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Assume you have conducted an appraisal of a 15-year, four-unit office building and you used all three approaches to value (sales comparison, income, and cost). You used a cost manual like Marshall & Swift Valuation Service to assist you with your cost approach. You had difficulty finding recent sales of vacant land to use in the Cost Approach but you were able to find just enough to estimate a reliable land value. All four units in your subject property were leased and you were provided comprehensive income and expense information on the subject property. You were also able to find rental data of competing office buildings and were able to determine that the units in your subject property were leased at market rent levels. You were also able to find four comparable sales to use in the Sales Comparison approach; however, two of the four sales were about two years old. Your value estimate from the Cost Approach was $1,000,000. Your value estimate from the Income Approach was $950,000. Your value estimate from the Sales Comparison Approach was $920,000.

1. For this particular scenario, rank the approaches in order based on what you think the most helpful approach is to the least helpful approach.
2. What would be your final conclusion of value for this property?
3. Please provide some justification for why you chose the value that you did and also comment on how confident you are that you made a wise reconciliation of the information provided.

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