Consider two undeveloped land sites. At site 1 the highest and best use is a warehouse that would cost $1 million to build (exclusive of land cost) and would then generate annual net rents of $150,000, which are expected to grow at 3% per year. At site 2 the HBU is an apartment building that can generate net rent of $800,000, projected to grow at 1% per year, with construction cost of $5 million. Suppose investors buying built properties (that is, properties already developed and in operation) require an initial annual return (in the form of current net income) of 12% minus the expected annual growth rate in the net income, as a percentage of the investment cost. For example.They would want an initial yield or cap rate of 9% for the warehouse (12%-3%-9%). Suppose the land value for site 1 is $1 million and the land value for site 2 is $2 million. On which of these sites (1,2, both or neither) is it currently profitable to undertake construction? Why