Please use excel and show all formulas

You are considering the purchase of a 2,824SF building in New York. Below, you are given the information you need to analyze the investment.

In the first year, you plan to charge $15/SF, but the building is vacated. You think that it will take you six months to find a tenant.. Then, you will get them to sign a contract for three years, after which you expect another six-month vacancy before you fill it again. Variable operating expenses will cost you 25% of EGI, and fixed operating expenses will cost 5% of PGI. But you can require your tenants to pay all of the variable expenses. You plan to set aside $100,000 per year for future renovations.

You assume that PGI will grow by 5% per year for the next six years. You plan to sell the property after year 5, and you expect your selling expenses to be 6% of the resale price. Assume that the going-out cap rate is 100 basis points higher than the going-in cap rate.

3. What is the resale price?

4. What is the reversion cash flow?

5. Please fill out the pro forma to calculate the PBTCFs for the remaining years of the investment.