David Saks: January 2015

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3891

math

Mr. Dusclima rents a retail space from Mr. Graticha with a percentage lease.

The lease will call for a minimum monthly rent of $3000 and 5% of any gross yearly business in excess of $800,000.

How much rent will Mr. Graticha receive this year from Mr. Dusclima if Mr. Dusclima does a gross business of $1,400,000 ?

The answer is below the wildlife photo. Take your time.

wildlife

A. $66,000

Multiply $3000 times twelve to get the annual rent of $36,000.

Subtract 800,000 from 1,400,000 to get the gross business over 800k which is 600,000 dollars.

Multiply .05 or 5% times 600,000 to get the percentage Mr. Graticha will receive from the additional amount over the gross and we find that the amount will be $30,000.

Add the percentage of the gross, $30,000, to the annual rent, $36,000, and we see that the first years rent due the percentage lease will amount to $66,000.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • January 05 2015 08:48AM
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