A local banker has estimated the value of the property as follows: The property's cost breakdown is: value of land $250,000; excavation $16,400; foundation $12,050; framing $15,670; brick facade (glass) $14,650; floor furnishing concrete $11,500; interior finish $2,400; lighting, fixtures and electrical work $7,675; plumbing $5,275; heating/air-conditioning $6,120; solicitor, architect and accountant fees $20,000. Comparable property (B) Comparable property (C) Price ($) Gross annual rent (S) Area (square metres) Leasable area (%) Price ($/square metre Rent ($/square metre) Condition Property to be valued (A) ? ? 135 90 ? ? 5 years old 165 92 2424 400 4 years old 150 95 2268 420 6 years old Operating expenses, including vacancies, total 35% of this income. The market supports a capitalization rate of 10%. Find how much the property is worth using the capitalization (income) approach. Find the value of the following property a. Using the cost approach b. Using the market value approach