A 100-unit apartment building was recently purchased for $16 million. Rents are currently $1,500 per unit per month and are not expected to increase next year. Current vacancy is comparable to market vacancy at 5%.

Projected expenses for the apartment building in the coming year are: Property Taxes $170,000; Insurance $50,000; Utilities $1,200 per unit; Maintenance & Repairs $700 per unit, and $120,000 for all other operating expenses.

What is the current cap rate for this property based on this recent sale? (%, Round to 1 decimal, e.g., for 5.31% enter 5.3)