A city has built a new library and has contacted the broker to list and sell the old library building. Which approach should the broker use to estimate the fair market value for the purpose of listing and selling this property?

The income approach is used primarily for income-producing properties, where the value is determined based on the revenue generated from the property. Since the old library is not an income-generating asset and is being sold without a rental or operational income stream, this approach is not applicable.

The sales comparison approach estimates value based on the sale prices of similar properties in the area. While this method is commonly used, it may not provide an accurate estimate for the old library if there are few comparable library buildings with similar features and conditions, making it less reliable in this specific case.

The gross rent multiplier method estimates property value by applying a multiplier to the gross rental income. However, as the old library is not designed for rental income and does not operate as a revenue-generating entity, this approach does not fit the circumstances of the sale.