Centerland partners has collected information on the recent purchases of three shopping malls. Centerland is considering the purchase of a similar property with an NOI of $3.3 million.

Shopping Center NOI Valuation

Castleton Round $2.3 million $10.65 million

Fashion Commons $3.9 million $28.22 million

Belden Square $2.5 million $20.46 million

a. What is the market capitalization rate? _______%

b. What valuation should Centerland assign to the target property? _______ million