How do I calculate Investor Return on Equity?

JSG Grand Avenue Tower Rent Assumptions Rent Square Fee Growth Assumptions Rent Tenant #1 $29.00 20,000 Income Growth 2.00% Rent Tenant #2 $30.00 15,000 Expense Growth 2.50% Rent Tenant #3 $32.00 15,000 Tenant 1 Escalator 2.00% Expense Stop for Tenant #1 $5.50 20,000 Tenant 2 Escalator 2.50% Expense Stop for Tenant #2 $7.00 15,000 Tenant 3 Escalator 0.00% Expense Stop for Tenant #3 $9.00 15,000 Building Net Rentable Area 50,000 Financing Assumption 10,000,000 10 Debt (30 year amortization 28,000 Interest Rate (assume annual pmt) 5.50% 11 Miscellaneous Income Vacancy 7.00% Annnual Payment $688,054 12 4.50% Equity 4,000,000 13 Management Fee Tenant 3 Tenant Improvements 24.00 14,000,000 Purchase Price Tenant 3 Leasing Commissions (per Mr of ease) 2.50% Sale Cap Rate 7.00%1 15 16 Revenue Year 11 Year 2 Year Year Year 51 Year 61 17 Rent Tenant #1 580,000 591,600 603, 432 615,501 627,811 640,367 18 Rent Tenant #2 450,000 461,250 472,781 484,601 496,716 509,134 19 Rent Tenant #3 480,000 480,000 480,000 480,000 480,000 480,000 20 Expense Pass-through Tenant #1 90,000 95,000 100, 125 105,378 110,763 116,282 21 Expense Pass-through Tenant #2 45,000 48 750 52,594 56,534 60,572 64,711 Expense Pass-through Tenant#3 15,000 18,750 22,594 26,534 30,572 34,711 23 25 Gross Potential Income 1,723,910 1,760,657 Vacancy 118 160 120,674 123.246 125.878 128572 131 328 26 1,569,840 1,603,236 1,637,411 1,672.382 1,708,169 1,744,791 Effective Gross Income Expenses 28 205,000 210,125 215,378 220,763 29 Real Estate Taxes 200,000 226,282 Insurance 20,000 20,500 21,013 21,538 22,076 22,628 30 Utilities 150,000 153,750 157,594 161,534 165,572 169,711 31 Janitorial 50,000 51,250 52,531 53,845 55,191 56,570 32 Maintenance 80,000 82,000 84,050 86,151 88,305 90,513 33 Management Fee 70,643 12 146 73,683 7525 76868 78516 34, 58466 598996 61 3703 628 644 2220 35 1,018,591 1,038,415 1,058,680 1,079,395 1,100,571 36 Net Operating Income 360,000 37 Tenant Improvment 38 Leasing Commissions 39 Debt Service 688,054 688,054 688,054 688,054 688,054 40 Cash Flow After Debt Service -120,857 330,537 350,361 370,626 391,341 41 42 Sale Price 15,722,442 43 Outstanding Loan Balance 9.229.509 Net Sale Proceeds 6,492,933 45 46 Investor Cash Flows Levered -4,000,000 -120,857 330,537 350,361 370,626 6,884,274 48 14,000,000 1,058,680 49 50 nvestor Return on Equity Debt Coverage Ratio 51 52 nvestor IRR Levered 15.06% 53 8.74% nvestor IRR Unlevered