QUESTION 12 The information presented here applies to questions 12, 13, 14 & 15.) You are considering an investment in an apartment building in Montclair, NJ. The building has a total of 10 apartments; 6 one-bedroom units and 4 two-bedroom units. One-bedroom apartments for $1500/month, two-bedroom units for $2000/month. What is the annual potential gross income for this property? QUESTION 13 If the typical vacancy rate for this type of property in this area is 10% what is the effective gross income for this property? QUESTION 14 If operating expenses are 65% of total operating income, what is NOI? QUESTION 15 What is the estimated value of the apartment building based on a 6% capitalization rate