4. 30 points You are thinking about purchasing a small apartment building in Fair Lawn, New Jersey. The property contains 8 apartments of similar size and con- figuration that rent for $2250 a month. Based on historic vacancy rates and some Biarket analysis, you expect a vacancy rate of 5% per year. (a) If expenses are estimated to be 40% of effective gross income, what is the net operating income generateri by the property in the first year of ownership? (b) What is the estimated value of the property if the current market cap rate is 6%