You and investors are considering purchasing either an office building or a strip retail center. Based upon the below data, what would be the appropriate fair market value for each property?
Rentable Sq. Footage: Office- 100,000; Retail- 80,000
Rent/square foot: Office- $24; Retail- $30
Expense Ratio: Office- 40%; Retail- 50%
Vacancy: Office- 5%; Retail- 8%
Desired Cap Rate: Office- 13%; Retail- 14%