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-18- <br />Cost Approach Continued <br />Gross building area including perimeter soffit, <br />`10,260t sq. ft. Replacement cost new includes <br />all "hard" building costs plus contractor's <br />overhead and profit. Construction financing, <br />architectural and engineering fees included <br />separately. Scope of project includes portion <br />of tunnel to property line, concrete and asphalt <br />flatwo Tc, curbs and gutters and landscaping <br />within the 15,218 sq. ft. site. <br />Replacement cost <br />10,260± sq. ft. @ $85 $8723*100 <br />Add for "soft" costs - construction, financing, <br />professional fees - 20% 174,420 <br />Total improvement cost new, $1,046,520 <br />Depreciation <br />Physical depreciation (primarily in- <br />curable) @ 10% $104 652 <br />Functional obsolescence (approx. <br />1/2 incurable) @ 40% 418,608 <br />Economic obsolescence @ 10% 104,652 <br />Total depreciation @ 60% 627,912 <br />Depreciated value of improvements $418,608 <br />Add land value by comparison, 15,218± sq. ft. <br />@ $8.50 In round figures, 130,9000 <br />Total value indicated by the cost approach, $548,608 <br />In round figures, $549,000 <br />