What's the Highest and Best use of this property?

[Account Closed]

There is a property which is an old single family home that needs major renovations.(it's just outerwalls, roof, windows and doors) The property is within 1/4 mile from a major intersection, it borders the city limit(it's just outside) and commercial real-estate, which are fast food chains and a small local shopping center. The land can be connected to the Commercial Plaza or kept private with the native greenery and size of the lot. I'm faced with doing an analysis to determine the highest and best use and what the financial demands of all my options would be. What factors, calculations, and analysis should I do to determine this?

[Kristi Kandel]

Quote from @Account Closed:

There is a property which is an old single family home that needs major renovations.(it's just outerwalls, roof, windows and doors) The property is within 1/4 mile from a major intersection, it borders the city limit(it's just outside) and commercial real-estate, which are fast food chains and a small local shopping center. The land can be connected to the Commercial Plaza or kept private with the native greenery and size of the lot. I'm faced with doing an analysis to determine the highest and best use and what the financial demands of all my options would be. What factors, calculations, and analysis should I do to determine this?

 @Account Closed I'd recommend a combination of connecting with a commercial broker to get their insights, talking with the city officials (planning + economic development), and maybe an architect to see what could actually fit on the property (aka what size building with setbacks and height). It's a lot of discovery phase right now.