17. 1 pts Based upon the year-end financial statements, what was the Net Operating Income (including Loss to Vacancy)? 18. 1 ptsFour Story Office Development Project Assumptions for Final Exam Questions BUILDING AREA ASSUMPTIONS GROSS SF 104,580 RENTABLE SF 98,577 USABLE SF 87,927 SOURCE OF FUNDS ASSUMPTIONS DEVELOPER CONTRIBUTION TO REQUIRED CAPITAL - NO PREF. RET. 1,250,000 INVESTOR EQUITY WITH A 8%% ANNUAL PREFERRED RETURN 6,491,066 MINI-PERM LOAN AT 6.25% ANNUAL INT. 30,546,194 TOTAL FUNDING SOURCES 38,182,743 USES OF FUNDS ASSUMPTIONS LAND & OFFSITES 4,000,800 SOFT COSTS 2,250,000 HARD COSTS 24,644,250 LOAN FEES & INTEREST 2,100,000 TENANT IMPROVEMENT! 5,187,693 TOTAL PROJECT COSTS $8,182,743 TOTAL PROJECT COSTS PER RSF 387.34 OPERATING ASSUMPTIONS MONTHLY FSG RENT PER SF S 3.25 ANNUAL OPERATING EXPENSES PER RSF 11.20 BUILDING SALE ASSUMPTIONS 1.) The building sold at a 5.75%% CAP Rate based upon the figures in the Year-End Balances .) Closing Costs and Commissions totaled 5.00% of the Sales Price 3.) The building sold 29 months after the investor deposited their investment. YEAR-END ACCOUNT BALANCES ACCOUNTS PAYABLE 120,500 LAND 000,800 ACCOUNTS RECEIVABLE 135,000 LANDSCAPE MAINTENANCE 18,751 ACCRUED INTEREST PAYABLE 90,525 LOSS TO VACANCY 274,352) ACCUMULATED DEPRECIATION (1,170,000)] MAINTENANCE SERVICES 115,000 ADDITIONAL RENT 21,578 MANAGEMENT FEE 115,335 AMORTIZATION EXPENSE 36,000 PARKING INCOME 53,232 ASSETS/TOTAL PROJECT COSTS 34,181,943 PERMANENT LOAN BALANCE 28,749,148 CASH 234,000 PROPERTY TAXES 141,951 CLEANING SERVICES 109,420 REPAIRS & MAINENANCI 177.439 DEPRECIATION EXPENSE 800,000 RETAINED EARNINGS 280,200 DEVELOPER EQUITY 1,250,000 SECURITY DEPOSIT 321,000 ELECTRIC AND GAS 283,902 SECURITY SERVICES 41,160 GROSS POTENTIAL RENT ,844,503 | TENANT IMPROVEMENTS 5,187 693 INSURANCE 24,258 WATER, SEWER, TRASH 76,985 INTEREST EXPENSE 1,680,000 INVESTOR EQUITY 6,491,066