Question
The C-3 zone permits apartments at a density of 30 units per acre. You identified three recent land sales for apartment development in the County:
The C-3 zone permits apartments at a density of 30 units per acre. You identified three recent land sales for apartment development in the County:
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| Sale Date | Sale Price | Parcel Size | Approved Units |
| Sale 1 | Last Month | $13,250,000 | 10 acres | 250 |
| Sale 2 | 6 Months Ago | $1,500,000 | 4 acres | 25 |
| Sale 3 | 18 Months Ago | $2,200,000 | 5 acres | 40 |
You first calculate several possible Units of Comparison, determine the Unit of Comparison with the best fit and use it to value the land:
| Sale Price/Acre | Sale Price/Approved Unit |
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| Value per Unit |
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| Number of Units |
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| Total Value |
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| Demolition Cost |
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| Land Value |
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Conclusion
What is the Highest and Best Use of the subject property?
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Corporate Finance Principles And Practice
Authors: Denzil Watson, Antony Head
5th Edition
0273725343, 978-0273725343
