n 5

r 0.12
NOI 550,000
Assume NOI grows 4.5% annually
Assume building will sell for $4.5MM in year 5

MV = 4,536,047.76
year 1 year 2 year 3 year 4 year 5
CF 491,071.43 438,456.63 391,479.14 349,534.94 2,865,505.62

r=12%, g=4.5% 7,333,333.33

r=12%, g=7.5% 12,222,222.22