Complete a sales comparison approach using the following information and data:

In your adjustment grid on the following page, round all adjustments to the nearest percentage.

Include a + or to indicate the direction of each adjustment.

Make the market conditions adjustment first and independent of all other adjustments.

At the end, add together the location/physical adjustments because they are cumulative (dont forget to consider the direction of adjustments).

Not all items will require adjustment.

Remember, comparables are adjusted to the subject, so a superior characteristic would be adjusted downward, and an inferior characteristic would be adjusted upward.

Subject property:

312,000 SF warehouse

Sales A-D are all warehouses.

Market conditions adjustment

Market conditions adjustments are applied before all the other adjustments, after which you should calculate a semi-adjusted $/SF before proceeding with the location/physical adjustments.

Market conditions were stable from late 2019 until July 2020, when market conditions improved 30% due to demand for warehouse space for e-commerce. These conditions still exist today, in October 2021. Sales that took place prior to July 2020 sold during inferior market conditions.

Location adjustment

Whitestown is considered to be 10% superior to Indianapolis.

Greenwood is considered to be 15% inferior to Whitestown.

Plainfield is considered to be 10% inferior to Whitestown.

Size adjustment

Buildings in this market require a 1.5% adjustment per 10,000 SF of difference. Smaller buildings are considered superior, and larger buildings are considered inferior.

Age/condition adjustment

An adjustment for age is 2% per year of difference. Older buildings are considered inferior, and newer buildings are considered superior.

Remember the market conditions adjustment is performed prior to location/physical adjustments. Location/physical adjustments are added up and can net each other out. Last, present the range of adjusted $/SF and the indicated range of values in whole dollars, rounded to the nearest $10,000 for the subject building.

Last, present the range of adjusted $/SF and the indicated range of values in whole dollars, rounded to the nearest $10,000 for the subject building.

Your answer: SHOW ALL ADJUSTMENTS AS PERCENTAGE WITH + or TO INDICATE DIRECTION OF ADJUSTMENT.

	Subject	Sale A	Sale B	Sale C	Sale D
Date of sale	Date of value: October 2021	April 2021	November 2019	June 2020	July 2021
Location	Indianapolis	Whitestown	Greenwood	Indianapolis	Plainfield
Size	312,000 SF	255,000 SF	359,000 SF	470,000 SF	212,000 SF
Effective Age	8 years	2 years	1 year	14 years	10 years
Sale Price	N/A	$26,775,000	$21,181,000	$18,800,000	$17,596,000
Sale Price/SF	N/A	$105	$59	$40	$83
Transactional Adjustments
Market conditions	N/A
Semi-Adjusted $/SF (Sale price/SF after market conditions adjustment)	N/A
Location/Physical Adjustments
Location	N/A
Size	N/A
Age	N/A
Net physical/location adjustments	N/A
Adjusted $/SF	N/A

Resulting (low to high) range of $/SF values for subject:

Resulting (low to high) range of whole dollar values for subject: