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Suppose the usual rate is .08, meaning investors in the area expect an 8% [...] The building would be worth $187,000 less (.08 cap rate) than your appraisal shows. You then subtract all expenses, but not funding payments. You then apply the capitalization rate to this figure. In that case, the income figure could be $15,000 too high. You simply divide the income of $52,000 by .10. It’s also not ideal to use replacement costs for income land appraisal. It would be difficult to find similar ones nearby that have recently sold.
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