HIGHEST AND BEST USE - Cont'd

The third criterion is that the use be appropriate. Most important in considering an appropriate use is the relationship of potential uses to the surrounding land uses and the supporting facilities which may be required. For a use to achieve its maximum, which is the fourth criterion, it needs to conform to the surrounding land uses. Development in the immediate area is and will be residential in nature. Development surrounding the subject is mostly single family residential and multi family residential properties.

The final criterion which must be satisfied is that the optimal use be the most profitable among the alternatives which meet the other criteria. As mentioned previously, the subject's immediate area is developed with a wide variety of single family residential uses.

After considering the subject's existing zoning classification, the physical characteristics of the subject site and, the surrounding development, the most probable use for the subject site is a business use. The subject's location on Far Hills Avenue indicates that the most profitable use of the site is for some sort of single family residential use.

Based on the legal and physical characteristics of the site, the highest and best use of the subject as if vacant and available, is for a development with a Residential Use.

Highest and Best Use, as Improved: This analysis recognizes that the improved use should conform to the ideal use of the site, as if vacant. The four tests of highest and best use are again applied to the improved property.

The subject is considered vacant land at time of this appraisal.

Based on the preceding information and on the legal and physical constraints of the highest and best use definition, the subject is considered potential single family residential land.