Assume a property has 200,000 SF. The existing rent is $70 SF/Yr. The market level rent is $77 SF/Yr. Operating expenses are $40 SF/Yr. Assume the existing lease has a month to month term, and a 3.5% cap rate for this property. What is the delta between the value based on the existing rent versus the value based on the market level? O $40 million $20 million O $38 million O None of the above