A multitenant building has four tenants described as follows…
A multitenant building has four tenants described as follows: Suite 1: Has 5,000 square feet and is under lease for five more years at $12 per square foot per year Suite 2: Has 5,000 square feet and is vacant. The market for this space is $15 per square foot per year Suite 3: Has 5,000 square feet and is under lease for two more years at $13 per square foot per year Suite 4: Has 5,000 square feet and is on a month-to-month tenancy at $15 per square foot per year Expenses for this building are $5 per square foot per year Vacancy and collection loss is estimated at 5% of PGI. All the leased spaces are the same. What is the net operating income? (Round your answer to the nearest $10,000)