Use the information provided below to estimate the market value of the office building that has been described.

Type of Property	Office Building
Leasable Space	100,000 square feet
Average Rent	$20.00 per square foot per year
Expected Rent Growth	4.50% per year
Vacancy and Collection Losses	15.00% of potential gross income
Other Income	$1.50 per square foot per year
Expected Growth in Other Income	3.00% per year
Operating Expenses	27.50% of effective gross income
Capital Expenditures	2.50% of effective gross income
Going-In Cap Rate	5.50%
Going-Out Cap Rate	6.25%
Selling Expenses	4.00% of future selling price
Discount Rate	6.75%

Please Show calculations on a hand written table and / or excel spread sheet.