Agenda - Council - 04/09/2019 - Laserfiche WebLink

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Highest and Best Use — continued The above options on the previous page are both likely. Given this, a potential market participant would consider either a commercial or industrial use. Note: The subject, per client and city, must connect to public sewer. Because of this, the subject will be appraised as if it has been connected to public sewer and then the cost to connect will be deducted. The Ramsey County Community Development Director, Tim Gledhill, provided a cost range of $20,000 to $30,000 to get the sanitary sewer to the property boundary. The estimate did not have a cost to connect the building to the sewer (another underground pipe). This cost is estimated, based on past experience and Marshall & Swift Cost Manual, to be around $10,000. An investor would also likely consider the cost of potential overruns, as well as management, say, $10,000. Therefore, the total estimated cost to connect to public sanitary sewer is estimated to be $50,000. The subject is comprised of a single commercial building that is in dated condition and has average appeal. The building layout is an office area, retail sales, and rear shop. Currently the building is 100% tenant occupied. Given the above discussion, the overall highest and best use as improved of the subject is considered to be for either a highway commercial or industrial use. Most Probable Buyer: The most likely buyer of the subject would be an owner occupant. The subject is somewhat similar to the ideal improvement.