If you have information on a comparable lot of 110,000 sq. ft. which recently sold for $200,000 and the only adjustment is $1.75 per sq. ft. for the difference in lot size, what is the indicated total value for the subject property
Part 1
Cost Approach
Existing property 105000 sq. ft. All Amounts in $
Reproduction cost 2500000
Physical deterioration 400000
Functional Absolescence 50000
External Absolescence 50000
Total cost 3000000
Part 2
Coparable property 110000 sq. ft.
Adjustment Rate $1.75 / sq . ft.
Total value for the subject property
Cost $3000000
Add : Adjusted Amount $192500
Total value of the property $3192500
Working note:
Calculation of adjusted amount for the difference in lot size
=110000 * $1.75/sq.ft.
=$192500
Suppose you have a subject property with a 105,000 sq. ft. lot and existing improvements for...
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