John Williams wants to purchase an apartment complex. The complex consists of 75 units each renting for K700 per month. The estimated vacancy and collection loss rate is 7%. The insurance for the building is K40,000 annually and taxes are K22,000 annually. Utilities are K18,000 and the maintenance expense is K29,000. Assume a market cap rate of 11%. Recent sales of nearby apartment complexes have resulted in the following information. Characteristics Units Slope Coefficient in K per Unit Proximity to downtown Miles -350,000 Proximity to public transportation Blocks -500 Building size Units +75,000 Williams' proposed apartment complex is 4 miles away from downtown and 6 blocks away from the nearest public transportation. What is the net operating income (NOI) for Williams' proposed apartment complex? Using the sales comparison approach, the value of the apartment complex is Using the income approach, the value of Williams' apartment complex is