Complete a sales comparison approach using the following information and data: - In your adjustment grid on the following page, round all adjustments to the nearest whole percentage. - Include a+ or - to indicate the direction of each adjustment. - Make the market conditions adjustment first and independent of all other adjustments. - At the end, add together the location/physical adjustments because they are cumulative (don't forget to consider the direction of adjustments). - Not all items will require adjustment. - Remember, comparables are adjusted to the subject, so a superior characteristic would be adjusted downward, and an inferior characteristic would be adjusted upward. Subject property: 44,000 SF warehouse Sales A-D are all warehouses. Market conditions adjustment - Market conditions adjustments are applied before all the other adjustments, after which you should calculate a semi-adjusted $/SF before proceeding with the location/physical adjustments. - As of the beginning of Q4 2021, market conditions began to improve 3\% per quarter on a straightline basis (NOT compounding) due to demand for warehouse space for e-commerce. All sales must be adjusted to reflect market conditions as of the beginning of Q3 2023. Make all adjustments from the beginning of the quarter when the comparable sold to the beginning of Q3 2023. Location adjustment - Plainfield is considered to be 15% superior to Indianapolis. - Greenwood is considered to be 20% inferior to Plainfield. - Brownsburg is considered to be 5% inferior to Plainfield. Size adjustment - Buildings in this market require a 1% adjustment per 1,000SF of difference (you can adjust for smaller and larger/partial differences). Smaller buildings are considered superior, and larger buildings are considered inferior. Age/condition adjustment - An adjustment for age is 2.25% per year of age difference. Older buildings are considered inferior, and newer buildings are considered superior. Remember the market conditions adjustment is performed prior to location/physical adjustments. Location/physical adjustments are added up and can net each other out. Last, present the indicated values for the subject, based on each comparable's adjusted \$/SF and the subject building size, in whole dollars, rounded to the nearest $10,000. Your answer: SHOW ALL ADJUSTMENTS AS PERCENTAGE WITH + or - TO INDICATE DIRECTION OF ADJUSTMENT. \begin{tabular}{|c|c|c|c|c|c|} \hline & Subject & Sale A & Sale B & Sale C & Sale D \\ \hline Date of sale & \begin{tabular}{c} Date of value: \\ Q3 2023 \end{tabular} & Q3 2022 & Q4 2021 & Q2 2023 & Q4 2022 \\ \hline Location & Indianapolis & Plainfield & Greenwood & Brownsburg & Indianapolis \\ \hline Size & 44,000SF & 25,500SF & 64,000SF & 32,000SF & 49,000SF \\ \hline Effective Age & 15 years & 12 years & 2 years & 9 years & 5 years \\ \hline Sale Price & N/A & $2,856,000 & $4,480,000 & $3,584,000 & $4,655,000 \\ \hline Sale Price/SF & N/A & $112 & $70 & $112 & $95 \\ \hline \multicolumn{6}{|c|}{ Transactional Adjustments } \\ \hline \begin{tabular}{l} Market \\ conditions \end{tabular} & N/A & & & & \\ \hline \begin{tabular}{l} Semi-Adjusted \\ \$/SF (Sale \\ price/SF after \\ market \\ conditions \\ adjustment) \end{tabular} & N/A & & & & \\ \hline \multicolumn{6}{|c|}{ Location/Physical Adjustments } \\ \hline Location & N/A & & & & \\ \hline Size & N/A & & & & \\ \hline Age & N/A & & & & \\ \hline \begin{tabular}{l} Net \\ physical/locatio \\ n adjustments \end{tabular} & N/A & & & & \\ \hline Adjusted \$/SF & N/A & & & & \\ \hline \begin{tabular}{l} Resulting \\ values based \\ on subject SF \end{tabular} & N/A & & & & \\ \hline \end{tabular}