Assume a single tenant property has 90,000 SF of rentable area. The existing revenues are $82 SF/Yr. The market level revenue is $88 SF/Yr. Operating expenses are $40 SF/Yr. Assume the existing lease has a month to month term, and a 4.0% cap rate for this property. What is the delta between the value based on the existing revenue versus the value based on the market level?

1. $10.3 million
2. $13.5 million
3. $30.3 million
4. $13.0 million