Common information for all questions. You want to purchase an office building in Brooklyn. The property contains 27,500 square feet of rentable space and is currently occupied by multiple tenants each with differing maturities on their respective leases. No lease is currently shorter than 1 year. The annual rent in the 1st year of ownership is $42.50/sq ft. The vacancy rate is 6.5%. 1 You expect to incur collection losses (from tenant default) on 1.5% of the square feet during your first year. 12. If the annual IRR for this property is 8.5%, then based on the cap rate in question 11, what does this imply is expected NOI growth rate for this property? Write your answer in percent, but do not include the % sign (if your answer is negative, include the negative sign, as always). Common information for all questions. You want to purchase an office building in Brooklyn. The property contains 27,500 square feet of rentable space and is currently occupied by multiple tenants each with differing maturities on their respective leases. No lease is currently shorter than 1 year. The annual rent in the 1st year of ownership is $42.50/sq ft. The vacancy rate is 6.5%. 1 You expect to incur collection losses (from tenant default) on 1.5% of the square feet during your first year. 12. If the annual IRR for this property is 8.5%, then based on the cap rate in question 11, what does this imply is expected NOI growth rate for this property? Write your answer in percent, but do not include the % sign (if your answer is negative, include the negative sign, as always)