EX-99 15 exhibit_c3.htm EXHIBIT (C)(3)

 

 

Exhibit (c)(3)

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM20MAR21
AM20MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   3405 City:   Miami State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 3405 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2100
Tax Year: 2020 R.E. Taxes: $ 8,353 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM20MAR21
AM20MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 33 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 3405
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.1    Bath(s) 1,647    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒     did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM20MAR21

File No.:  AM20MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 3405

                 Miami, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # 4003
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 575,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 349.12 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 34 51 -17,000 40 -6,000 45 -11,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1 4 2 2.1   4 2 2.1   4 2 2.1  
1,647 sq.ft. 1,498 sq.ft. +12,000 1,647 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☐ + ☒ - $ -5,000 ☐ + ☒ - $ -6,000 ☐ + ☒ - $ -20,000
Adjusted Sale Price of Comparables     $ 570,000   $ 569,000   $ 620,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       600,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM20MAR21

File No.:   AM20MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 3708 

  Miami, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1                        
1,647 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     600,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’’as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              600,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

 

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:

 
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM34MAR21
AM34MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   3708 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 3708 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2950
Tax Year: 2020 R.E. Taxes: $ 8,564 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM34MAR21
AM34MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 37 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 3708
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.1    Bath(s) 1,647    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒     did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer       Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM34MAR21

File No.:  AM34MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 3708

                  MIAMI, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # 4003
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 575,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 349.12 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 37 51 -14,000 40 -3,000 45 -48,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1 4 2 2.1   4 2 2.1   4 2 2.1  
1,647 sq.ft. 1,498 sq.ft. +12,000 1,647 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☐ + ☒ - $ -2,000 ☐ + ☒ - $ -3,000 ☐ + ☒ - $ -57,000
Adjusted Sale Price of Comparables     $ 573,000   $ 572,000   $ 583,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       590,000
                                       
     

Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007

 

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM34MAR21

File No.:   AM34MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 3708 

MIAMI, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1                        
1,647 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     590,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’’as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based  on  the  degree  of  inspection  of  the  subject  property,  as  indicated  below,  defined  Scope  of  Work,  Statement  of  Assumptions  and  Limiting  Conditions, and  Appraiser’s  Certifications,  my  (our)  Opinion  of  the  Market  Value  (or  other  specified  value  type),  as  defined  herein,  of  the  real  property  that  is  the  subject of  this   report  is:     $                      590,000                   , as of:                                    03/17/2021                           ,  which  is  the  effective  date  of  this  appraisal. If  indicated  above,  this  Opinion of  Value  is  subject  to  Hypothetical  Conditions  and/or  Extraordinary  Assumptions  included  in  this  report.    See  attached  addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

 

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:

 
                                         
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007

 

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM33MAR21
AM33MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   3805 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 3805 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2140
Tax Year: 2020 R.E. Taxes: $ 8,634 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete  #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM33MAR21
AM33MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 38 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 3805
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.1    Bath(s) 1,647    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐    did   ☒    did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM33MAR21

File No.:  AM33MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 3805

               MIAMI, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # 4003
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 575,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 349.12 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 34 51 -13,000 40 -2,000 45 -7,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1 4 2 2.1   4 2 2.1   4 2 2.1  
1,647 sq.ft. 1,498 sq.ft. +12,000 1,647 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☐ + ☒ - $ -1,000 ☐ + ☒ - $ -2,000 ☐ + ☒ - $ -16,000
Adjusted Sale Price of Comparables     $ 574,000   $ 573,000   $ 624,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       600,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM33MAR21

File No.:   AM33MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 3805 

    MIAMI, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1                        
1,647 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                                                  X  Gross Rent Multiplier                                                                                            = $                                                                                               Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     600,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’’as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              600,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM32MAR21
AM32MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   4005 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 4005 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2200
Tax Year: 2020 R.E. Taxes: $ 8,774 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM32MAR21
AM32MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 40 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 4005
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.1    Bath(s) 1,647    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐    did   ☒       did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s):          PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM32MAR21

File No.:  AM32MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 4005

               MIAMI, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # 4003
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 575,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 349.12 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 34 51 -11,000 40 45 -5,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1 4 2 2.1   4 2 2.1   4 2 2.1  
1,647 sq.ft. 1,498 sq.ft. +12,000 1,647 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 1,000 ☐ + ☐ - $ 0 ☐ + ☒ - $ -14,000
Adjusted Sale Price of Comparables     $ 576,000   $ 575,000   $ 626,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       590,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM32MAR21

File No.:   AM32MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 4005 

    MIAMI, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1                        
1,647 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     590,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’’as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              590,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM31MAR21
AM31MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   4108 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 4108 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2970
Tax Year: 2020 R.E. Taxes: $ 8,845 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed?  ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM31MAR21
AM31MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 41 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 4108
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.1    Bath(s) 1,647    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐ did   ☒    did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM31MAR21

File No.:  AM31MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 4108

               MIAMI, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # 4003
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 575,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 349.12 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 41 51 -10,000 40 0 45 -4,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1 4 2 2.1   4 2 2.1   4 2 2.1  
1,647 sq.ft. 1,498 sq.ft. +12,000 1,647 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 2,000 ☐ + ☐ - $ 0 ☐ + ☒ - $ -13,000
Adjusted Sale Price of Comparables     $ 577,000   $ 575,000   $ 627,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       595,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM31MAR21

File No.:   AM31MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 4108 

    MIAMI, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1                        
1,647 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     595,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’‘as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              595,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________
Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM39MAR21
AM39MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   4305 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 4305 UNDIV
0.31092450% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2190
Tax Year: 2020 R.E. Taxes: $ 9,853 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM39MAR21
AM39MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 43 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 2 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 4305
Finished area above grade contains: 4    Rooms   1     Bedrooms 2.0    Bath(s) 1,675    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐    did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM39MAR21

File No.:  AM39MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 4305

               MIAMI, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # PH6305
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 785,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 468.66 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10790475 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 06/26/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 43 51 -8,000 63 -20,000 45 -2,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 1 2.0 4 2 2.1 -5,000 4 1 2.0   4 2 2.1  -5,000
1,675 sq.ft. 1,498 sq.ft. +14,200 1,675 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 1,200 ☐ + ☒ - $ -20,000 ☐ + ☒ - $ -16,000
Adjusted Sale Price of Comparables     $ 576,200   $ 765,000   $ 624,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       670,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM39MAR21

File No.:   AM39MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 4305 

    MIAMI, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 1 2.0                        
1,675 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     670,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’‘as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              670,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________

Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM30MAR21
AM30MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   4308 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 4308 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2980
Tax Year: 2020 R.E. Taxes: $ 8,935 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE RATES. SOME
 SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND PERMISSIBLE.
 
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                               

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM30MAR21
AM30MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 43 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 4308
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.1    Bath(s) 1,647    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD CONDITION. ITEMS OF
PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐    did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer       Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM30MAR21

File No.:  AM30MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 4308

                MIAMI, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # 4003
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 575,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 349.12 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 34 51 -8,000 40 +3,000 45 -2,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1 4 2 2.1   4 2 2.1   4 2 2.1  
1,647 sq.ft. 1,498 sq.ft. +12,000 1,647 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 4,000 ☒ + ☐ - $ 3,000 ☐ + ☒ - $ -11,000
Adjusted Sale Price of Comparables     $ 579,000   $ 578,000   $ 629,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       595,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM30MAR21

File No.:   AM30MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 4308 

    MIAMI, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1                        
1,647 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     595,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’’as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              595,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  ___________________________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   ______________________________________________________________________

Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:

 
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM29MAR21
AM29MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   4405 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 4405 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2200
Tax Year: 2020 R.E. Taxes: $ 9,125 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of depreciation described in the improvement section.
 
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND PERMISSIBLE.
 
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY CONSTRUCTION AND GOOD MARKET APPEAL.
 
 
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM29MAR21
AM29MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 44 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 4405
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.1    Bath(s) 1,647    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer       Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM29MAR21

File No.:  AM29MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 4405

                MIAMI, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # 4003
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 575,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 349.12 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 34 51 -7,000 40 +4,000 45 0
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1 4 2 2.1   4 2 2.1   4 2 2.1  
1,647 sq.ft. 1,498 sq.ft. +12,000 1,647 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 5,000 ☒ + ☐ - $ 4,000 ☐ + ☒ - $ -9,000
Adjusted Sale Price of Comparables     $ 580,000   $ 579,000   $ 631,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       595,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM29MAR21

File No.:   AM29MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 4405 

    MIAMI, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1                        
1,647 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     600,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’’as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              595,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________________________________________________________

Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:

 
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM28MAR21
AM28MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   4508 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 4508 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2220
Tax Year: 2020 R.E. Taxes: $ 9,125 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of depreciation described in the improvement section.
 
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY CONSTRUCTION AND GOOD MARKET APPEAL.
 
 
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                               

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM28MAR21
AM28MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 45 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 4508
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.1    Bath(s) 1,647    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer       Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM28MAR21

File No.:  AM28MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 4508

               MIAMI, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # 4003
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 575,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 349.12 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 34 51 -6,000 40 +5,000 45 0
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1 4 2 2.1   4 2 2.1   4 2 2.1  
1,647 sq.ft. 1,498 sq.ft. +12,000 1,647 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 6,000 ☒ + ☐ - $ 5,000 ☐ + ☒ - $ -9,000
Adjusted Sale Price of Comparables     $ 581,000   $ 580,000   $ 631,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       595,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM28MAR21

File No.:   AM28MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 4508 

    MIAMI, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1                        
1,647 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     600,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’’as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              595,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:

 
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM27MAR21
AM27MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   4605 City:   Miami State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 4605 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2220
Tax Year: 2020 R.E. Taxes: $ 8,353 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 %  ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit %  ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 %  * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %   
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 % 
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND PERMISSIBLE.
 
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
 Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
 Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
 Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
 Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
 Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
 Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
 CONSTRUCTION AND GOOD
 MARKET APPEAL.
 
 
 Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM27MAR21
AM27MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 46 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 4605
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.1    Bath(s) 1,647    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM27MAR21

File No.:  AM27MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 3405

                Miami, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # 4003
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 575,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 349.12 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 46 51 -5,000 40 +6,000 45 +1,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1 4 2 2.1   4 2 2.1   4 2 2.1  
1,647 sq.ft. 1,498 sq.ft. +12,000 1,647 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 7,000 ☒ + ☐ - $ 6,000 ☐ + ☒ - $ -8,000
Adjusted Sale Price of Comparables     $ 582,000   $ 581,000   $ 632,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       595,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM27MAR21

File No.:   AM27MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 4605 

    Miami, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1                        
1,647 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     595,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’’as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              595,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact: Optibase Inc.                                                                                                                                Client Name: Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:

 
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:    
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   4705 City:   Miami State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 4705 UNDIV
0.31092450%  INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2230
Tax Year: 2020 R.E. Taxes: $ 10,161 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 %  ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit %  ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 %  * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %   
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 % 
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
 Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
 Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
 Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
 Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
 Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
 Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
 CONSTRUCTION AND GOOD
 MARKET APPEAL.
 
 
 Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 47 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 4705
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.0    Bath(s) 1,675    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 

File No.:  
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 4705

                 Miami, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # PH6305
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 785,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 468.66 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 47 51 -4,000 63 -16,000 45 +2,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.0 4 2 2.1  -5,000 4 2 2.1   4 2 2.1  -5,000
1,675 sq.ft. 1,498 sq.ft. +14,200 1,675 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 5,200 ☐ + ☒ - $ -16,000 ☐ + ☒ - $ -12,000
Adjusted Sale Price of Comparables     $ 580,200   $ 769,000   $ 628,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       670,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                   

File No.:    
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 4705 

Miami, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.0                        
1,675 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     670,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’’as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              670,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact: Optibase Inc.                                                                                                                                Client Name: Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:

 
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM20MAR21
AM20MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   4805 City:   Miami State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 4805 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2260
Tax Year: 2020 R.E. Taxes: $ 9,336 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 %  ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit %  ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 %  * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %   
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 % 
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
 Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
 Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
 Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
 Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
 Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
 Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
 CONSTRUCTION AND GOOD
 MARKET APPEAL.
 
 
 Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM20MAR21
AM20MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 48 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 4805
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.1    Bath(s) 1,647    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM20MAR21

File No.:  AM20MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 4805

                Miami, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # 4003
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 575,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 349.12 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 48 51 -3,000 40 +8,000 45 +3,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1 4 2 2.1   4 2 2.1   4 2 2.1  
1,647 sq.ft. 1,498 sq.ft. +12,000 1,647 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 9,000 ☒ + ☐ - $ 8,000 ☐ + ☒ - $ -6,000
Adjusted Sale Price of Comparables     $ 584,000   $ 583,000   $ 634,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       605,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM20MAR21

File No.:   AM20MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 4805 

Miami, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1                        
1,647 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     605,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’’as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              605,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact: Optibase Inc.                                                                                                                                Client Name: Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

 

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:

 
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM25MAR21
AM25MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   5005 City:   Miami State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 5005 UNDIV
0.30572695%  INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2260
Tax Year: 2020 R.E. Taxes: $ 9,476 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 %  ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit %  ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 %  * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %   
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 % 
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
 Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
 Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
 Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
 Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
 Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
 Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
 CONSTRUCTION AND GOOD
 MARKET APPEAL.
 
 
 Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM25MAR21
AM25MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 50 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 5005
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.1    Bath(s) 1,647    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                   AM25MAR21

File No.:    AM25MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 5005

                Miami, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # 4003
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 575,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 349.12 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 50 51 0 40 +10,000 45 +5,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1 4 2 2.1   4 2 2.1   4 2 2.1  
1,647 sq.ft. 1,498 sq.ft. +12,000 1,647 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 12,000 ☒ + ☐ - $ 10,000 ☐ + ☒ - $ -4,000
Adjusted Sale Price of Comparables     $ 587,000   $ 585,000   $ 636,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       605,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM25MAR21

File No.:   AM25MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 5005 

    Miami, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1                        
1,647 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):     
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A __________________________________________________________________________________________________________________________________________
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     605,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’’as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              605,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact: Optibase Inc.                                                                                                                                Client Name: Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

 

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:

 
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM37MAR21
AM37MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   5105 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 5105 UNDIV
0.31092449% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2270
Tax Year: 2020 R.E. Taxes: $ 10,469 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM37MAR21
AM37MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 51 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 5105
Finished area above grade contains: 4    Rooms   1     Bedrooms 2.0    Bath(s) 1,675    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM37MAR21

File No.:  AM37MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 5105

               MIAMI, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # PH6305
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 785,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 468.66 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 51 51 0 63 -12,000 45 +6,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 1 2.0 4 2 2.1 -5000 4 1 2.0   4 2 2.1 -5000
1,675 sq.ft. 1,498 sq.ft. +14,200 1,675 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 9,200 ☐ + ☒ - $ -12,000 ☐ + ☒ - $ -8,000
Adjusted Sale Price of Comparables     $ 584,200   $ 773,000   $ 632,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       672,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM37MAR21

File No.:   AM37MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 5105 

    MIAMI, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 1 2.0                        
1,675 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     672,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’‘as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              672,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________

Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM24MAR21
AM24MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   5107 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 5107 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2280
Tax Year: 2020 R.E. Taxes: $ 9,547 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM24MAR21
AM24MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 51 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 5107
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.1    Bath(s) 1,647    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM24MAR21

File No.:  AM24MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 5107

               MIAMI, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # 4003
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 575,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 349.12 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 51 51 40 +11,000 45 +6,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1 4 2 2.1   4 2 2.1   4 2 2.1  
1,647 sq.ft. 1,498 sq.ft. +12,000 1,647 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 12,000 ☒ + ☐ - $ 11,000 ☐ + ☒ - $ -3,000
Adjusted Sale Price of Comparables     $ 587,000   $ 586,000   $ 637,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       605,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM24MAR21

File No.:   AM24MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 5107 

    MIAMI, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1                        
1,647 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A __________________________________________________________________________________________________________________________________________
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     605,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’‘as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              605,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________

Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM21MAR21
AM21MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   5205 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 5205 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2280
Tax Year: 2020 R.E. Taxes: $ 9,617 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: Desktop   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 %  ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit %  ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 %  * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %   
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 % 
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
 Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
 Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
 Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
 Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
 Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
 Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
 CONSTRUCTION AND GOOD
 MARKET APPEAL.
 
 
 Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM21MAR21
AM21MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 52 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 5205
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.1    Bath(s) 1,647    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM21MAR21

File No.:  AM21MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 5205

               Miami, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # 4003
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 575,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 349.12 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 52 51 0 40 +12,000 45 +7,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1 4 2 2.1   4 2 2.1   4 2 2.1  
1,647 sq.ft. 1,498 sq.ft. +12,000 1,647 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 12,000 ☒ + ☐ - $ 12,000 ☐ + ☒ - $ -2,000
Adjusted Sale Price of Comparables     $ 587,000   $ 587,000   $ 638,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       605,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM21MAR21

File No.:   AM21MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 5205 

    Miami, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1                        
1,647 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     605,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’’as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              605,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________

Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM23MAR21
AM23MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   5307 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 5307 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2810
Tax Year: 2020 R.E. Taxes: $ 9,687 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 %  ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit %  ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 %  * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %   
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 % 
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
 Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
 Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
 Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
 Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
 Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
 Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
 CONSTRUCTION AND GOOD
 MARKET APPEAL.
 
 
 Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM23MAR21
AM23MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 53 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 5307
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.1    Bath(s) 1,647    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM23MAR21

File No.:  AM23MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 5307

               Miami, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # 4003
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 575,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 349.12 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 46 51 0 40 +13,000 45 +8,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1 4 2 2.1   4 2 2.1   4 2 2.1  
1,647 sq.ft. 1,498 sq.ft. +12,000 1,647 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 12,000 ☒ + ☐ - $ 13,000 ☐ + ☒ - $ -1,000
Adjusted Sale Price of Comparables     $ 587,000   $ 588,000   $ 639,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       605,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM23MAR21

File No.:   AM23MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 5307 

    Miami, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1                        
1,647 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A __________________________________________________________________________________________________________________________________________
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     605,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’’as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              605,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _____________________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________

Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM36MAR21
AM36MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   5505 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 5505 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2310
Tax Year: 2020 R.E. Taxes: $ 10,776 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description    ☐ Detached    ☐ Row or Townhouse    ☐ Garden    ☐ Mid-Rise    ☒ High-Rise    ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy      ☐ Principal Residence      ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM36MAR21
AM36MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 55 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 2 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 5505
Finished area above grade contains: 4    Rooms   1     Bedrooms 2.0    Bath(s) 1,675    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer      Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM36MAR21

File No.:  AM36MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 5505

               MIAMI, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # PH6305
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 785,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 468.66 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10790475 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 06/26/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 55 51 +8,000 63 -4,000 45 +14,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 1 2.0 4 2 2.1 -5,000 4 1 2.0   4 2 2.1  
1,675 sq.ft. 1,498 sq.ft. +14,200 1,675 sq.ft. 0 1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☐ + ☒ - $ 17,200 ☐ + ☒ - $ -4,000 ☐ + ☒ - $ 5,000
Adjusted Sale Price of Comparables     $ 592,200   $ 781,000   $ 645,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       672,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM36MAR21

File No.:   AM36MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 5505 

Miami, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 1 2.0                        
1,675 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     672,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’’as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              672,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________
Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:

 
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM35MAR21
AM35MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   5705 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 5705 UNDIV
0.31092450% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2330
Tax Year: 2020 R.E. Taxes: $ 10,930 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF
SOURCES AT COMPETITIVE RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS
LEGAL AND PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS, PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM35MAR21
AM35MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 57 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 2 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 5905
Finished area above grade contains: 4    Rooms   1     Bedrooms 2.0    Bath(s) 1,675    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM35MAR21

File No.:  AM35MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 5705

                Miami, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # PH6305
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 785,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 468.66 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10790475 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 07/21/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 57 51 +6,000 63 -6,000 45 +12,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 1 2.0 4 2 2.1 -5,000 4 1 2.0 -5,000 4 2 2.1 -5,000
1,675 sq.ft. 1,498 sq.ft. +14,200 1,675 sq.ft. 0 1,754 sq.ft. -6,300
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 15,200 ☐ + ☒ - $ -11,000 ☒ + ☐ - $ 700
Adjusted Sale Price of Comparables     $ 590,200   $ 774,000   $ 640,700
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       670,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM35MAR21

File No.:   AM35MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 5705 

Miami, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 1 2.0                        
1,675 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):     
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A __________________________________________________________________________________________________________________________________________
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     670,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’‘as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              670,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact: Optibase Inc.                                                                                                                                Client Name: Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:

 
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM35MAR21
AM35MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   5905 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 5905 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2350
Tax Year: 2020 R.E. Taxes: $ 11,084 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM35MAR21
AM35MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 59 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 2 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 5905
Finished area above grade contains: 4    Rooms   1     Bedrooms 2.0    Bath(s) 1,675    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM35MAR21

File No.:  AM35MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 5905

               MIAMI, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # PH6305
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 785,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 468.66 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10790475 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 06/26/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 59 51 +8,000 63 -4,000 45 +14,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 1 2.0 4 2 2.1 -5,000 4 1 2.0   4 2 2.1  
1,675 sq.ft. 1,498 sq.ft. +14,200 1,675 sq.ft. 0 1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 17,200 ☐ + ☒ - $ -4,000 ☒ + ☐ - $ 5,000
Adjusted Sale Price of Comparables     $ 592,200   $ 781,000   $ 645,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       672,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM35MAR21

File No.:   AM35MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 5905 

    Miami, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 1 2.0                        
1,675 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A __________________________________________________________________________________________________________________________________________
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     672,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’‘as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              672,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                    

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________
Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM26MAR21
AM26MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   5907 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 5907 UNDIV
0.30572695% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-2840
Tax Year: 2020 R.E. Taxes: $ 10,108 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 380 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 1,725 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 585 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF
SOURCES AT COMPETITIVE RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS
LEGAL AND PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM26MAR21
AM26MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 59 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 5907
Finished area above grade contains: 4    Rooms   2     Bedrooms 2.1    Bath(s) 1,647    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM26MAR21

File No.:  AM26MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 BISCAYNE BLVD , # 5907

               Miami, FL 33132

 1100 Biscayne Blvd # 5103
MIAMI, FL 33132		 1100 Biscayne Blvd # 4003
MIAMI, FL 33132		 1100 Biscayne Blvd # 4509
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 Marquis Condo.
1		 Marquis Condo.
1
Proximity to Subject   Less than 0.01 miles Less than 0.01 miles Less than 0.01 miles
Sale Price $ 0   $ 575,000   $ 575,000   $ 640,000
Sale Price/GLA $ 815.71 /sq.ft. $ 383.85 /sq.ft.   $ 349.12 /sq.ft.   $ 364.88 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10654163 mls#A10825575 mls#A10508754
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

  

0

0

  

0

0

  
Date of Sale/Time N/A 12/02/2020 0 08/19/2020 0 01/07/2021 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 59 51 +8,000 40 +19,000 45 +14,000
View B;Water,City. B;Water,City.   B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   12   12  
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1 4 2 2.1   4 2 2.1   4 2 2.1  
1,647 sq.ft. 1,498 sq.ft. +12,000 1,647 sq.ft.   1,754 sq.ft. -9,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
               
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 20,000 ☒ + ☐ - $ 19,000 ☒ + ☐ - $ 5,000
Adjusted Sale Price of Comparables     $ 595,000   $ 594,000   $ 645,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000.
Indicated Value by Sales Comparison Approach $       605,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM26MAR21

File No.:   AM26MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 BISCAYNE BLVD , # 5907 

    Miami, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
4 2 2.1                        
1,647 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     605,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’‘as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              605,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM40MAY21
AM40MAY21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   6303 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 6303 UNDIV
0.53627514% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-1480
Tax Year: 2020 R.E. Taxes: $ 23,271 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 675 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 3,349 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 675 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE
RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND
PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM40MAY21
AM40MAY21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 63 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 2 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 6303  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 60
Finished area above grade contains: 6    Rooms   3     Bedrooms 2.1    Bath(s) 2,888    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM40MAY21

File No.:  AM40MAY21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 6303

                MIAMI, FL 33132

 1100 Biscayne Blvd # 6307
MIAMI, FL 33132		 900 Biscayne Blvd # 6201
MIAMI, FL 33132		 900 Biscayne Blvd # 6107
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 900 Biscayne Condo.
1		 900 Biscayne Condo.
1
Proximity to Subject   Less than 0.01 miles 0.13 miles S 0.13 miles S
Sale Price $ 0   $ 1,700,000   $ 2,100,000   $ 2,400,000
Sale Price/GLA $ 815.71 /sq.ft. $ 563.47 /sq.ft.   $ 656.46 /sq.ft.   $ 678.93 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10892180 mls#A10910086 mls#A10748145
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

24000

 -24,000

0

0

  

0

0

  
Date of Sale/Time N/A 12/11/2020 0 12/31/2020 0 10/29/2020 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 63 63   62 0 61 0
View B;Water,City. B;Water,City. +300,000 B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   13  0 13  0
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths +50,000 Total Bdrms Baths   Total Bdrms Baths  
6 3 2.1 4 2 2.1 0 7 4 4.1 -30,000 6 3 3.1 -15,000
2,888 sq.ft. 3,017 sq.ft. -10,000 3,199 sq.ft. -25,000 3,535 sq.ft. -52,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
Roof top Ter with Jacuzzi Yes None +150,000 None +150,000 None +150,000
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 466,000 ☒ + ☐ - $ 95,000 ☒ + ☐ - $ 83,000
Adjusted Sale Price of Comparables     $ 2,166,000   $ 2,195,000   $ 2,483,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 7 SIMILAR ACTIVE LISTINGS BETWEEN $1,100,000. AND $2,990,000. 3 PENDING SALES BETWEEN $1,30000 AND $3,199,000.
Indicated Value by Sales Comparison Approach $       2,490,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM40MAY21

File No.:   AM40MAY21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 6303 

    Miami, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
6 3 2.1                        
2,888 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A __________________________________________________________________________________________________________________________________________
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     2,490,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’’as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              2,490,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/18/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                    

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________
Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:

 
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM41MAR21
AM41MAR21
SUBJECT Property Address:      1100 Biscayne Blvd Unit #:   6304 City:   MIAMI State:   FL
Zip Code:    33132 County:    Miami Dade. Legal Description:      MARQUIS CONDO UNIT 6304 UNDIV
0.51474246% INT IN COMMON ELEMENTS. Assessor’s Parcel #:      01-32-31-070-1930
Tax Year: 2020 R.E. Taxes: $ 24,158 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Marquis Condo.   Map Reference: 33124   Census Tract: 0037.02
Project Name: Marquis Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 675 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 3,349 High 85 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 675 Pred 35 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): I-395 TO THE NORTH,MIAMI RIVER TO
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF
SOURCES AT COMPETITIVE RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 6401   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0312L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS
LEGAL AND PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 67 Exterior Walls Concrete   Units 285 Phases 1 Planned Phases  
# of Elevators 4 Roof Surface Concrete   Units Completed 285 Units 285 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 285 Units Sold 285 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM41MAR21
AM41MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 63 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 2 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 12 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 12     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Tile/Wood/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 1
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Tile/Good. Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   1
Bath Wainscot Tile/Good Fan/Hood ☒ Floor ☐ Fence None       ☒ Assigned 6304
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 60
Finished area above grade contains: 6    Rooms   3     Bedrooms 2.1    Bath(s) 2,888    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM41MAR21

File No.:  AM41MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   1100 Biscayne Blvd , # 6304

                 Miami, FL 33132

 1100 Biscayne Blvd # 6307
MIAMI, FL 33132		 900 Biscayne Blvd # 6201
MIAMI, FL 33132		 900 Biscayne Blvd # 6107
MIAMI, FL 33132

Project      Marquis Condo.

Phase        1

 Marquis Condo.
1		 900 Biscayne Condo.
1		 900 Biscayne Condo.
1
Proximity to Subject   Less than 0.01 miles 0.13 miles S 0.13 miles S
Sale Price $ 0   $ 1,700,000   $ 2,100,000   $ 2,400,000
Sale Price/GLA $ 815.71 /sq.ft. $ 563.47 /sq.ft.   $ 656.46 /sq.ft.   $ 678.93 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10892180 mls#A10910086 mls#A10748145
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

24000

 -24,000

0

0

  

0

0

  
Date of Sale/Time N/A 12/11/2020 0 12/31/2020 0 10/29/20 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 63 63 62 0 60 0
View B;Water,City. B;Water,City.Inf +300,000 B;Water,City.   B;Water,City.  
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 12 12   13  0 13 0
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths +50,000 Total Bdrms Baths   Total Bdrms Baths  
6 3 2.1 4 2 2.1 0 7 4 4.1 -30,000 6 3 3.1 -15,000
2,888 sq.ft. 3,017 sq.ft. -10,000 3,199 sq.ft. -25,000 3,535 sq.ft. -52,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balcony Balcony   Balcony   Balcony  
Roof top Ter with Jacuzzi Yes None +150,000 None +150,000 None +150,000
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 466,000 ☒ + ☐ - $ 95,000 ☒ + ☐ - $ 83,000
Adjusted Sale Price of Comparables     $ 2,166,000   $ 2,195,000   $ 2,483,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES.
 
SUBJECT’S PROPERTY COMPLEX HAS 7 SIMILAR ACTIVE LISTINGS BETWEEN $1,100,000. AND $2,990,000. 3 PENDING SALES BETWEEN $1,30000 AND $3,199,000.
Indicated Value by Sales Comparison Approach $       2,490,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM41MAR21

File No.:   AM41MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     1100 Biscayne Blvd , # 6304 

Miami, FL 33132 

      

Project     Marquis Condo. 

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  12      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
6 3 2.1                        
2,888 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach:  N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     2,490,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’‘as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              2,490,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/18/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                             

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

 

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________
Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:

 
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

Florida House Appraisals
 
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.:     AM19MAR21
AM19MAR21
SUBJECT Property Address:      50 S POINTE DR Unit #:   3302 City:   MIAMI BEACH State:   FL
Zip Code:    33139 County:    MIAMI DADE Legal Description:      CONTINUUM ON SOUTH BEACH CONDO THE
NORTH TOWER UNIT 3302 UNDIV 0.7658428% INT IN COMMON E. Assessor’s Parcel #:      02-42-03-340-0730
Tax Year: 2020 R.E. Taxes: $ 111,806 Special Assessments: $ 0 Borrower (if applicable):      N/A
Current Owner of Record:     Optibase Real Estate Miami LLC Occupant:      ☐ Owner ☐ Tenant (Market Rent) ☐ Tenant (Regulated Rent) ☒ Vacant
Project Type: ☒ Condominium ☐ Other (describe)   HOA: $ Unk. ☐ per year ☐ per month
Market Area Name: Continuum On South Beach Condo.   Map Reference: Desktop   Census Tract: 0045.00
Project Name: Continuum On South Beach Condo.   Phase: 1  
                                       
ASSIGNMENT The purpose of this appraisal is to develop an opinion of:    ☒ Market Value (as defined), or    ☐ other type of value (describe)
This report reflects the following value (if not Current, see comments):    ☒ Current (the Inspection Date is the Effective Date)    ☐ Retrospective    ☐ Prospective
Approaches developed for this appraisal:  ☒ Sales Comparison Approach  ☐ Cost Approach  ☐ Income Approach (See Reconciliation Comments and Scope of Work)      
Property Rights Appraised:    ☒ Fee Simple    ☐ Leasehold    ☐ Leased Fee    ☐ Other (describe)
Intended Use: Determine the market value pf the property.
 
Intended User(s) (by name or type): Optibase Inc.
Client:      Optibase Inc.   Address:    PO Box 448 Mountain View, CA 94042
Appraiser:    Alejandro Martell   Address:    1071 SW 150th Pl, Miami, FL 33194-2579
           
MARKET AREA DESCRIPTION Location: ☒ Urban ☐ Suburban ☐ Rural Predominant Condominium Housing Present Land Use Change in Land Use
Built up: ☒ Over 75% ☐ 25-75% ☐ Under 25% Occupancy PRICE   AGE One-Unit 70 % ☒ Not Likely  
Growth rate: ☒ Rapid ☐ Stable ☐ Slow ☒ Owner     80 $(000)   (yrs) 2-4 Unit % ☐ Likely * ☐ In Process *
Property values: ☒ Increasing ☐ Stable ☐ Declining ☒ Tenant     20 1,000 Low 0 Multi-Unit 0 % * To: _____________________
Demand/supply: ☐ Shortage ☒ In Balance ☐ Over Supply ☐ Vacant (0-5%) 12,000 High 65 Comm’l 25 %  
Marketing time: ☐ Under 3 Mos. ☒ 3-6 Mos. ☐ Over 6 Mos. ☒ Vacant (>5%) 5,000 Pred 40 Other 5 %
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): 5 ST TO THE NORTH,FISHER ISLAND
TO THE SOUTH ,ATLANTIC OCEAN TO THE EAST, BISCAYNE BAY TO THE WEST. FINANCING IS READILY AVAILABLE FROM A
VARIETY OF SOURCES AT COMPETITIVE RATES. SOME SELLER FINANCING WAS ALSO NOTED.
 
 
 
 
 
                             
PROJECT SITE DESCRIPTION Zoning Classification: 3004   Description: RESIDENTIAL-CONDOMINIUM
  Zoning Compliance: ☒ Legal ☐ Legal nonconforming (grandfathered) ☐ Illegal ☐ No zoning
Ground Rent (if applicable) $_______/ _______   Comments:   N/A
 
Highest & Best Use as improved (or as proposed per plans & specifications):   ☒ Present use, or   ☐ Other use (explain)  
 
Actual Use as of Effective Date: CONDOMINIUM RESIDENTIAL   Use as appraised in this report: CONDOMINIUM RESIDENTIAL
Summary of Highest & Best Use: The improvements are substantially the highest and best use for the subject property,except for those items of
depreciation described in the improvement section.
 
Utilities Public Other Provider/Description Off-site Improvements   Type   Public Private Density AVERAGE /TYPICAL
Electricity ☒ ☐ FPL Street   ASPHALT   ☒ ☐ Size TYPICAL OF THE AREA
Gas ☐ ☐ NONE Curb/Gutter   YES/YES   ☒ ☐ Topography STREET GRADE, LEVEL
Water ☒ ☐ Miami Dade Sidewalk   YES   ☒ ☐ View N;Res;
Sanitary Sewer ☒ ☐ Miami Dade Street Lights   YES   ☒ ☐    
Storm Sewer ☒ ☐ Miami Dade Alley   None   ☐ ☐    
Other site elements: ☐ Inside Lot ☐ Corner Lot ☐ Cul de Sac ☐ Underground Utilities ☐ Other (describe)
FEMA Spec’l Flood Hazard Area ☒ Yes ☐ No FEMA Flood Zone    AE   FEMA Map # 12086C0319L   FEMA Map Date 09/11/2009
Site Comments: STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS
LEGAL AND PERMISSIBLE.
 
 
 
                                     
PROJECT INFORMATION Data source(s) for project information EXTERIOR OBSERVATION,MLS,PUBLIC RECORDS.
Project Description ☐ Detached ☐ Row or Townhouse ☐ Garden ☐ Mid-Rise ☒ High-Rise ☐ Other (describe)
General Description of Project Subject Phase             # If Project Completed     # If Project Incomplete #
# of Stories 37 Exterior Walls Concrete   Units 202 Phases 1 Planned Phases  
# of Elevators 6 Roof Surface Concrete   Units Completed 202 Units 202 Planned Units  
☒ Existing ☐ Proposed ☐ Und.Cons. Total # Parking Unknown   Units For Sale Unk Units for Sale Unk Units for Sale  
Design (Style) High Rise Ratio (spaces/unit) Unk   Units Sold 202 Units Sold 202 Units Sold  
Actual Age (Yrs.) 13 Parking Type(s) Covered   Units Rented Unk Units Rented Unk Units Rented  
Effective Age (Yrs.) 13 Guest Parking Valet   Owner Occup. Units Unk Owner Occup. Units Unk Owner Occup. Units  
Project Primary Occupancy    ☐ Principal Residence    ☐ Second Home or Recreational    ☒ Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?    ☐ Yes    ☒ No
Management Group:    ☒ Homeowners’ Association    ☐ Developer    ☐ Management Agent (name of management agent or company):    
 
Was the project created by the conversion of existing building(s) into a condominium?    ☐ Yes   ☒ No    If Yes, describe the original use and date of conversion.
 
Are CC&Rs applicable? ☐ Yes ☐ No ☒ Unknown Have the documents been reviewed? ☐ Yes ☒ No     Comments: N/A
 
Project Comments (condition, quality of construction, completion status, etc.): THE PROJECT IS IN GOOD CONDITION,GOOD QUALITY
CONSTRUCTION AND GOOD
MARKET APPEAL.
 
 
Common Elements and Recreational Facilities:   SECURITY,POOL,SPA,GYM,COMMON AREAS.ETC.
 
 
                                 

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

     
INDIVIDUAL CONDO UNIT APPRAISAL REPORT File No.: AM19MAR21
AM19MAR21
PROJECT ANALYSIS Summary of condominium project budget analysis for the current year (if analyzed):   APPRAISER NOT PROVIDED WITH THE DOCUMENT.
 
 
 
 
 
Other fees for the use of the project facilities (other than regular HOA charges):   Unk.
 
 
 
Compared to other competitive projects of similar quality and design, the subject unit charge appears   ☐ High ☒ Average ☐ Low (If High or Low, describe)
 
 
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
☐ Yes ☒ No If Yes, describe and explain the effect on value and marketability.    
 
 
 
 
 
DESCRIPTION OF THE UNIT IMPROVEMENTS Unit Charge: $    Unk per month X 12 = $     Unk per year.       Annual assessment charge per year per SF of GLA = $    Unk
Utilities included in the Unit Charge: ☒ None    ☐ Heat    ☐ Air Conditioning    ☐ Electricity    ☐ Gas    ☐ Water    ☐ Sewer    ☐ Cable    ☐ Other
Source(s) used for physical characteristics of property: ☐ New Inspection ☐ Previous Appraisal Files ☒ MLS ☒ Assessment and Tax Records ☐ Prior Inspection
☐ Property Owner ☐ Other (describe)   Data Source for Gross Living Area Public Records
General Description Exterior Description   Foundation   ☐ N/A Basement ☒ N/A Heating YES
Floor Location 33 Foundation Concrete Slab Concrete Area Sq. Ft.   Type CENTRAL
# of Levels 1 Exterior Walls Concrete Crawl Space None % Finished   Fuel ELCTR.
Design (Style) High Rise Roof Surface Concrete/Good Basement None Ceiling      
☒ Existing ☐ Proposed Gutters & Dwnspts. Yes/Yes Sump Pump ☐ Walls   Cooling YES
☐ Under Construction Window Type Sliding/Good Dampness ☐ Floor   Central X
Actual Age (Yrs.) 13 Storm/Screens Yes/Yes/Ave Settlement None Outside Entry   Other  
Effective Age (Yrs.) 13     Infestation None        
Interior Description Appliances     Attic ☒ N/A Amenities Car Storage   ☐ None
Floors Marble/Good Refrigerator ☒ Stairs ☐ Fireplace(s) # 0 Woodstove(s) # 0 ☐ Garage # 0
Walls Drywall/Good. Range/Oven ☒ Drop Stair ☐ Patio None       ☒ Covered # 4
Trim/Finish Wood/Good Disposal ☒ Scuttle ☐ Deck O.Terrace       ☐ Open #  
Bath Floor Marble/Good Dishwasher ☒ Doorway ☐ Porch C.Entry       Total # of cars   4
Bath Wainscot Marble/Good Fan/Hood ☒ Floor ☐ Fence Wood       ☒ Assigned 4  
Doors Impact/Good Microwave ☒ Heated ☐ Pool None       ☐ Owned    
    Washer/Dryer ☒ Finished ☐ Balcony Yes       Space #(s) 3302
Finished area above grade contains: 7    Rooms   4     Bedrooms 3.1    Bath(s) 2,903    Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered? ☒ Yes ☐ No (If No, describe)    
 
 
Additional features:   THE SUBJECT PROPERTY HAS CENTRAL A/C.
 
 
 
 
 
Describe the condition of the property (including physical, functional and external obsolescence): THE SUBJECT IS CONSIDERED TO BE IN GOOD
CONDITION. ITEMS OF PERSONAL PROPERTY ARE NOT INCLUDED IN THIS REPORT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSFER HISTORY My research  ☐   did   ☒      did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): PUBLIC RECORDS/MLS
1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing:   N/A
Date:      
Price:      
Source(s):      
2nd Prior Subject Sale/Transfer    
Date:      
Price:      
Source(s):      
                                                     

  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                 AM19MAR21

File No.:  AM19MAR21
SALES COMPARISON APPROACH SALES COMPARISON APPROACH TO VALUE (if developed)                ☐ The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address   50 S Pointe Dr Apt 3302

               Miami Beach, FL 33139

 50 S Pointe Dr Apt 2803
Miami Beach, FL 33139		 800 S Pointe Dr Apt 1103
Miami Beach, FL 33139		 125 Ocean Dr # U-0602
Miami Beach, FL 33139

Project      Continuum On South Beach Condo.

Phase        1

 Continuum On South Beach Condo.
1		 Apogee Condo.
1		 Ocean House Condo.
1
Proximity to Subject   Less than 0.01 miles 0.23 miles W 0.15 miles N
Sale Price $ 0   $ 4,800,000   $ 7,500,000   $ 10,250,000
Sale Price/GLA $ 815.71 /sq.ft. $ 2,208.93 /sq.ft.   $ 2,721.34 /sq.ft.   $ 2,604.17 /sq.ft.  
Data Source(s) FARES/TAX R. TAX.REC./REALIST. TAX.REC./REALIST. TAX.REC./REALIST.
Verification Source(s) INSPECTION mls#A10964869 mls#A10969413 mls#A10917307
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.
Sales or Financing
Concessions

0

0

0

0

0

0

  

0

0

  
Date of Sale/Time N/A 01/01/2021 0 02/26/2021 0 10/13/2020 0
Rights Appraised Fee Simple Fee Simple   Fee Simple   Fee Simple  
Location N;Res N;Res   N;Res   N;Res  
HOA Fees ($/Month) Unk Unk   Unk   Unk  

Common Elements and

Recreational Facilities

POOL

C.AREAS

POOL

C.AREAS

  

POOL

C.AREAS

  

POOL

C.AREAS

  
Floor Location 33 28 +10,000 11 +44,000 6 +54,000
View B;Water,City. B;Water,City.   B;Water,City. +150,000 B;Water,City. +150,000
Design (Style) High Rise High Rise   High Rise   High Rise  
Quality of Construction Q3 Q3   Q3   Q3  
Age 13 13   13  0 12  0
Condition C3 C3   C3   C3  
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths  
7 4 3.1 6 3 3.1 0 6 3 3.1 0 7 4 4.1 -25,000
2,903 sq.ft. 2,173 sq.ft. +146,000 2,756 sq.ft. +30,000 3,936 sq.ft. -207,000
Basement & Finished Rooms Below Grade 0sf 0sf   0sf   0sf  
Functional Utility AVERAGE AVERAGE   AVERAGE   AVERAGE  
Heating/Cooling CENTRAL A/C CENTRAL A/C   CENTRAL A/C   CENTRAL A/C  
Energy Efficient Items STANDARD STANDARD   STANDARD   STANDARD  
Parking Covered Covered   Covered   Covered  
Porch/Patio/Deck Balc./O.Terr Balc./O.Terr   Balcony +30,000 Balcony +30,000
 
               
               
               
               
Net Adjustment (Total)   ☒ + ☐ - $ 156,000 ☒ + ☐ - $ 254,000 ☒ + ☐ - $ 2,000
Adjusted Sale Price of Comparables     $ 4,956,000   $ 7,754,000   $ 10,252,000
Summary of Sales Comparison Approach ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO
 
SUBJECT’S PROPERTY COMPLEX HAS 15 ACTIVE LISTINGS BETWEEN $6,499,000. AND $15,500,000. 2 ACTIVE WITH CONTRACT BETWEEN $7,349,000 AND $10,200,000.3 PENDING SALES BETWEEN $6,450,000 AND $8,500,000.
Indicated Value by Sales Comparison Approach $       9,000,000
                                       
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007
     

 

 

 

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

                  AM19MAR21

File No.:   AM19MAR21
INCOME APPROACH INCOME APPROACH TO VALUE (if developed)                    ☒ The Income  Approach  was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3

Address     50 S Pointe Dr Apt 3302

    Miami Beach, FL 33139

      

Project     Continuum On South Beach Condo

Phase       1 

      
Proximity to Subject        
Current Monthly Rent  $    $    $    $
Rent/GLA  $                        /sq.ft.    $                        /sq.ft.    $                     /sq.ft.    $                      /sq.ft.
Rent Control   ☐ Yes ☐ No  ☐ Yes ☐ No    ☐ Yes ☐ No    ☐ Yes ☐ No  
Data Source(s)        
Date of Lease(s)        
Location  N;Res      
View        
Age  13      
Condition  C3      
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths   Total Bdrms Baths   Total Bdrms Baths  
7 4 3.1                        
2,903 sq.ft.  sq.ft.    sq.ft.    sq.ft.   
Utilities Included        
         
         
         
Summary of Income Approach (including support for market rent and GRM):    
 
 
 
 
 
 
 
 
 
 
Opinion of Monthly Market Rent $                                                                  X  Gross Rent Multiplier                                                                   = $                                                                 Indicated Value by Income Approach
COST APPROACH TO VALUE (if developed)                ☒   The Cost Approach  was not developed  for this appraisal.
Summary of Cost Approach: N/A
COST  
   

RECONCILIATION

 

 Indicated Value by: Sales Comparison Approach $     9,000,000                      Cost Approach (if developed) $                               Income Approach (if developed) $
Final Reconciliation       FINAL RELIANCE IS GIVEN TO THE SALES COMPARISON APPROACH WHICH BEST REFLECTS THE ACTIONS OF  BUYERS AND SELLERS IN THE MARKET PLACE. DUE TO THE LACK OF LAND SALES, THE COST APPROACH IS NOT A RELIABLE   APPROACH TO VALUE. THE INCOME APPROACH IS NOT TYPICALLY APPLIED FOR SINGLE FAMILY OCCUPIED.                                     
 

This appraisal is made ☒ ’‘as is’’, ☐ subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ☐ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ☐ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: SEE APPRAISER’S CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS.  

 
 ☐ This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
  Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $              9,000,000             , as of:             03/17/2021             , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS

A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. 

Attached Exhibits: 

☒ Scope of Work                                ☐ Limiting Cond./Certifications              ☐ Narrative Addendum               ☒ Photograph Addenda            ☐ Sketch Addendum 

☒ Map Addenda                                 ☐ Additional Sales                                   ☐ Additional Rentals                   ☐ Flood Addendum                  ☐ Hypothetical Conditions 

☐ Extraordinary Assumptions            ☐ Budget Analysis                                   ☐                                                  ☐                                               ☐
SIGNATURES

Client Contact:   Optibase Inc.                                                                                                                                Client Name:   Optibase Inc.                                                                   

E-Mail: amirp@optibase-holdings.com                                                                                                                                    Address: PO Box 448 Mountain View, CA 94042 

APPRAISER

 

 

Appraiser Name: Alejandro Martell                                                                                           

Company: Florida House Appraisals                                                                                                                   

Phone: (786) 277-8953                Fax:  _________           ____________________

E-Mail: floridahouseappraisals@yahoo.com                                                                    

Date of Report (Signature): 03/17/2021                                                                                    

License or Certification #: Cert Res RD5414                                State: FL                                          

Designation: Cert Res RD5414                                                                                                                     

Expiration Date of License or Certification: 11/30/2022                                                                                    

Inspection of Subject:      ☐ Interior & Exterior           ☐ Exterior Only      ☒ None

Date of Inspection: 03/17/2021

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

 

 

 

 

 

 

 

 

 

 

 

Supervisory or

Co-Appraiser Name:_________________________________________________________________

Company:   _________________Phone:  _________________________________________________Fax:  ____________________

E-Mail: _________________________________________________________________________________________

Date of Report (Signature):______________________________________________________________________________

License or Certification #: __________________________________________  State: ___________________________

Designation: _______________________________________________________________________________________________

Expiration Date of License or Certification:  _______________________________________________________________________________

Inspection of Subject:      ☐ Interior & Exterior       ☐ Exterior Only    ☐ None

Date of Inspection:
                                         
  Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE 6/2007