Given the following information, determine the value of a property using the Cost Approach: -...
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Given the following information, determine the value of a property using the Cost Approach: - 5 acres of land - 100,000 sf building - 50 year useful life - 10 years of estimated physical depreciation and physical obsolescence - Cost New = $100 per square foot - Land value based on sales comps = $50,000 per acre $8,000,000 $8,200,000 O $7,750,000 $8,250,000 You are appraising the sale of a property. A comparable property sold 4 months ago for $500,000. The adjustments for the various el of comparison are as follows: Price change per month: +0.4% Location: $10,000 (Comp has a superior location to the Subject) 2 car garage: $3,000 (Comp does not have a 2 car garage, Subject does) Fireplace: $1,000 (Comp has a fireplace, Subject does not) Lot size: $7,000 (Comp has a smaller lot size than the Subject) Square Feet: $2,000 (Comp has more square feet than subject) What is the adjusted sale price for this Comparable property
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