Laserfiche WebLink
Highest and Best Use <br /> <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 /> <br />As Vacant: <br />The General Retail zoning would legally allow almost any feasible use and its size and desirable <br />topography will accommodate many different uses. The larger sales will show this trend. It probably <br />has greater utility as one or two large lots than as six smaller lots. The dual access is positive for its <br />appeal. <br /> <br />The immediate neighborhood has traditionally been a mixed use strip with the older residential uses <br />gradually giving way to retail and service oriented businesses. Most commercial uses have been <br />concentrated on or near the 19'h street intersection but that development is slowly spreading. Usually, <br />when a lot of this size is developed in this strip, it has been for multi family use. The data presented <br />in the area and neighborhood analysis showed that the type of new construction in this strip is varied <br />with multi family keeping pace with the odd commercial use. Most new commercial construction <br />involves a 2,000 SF to 4,000 SF metal building with or without brick veneer, constructed for some <br />type of owner occupied use. The typical multi family project is a six to twelve unit complex with <br />small modestly finished units. Given the location and the characteristics of the neighborhood, and <br />the planned construction of 18 units at 13th and Bonham, the subdivision of the subject into two lots <br />for development into some type of retail or service type use was most likely. There is a fair amount <br />of vacant land in this strip; thus, it would most likely remain vacant until such time as an <br />owner/occupant purchased the sites. <br /> <br />The subject has been purchased for ultimate development into a 39 unit assisted living complex. The <br />feasibility of that use is beyond the scope of this appraisal but when such centers have been <br />constructed locally in the past, they have competed with this same mixture of uses. <br /> <br />PAT MURPHY & ASSOCIATES 9 <br /> <br /> <br />