Jake is preparing a Comparative Market Analysis on a 5-year-old vacant two-story, 10,000-square foot office building on a one-acre property. Jake knows that a vacant lot next door of about the same size just sold for $100,000. He also knows that market value for comparable office space today would be $100 per square foot. The owner agrees with Jake that his building has experienced a yearly 3% depreciation of its value. What should Jake recommend as a selling price
