Building Tower Square, How much are you willing to pay for Tower Square, if you expect to hold the property for 3 years and demand 8% return? Use the following assumptions in your discounted cash flow approach to this problem.

Rents are expected to grow at 4% per year

Vacancy & Collection losses are expected to remain at 5% of PGI per year

The income from the cell tower is expected to remain constant

Operating Expenses are expected to grow at 3% per year

Replacement Reserve is constant

Terminal cap rate is 6.75%