1) Office properties in the downtown area have recently been selling at a 12 percent capitalization rate. A subject office property has net operating income of $1.5 million. What is this property's indicated value using the income approach?
The following adjustments are applicable:
House size: $50 per square foot;
Lot size: $1.25 per square foot;
Bedrooms: $4,000 each;
Half bathroom: $750 each;
Brick exterior: $4,500 more than a frame exterior;
Excellent condition: $3,000 more than "good" condition.
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