If a tenant is the sole tenant in a 600 square foot building with the following expenses, how much would the tenant pay in year 3 of their lease?

A) If they were NNN (Triple Net Lease)

B) Gross?

C) Modified Gross? (Assume a $19.50/SF base stop, increase by 3% annually)

	Year 1	Year 2	Year 3
Utilities	4,000	4,120	4,244
CAM	3,500	3,605	3,713
Taxes	2,800	2,884	2,971
Insurance	1,400	1,442	1,485
Total	11,700	12,051	12,413