Facts and Conclusions
| PROPERTY LOCATION: |
East side of Federal Highway north of Berkeley Street, on the north side of unimproved Appleby Street in the City of Boca Raton, Florida |
| OWNER’S NAME: | Town of Highland Beach |
| OWNER’S ADDRESS: | 3614 South Ocean Boulevard Highland Beach, Florida 33487 |
| DATES OF LAST INSPECTION: | June 15, 2007 and June 19, 2007 |
| SIZE OF SUBJECT PROPERTY: | 1.81 +/- Acres or 78,844 Square Feet |
| PREVIOUS USE: | Previously used as a water treatment facility by the Town of Highland Beach |
| HIGHEST AND BEST USE: | Redevelopment with a multifamily residential use. |
| IMPROVEMENTS: | Two older abandoned warehouse buildings containing a total of 3,500 square feet of building area. The property was utilized for a water treatment facility. |
| ZONING/LAND USE: | Zoning: RB1, Motel Business District, City of Boca Raton and Land Use: Commercial. For purposes of this appraisal, we have made a special assumption that the property has undergone a zoning change from RB1 to multifamily residential and a future land use amendment change from Commercial to Residential uses. See discussion in highest and best use. |
| COST APPROACH TO VALUE: | N/A |
| SALES COMPARISON APPROACH TO VALUE: | $2,365,000 |
| INCOME APPROACH TO VALUE: | N/A |
| MARKET VALUE OF THE WHOLE PROPERTY (RECONCILIATION): | $2,365,000 |
| DATE OF VALUATION: |