Question: Using the following comparable sales only, what is the mean of the total economic life extracted from the sales? Round to the nearest year. Sale
Using the following comparable sales only, what is the mean of the total economic life extracted from the sales? Round to the nearest year.
| Sale 1 | Sale 2 | Sale 3 | Sale 4 | ||
| Sale Price | VO | $10,780,000 | $10,890,000 | $9,460,000 | $9,680,000 |
| Land Value Opinion | VL | $1,650,000 | $2,090,000 | $1,760,000 | $1,870,000 |
| Calculated Building Value Opinion | VB | $9,130,000 | $8,800,000 | $7,700,000 | $7,810,000 |
| Estimated Building Cost | Bcost | $10,505,000 | $9,900,000 | $8,800,000 | $8,470,000 |
| Less Calculated Building Value Opinion | VB | ($9,130,000) | ($8,800,000) | ($7,700,000) | ($7,810,000) |
| Calculated Depreciation $ | Vdep | $1,375,000 | $1,100,000 | $1,100,000 | $660,000 |
| Calculated Depreciation % | Vdep | 13.09% | 11.11% | 12.50% | 7.79% |
| Age of Improvement | Implied Age | 11 | 9 | 11 | 7 |
| Percent of depreciation per year | Dep / year | 1.19% | 1.23% | 1.14% | 1.11% |
| Implied economic life |
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