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24 February, 00:15

A property contains 2.4 acres and is worth: A. $155,000 as single home site B. $85,000 per unit as a site for a duplex and C. $60,000 per acre as a retail site. All uses are physically possible, economically feasible and legally permitted. Which is the highest and best use?

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  1. 24 February, 00:42
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    The best use is the duplex

    Explanation:

    The first possible use value, as a single home, is already given in the question: $155.000.

    For the retail site, we have $60,000 per acre and 2.4 acres:

    $60,000 x 2 + $60,000 x 0.4

    =$144,000

    A duplex has two units, and the value is $85,000 per unit:

    $85,000 x 2 = $170,000

    Therefore, the duplex gives the highest possible value of use to the 2.4 acres.
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