Question $1$

$[$Sales Comparison Approach $-$ Valuation Exercise$]$

You have been assigned to appraise a $180-$unit garden$-$style apartment complex. To estimate its value using the sales comparison approach, you have selected several comparable sales transactions to analyze.

One comparable property, a $184-$unit complex, recently sold for $$10\mathrm{.}63$ million in the same submarket. This comparable property has smaller units than the subject property but is nine years newer. Based on your markit research, you determine that the following adiustments are appropriate:

$15\%$ adjustment for the unit size difference

$10\%$ adjustment for the age difference

Using the adjusted per$-$unit sale price of the comparable property, calculate the indicated value of the subject property using the sales comparison approach.

Hint:

First, calculate the sale price per unit for the comparable property$-$

Apply the size and age adjustments to determine the adjusted per$-$unit price. If the comp is superior, subtract $($negative adjustments$).$ If the comp is inferior, add $($positive adjustments$).$

Multiply the adjusted per$-$unit price by $180$ units the number of units in the subject property$)$ to find the indicated value.

$($Input your answer rounded to the nearest $$100$ and without the dollar sign. For example, $$12,345,678$ is input $12,345,700$ J