You own a 50-unit residential 4-bed apartment complex in down town with total area of 60,000 square feet of Property 9. Average occupancy rate is 8 0% and the average monthly rent is sh 5,000 expected to grow by 5% each year for foreseeable future i.e. initial 3 years. 4% of the revenue is never collected. Monthly operating costs are 18% of the revenue in first year and are expected to grow in line with the Consumer Price Index (CPI), lets say 2.5 % per annum. Insurance costs are 4.5 % of the capacity. Other revenue per year amounts to sh 600,000 which are expected to stay constant for next 4- years. Property taxes are 5% and income tax is 20%. During last year, three apartment buildings were sold within one square kilometer area: Building 1 had a total covered area of 30,000 square feet building, had 40 units and was sold for sh 50 million; Building 2 had area of 60,000 square feet, 55 units and was valued at sh 80 million and Building 3 had area of 70,000 square feet, 52 apartment and was sold at sh 45 million. The market value of the land is sh 35 million, and it took sh 25 million to construct the building 8 years ago. Assuming inflation over the last 10 years to be 2.5% on average. During the last 3 years, comparable properties were valued based on a 10% capitalization rate. Assume in a net average growth in NOI is 4% for the purpose of direct capitalization method forever. Required rate of return keeping in view the risk is 12 %. Work out a lower and upper bound for the propertys value based on: i) capitalization method ii) Comparable sales approach iii) Discounted cash flow method iv) Cost approach