Question
In: Accounting
Calculate the NOI of a property based upon the information provided below: Building area: 10,500...
Calculate the NOI of a property based upon the information provided below:
- Building area: 10,500 sqft
- Average base rents: $26.00 psf
- NNN recoveries: $3.50 psf
- Vacancy rate: 5.0%
- Operating expenses $4.25 psf
- Percentage rent $4,000 per year
- Concessions 3.0%
- Annual debt service $188,400 per year
Solutions
Expert Solution
| Net Operating Income | ||
| a) Gross Income (10,500sqft * $ 26psf - 3%) | 264,810.00 | |
| b) Vacancy Expense (10,500sqft * 5%) | 13,240.50 | |
| c) Effective Rental Income (a-b) | 251,569.50 | |
| d) Other Income (10,500sqft * $ 3.50psf) | 36,750.00 | |
| e) Gross Operating Income (c+d) | 288,319.50 | |
| f) Operating Expenses (10,500sqft * $ 4.25 ps | 44,625.00 | |
| g) Net Operating Income (e-f) | 243,694.50 | |
| Note: Annual Debt Service should not be included in calculculation of Net Operating Income as it is specific to the owner |
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