NIMBY Enterprises ("Owner") plans to develop a 500-unit new development in Greenpoint, Brooklyn. Of the 500 Unit market rate building. The units are estimated to rent for an average of $3,300/mo. When stabilized the Owner expects 5% vacancy for the units. The Owner anticipates collecting 90% of the rent rent billed monthly In addition to rent, the Owner expects to rent all 45 parking spaces at $300/mo and charge residents for access to the rooftop pool amenity space for $100/mo (per unit, not per person) and anticipates 80% of all residents will sign up for the pool. Owner does not anticipate any other streams of miscellaneous income, as they have made the decision to "comp" laundry fees, storage, and pet fees to attract prospective renters in a very competitive Brooklyn market. The Owner estimates that operating expenses will consist of $400,000 in management fees, $1,000,000 in payroll, $1,250,000 in repairs and maintenance and $250,000 in other operating expenses. The developer received a tax abatement and will not begin paying taxes for the foreseeable future. Contingent with the approval of the project and the tax abatement the owner receives, the City is requiring the owner build an esplanade and community facility estimated to cost $3,000,000 in the first year. The Owner anticipates additional one-time capital expenses such as the remediation of contaminated soil on the grounds and the building of a back-up generator to total $500,000 in year one of operations. For all answers below, assume the building is stabilized in year one of operations. Show your work to receive partial credit for ultimately wrong answers. 1. What is the Potential Gross income for this property in dollars? 2 What is the projected total Vacancy Loss for the building in dollars? What is the vacancy loss for the building in dollars? What is the total collections loss for the building in dollars? What is the Effective Gross Income for the Property? 6. What is the NOI for the property? 7. What are the total Capital expenses for the property in dollars