You have the opportunity to purchase a suburban office property in Chicago. The property is subdivided into individual tenant spaces that total 15365 square feet. The average rent per square foot is $35.25.

Based on your review of other similar properties, you can assume4% of PGI for vacancy/credit loss. Operating expenses will include property taxes, insurance, water, and the management fee. You estimate property taxes will be $5.60 per square foot and insurance will be $1per square foot. This will cover fire and other hazards, liability, loss of rents in the event of a disaster, etc. The tenants pay their own electric and gas bills, and you as owner will pay the water bill, which can be estimated at $300 per month for the entire property. Since there is no common area, all of the janitorial expense will also be the tenant's responsibility. The city provides trash pickup forresidential tenants but these are all retail or restaurant tenants and they will have to arrange for a dumpster at their own cost. As owner, you will need to hire a management company and it will charge 2% of PGI for management of the premises.

QUESTION:Based on these assumptions, how much NOI will this property generate?