A)

A/an 950 square metres [m2] office building can be rented for $305 per m2 annually on a gross lease basis in the first year. Annual vacancy is projected to be 15%. Additional income is generated through the car park rental at a monthly rate of $65 per car park. There are 4 car parks available and all of them have been rented. Annual fixed operating expenses are $45 per m2 and variable expenses are $50 per m2. Estimate the amount of the Net Operating Income [NOI] in the first year for the whole building. Enter your answer rounded to the nearest whole dollar [e.g. 123].

B)

An investment requiring an initial cash outlay of $42,000 produces the following end-of-year cash flows over a 6-year holding period: Year 1: $15,000; Year 2: -$7,000; Year 3: $12,000; Year 4: -$3,500; Year 5: $12,000; Year 6: $28,000. Calculate the Modified Internal Rate of Return [MIRR] for this investment. Assume a/an 9.00% reinvestment rate and a/an 5.15% finance rate. Enter your answer rounded to four decimal places without the percentage sign (e.g. 1.2345).

C)

An investor has purchased a $1,850,000 property which produced annual Net Operating Income [NOI] of $125,000 in the the first year of operations. The property was financed with a fully amortising constant payment loan with a 60% Loan-to-Value ratio loan with monthly payments over 20 years at an annual interest rate of 7.19%. The NOI is expected to increase by 3.00% in Year 3 and in Year 5. The property will be held for five [5] years and then sold using a capitalisation rate of 4.20%. The investor's Required Rate of Return is 15.00%. Estimate the annual pro forma and calculate the Net Present Value of the equity investment. Enter your answer rounded to the nearest whole dollar (e.g. 123).