Industry 4.0 application scenarios, based on the use of Augmented Reality (AR) in combination with wearable devices like Smart Glasses or Head-Mounted Displays (HMD), offer construction companies several opportunities to better deal with the complexity of the construction environment. Despite the given maturity of AR technology, tools or methods to estimate the costs and benefits associated with its adoption have not been provided to date. In general, high implementation costs and unclear benefits of this technology are considered as barriers to its widespread adoption. Therefore, the primary aim of this paper is to develop an assessment framework for evaluating costs and benefits of information systems (IS) investments based on an AR-based application scenario in the construction domain. By the same token, we intend to demonstrate how a traditional cost-benefit analysis (CBA) can be applied more effectively to assist in the decision-making process. The assessment framework is developed by means of a systematic literature review and evaluated by means of expert interviews as well as a simulation using the appraisal method Visualisation of Financial Implications (VoFI). Additionally, risk considerations are made by conducting a sensitivity analysis and a probability risk analysis.