Given the following information, calculate the estimated first-year net operating income (NOI) for this office building using above-the-line treatment of capital expenditures and assuming no miscellaneous income:

Lot size: 1.1 acres

Rentable square footage (RSF): 15,000 SF

Market rent: $20/SF/year

Vacancy and collection loss: 10% of potential gross income

Operating expenses: 35% of effective gross income

Capital expenditures: 9% of effective gross income

	A.	$440,827
	B.	$177,450
	C.	$151,200
	D.	$12,600
	E.	$175,500