the building consists of 12 units that could rent for 600 per month each

16. Given the following owner's income and expense estimates for an apartment property formulate a reconstructed operating statement. The building consists of 12 units that could rent for $600 per month each. Owner's Annual Income Statement $86,400 Rental income (last year) Less: Operating& capital expenses $4,300 1,800 4,900 4,100 4,900 3,200 4,000 6,000 7,400 Power Power Heat Janitor Water Maintenance Reserve for capital expenditures Management Tax depreciation Mortgage payments Estimating vacancy and collection losses at 6 percent of potential gross income, reconstruct the operating statement to obtain an estimate of NOI. Assume an above-line treatment of CAPX. Remember, there may be items in the owner's statement that should not be included in the reconstructed operating statement. Round your answer to the nearest $1,000. Reconstructed Operating Statement PGI: (units x $ x 12) Less: Vacancy Loss (at percent) EGI Less: Operating Expenses Power Heat Janitor Water Maintenance Management Less: Reserve for CAPX Net Income