A property's current use as a gas station is legal non-conforming in an area now zoned residential. For highest and best use analysis, this means:
Correct Answer
C) The existing use may continue; verify local rules on rebuilding and expansion
A lawful preexisting nonconforming use can generally continue, but its future value depends on jurisdiction-specific limits. Check the applicable ordinance for abandonment, expansion and rebuilding after damage; some jurisdictions permit reconstruction under conditions.
Why This Is the Correct Answer
A lawful preexisting gas station use may be allowed to continue despite later residential zoning. Expansion, abandonment and rebuilding after damage depend on the actual state and local ordinance, so these rights must be verified before highest-and-best-use conclusions.
More Property Description Questions
A residential subdivision has absorbed 120 units over the past 18 months. Based on this historical data, how long would it take to sell 80 remaining lots?
An office property has $500,000 NOI. The building’s supported depreciated value is $4,000,000 cost new less $800,000 depreciation. Assume separately supported capitalization rates of 8% for the building and 8% for land. What land value does land-residual analysis indicate?
In analyzing a special purpose property like a church, which approach to highest and best use is typically MOST appropriate?
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Marketing time is best defined as:
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When selecting comparable sales for a residential appraisal, which of the following is the LEAST important factor?
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When analyzing highest and best use as improved versus as vacant, which statement is correct?
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A commercial property currently operates as a restaurant but zoning allows for office use. The restaurant generates $50,000 annual net income while office use would generate $75,000. Demolition and conversion costs are $40,000. What is the highest and best use as improved?