A real estate company is considering a new project consisting of an apartment building with $100$ units. Each unit can be rented for $$1,803/$month$.$ It is expected to have an average vacancy rate of $11\%.$ Net operating expenses are budgeted as $23\mathrm{.}4\%$ of the project$$s gross annual income.

What would be the economic value of this project, using a cap rate of $6\mathrm{.}8\%?$