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Updated over 14 years ago on . Most recent reply

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238
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44
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Doug Haisten
  • Mobile, AL
44
Votes |
238
Posts

How do I put value on a large lot

Doug Haisten
  • Mobile, AL
Posted

I have been looking at a property that has a large lot. The lot is narrow and deep. At the very front of the property and all the way to one side there is a 50 yo 3/1 frame house. The house has been been divided (un permited) to make a 1 bedroom/1 ba apartment (the bath is unfished), making this a 2/1 and a 1/1. There is an unattached small garage that has another un permited apartment (not finished). The entire lot is .61 acre so about .55 acre is behind the house. The long narrow lot is fenced and has houses on all sides of the property so the only access to the empty back portion of the lot is a 14-16 feet space between the garage the edge of the property. There is a small apartment complex across the street and around the corner of the street. There are no comparable sales in the area for a lot of this size.

I can come up with a MAO for the house but how do I value to the property for the added land.

Doug

Most Popular Reply

Account Closed
  • Landlord
  • Seattle, WA
1,839
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3,412
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Account Closed
  • Landlord
  • Seattle, WA
Replied

If you are planning to demo the lot, you should consider what the highest and best use might be. Two duplexes may be the best use, but an apartment might be. I would suggest examining all the possibilities before making a choice.

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