Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />.. <br /> <br />HIGHEST AND BEST USE ANALYSIS <br /> <br />The term highest and best use is defined in The Dictionarv of Real Estate Appraisal, <br />fourth edition, published by the Appraisal Institute, page 135, as: <br /> <br />"The reasonably probable and legal use of vacant land or an <br />improved property, which is physically possible, appropriately <br />supported, financially feasible, and that results in the highest <br />value. The four criteria the highest and best use must meet are <br />legal permissibility, physical possibility, financial feasibility, and <br />maximum profitability, <br /> <br />Land, If Vacant: At the request of the client, the subject property is appraised as <br />vacant land. The valuation is based on a hypothetical condition since the property is <br />currently improved with a former public works facility. The appraisal assumes the <br />building improvements have been cleared from the land. <br /> <br />The subject land has a rectangular configuration and approximately one fifth mile of <br />frontage on Highway 96. Soils are assumed stable and adequate for development. All <br />utilities are immediately available. Vehicular access is available on Highway 96 and <br />by a road easement from Hamline Avenue. The physical characteristics of the land are <br />favorable for development. <br /> <br />According to the City of Arden Hills, the intended general reuse on the parcel is for <br />"limited business". According to the client, "limited business" can be described as <br />office, medical, and/or limited retail. Approximately one-third of the land is presently <br />zoned R-I, Single Family Residential which does not allow these uses. Therefore, it is <br />assumed rezoning of the subject land will occur. Surrounding land uses are primarily <br />residential, office, or public in character. The subject is not located in a retail <br />setting, and is better suited to office and/or medical purposes. <br /> <br />The subject property is an attractive parcel for development in a city that has very <br />little vacant land available, excluding the former ammunition plant land. In the <br />future, the arsenal land on the north side of Highway 96 will be developed, rendering <br />the subject land even more desirable from a location standpoint. <br /> <br />The highest and best use of the vacant subject land parcel is for limited business uses <br />that are primarily of an office and/or medical nature. <br /> <br />BRKW APPRAISALS, INC. <br /> <br />PAGE 27 <br />