25. Assume the asking price for a small apartment property is $1,800,000, and similar properties are selling at cap rates of 6.5%. If you assume VC&L are 5 percent of PGI and operating expenses are 40 percent of EGI. What is the rent (i.e., PGI) needed to support the $1.8 million price tag? Assume there is no misc. income, expenses, or capital expenditures. Please show work