Question: You are contemplating developing a 250 unit apartment complex (average unit size 900 sq. ft.) and want to do a quick feasibility. You expect market

You are contemplating developing a 250 unit apartment complex (average unit size 900 sq. ft.) and want to do a quick feasibility. You expect market rents to be about $2.05 p.s.f. (monthly). Assuming a 5% vacancy factor and operating costs at 35% of EGI, what would be your expected NOI for this project (rounded)?

a. $3,914,000

b. $3,418,000

c. $2,781,000

d. $3,281,000

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