Of the following alternative projects, one represents the highest and best use of a particular site being analyzed. Select the use that returns the greatest residual land value. The market cap rate for the improvements for all the alternative uses is 10%. The market cap rate for the land for all the alternative uses is 12%. The cost to construct (and indicated value of the improvements) are: 1. Apartment - $1,200,000; 2. Office - $850,000; 3. Retail - $900,000. The net operating income for the alternatives are: 1. Apartment - $162,000; 2. Office - $125,000; 3. Retail - $105,000. A.) Apartment B.) Office C.) Retail D.) None of the above