2. (15 points] You are thinking about purchasing a small apartment building in Sum- mit, New Jersey. The property contains 8 apartments of similar size and config uration that rent for $3000 a month. Based on historic vacancy rates and some market analysis, you expect a vacancy rate of 10% per year. If expenses are estimated to be 60% of effective gross income, what is the net operating income generated by the property in the first year of ownership (a) (b) What is the estimated value of the property if the current market cap rate is 5.5%