Which of the following defines investment value?

Investment value specifically refers to the worth of a property determined by an individual investor's unique criteria, which include their desired rate of return and the risk they are willing to accept. This value reflects how much that particular investor believes the property is worth considering their financial objectives, investment strategy, and situation.

In contrast, market value is influenced by broader factors, such as recent sales and current market conditions, rather than an individual investor's perspective. Appraised value is determined by a professional assessor, focusing on standard metrics and comparable sales. The average sale price of similar properties in the area also looks at market trends but does not account for specific investment goals or individual risk assessments. Thus, investment value is particularly focused on the personalized financial calculations that vary from one investor to another.