Calculate the value of property with 10% of capitalization rate by NOI approach from the following information regarding an apartment building: - Total number of units =60 - Number of units rented =50 - Rent =$1,200 per unit per month - Other income =$800 per rented unit per year - Operating expenses =30% of effective gross income - Property management fee =15% of effective gross income - Interest expense =$500,000 - Income tax rate =40%