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A real estate company is considering a new project consisting of an apartment building with 100 units. Each unit can be rented for $2,120/ month.

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A real estate company is considering a new project consisting of an apartment building with 100 units. Each unit can be rented for $2,120/ month. It is expected to have an average vacancy rate of 11%. Net operating expenses are budgeted as 21.6% of the projert's gross annual income. What would be the economic value of this project, sing a cap rate of 9.9%

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