Please do a 10 year cash flow analysis for a single tenant office building. Assumptions are listed below and a template is provided.

Assumptions: 60,000sf building, Rent $10.50psf; RETax $1.65psf; CAM $3psf; Going

in cap: 8%; Exit Cap: 8.5%; Cost of Sales: 3%; LTV: 75%; Loan- 6%, 25 yr amort; DSCR: 1.2

Vacancy allowance: 3% (apply only to the proforma, not the 10 year cash flow), Cap Exp

Reserve: $.10 psf (apply both to proforma and cash flow); Project Cost: $4.3M; Land: $300K;

Use first year Gross Income to do the proforma and then to calculate loan.

Using above and the template, please calculate the: BT Unlevered IRR and the BT Levered IRR.

Please show the formula for each cell. Thank you