Assume you were developing 230 unit apartment project with expected NOI of $3,000,000 and the following cost estimates: Land $2,200,000; Hard costs: $88,000/unit: Soft costs: $10,000/unit: Lease-up and interest carry costs: $6,000/unit. Given this cost structure and the NOI, what would be your estimated return on investment (NOI/Investment)? Ch16 6.4896 O a. 11.4996 Ob. 9.58% . 10.04% O d