Which indicator reflects the overall market value of a property?

The choice of market comparables is the correct answer because this method directly assesses a property's value by analyzing the sale prices of similar properties in the same area. It reflects the real-time pricing dynamics of the marketplace and takes into account various factors such as property features, location, and current market trends. By comparing properties that are alike, appraisers can determine a fair market value that accurately reflects buyer and seller behavior, as well as the sentiments in the overall market.

In contrast, potential gross income refers to the income a property could generate if fully leased, which is an important metric for investment properties but does not directly reflect market value itself. Operating profit reflects the profitability of managing a property after expenses, which also does not provide a direct indication of the market's perception of value. The cost of replacement pertains to what it would cost to rebuild a property, which can be used for insurance purposes or assessments but doesn’t encapsulate what the property would sell for in the current market conditions. Thus, market comparables remain the method that most accurately captures the essence of current market value.