QUESTION 10 Lynn Investment Company (LIC) is considering the purchase of land that could be developed into a class A residential project. At the present time. The site can support a 500,000 rentable sq. ft. building with rent of $25 / sq. ft. and opex equal to 25% of that amount. Rents are expected to grow at 3% and LIC requires a 12% IRR. Building costs are $125 / sq.ft. Based on this information what is property value? 0 $16,666,667 O $87,500,000 o $75,000,000 O none of the above 5 QUESTION 11 Based on the LIC analysis should LIC purchase the land? O no O yes O can't determine O none of the above