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The subject real estate is a 2.55 acre site zoned for residential use but improved...

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Finance

The subject real estate is a 2.55 acre site zoned for residential use but improved with a 12,000 square foot retail building. The commercial use was established before the zoning was established and is not permitted within the residential zoning making it a legal non-conforming use. A similar site with commercial zoning is worth $650,000. A similar site with residential zoning is worth $50,000. The cost of demolition of the improvements is estimated at $25,000. There is no possibility of a zoning change to commercial. The site value is

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