A 15,000 square foot office building is being estimated using the square foot method. Comparable projects cost between $185 and $210 per square foot. What is the estimated cost range?
Correct Answer
C) $2,775,000 to $3,150,000
Low estimate: 15,000 × $185 = $2,775,000. High estimate: 15,000 × $210 = $3,150,000.
Why This Is the Correct Answer
The square foot method multiplies the building area by the cost per square foot range from comparable projects. With 15,000 square feet and a cost range of $185-$210 per square foot, the calculation is straightforward multiplication. The low estimate is 15,000 × $185 = $2,775,000 and the high estimate is 15,000 × $210 = $3,150,000. This gives the cost range of $2,775,000 to $3,150,000.
Why the Other Options Are Wrong
Option A: $2,550,000 to $2,900,000
This range is too low because it appears to use incorrect per-square-foot rates of approximately $170-$193, which are below the given comparable range of $185-$210
Option B: $2,700,000 to $3,100,000
This range uses incorrect per-square-foot rates of approximately $180-$207, which doesn't match the exact given range of $185-$210 per square foot
Option D: $2,850,000 to $3,250,000
This range is too high because it uses per-square-foot rates of approximately $190-$217, which exceeds the given comparable range of $185-$210
Memory Technique
Remember 'Square Foot = Simple Math' - just multiply area times rate, but always calculate BOTH the low and high estimates to get the full range
Reference Hint
Look up 'Cost Estimating Methods' or 'Square Foot Method' in construction management or estimating chapters of your reference materials
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