Consider the table. Assume that the subject property has effective gross income of $53,000 and a NOI of $27,500. What value would a cap rate approach yield (rounded to the nearest $100)? Price Effective gross income operating expense NOI Comp 1 Comp 2 Comp 3 $300,000 $350,000 $375,000 50,000 55,000 60,000 50% 55% 544 $ 25,000 $ 24,750 $ 27,600 Multiple Choice $325,600 $362,402 $328,600 $318,000