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What is the net operating income for the office plaza

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Question - You have been asked to develop a pro forma statement of cash flow for an office plaza. The information given to you is listed below:

Property Information:

Age 8 years

Rentable Space 350,000 sq.ft.

# Stories 20

# Tenants 30

Financial Information:

Base Rent Avg. $20 per sq.ft.

Other Income/Parking $1.50 per sq.ft.

Expenses Recoverable from Tenants $3.50 per sq.ft.

Current Vacancy equals to 5% of base rents

Expenses

Mgmt./Admin./Security $695,000

Property Taxes $675,000

Insurance $430,000

General Operations/Leasing Expense $667,000

Utilities $1,159,100

Janitorial/Cleaning $489,000

Business Taxes $110,000

Other

Recurring CAPEX/Improvement Allowance $700,000

Required - What is the net operating income for the office plaza based on the pro forma statement of cash flow for a base year you developed? Please type the answer in the box below and round it up to no decimal places.

Reference no: EM133136758

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