You are assessing the market value of a new flat using the sales comparison approach with three comparable properties (A, B, and C) that were sold in November 2013. The subject property is at the best location.

Market Area Analysis and Sales Data (Market Approach)
Subject Item Property		Comparable Properties
		A	B	C
Sale Date		Nov/13	Nov/13	Nov/13
Sale Price		$4,000,000	$4,750,000	$5,200,000
Gross Area (sf)	1,300	1,450	1,375	1,600
Percent leasable sf	90%	91%	93%	86%
Rent per sf		$30	$35	$38
Proximity to subject		4 miles	5 miles	2 miles
Age	New	6 yrs	8 yrs	4 yrs

Suppose location and age are the only factors that affect the market value of the subject property. What is the average estimate of the market value of the subject property using the sales comparison approach? (Hints: 1 mile difference/ 1 year age difference will change the price per gross area by 1% respectively)

Select one:

a. Insufficient information

b. $4,126,250

c. $3,702,059

d. $3,693,541

e. $4,499,352