Table of Contents
Summary of Salient Facts and Conclusions
General Information
Identification of Subject
Sale History
Pending Transactions
Purpose of the Appraisal
Basis of Value
Definition of Property Rights Appraised Definition of Going-Concern Premise Intended Use and User
Applicable Requirements
Prior Services
Competency
Independence
RICS Valuer Registration
Currency
Scope of Work
Economic Analysis
Area Analysis Surrounding Area Analysis Marina Market Analysis
Property Analysis
Land Description and Analysis Improvements Description and Analysis Real Estate Taxes
Highest and Best Use
Valuation Valuation Methodology
IGY American Yacht Harbor Marina
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Income Capitalization Approach 57 Market Rent Analysis — General Retail Space 59 Market Rent Analysis — General Office Space 65
Market Rent Analysis — Restaurant Space 71 Market Rent Analysis — Marina Slip Rentals78
Reconciliation and Conclusion of Value 106 Exposure Time 107 Marketing Period 107
Allocation of Going-Concern Value 108 Value of Furniture, Fixtures and Equipment (FF&E) 108 Value of Intangible Assets 109 Allocation of Going-Concern Value 109
Insurable Replacement Cost 110
Certification 111
Assumptions and Limiting Conditions 113
Addenda
A. Appraiser Qualifications
B. Financials and Property Information
C. Comparable Data
D. DCF Reports
E. Engagement Letter
HOUSE_OVERSIGHT_018810