CAN YOU HELP ME ON THIS REAL ESTATE APPRAISAL NEW CONSTRUCTION PROFITABILITY PROBLEM?

Income and Expense Table Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 $ $ Information Construction Cost Space Plan Construction Documents PSF Tenant Improvements PSF Lease Commissions/Base Rent from Year 1-5 Total Legal Fees Construction Start Construction Finish 0.25 0.45 24 5% 1,500.00 11/1/2020 10/31/2021 Space Plan Construction Documents Tenant Improvements Legal Fees Lease Commissions $ Contract Information Base Rent Additional Rent (to Compensate Expense Increase) Operating Expenses Tenant Area Commencement Expiration Term (# Months) Term (# Years) Average Market Tenant 20,000 11/1/2021 10/31/2025 60 Net Operating Income Reversion Income Net Income 5 Analysis IRR (without reversion) IRR (with reversion) Base Rent Year 2 PSF Base Rent Year 3 PSF Base Rent Year 4 PSF Base Rent Year 5 PSF Base Rent Year 6 PSF $ $ $ $ $ 20.00 21.00 22.00 23.00 24.00 Estimated Project Value Now with Reversion Year 2 Expenses PSF Expense Stop $ $ 10.00 10.00 Rates Expense Growth Rate Per Year Expected Capitalization Rate in Year 6 Discount Rate for All 6 Years 2% 8.0% 6% Income and Expense Table Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 $ $ Information Construction Cost Space Plan Construction Documents PSF Tenant Improvements PSF Lease Commissions/Base Rent from Year 1-5 Total Legal Fees Construction Start Construction Finish 0.25 0.45 24 5% 1,500.00 11/1/2020 10/31/2021 Space Plan Construction Documents Tenant Improvements Legal Fees Lease Commissions $ Contract Information Base Rent Additional Rent (to Compensate Expense Increase) Operating Expenses Tenant Area Commencement Expiration Term (# Months) Term (# Years) Average Market Tenant 20,000 11/1/2021 10/31/2025 60 Net Operating Income Reversion Income Net Income 5 Analysis IRR (without reversion) IRR (with reversion) Base Rent Year 2 PSF Base Rent Year 3 PSF Base Rent Year 4 PSF Base Rent Year 5 PSF Base Rent Year 6 PSF $ $ $ $ $ 20.00 21.00 22.00 23.00 24.00 Estimated Project Value Now with Reversion Year 2 Expenses PSF Expense Stop $ $ 10.00 10.00 Rates Expense Growth Rate Per Year Expected Capitalization Rate in Year 6 Discount Rate for All 6 Years 2% 8.0% 6%