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A real estate investor is considering the purchase of a four - unit office building and has the following information. The purchase price is $

A real estate investor is considering the purchase of a four-unit office building and has the following information. The purchase price is $951,682 with $9,281 in acquisition costs. The first years rent is $4,237 per unit per month. Rents are expected to increase at a rate of 3.5 percent per year. Vacancy is estimated to be 5.2 percent of gross revenue and operating expenses are expected to be 30 percent of effective gross income.
What is the net operating income (NOI) for year 5?

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