You are an appraiser and have been assigned to determine the land value of a site, as
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Question:
You are an appraiser and have been assigned to determine the land value of a site, as vacant.The relevant information is as follows:
Property TypeNOICap RateConstruction Cost
Office$10,000,0008%$100,000,000
Apartment$5,000,0006%$60,000,000
Retail $4,500,0009%$40,000,000
Warehouse$3,000,0006%$25,000,000
The site is zoned for Apartment and Retail use.What is the Highest and Best use of the site and what is the residual value of the land?Is it worth the effort to attempt to have the land re-zoned for office use?
Related Book For
Auditing An International Approach
ISBN: 978-0071051415
6th edition
Authors: Wally J. Smieliauskas, Kathryn Bewley
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