Determine the NPV, BTCF, Cash-on-Cash return, Return on assets, and IRR (both set up the formula using summation notation and solve in excel) of the following project.

Size: 200,000 sf.

Land Costs: $1,000,000

Development Costs: $40/sf.

Rent: $15 /sf/yr.

Expected Vacancy: 10%

OpEx: $5 /sf/yr. fixed.

Capital Reserves: $1 /sf/yr. fixed.

Loan:

Type: 10-year FRM (payments annually)

LTV: 75%

APR: 6%

Terminal Sale: Start of year 11. Valued using a cap rate of 9.44% based on year 10 NOI.

Write your solutions in the box below. For the debt service payment and the IRR equations, use the math notation input option to show your forulae (on the tool bar, it's this logo: xxxx).