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A 1 2 , 0 0 0 sqft gross retail building with 9 0 % efficiency operates at 9 5 % occupancy with a NNN

A 12,000 sqft gross retail building with 90% efficiency operates at 95% occupancy with a NNN rent of $22/sqft/yr and expense reimbursement of $10/sqft/yr. The variable expenses including management fees are 18% of EGI and fixed expenses are $3/gross sqft/yr. What is the NOI?

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