It's $3$ A$.$M$.,$ and Sally is Face$-$Timing you. Fortunately, you were up slugging away at your coursework and tying up some loose ends for the project. After receiving the Marketing Study for the property in Boca Raton $($PDF$),$ Download Marketing Study for the property in Boca Raton $($PDF$),$ Sally asked if you could review the market study immediately because it looks like a hot property and will probably not be on the market for long. She instantly jumps in$,$ saying, "Look! I found a whole bunch of stuff that we need to review.

Sally specifies that she has read the material and has a better idea of analyzing the ROI. The luxury building is in a great location and has had an extensive renovation. The current restaurant tenant operates $24$ hours a day, seven days a week. Sally points out that it's a free$-$standing building with a total of $7,615$ square feet and $6,000$ square feet has air conditioning. Also, there is a $1,615$ square foot outdoor covered patio and deck for outside dining. The property can seat $259$ inside and outside, $93$ parking spaces, and covered patio seating with a full bar and wine case setup.

There is even a dining room kitchen with a hood, a separate chef's kitchen with a hood, and the mainline kitchen with an on$-$demand hood. The hood is critical because it contains fire suppressant equipment. Sally states that the three kitchen locations are an added benefit that will permit high$-$end customers special catering for her inner circle dining parties on the dining room floor. Having the hoods already installed saves a lot of money and may avoid major inspections by the city. If the fire hoods are not functioning correctly, the startup costs could skyrocket and delay the opening. Sally wants us to add that issue to the list to discuss with the owner. She also suggests we determine the effect of the current tenant deciding to hold over beyond the term. The broker was, after all, not too definite about the move$-$out date, and he only stated that the building was under lease by the restaurant tenant until July or August of this year.

She also points out that the market study specifies that the purchase price is $$5,995,000.$ Sally states that there is also an option to lease the building under an NNN lease arrangement at $$35,000$ monthly rent plus $$4,200$ in property taxes monthly. Sally wonders out loud whether there was a potential for incurring other charges.