You are valuing an industrial property that includes some office space. It is located on one acre. Zoning will allow one half acre to be sold or used for other improvements, and direct sales comparison indicates the value of this excess land to be $55,000. Show below is information on the subject and three comparable sales. There are no other physical characteristics that require an adjustment. Industrial property has been appreciating at 4% per year. There is no excess land with any of the comparables and your experience in industrial markets suggests that small difference in land areas, such as those among the comparables, are generally ignored. Estimate the values of the industrial space and then the property in total.

*The excess half acre is valued separately. **Based on prior analysis.

	Subject	Comp 1	Comp 2	Comp 3
Transaction Price	--	$350,000	$440,000	$400,000
Finanacing	--	Conventional	Conventional	Conventional
Date of Sale	--	32 months ago	9 months ago	Current
Location	Average	Average	Average	Average
Land Area	1/2 acre*	21,000 sq. ft.	20,000 sq. ft	17,000 sq. ft.
Office Space/sq. ft.	1,600	1,400	1,650	2,200
Office Space/sq. ft. value**	$12.50	$12.00	$13.50	$9.50
Industrial Space/sq. ft	13,000	12,500	15,600	15,000