please answer both questions #16-17

Question 16 (1 point) An investor is considering buying the River Creek Apt in Brighton. The apartment building can be purchased for $2,500,000. It has 6 apartments currently generating an NOI of $22,000 (for each unit). The plan is to demolish the current building and replaced it with an apartment building with 19 units. Each unit will cost $190,000 to build. The total demolition cost of the current building is $300,000. The NOI for the new building is projected at $24,000 (for each unit). Consider this an all-cash deal. No financing will be required for the Improvements. What is the cap rate projected for the new development to the nearest tenth of percent. If your answer is 15.5% enter 15.5 Bonus Question Your Answer Answer Question 17 (1 point) You have been given a tax assessment to review. They are using a statistical model which gives the coefficients for the model: parcel area (per sq. ft) - 5 area above the basement floor - 120 bathrooms (each) - 15,000 double garage - 28,000 single garage - 18,000 decks per sq. ft. - 20 gas heat-5000 Determine the assessed value of the property given the values below: Parcelarea - 22.000 sq.ft Area above the basement floor is 2.500 sq.ft Property has 2 bathrooms Total deck area is 600 sq ft Property has 0 single car garages Property has 1 double car garages Note: A property can have a single plus a separate double garage The house has a heat. Give your answer to the nearest doll your wer is 5496,871 enter the value of 496875 Your