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HIGHEST AND BEST USE To determine the highest and best use of a property, its physical characteristics and issues affecting its use must be considered. These include: location, size, topography, traffic exposure, accessibility, zoning, and the local real estate market. The process always includes the four basic premises found in the definition: physically possible, legally permissible, financially feasible, and that results in the highest present land value. The term Highest and Best Use is defined in the definition section of this appraisal. The highest and best use of the subject site as vacant and as improved will be analyzed. The four tests will be applied, both to the site as if vacant and as improved. Tests are: What is physically possible? 2. What is legally permissible? What is financially feasible? 4. What is maximally productive? Highest and Best Use as if Vacant Application of Physically Possible The physically possible test reviews the size, shape and topography of the site. The site consists of one tax parcel with a total area of 6,354 square feet or +/- 0.15 acres. The topography is generally level and offers adequate drainage. The soils appear to be good based upon an inspection of the subject property and conversations with individuals familiar with the area. The site shape is mainly rectangular and offers adequate space for most residential uses which would find the site functionally adequate, though some improvements may require setback variances due to the smaller, legal non -conforming size of the site. These variances are reasonable to assume due to the grandfathered nature of the site. The physically possible test reveals that there are no serious barriers to single family uses of the subject site as -if vacant. Application of Legally Permissible Application of the legally permissible test reviews the zoning of the subject property. The subject property is zoned R-lc; Single Family Residential. The zoning is governed by the City of Elk River. A description of the subject's zoning district from the City of Elk River is provided as follows: R-I c district. This district is intended to provide single-family residences in areas with full municipal public sanitary sewers, storm sewers, and municipal water in areas that are a continuation of existing residential development patterns and the infilling of existing lots in established areas. The permitted uses within this district are primarily limited to single family residential uses, though some alternative permitted and conditional uses are available including; day care facilities, parks, home based businesses, bed and breakfast, etc. The minimum lot size in this zoning district with public sewer is 11,000 square feet with a 100 foot minimum lot width and 130' minimum lot depth for a corner lot such as the subject. The subject's lot size does not meet the minimum size requirements; however, the site was platted well before the current zoning and is considered a legal, non -conforming lot of record. The legally permissible test reveals that single family residential uses, which are permitted under the zoning ordinance, would comply with the current zoning regulations for the property as -if vacant. S.P. 7102-135RW C.S. 7102 (10=3) 902 Parcel 7102-902-229C Page 30