Site Attributes: Frontage, Size, and Topography Essentials

Chapter Title: Site Attributes: Frontage, Size, and Topography Essentials

Introduction:

This chapter delves into the fundamental site attributes of frontage, size, and topography, essential for mastering site analysis in real estate valuation and development. These factors significantly influence a site’s utility, desirability, and ultimately, its value. Understanding their scientific underpinnings and practical implications is crucial for informed decision-making.

1. Frontage: Defining accessibility❓ and Exposure

1. 1 Definition and Measurement:

   • Frontage refers to the linear❓ extent of a property that abuts a public or private way, such as a street, highway, waterway (river, lake, or ocean), or railway.
   • It’s a critical element affecting site accessibility, visibility, and potential for various uses.

   • Measurement: Frontage is measured in linear units (e.g., feet, meters) along the property line that adjoins the identified feature (street, lake, etc.). Note: Frontage does not necessarily equate to the width of the property, especially for irregularly shaped parcels.
     2. 2 Types of Frontage and Their Implications:

   • Street Frontage: Most common type, dictates access for vehicles and pedestrians. High-traffic street frontage is desirable for retail and commercial uses, providing visibility and customer access. Low-traffic frontage may be preferred for residential properties, offering peace and privacy.

   • Water Frontage: Significantly increases property value due to recreational opportunities, aesthetics, and views. Can also present challenges related to erosion, flooding, and environmental regulations.

   • Rail Frontage: Suitable for industrial sites requiring rail access for material transportation. Can also create noise and vibration concerns, potentially decreasing value for other uses.
     3. 3 Corner Influence:

   • Definition: Corner lots possess frontage on two or more intersecting streets.

   • Impact: Corner influence can either increase or decrease property value depending on the intended use and local market conditions.
     • Positive Influence (Commercial): Increased visibility, accessibility, and potential for signage. Suitable for businesses like gas stations, banks, and restaurants.
     • Negative Influence (Residential): Increased traffic noise, reduced privacy, higher maintenance costs (sidewalks, landscaping).
       4. 4 Mathematical Considerations:
   • Frontage-to-Depth Ratio: This ratio is important for determining the suitability of a site for specific uses.
   • Equation: Frontage-to-Depth Ratio = Frontage Length / Depth of Site
   • Example: A site with a frontage of 100 ft and a depth of 200 ft has a frontage-to-depth ratio of 0.5.
   • Optimal ratios vary depending on the type of use. Retail sites generally prefer higher frontage-to-depth ratios for maximum street exposure.

2. Site Size: Economies of Scale and Functional Utility

2. 1 The Significance of Size:

   • Site size directly impacts the potential for development and the range of permissible uses under zoning regulations.
   • Larger sites offer greater flexibility for building placement, parking, landscaping, and future expansion.
   • Smaller sites may be more suitable for niche developments or infill projects.
     3. 2 Economies of Scale:
   • Generally, as site size increases, the unit price (e.g., price per square foot or acre) decreases due to economies of scale.
   • Fixed costs associated with development (e.g., permitting, infrastructure) are spread over a larger area, reducing the unit cost.
   • However, this trend reverses at some point. Very large sites can become difficult to manage, market, and develop, leading to a decrease in unit value.
     4. 3 Functional Utility and Ideal Size:

   • Different land uses require specific size and shape characteristics for optimal functionality.

     • Industrial sites need large, rectangular parcels for efficient warehousing and manufacturing.
     • Residential developments benefit from varied lot sizes and configurations to cater to different buyer preferences.
     • Retail sites require adequate frontage and depth for store layouts and parking.
       5. 4 Plottage Potential:

   • Definition: Plottage refers to the increment in value that results when two or more adjacent parcels are combined into a larger site.

   • Mechanism: The combined site possesses greater utility and potential for a higher and better use than the individual parcels separately.
   • Example: Combining two half-acre lots to create a one-acre lot suitable for a specific industrial use with a higher unit value.
   • Value Creation: Plottage Value = Value of Combined Site - (Value of Individual Sites).

   • Plottage value is not always guaranteed; sometimes assemblage costs can offset the potential increase in value.
     6. 5 Excess and Surplus Land:

   • Excess Land: Land that is not needed to support the existing or proposed use of the property and can be sold separately with its own highest and best use. It must be addressed in the highest and best use analysis.

   • Surplus Land: Land that is not needed to support the existing or proposed use of the property and cannot be sold separately due to its size, shape, access, or other limitations. It may contribute to the overall value, but has no independent highest and best use.
   • Example: Consider a residential property with a house situated on one lot, and a second, vacant lot. If the neighborhood standard is one lot per house, the second lot is likely excess land. If the neighborhood standard is two lots per house, the second lot is neither excess nor surplus.
   • Valuation Consideration: Excess land and surplus land must be treated separately during the valuation process. The value of excess land is generally determined by its independent highest and best use.

3. Topography: Understanding Land Contour and Drainage

3. 1 Definition and Components:

   • Topography describes the physical❓ features of a site, including its elevation, slope, aspect (direction a slope faces), and drainage patterns.

   • Topographical studies provide critical information about land contour, grading, natural drainage, geological characteristics, view, and general physical usefulness.
     4. 2 Impact on Development:

   • Steep Slopes: Can significantly increase construction costs due to the need for extensive grading, retaining walls, and specialized foundation systems. It may also limit accessibility and usability.

   • Drainage: Proper drainage is crucial for preventing water damage and ensuring site stability. Sites with poor drainage may require extensive stormwater management systems.

   • Geological Characteristics: Soil composition, bedrock depth, and the presence of unstable geological formations (e.g., fault lines, sinkholes) all affect site suitability and construction costs.
     5. 3 Geodetic Survey Program and Topographic Maps:

   • Topographic maps, often prepared by the US Geological Survey (USGS), provide detailed information about land elevations, water features, vegetation, and man-made structures.

   • Contour Lines: Represent lines of equal elevation on a topographic map. The spacing between contour lines indicates the slope of the land.

     • Contour Interval: The vertical distance between adjacent contour lines.
     • Closely spaced contour lines indicate a steep slope.
     • Widely spaced contour lines indicate a gentle slope.
       6. 4 Geology and Soil Analysis:

   • Soil Composition: Influences a site’s suitability for building and landscaping. Soil types like clay, sand, and silt have different properties in terms of drainage, compaction, and load-bearing capacity.

   • Soil Testing: Essential for determining soil stability, permeability, and the need for special foundation designs.
   • Soil Profile: The vertical section of soil, showing distinct layers (horizons). The major horizons are:
     • O: Organic horizon (surface layer of organic matter)
     • A: Topsoil (surface horizon with high organic content)
     • E: Eluviation horizon (zone of leaching)
     • B: Subsoil (zone of accumulation of minerals leached from above)
     • C: Substratum (weathered parent material)
     • R: Bedrock
   • Soil Triangle: Used to classify soil based on the percentage of sand, silt, and clay.

   • Subsidence: Ground movement can cause structural distress in improvements. Estimating the cost to repair damage caused by geotechnical issue like subsidence will require the assistance of a geologist or structural engineer.
     7. 5 Floodplain and Wetlands Analysis:

   • Floodplains: Areas subject to periodic flooding. Development in floodplains is often restricted or requires specific mitigation measures.

   • Federal Emergency Management Agency (FEMA) flood maps: Identify flood zones and provide base flood elevation data.
   • Wetlands: Areas saturated with water for a significant portion of the year, supporting specialized plant and animal life. Wetlands are protected by environmental regulations.
   • Definition of Wetlands (per Section 404 of the Clean Water Act): Land that is inundated or saturated by surface or groundwater at a frequency and duration sufficient to support, and under normal circumstances does support, a prevalence of vegetation typically adapted for life in saturated soil conditions.
   • Value Implications: Floodplain and wetland designations can significantly impact property value due to development restrictions and potential environmental remediation costs.

Conclusion:

Frontage, size, and topography are fundamental site attributes that profoundly influence real estate value and development potential. By understanding the scientific principles behind these factors and their practical implications, professionals can make informed decisions that unlock value and mitigate risks in real estate projects. Careful consideration of these site attributes within a comprehensive site analysis framework is critical for success.