4. A 30 unit apartment building has an average rent of $800./month. Tenants pay all utilities. The taxes are $10,000 per year, the insurance is $5,000 per year and maintenance will be $15,000 per year. The mortgage is about $72,000 per year. Assume no other expenses. If you require a rate of return of 12% (the capitalization rate) and assume the apartments will be 90% occupied, what is the value of this investment