Consider an investor with a 3yearinvestment horizon, evaluating an income producing property. The property may currently be purchased for $50,000,000. Last years NOI of $2,200,000 is projected to grow at 6% annually into the foreseeable future. At the end of the investors holding period, cap rates are expected to be 4.50% on properties of this nature. What is the total [expected] return offered by this security?

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