The subject is a 227,500 square foot (SF) distribution warehouse built in 2023. It is located in a privately developed industrial park with good highway access. 10% of the space is finished office. The balance is warehouse. There are 90 loading docks. It has 40' X 40' column spacing and 28' ceilings. The building was leased in 2023 for 15 years (14 years remaining) to Amazon at $7.00/SF triple net (tenant pays expenses) with 10% rent increases every 5 years. The tenant has 4, 5-year options to renew at a 10% increase of the previous year's rent. In addition to other data points, an analyst is considering the following information in order to determine the value of the property by Sales Comparison. Improved Sale 1 Sold 6-15-2023 Built in 2021 Location: Planned municipally developed industrial park with good highway access 250,000 SF with 8% office finish 86 loading docks, 40' X 40' column spacing, and 30' ceilings Tenant Profile: Owner occupied by a local trucking company (no lease) Improved Sale 2 Sold 1-23-2023 Built in 2006 Location: Planned municipally developed industrial park with good highway access 150,000 SF with 20% office finish 40 docks, 40' X 20' column spacing, and