Assume you have a client with a requirement for a building with $114,000SF$ located in the Lehigh Valley of PA$.$ Total hard and soft costs are $$69/$SF$.$ You are trying to achieve an unleveraged yield of $6\mathrm{.}5\%.$ The client is willing to pay a rental rate of $$\frac{5\mathrm{.}0}{S}\frac{F}{Y}r.$ Assume a building to land coverage ratio of $50\%.$ What is the unit price you will pay for the land in terms of $$/$SF of Land Area that allows you to achieve your target yield?

$5\mathrm{.}003$

$5\mathrm{.}108$

$3\mathrm{.}95$

$6\mathrm{.}011$