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VALUATION ANALYSIS (Continued) <br />HIGHEST AND BEST USE ANALYIS: (Continued) <br />Financially Feasible: (Continued) <br />considered financially feasible if the net income capable of being generated <br />is enough to satisfy the required rate of return and provide a return on the <br />land. <br />Among those uses which are considered financially feasible, that use which <br />produces the highest price, or value, consistent with the required rate of <br />return, is considered the highest and best use of the property. <br />Conclusion: <br />The subject property has a nonsignalized corner location at the intersection <br />of two secondary streets. The site has an irregular land configuration, <br />effectively level topography, and contains 26,598 square feet of land area. <br />Vehicular access, as well as pedestrian access to the subject parcel are <br />rated above average. <br />All public utilities such as water, gas, electric power, telephone, as well as <br />sanitary sewer are available to the site. The physical characteristics of the <br />subject parcel are considered adequate to accommodate a variety of legally <br />permissible uses. <br />As stated, the subject property is located within the UN -2 (urban <br />neighborhood -2) zone classification of the City of Santa Ana. Legally <br />permitted uses include a variety of housing types with some opportunities <br />for live -work, neighborhood -serving retail, and caf6 oriented businesses. <br />The property owners are nearing the end of the entitlement process for a 7 - <br />unit townhouse development on the subject property. The proposed unit <br />mix includes five 2-bedroom/3-bathroom dwelling units and two 3- <br />bedroom/3-bathroom units ranging in size from 883 to 1,296 square feet of <br />living area. The development will consist of a 6,987 square foot building <br />footprint with a 53% lot coverage ratio and a density of one unit per 3,800 <br />square feet of land area. Each unit will have a two -car garage and private <br />balcony. There will be two on-site guest parking spaces. <br />After considering the (1) physical characteristics of the subject site, (2) those <br />uses which are legally permissible and financially feasible, and (3) economic <br />conditions in the immediate and general subject market area, the highest <br />L IDGARD AND ASSOCIATES <br />APPRAISERS -CONSULTANTS <br />3 <br />20D-40 <br />