NVI Technical College Information

H IGHEST AND B EST U SE 48

H IGHEST AND B EST U SE A S I MPROVED

L EGALLY PERMISSIBLE The subject is a legal conforming use in this zoning district.

P HYSICALLY P OSSIBLE The subject is currently improved with 282,125 square feet within four industrial buildings on a 26.42-acre site that conforms to its surrounding uses. Continued used of the improvements for industrial use with substantial classroom space is physically possible. F INANCIALLY F EASIBLE Financial feasibility as an income-producing investment is based on the amount of rental income it can generate net of the required operating expenses. If the resulting net operating income motivates continued operation, then the land is being put to a productive and financially feasible use. The subject is capable of producing positive net cash flow to an investor. The existing improvements provide contributory value to the site, and there is no alternate use that would result in a greater value. Therefore, utilization of the existing improvements is financially feasible. M AXIMALLY P RODUCTIVE The maximally productive use should conform to neighborhood trends and be consistent with existing nearby land uses. The single use that produces the greatest return on investment and usually the highest price and value is typically the highest and best use. As shown in the applicable valuation sections, properties like the subject have been acquired and continue to be used for industrial use. None of the comparable properties were acquired for conversion to an alternative use. This provides evidence suggesting that the current industrial use is maximally productive.

F OUR B UILDING I NDUSTRIAL C OMPLEX A PPRAISAL

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