An office building with storefront retail is located in central Portland.

Determine the value of the building with a 5.75% cap rate given the following information.

Floors 2, 3, and 4 each contain 9,200 SF of office space rented for $21.50/SF per year, gross

The 8,500 SF of ground floor retail space is leased for $29.00/SF per year

The basement has 2,000 SF of storage which Batman rents for $1.50/SF per year

There are 15 parking spaces for $180 per space per month

PGI

Vacancy & Credit Loss (5%)

EGI

Operating Expenses ($9.50/SF, Excluding Basement)

NOI (Io)

Market VALUE: