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ATTACHMENT 3 Market Value Appraisal: 4138 Vineyard Avenue, Pleasanton, California Page 35 VI. HIGHEST AND BEST USE Highest and best use is defined as: `The reasonably probable and legal use of vacant land or an improved property that if legally permissible, physically possible, appropriately supported, financially feasible, and that results in the highest value. " The four criteria that highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. The analysis of the subject's highest and best use addresses the site as vacant and available for development on the date of valuation, and as improved. A. As Vacant All offsite irnprovements and utilities needed for development are in place. Adjoining properties to the west and south and those across Vineyard Avenue to the north are in residential use. At the east property line is a senior residence project owned by the City. The subject lot and adjacent lands are characterized by mostly level topography. Based on these physical characteristics, and noting that a site's highest and best use typically exhibits some degree of conformance with existing, local area development patterns, the highest and best use of this property would probably be achieved through development of single or multi-family residences. The second criterion in analyzing highest and best use of the. site is legal development alternatives. The width of the subject lot does not conform to the RM -4 zoning development standard of 70 feet. The zoning district was assigned to the subject even though the width of the subject did not conform to the standard. The property at the rear property line of the subject is a single lot redeveloped with four residences in 2000 at which time the RM -4 zoning was in effect. The address is 228 Kottinger Drive as recorded in the County Assessor's records. It has a lot size of 20,734 square feet and a width of 67 feet, similar to the subject. The Pleasanton Planning Department reported that a property may be redeveloped with multi-family residences in an RM zoning district if the setbacks, site area per dwelling unit and height requirements are maintained. If a lot width less than the minimum standard can accommodate these requirements, the development can be considered legal if the development is approved in the design review process. The condominium development at the rear property line of the subject may have qualified on this basis. In conclusion, the subject property may legally qualify for redevelopment with up to five residential rental units if setbacks, site area per dwelling unit and height requirements are maintained. An alternative would be application for a planned unit Op. tit, p. 278. ENRIGHT & COMPANY, INC. — Real Estate Appraisal Consultation Services File: 11- 892 /Text