A vacant parcel of land was leased $10$ years ago for a $50$ year term. The lessee pays $6,000$ per year net rent to the lessor.

An investor has subleased the land for the lessee at a net rental of $8500$ per year, but now wants to purchase the lessee$$s intent. There are no limitations on the use of the land under the lease.

Your investigation of the market discloses that the current market value of the land, if unencumbered by the lease, would be $125,000.$ The market rent on a $40$ year lease would be $11,400$ per year. The market indicated that the lease fee should be discounted to yield $8\%$ assuming annual accounting of all cash flows and a reversion equal to the current land value.

a$)$ What is the value of the leased fee?

b$))$ What is the value of the combined leaseholds?

c$)$ What is the indicated yield note for the combines leaseholds?

d$)$ What should be paid for the sandwich leasehold?

e$)$ What is the indicated yield for the sublease hold?