09-08-1999 Additions - Laserfiche WebLink

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Land: The subject is zoned PUD, Planned Unit Development. The subject has approximately 156 feet on Country Drive and it is generally rectangular, having a depth of approximately 260 feet. Local commercial uses are mixed. The lot immediately north of the subject is vacant, but immediately north of this is the Quebec Apartment Building and Suburban Auto Body is just north of that. Additional uses along Country Drive include a retail lighting studio, a tire store and an archery range. Just south of the subject on both sides of Nadeau are multi tenant office buildings. Both South Owasso Boulevard and Little Canada Road are commercially developed to a high degree. In recognition of the predominant use pattern in the vicinity and prevailing zoning, it is our opinion that the subject's highest and best use if vacant is a use consistent with the PUb zoning designation. REVISED Highest & Best Use Language As Improved: The subject is improved with a residential dwelling type of building utilized as a contractor's office and concrete block garage /shop building. The reader should refer to improvement section page six for a description of improvement & condition. Essentially however, there is substantial physical obsolescence due to deferred maintenance and functional obsolescence due to a inconsistency with the state of the art, with respect to contractor's office and maintenance facility. The rear yard area is enclosed with an eight foot vertical fence. Most of the yard is asphalt covered. Precision Tree Service has operated from this location since about 1992. The current use is consistent with the underlying 8-3 zoning and also the PUD zoning. We have observed recent activity in the office warehouse sector of the submarket particularly along Highway 36 and Rice Street. In recognition of development patterns in this market it is our opinion that the subject current use is a interim use. The improvements in are opinion still provide a level of utility and a return and may be retained until such time as demand dictates a higher use. MARKET VALUE OF THE SUBJECT PROPERTY: All of the commonly accepted approaches to value have been considered in the appraisal of the subject tract. Information pertaining to the three basic approaches, namely the Cost, Income and Market is included in the following pages. 30'd b00'oN 92 :VT 66.80 d3S 176£0££9TS9:UI Sid30NO3 1USIUelddd