An apartment complex has 100 units of which on average 5 are vacant at any given time. Per unit, the rent is $1,000 per month, and the operating expenses paid by the landlord average $5,000 (per occupied unit) per year. Both rents and expenses are expected to grow at 1 percent per year in perpetuity, and the building value is expected to remain a constant multiple of its net income.

What is the projected potential gross income (PGI) for the property in the first year? What is the projected effective gross income (EGI) for the property in the first year? What is the projected net operating income (NOI) for the property in the first year?