WORK SPACE FOR PROBLEM 3 a) Calculate the capitalization rate of each comparable sale. Place your calculation in Table 3. Round results to three decimal places. Sale I Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 b) Select a capitalization rate to use on the subject property. Explain your selection. c) Assume the owner of the subject property has an estimated annual gross rental income of $349,500 and annual expenses of $182,500. Calculate net operating income. d) Estimate the final total value of the subject property using the income capitalization approach to valuation. Show your calculations for each part of the problem. Round dollars to nearest whole dollar. Round decimals to 4 places. 4. Reconciliation and the Final Opinion of Value (10 percent). Reconcile the three estimates of final total value of the subject property from Problems #1,#2, and \#3 in terms of appropriateness, accuracy, and quantity of evidence. In the space below: a) state the estimated values from each approach, b) give your final estimate of the value of the subject property, and c) explain why you selected that value. a) State the estimated values from each approach Comparable Sales Approach: Cost Approach: Income Capitalization Approach: b) Give your final estimate of the value of the subject property. c) Explain why you selected that value