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Assignment ID: FG133136758
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:
Age 8 years
Rentable Space 350,000 sq.ft.
# Stories 20
# Tenants 30
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
Property Taxes $675,000
General Operations/Leasing Expense $667,000
Business Taxes $110,000
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.