In August, 1999, MilleniuM Real Estate 
Advisors was selected by the Army Corps of Engineers to appraise the market value of the fee simple interest in a ±49 acre vacant land site located along North Capitol Street, NE, Washington, DC.
The purpose of the report was to develop an unbiased, third-party estimate of land value in order to assist the USSAH in determining a course of action that will maximize its utilization of its real estate assets, which includes the subject property.
Our objective was to estimate the market value under its "highest and best economic use". In the process of preparing this appraisal, we inspected the property, reviewed the business plan provided to us, including prior market studies, conducted our own in-depth market study (detailing demographics, supply and demand) to determine those uses that might be appropriate for the site. We analyzed existing neighborhood land uses, gathered comparable market data and related documents, ascertained sales of comparable properties and developed a value estimate by using the discounted cash flow technique in a development analysis context.
More specifically, we carefully examined the regional economic context for the site, including competitive demographics. We examined the relevant product markets for the site including office uses, residential forms of housing, hotel demand, and retail activities. Further, we analyzed the neighborhood surrounding the USSAH, including current private and public uses plus projected development trends for these organizations.
Using this and other data, we completed an extensive highest and best use analysis focusing on those uses that were physically possible, legally permissible, and financially feasible in order to evaluate that use which was also maximally productive. Predicated on the conclusions of the highest and best use analysis we developed a final value estimate by employing a development analysis technique.
Since issuing that report, we understand that is has been included as part of public legislation in relation to a possible sale of the site.
