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Property Information: H ERY Betts Distribution Center Age of Improvement 8 years old Rentable Space 200,000 sq. ft. Single Tenant 10 year lease term, net, net Financial Information: Rent $7.00 per sq. ft. (7-year term), flat Recoverable Expenses from $1.50 per sq. ft., fixed Tenant Operating Expenses $700,000 Property Taxes $50,000 Insurance $15,000 Other Cash Outlays: Allowances for: Recurring CAPEX/Improve $60,000 Allowance Develop a pro forma statement for the Betts property for a base year a. What is the effective gross income? b. What is the net operating income (NOI)? Property Information: H ERY Betts Distribution Center Age of Improvement 8 years old Rentable Space 200,000 sq. ft. Single Tenant 10 year lease term, net, net Financial Information: Rent $7.00 per sq. ft. (7-year term), flat Recoverable Expenses from $1.50 per sq. ft., fixed Tenant Operating Expenses $700,000 Property Taxes $50,000 Insurance $15,000 Other Cash Outlays: Allowances for: Recurring CAPEX/Improve $60,000 Allowance Develop a pro forma statement for the Betts property for a base year a. What is the effective gross income? b. What is the net operating income (NOI)