Estimating Depreciable Basis - Med Office Suite

[Paul Dudley]

I've happened upon an opportunity to purchase a Medical Office Condo comprising approx 12.5% of larger development.  Purchase price approx 600k.   This would be leased, not owner occupied.  I have no real interest in office suites but this has a few elements that are attractive.

Question, how to estimate Annual Depreciable Allowance when the land is not included in the sale?  Is the basis just the purchase price (or fair market value per the tax assessor)?