underimprovement
underimprovement
A structure that is less than the highest and best use for a property. A residence sitting on 1 acre of land on a major retail street is an underimprovement;the property would be more valuable with a fast-food restaurant.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.