QUESTION 3 You want to purchase an office building. The property contains 37493 square feet of rentable space and is currently occupied by multiple tenants, each with a recently renewed long maturity lease. The annual rent in the 1st year of ownership is $29.12/sq ft. The vacancy rate is 6.5%. You expect to incur collection losses (from tenant default) on 1.5% of the square feet during your first year. What is the Potential Gross Income (PGI) for the first year? State your answer as a number rounded to the nearest cent (e.g. if you get $13.57654, write 13.58) QUESTION 4 Which is the following describes the expenses of a triple net lease tenant? the tenant does not have any additional expenses beyond the rent specified on the lease rent + property taxes rent + maintenance rent + property taxes + insurance + maintenance 5 p