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A 20,000 sqft office building's first-year rental rate is $24/sqft/year. Assuming this is a gross lease and - Vacancy rate is expected to be 9%

A 20,000 sqft office building's first-year rental rate is $24/sqft/year. Assuming this is a gross lease and -

Vacancy rate is expected to be 9%

There will be no other income.

Total operating expenses (CAM + insurance + tax) is 50% of the gross potential income.

Management fee is additional 6% of gross potential income.

What is the net operating income for the first year?

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