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100 Acres,Penrose,CO <br /> to be developed into a residential site there are several building sites quite conducive to that use that <br /> would be out of the flood plain. The terrain and flood plain issues might be an impediment to the <br /> industrial use. <br /> Financially Feasible <br /> Several factors are considered in determining the highest and best use as if vacant for the subject <br /> property including access,proximity to main thoroughfares, development trends, and market/economic <br /> trends. <br /> The subject is in an area of rural character in the unincorporated area of Fremont County south of <br /> Penrose along the north bank of the river. Development in the immediate neighborhood is primarily <br /> ag/residential to the north toward Penrose and to the west. Some industrial is noted to the east (Holcim <br /> Cement) and up in the Airport Park to the northwest. The rural character of the subject's location and <br /> terrain are not necessarily conducive to immediate industrial development but would be for ag / <br /> residential uses. <br /> Given the significant influx of sites into the market by the development of the Four Mile Subdivision <br /> near Canon City, it seems improbable that any high to medium density residential development of the <br /> subject would be feasible. Small hobby farm/ranch acreages (5-35 acres) also have a significant <br /> presence in the market at the moment with little movement of the current inventory county-wide. The <br /> most feasible immediate use for the subject site would be for a single building site retaining the entire <br /> 100 acres as the upfront and holding costs for subdividing and developing would be prohibitive. <br /> It is also understood that the intent of the client / buyer is to use the property for well locations along <br /> the river to bring in their water supply north to Penrose. While there may be some significant need for <br /> this it is a very specialized use that is not duplicable in the overall market and does not fit into the <br /> highest and best use analysis. This analysis contemplates this parcel of land being subjected to the <br /> typical market forces and pool of potential buyers for what the most probable use of such a property <br /> would be under normal circumstances. <br /> Maximally Productive <br /> The maximally productive use considers the optimal improvements for the site. Optimal improvements <br /> are functional in nature and provide adequate parking for tenants and visitors alike. Determining the <br /> maximally productive use of the subject site for a specific use would involve a detailed feasibility study <br /> of all financially feasible uses. This is beyond the scope of this appraisal assignment. However, based <br /> on the factors considered under the highest and best use as if vacant scenario, development of the site <br /> with an allowable use providing needed services to the immediate and larger area by an owner/user or <br /> on a build-to-suit basis appears to be most feasible and represents the maximally productive use of the <br /> land area,whether residential or business. <br /> Highest and Best Use As If Vacant Conclusion <br /> In conclusion, the highest and best use of the subject site as if vacant would be for use as a single <br /> residential/ag building site. <br /> Most Probable Buyer <br /> Based on local market activity, supported by the improved sales comparables contained within this <br /> report and the final market value estimate, a speculative investor would most likely not be the target <br /> market were the subject offered for sale. <br /> 17 <br /> ©2012 Grantham Appraisal Service <br /> All Rights Reserved <br />