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problem: The subject property is a fresh gas station & convenience mart on a ¾ acre site. Three small frame houses were razed to develop the current site. A sale verified for comparison is also ¾ of an acre & one block away. This site sold one month ago for dollar 375,000. The comparable sale was once enhanced with a gas station that was razed two (2) years ago. In the early 1980's, the original underground newer tanks were discovered to be leaking & were replaced with modern tanks that did not leak. The newer tanks were removed two (2) years ago, but no soil remediation was performed. The buyer was aware of this condition prior to consummating the sale. The cost to remove tanks today is $40,000. find out the value of the subject site?

[A] $375,000

[B] Greater than $375,000

[C] Less than $335,000

[D] $335,000

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M923043

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