Question
The Center point office building has two 1,000 square foot, first floor suites each renting for $18.00 per square foot. The first floor also contains
The Center point office building has two 1,000 square foot, first floor suites each renting for $18.00 per square foot. The first floor also contains a 2,000 square foot suite that rents for $3,600 per month. The second floor contains five 800 square foot suites, each of which rent for $23.40 per square foot. The landlord rents one sign on the building at $1,500 per month. Parking is 4 spaces per thousand square feet. The landlord rents 50% of these spaces at $50 per month per space. You also estimate that a 7% vacancy should be applied to all income received. What is the effective gross income from the building? Show your work
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