A $24-$acre site can be purchased. The site is zoned for one$-$story office development. Zoning allows for lot coverage of $35\%,($Paved areas count as coverage in addition to buildings in this zoning code.$)$ and the project requires $165,904$ square feet of pavement for parking and vehicle maneuvering. A general contractor quotes a GMP contract price of $$110\mathrm{.}00$ per square foot, including adequate contingency and contractor's fee. Soft costs, including development fee and contingency are $$25$ per square foot. Pro$-$forma rents are $$20\mathrm{.}00$ per square foot $($NNN$),$ expenses are $$4\mathrm{.}00$ per square foot and real estate taxes are $$5\mathrm{.}00$ per square foot. An engineering firm will pre$-$lease $50,000$ square feet of the building at $$18\mathrm{.}00$ per square foot $($NNN$).$ It will take $12$ months to build the building and a construction loan is available for $70\%$ of hard and soft costs at an interest rate of $7\mathrm{.}5\%($interest only$).$ Assume that the average percentage of the loan that is outstanding for the year$-$long construction period is $50\%.$

A$.$ How big of a building can you build?

B$.$ What is the interest expense per square foot in this budget?

C$.$ What could you pay for the land per square foot of buildings to earn $10\mathrm{.}5\%$ on cost $($assume a $5\%$ vacancy factor$)$

D$.$ What is the average overall NNN rent you could charge to yield $12\%$ if you pay the price for land as answered in part C$?$

E$.$ What is the breakeven occupancy level before debt service at completion and lease$-$up$?($round to the nearest whole percentage$)$