Question: You are planning to develop a 120-unit apartment complex on 4.5 acres. You have determined that costs will be $196,000 per unit. The land acquisition

You are planning to develop a 120-unit apartment complex on 4.5 acres.

You have determined that costs will be $196,000 per unit. The land acquisition will be $350,000 per acre.

From your financial analysis, you know that current market cap rates are 4.0%.

The market OER is 38%, and market vacancy & collection loss is 7%.

What is the feasibility rent per unit per month

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