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5.208: HIGHEST AND BEST USE ANALYSIS: <br /> Highest and best use is the use from among reasonable,probable, and legal alternative uses found <br /> to be physically possible, appropriately supported, financially feasible and which results in <br /> highest land value. In analyzing highest and best use the appraiser looks at the property"as if <br /> vacant"using four criteria. <br /> 1. Physically Possible <br /> 2. Legally Permissible <br /> 3. Financially Feasible <br /> 4. Maximally Productive <br /> 1-Physically Possible: The 15.9370 acre site is mostly level with no adverse topography. <br /> Assuming adequate soil,the property can support legally permissible uses. <br /> 2-Legally Permissible: The subject is zoned RM-2, single family residential with up to four units <br /> per acre permitted. Public water and sewer are available. But the property has no accessible road <br /> frontage and is thus not developable. <br /> 'As if vacant',the property has two likely options: assemble with an adjacent land for single <br /> family subdivision development; or leave vacant for speculation. <br /> 3-Financially Feasible: Any use that brings a positive return to the land is financially feasible. <br /> To be developed the site has to be assembled with an adjacent property that has accessible street <br /> frontage. Approximately 50% of area land is vacant or used agriculturally with most land having <br /> public access. With a high percentage of vacant usable land in the area,the subject has low <br /> demand due to lack of access. As the area develops and land becomes scarce subject demand will <br /> increase. <br /> Therefore,the highest and best use is to hold the land for speculation with likely future use <br /> residential via assemblage with adjacent land. <br /> Residue: R-2246B 076 17 <br /> Attachment number 2\n <br /> G-6 Page 273 <br />