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Summary <br />The adjusted prices range from $4.40/SF to $5.26 /SF. After analyzing all the <br />foregoing data it was concluded that a factor of $4.75/SF would reflect the current <br />market attitude toward the subject site. Following are the calculations: <br />Land Area - 78,779 SF (1.81 acres) <br />78,779 SF @ $4.75/SF = <br />Rounded to - $375,000 <br />IMPROVEMENT ANALYSIS <br />$374,200 <br />The subject property is improved with a split level single family residence, old <br />bungalow, shed and other site improvements. The highest and best use of the <br />property is for commercial development. The use as residential is inconsistent <br />with the highest and best use as vacant. Instances do exist where single family <br />residences are uses as office for various uses. Such use would be more consistent <br />with the potential use of the property. However, as will be shown in the Direct <br />Sales Comparison Analysis, the office use of the building detracts from the utility <br />of the property. As such the highest and best use of the property, as improved, is <br />for the removal of the existing building in order to allow for commercial <br />development. <br />Consideration has been given to the cost to remove the site improvements. In <br />addition, there are two wells on site which would have to be capped. Based upon <br />conversations with a demolition contractors and with actual demolition costs, it <br />was concluded that a cost of $25,000 would be required to remove the main house <br />with attached garage, bungalow, shed and cap the wells. This cost must be <br />deducted from the land value, as vacant, in order to arrive at the as is value for <br />the property. <br />Land Value - As Vacant <br />less Demolition Cost <br />$375,000 <br />($ 25,000) <br />$350,000 <br />Estimate of Value, by Cost Approach: <br />5350,000 <br />BETTENDORFROHRER KNOCI <br />Page 12 <br />PAGE 54 <br />