You are working on cash flow projections for a $38,000-$square$-$foot office building occupied by two tenants, A and B$.$ The lease for tenant A$,$ who occupies $26,000$ square feet of space, expires in $5$ years. You expect to receive the market rent in year $6,$ $$42\mathrm{.}00/$sf$,$ whether tenant A decides to renew or vacate. If tenant B will pay $$40\mathrm{.}00/$sf to rent $12,000$ square feet of space in year $6.$ Tenant A$\text{'}$s lease expires in year $5,$ and you expect them to renew with a probability of $\mathrm{.}85.$ If they do not renew, you expect it will take about $6$ months to find a new tenant for the space. The leases for both tenants are triple net; tenants pay property taxes, insurance, and maintenance. The owner is responsible for utilities and sewage. The expected annual cost for these services is $$3\mathrm{.}20/$SF$.$

Step $1$: What is the building's expected potential gross income for that year?

Step $2$: What effective gross income do you expect to receive in year $6?$

Step $3$: What is the expected occupancy rate in year $6?$

Step $4$: What is the expected utility and sewage expense in year $6$ if the expenses are $25\%$ fixed?

Step $5$: Given no other expenses, what is NOI for year $6$ of ownership?

Step $6$: What is the price you expect to receive for the building based on an $8\%$ cap rate if you sell it in year $5?$

Please answer all the steps as it incudes one question.