45 acres

27 x 43,560 = 1,176,120 sq. ft.

1,176,120 / 972 = 1,210 depth of lot 1

648 x 1,210 = 784,080 sq. ft.

784,080 / 43,560 = 18 acres

18 + 27 acres = 45 acres C) $40,500

1,500 x 12 = $18,000 base rent

1,200,000 - 300,000 = $900,000 sales subject to rate

900,000 x 0.025 = $22,500 rent based on sales

18,000 + 22,500 = total annual rent $40,500 B) $800,000

1,000 x 12 = $12,000

28,800 - 12,000 = $16,800 rent based on sales

16,800 / 0.03 = $560,000 (sales above $240,000)

240,000 + 560,000 = $800,000 total sales Potential Gross Income- 75 x 800 x 12 = $720,000

Vacancies - $720,000 x .05 = 36,000

PGI - Vacancies= Effective Gross Income

720,000 - 36,000 = $684,000 (EGI)

Operating expenses- $684,000 x .45 = 307,800

EGI - Operating expenses= Net Operating Income

$684,000 - 307,800 = $376,200 (NOI)

$376,200 / Cap Rate = $4,950,000

$376,200 / $4,950,000 = .076 = 7.6%