Ming would like to buy a dilapidated, 12-unit apartment complex in the Carrollton area of New Orleans. The building is on the market for $2 million and Ming estimates he'll need to put in another $1,000,000 before he can place the building in service. His bank is willing to finance the entire project at 75% loan to cost with an interest rate at 5% and amortization of 25 years. He expects the building to operate at 6% vacancy with an annual 30% (of EGI) expense ratio. He expects rent to grow at 3% annually and to be able to sell the building at the end of year 5 at a 7% terminal cap rate on forward NOI. He expects a sales cost equal to 3% of the projected sales price.

If each unit is 1,000 square feet, how much would Ming have to charge his tenants per square foot in order to realize a 12% levered internal rate of return?