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Given the following information, calculate the capitalization rate for the following apartment complex: number of apartments: 325; market rent (per month): $2,415; vacancy and collection

Given the following information, calculate the capitalization rate for the following apartment complex: number of apartments: 325;

market rent (per month): $2,415;

vacancy and collection loss: 5% of potential gross income;

operating expenses: 28% of effective gross income;

capital expenditures: 8% of effective gross income;

acquisition price: $85,135,050

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