Fort Walton Beach Council agenda — 02-27-2007 workshop agenda — reading text

residential population to the neighborhood, there is some room for commercial success. Research of the subject neighborhood shows that commercial development exists within strips along the most trafficked thoroughfares. In fact, along Lewis Turner Boulevard, this commercial strip has a depth of between about 200 to 300 feet either side of the . road right-of-way. This is a typical development trend found in other communities within the region, most often encouraged by zoning districts. It is our opinion that the subject parcel could support a mixed- use. We envision commercial development within that portion of the subject parcel that runs along Lewis Turner Boulevard. 5 Appraisal Institute, The DictionaTY of Real Estate Appraisal, 3rd ed. ( Chicago: Appraisal Institute, 1993) 171.  41 This strip would have a depth of 250 feet. Deducting 60 feet for the access easement, required for Parcel # 3, about 834.4 feet front Lewis Turner Boulevard. Multiplying this by a . depth of 250 feet indicates a commercial development strip of about 208, 600 square feet, 1:4. 79 The or :: acres. remaining portion of the subject parcel,. 379, 896 square feet, or 1: :: 8. 72 acres, could be used for residential development. Therefore, the highest and best use of the property as if vacant and available, for improvement to its highest and best use, is considered to be mixed-use with that portion fronting Lewis Turner Boulevard at a depth of 250 feet for commercial development and the remaining portion for residential development. ' AS IMPROVED ANALYSIS - The property being appraised is currently improved with an open parking lot. This use compliments the adjacent ballparks and fairground. With a future land use designated as " county," it may be argued that the existing use fulfills consideration for the community needs. The definition of Highest and Best Use impels consideration not only of that use that renders the greatest wealth maximization for a given property, but also contribution of specific uses to community environment or community development goals.. Given that we have been asked to determine the market value of the subject property, the maximally productive use holds great weight in an " open market" consideration of the property' s Highest and Best Use. We are aware that this property is being considered for sale to Okaloosa County as a possible site for municipal use. While there may be expediency and non-real estate benefit for transfer of the property to Okaloosa County from. Fort Walton Beach for municipal development of the subject parcel, there is still a need to consider the market value of the subject land at its productive maximum. As determined in the proceeding analysis of the Highest and Best Use of the subject parcel, as vacant, the Highest and Best Use of the subject parcel is for mixed- use development. However, an alternative use may be the development of municipal facilities vital to the functioning of the community.  42 LAND VALUE ANALYSIS - SUBJECT PARCEL # 1 The property being appraised contains a total land area of approximately 588, 496 square feet (:1:13. 51 acres), and has about 894.4 feet of frontage along Lewis Turner Boulevard. Deducting a 60- foot easement for Parcel # 3, the effective frontage is about 834.4 feet. The land is level and drainage is good. All utilities are available. Mixed-use development is the highest and best use of the land. More specifically, the front" strip of 250 depth should be reserved for commercial use 208, 600 square feet, or :f: 4. 79 acres) with the remaining ( 379, 896 square feet, or 8. 72 f: acres) being for residential development. We conducted a comprehensive survey for recent sales of land having a similar mixed- use as the subject parcel. While we focused our search primarily on Fort Walton Beach, because of a dearth of acreage sale we were forced to expand our comparable search range to both the west ( Santa Rosa County) and the east Walton County). Due to the time- sensitive nature of the real estate market, we avoided sales that took place over two years ago. With these parameters, we were unable to find sales of mixed-use land comparable to the subject parcel. Being aware that some vacant commercial parcels along Lewis Turner Boulevard have sold within the last couple of years, we opted to value the commercial and residential portions of the subject parcel separately: While our. research of sales activity of vacant commercial land was confined within the subject neighborhood, we had, to expand our search for recent sales of vacant residential acreage to all of southern Okaloosa, Santa Rosa, and Walton counties. What follows are separate analyses of the commercial and residential portions of the subject property'.  43 208, 600 SF) - As noted, we have conducted a comprehensive Commercial Strip (:1:: for recent sales of similar in the immediate neighborhood and in survey chart surrounding, competing areas. A large number of sales were studied. The below lists those commercial land sales which are considered to be most similar to the subject commercial portion and most reliable indicators of market value. More complete descriptions are included in the addendum. COMPARABLE' COMMERCIAL L:AND 0;' ,.... ., ',':. ". . S~: L:mS; SF Date SF Area No. Property Address $/ Su bj ect Lewis Turner Boulevard 01107 208, 600 1 Lewis Turner Boulevard $ 7. 84 06/ 05 127, 631 2 1700 Lewis Turner Blvd. $ 8. 50 11/ 05 45, 302 3 Lewis Turner Boulevard $ 8. 62 08/ 05 48, 744  44 COMMERCIAL COMP LOCATION MAP 4 a. a<' 5 I u z 8 g; m: z i I~ ~~:'--','~ i .~.!1:IJ~ qi!-! C':'>~ W ~, i.\ 0 ~."' . 0::' ~ ;~". ~ T? 1J.! _~ ~ ' z: i~ ~ 12' .,>-..,<'.:.:.,. t '. a:'~ ~~.~ ~ 1~~,;~.., I, ~ o,: i ; ..! .~, ~ ./" t; . _",..~ _,.~ ~ P"' $'/ p-~ " #" ' SUMM. g{~.~~~""'~ comp.ConmL:~~: i.r WEPGE~ 9; 0~~ E :-- I "~,_.,~~ I~" ~_.. U1J~ DRJ ' f. t:) .___, . qf :"., y"