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You want to purchase an office building. The property contains 8732 square feet of rentable space and is currently occupied by multiple tenants, each with

You want to purchase an office building. The property contains 8732 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 $3/sq ft. The vacancy rate is 6.5%. You expect to incur collection losses (from tenant bankruptcy) 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)

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