CORRELATION ANALYSIS AND FINAL VALUE ESTIMATE
All three approaches to value have been pursued to some detail in previous sections of this report. The individual findings have indicated the following estimates of value:
| Value Estimate via Sales Comparison Approach (Land Only): | $181,200 |
| Value Estimate via Cost Approach: | Not Applicable |
| Value Estimate via Sales Comparison Approach (Bldg/Land): | Not Applicable |
| Value Estimate via Income Approach: | Not Applicable |
The Correlation Analysis is a review in which the appraiser critiques the material used to arrive at estimated values in the three approaches and then correlates the data to arrive at a final estimate of value. It is the appraiser's review of the strength and quality of information in the three approaches to value.
The Cost Approach to Value involves estimating the replacement cost new of the building and land improvements. From this replacement cost, the appraiser deducts an allowance for physical, functional, and economic depreciation. The "Depreciated Replacement Cost" is then added to the separately determined land value. This approach is not utilized in this assignment for reasons previously stated in this narrative appraisal report.
The Sales Comparison Approach, or comparable approach, is a competitive method of weighing or relating sales data information to the land and/or structure being appraised. This approach to value is generally a good estimate of what comparable property would have sold for, adjusting to the salient characteristics of the subject properties.
The Income Approach is based on constructing a reasonable expected income, less vacancy and credit loss, and expenses, such as taxes, insurance and maintenance and then capitalizing the final net income stream based on what a prudent investor wants in the market today. The income stream for the subject property is based upon current lease information for similar type units in the subject's area. This building is a single tenant usage. This approach is not utilized in this assignment for reasons previously stated in this narrative appraisal report.
Therefore, upon considering all basic principles of property value and after careful analysis of all three approaches, I believe the facts developed in the Sales Comparison Approach to be the most significant and to most closely reflect the thinking and attitude of typical purchasers of this type property in the Oakwood, Ohio area.
In conclusion, based on the facts developed herein, together with other data discussed throughout this report, it is the opinion of the appraiser that the estimated current market value of the subject property in the "as is" condition in the Fee Simple Position as of May 22, 2024 is $181,200.