Question: Question 9 (1 point) Use the following information Number of Units: 150 Vacancy Rate: 5% Bad Debt Allowance: 2% Per Unit Annual Rent: $4,000 Operating

Question 9 (1 point) Use the following information Number of Units:

Question 9 (1 point) Use the following information Number of Units: 150 Vacancy Rate: 5% Bad Debt Allowance: 2% Per Unit Annual Rent: $4,000 Operating Expenses: $ 98,000 Financing Costs: $ 85,000 Annual Depreciation:$15,000 If the cap rate is 9.5 percent, what is the estimated value of the property? 1) $4,842,100 2) $6,000,000o 3) $5,873,700 4) $6,315,800

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