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A local apartment complex has net operating income of $630,037 with a gross margin of 14.99%. It is currently selling for $5,499,400. What is the

A local apartment complex has net operating income of $630,037 with a gross margin of 14.99%. It is currently selling for $5,499,400. What is the cap rate for this property?

Answer should be formatted as a percent with 2 decimal places (e.g. 99.99).

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