Agenda - Council - 04/11/2017 - Laserfiche WebLink

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Improvements Description The subject property is a single, existing building, originally constructed and most recently used as a gas station/car wash with a small restaurant space. The building contains a total of 8,998 square feet of Gross Building Area (GBA) and Net Rentable Area (NRA), which includes the gas station, car wash and restaurant space. The improvements were originally constructed in 2003. The subject is currently 100%vacant, and while the fuel pumps have been removed, the canopy and underground fuel tanks are still present on the site. As will be discussed in our Highest and Best Use section, we have concluded that the highest and best use of the subject property would be to renovate the existing improvements and convert them into general retail space. This would entail removing the fuel tanks and canopy, as well as some construction on interior demising for the convenience store space and renovation of the car wash space to increase its functional utility. This would also require a lease up period to find new tenants (and the related appropriate costs), and to provide an appropriate amount of landlord-paid tenant improvement allowance for the finishing of the space to the tenant's specifications. Specific improvements features are as follows, though we note that aside from general building characteristics, specific interior demising and finishes are our estimation of the "as-complete" condition required to meet market standard. BUILDING AREA STATISTICS Source: County Records, Listing,Tour,Web Records Existing/Proposed?: Existing Gross Building Area (SF): 8,998 Net Rentable Area (SF): 8,998 Usage: Retail/C-Store- 5,748 64% Car Wash- 3,250 36% Total (SF)- 8,998 100% Number of Buildings: One (1) Land-to-Building Ratio: 8 : 1 29