You are contemplating developing a $240$ unit apartment complex $($average unit size $900$ sq$.$ ft$.)$ and want to do a quick feasibility. You expect market rents to be about $$2\mathrm{.}05$ p$.$s$.$f$.($monthly$).$ Assuming a $5\%$ vacancy factor and operating costs at $35\%$ of EGI, wh what would be your expected N NOI for this project $($rounded$)?$ Ch$16$

a$.$ $$3,914,000$

b$.$$$2,781,000$

c$.$ $$3,281,000$

d$.$$$1,616,000$