Units.... Avg........ Rent Annual Rent 72 .....1,025$ ......885,600$

____________________________________________________________________________ Your Apartment Project: Units---AvgRent---Market NOI -----Sales Price-------- Weight/Similarity Webster St. 64---------940$ ------410,966$ --------6,850,000$ --------65% Farwell Ave. 108--------1,060$----840,634$ -------12,925,000$-------25% Prospect Ave. 32 --------1,100$-----263,608$ -------4,215,000$-------- 10% ___________________________________________________________________________

Construction: It costs approximately $220,000/unit to build new today. Assume the property is 50 years old and it has a 100-year useful life. Assumptions: Market management fee is 5% Market vacancy is 5% Reserves for a property this age is $250/unit/year Expenses for properties average $4,000/unit/year

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a. What is the value using the Sales Approach? b. What is the value using the Income Approach? c. What is the value using the Cost Approach? d. What is your final determination of value, and why?