Laserfiche WebLink
Hi2;hest. and Best„,.Use <br />Highest and best use is defined as that reasonable and probable use that supports the highest present <br />value, as defined, as of the effective date of the appraisal. This use must be physically possible, legal, <br />financially feasible and result in the highest land value. <br />The zoning will legally allow for almost any feasible uses, except for multi -family. VdUle single- <br />family uses may be granted with a special permit, the high traffic count almost demands some type <br />of commercial use to maximize the land value. The subject has access to all city utilities and its <br />shape, open terrain, and access from three city streets make it physically suitable for a wide number <br />of uses; however, the overall size and narrow width/frontage will limit the overall potential for <br />subdivision. Further, there is very little to no identifiable separate demand for a rear lot facing I” <br />NW, and roughly 15%, which is in the westernmost portion, is within the 100 year flood plain. <br />Therefore, the subject is best left as single site. The primary physical limitation is its narrow width, <br />but that is somewhat offset by the access from three streets. <br />.Given the location and nature of the surrounding uses, the site would most likely be developed as <br />a single -tenant commercial site for some type of local retail or service use. Most single -tenant <br />commercial sites have land to building ratios in the 5:1 to 10:1 range; thus, the subject is most likely <br />to be developed with a single -tenant metal building fiom 1,000 SF to about 2,350 SF in size. <br />Therefore, given the subject's zoning, location, and physical characteristics, the highest and best use <br />as vacant is for a single -tenant commercial site for a point destination retail or service-oriented use. <br />In the present market, the most likely immediate buyer is a local buyer desiring a business location <br />or possibly a long term investor willing to buy and hold it until some demand develops. As such, the <br />marketing could be quite extended. <br />PAT MURPHY & ASSOCIATES 11 <br />