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a 6,164 square foot, one story building with a <br /> walkout to the back of the property. The building <br /> is basically a retail strip center with an easement <br /> on the west property line. Some of the buildings <br /> tenants consist of a pizza shop, movie rental, an <br /> interior design studio and yarn and gift shop. <br /> APPROACHES TO VALUE: <br /> There are three recognized approaches to value; the <br /> Sales Comparison, Income, and Cost Approaches. The <br /> Cost Approach utilizes estimating the replacement <br /> cost now of the improvements deducting for <br /> diminished utility of these improvements due to <br /> wear and tear and obsolescence, and adding the <br /> value of the land. The Income Approach utilizes <br /> capitalization of the income stream to obtain an <br /> indicated Market Value. The Sales Comparison <br /> Approach compares the subject property with similar <br /> properties which have recently sold, making <br /> adjustments for dissimilarities between the subject <br /> and comparable property to obtain an indicated <br /> value of the subject property. When reliable sales <br /> data is available, this approach is considered very <br /> reliable in that it reflects the actions of buyer <br /> and seller in the current market place. <br /> 9 <br />