The information above relates to $3$ property sales of properties similar to the subject property.

Use this information to complete the table below. $($Assume that the differences in value of the

buildings will not affect the rental rate over this range and use the average you computed

already.$)$

Use a simple average of the $3$ capitalization rates from the sales to get the capitalization rate for

the subject. For the management expense, use $10\%$ of gross income. For building expense $2\%$

of the building value from the table above. For real estate taxes use $$\frac{2}{?}$ acre plus $1\%$ of the

building value from the table above. I've worked out Sale IV to get you started.

What is the average capitalization rate for the three sales?

What is the implied sales price of the subject based on the income approach?