $161.00 per SF=$1,277,857
Finish Cost- 7,937 SF @ $47.00.00 per SF= $373,039
Indicated Value- $900,000 Rounded
,         
VALUE INDICATED BY SALES COMPARISON APPROACH- $900,000      
Real estate appraisal services provided by American Appraisers Corp
Real Estate Directory Sites
States covered by American Appraisers
Qualifications of David J. Glauber, MAI
Questions about real estate appraisal and appraisers
Church Appraisers Appraising churches
American Appraisers Corp Home Page
_American
__Appraisers
___Corporation
(502) 267-6320 Office
(502) 267-6344 Fax
10507 Watterson Tr., 2nd Flr
Louisville, KY.  40299
Nationwide real estate appraisal service