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trended upward for time. As a cross check these costs were compared <br /> to the known costs of other warehouse projects in the Garfield County <br /> area. The cost range was confirmed. <br /> Accrued Depreciation <br /> As defined, accrued depreciation is the difference between <br /> current cost and current value. Since the improvements are relatively <br /> new, an age/life method was used to estimate accrued depreciation . <br /> COST APPROACH SUMMARY <br /> Land <br /> 12 . 45 Acres at $87 ,120 ($2 . 00 PSF) $1 ,084 ,644 <br /> Buildings <br /> Mine Services Building 16 ,350 SF <br /> Truck Terminal Building 19 , 780 SF <br /> 36 ,130 SF <br /> 36 ,130 SF X $25 . 00 PSF = $ 903 ,250 <br /> Paving (includes parking and service roads) <br /> 151 , 850 SF X $. 70 PSF = $ 106 ,295 <br /> Misc. Site Improvements $ 25 ,000 <br /> Construction Cost Indication $1 ,034 ,545 <br /> Accrued Depreciation <br /> 3 year age-50 year life = 60 -$ 62 ,073 <br /> Improvements Contribution Estimate $ 972 , 472 $ 972 ,472 <br /> Cost Approach Indication $2 ,057 ,116 <br /> MARKET DATA APPROACH <br /> The market data approach to value relates the improved property <br /> under study to other similarly improved properties which have sold in <br /> recent years. Units of comparison are developed from comparable sales <br /> and applied to the property being appraised to indicate value . Typi- <br /> cally, these units of comparison may be a gross rent multiple or sales <br /> price per gross square foot of building area. When ample comparable <br /> sales data is available , a reasonably accurate conclusion of market <br /> value may be drawn directly from the market. <br /> -11- <br />