4. The 175,000 square-foot property is a NNN property. You know the following: - Market rent is $15.00 per square foot - Vacancy is 4% - Operating expenses are $8.00 per square foot - Your return requirement is 12% - You can build the building for a total cost of $95 per square foot (all in costs).

a. What is NOI?

b. What is the most you can pay for the whole project?

c. How much can you pay for the land?