Assume a 6,000 square foot property rents for $10 per square foot per year. There are no vacancies. Expenses are 40% of gross income. The property was bought for $400,000 with a loan-to-value ratio of 60%. The loan was at 5% for 25 years with monthly payments. What is the CFAT for the property in the first year assuming the land is fully developed? {Remember our handy 80/20 rule, where fully-developed property has 80% of its value attributed to the depreciable building.} Assume the taxpayer has a tax rate of 40%. (This is a commercial property, of course, as typically only commercial rents are reported per square foot.)