5. You have been asked to appraise a closed Burger King on Hwy. 1 in Virginia...

5. You have been asked to appraise a closed Burger King on Hwy. 1 in Virginia Commons. The building was built 5 years ago, but has been vacant for the last 2. Vacant buildings tend to deteriorate faster than occupied buildings. For this reason you estimate the age of the building at 9 years. Fast food restaurants have an expected economic life of 20 years. The building is 2,100 square feet and sits on a lot that is 4,200 square feet. A lot just south of the subject sold recently for $18.50 a square foot. Fast food restaurant construction costs average $210 per square foot. What is your estimate of the value of this property (hint – cost approach)?

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jeff jeffy answered 1 year ago

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