Question 15 (1 point) The following information is available for a proposed new apartment development: 208 units, average size of 710 usable square feet . Construction costs: $115,000 per unit Land cost: $3.4 million . Cap rate: 7% for stabilized (i.e., 90% occupancy) Operating expenses: 35% of gross income What is the required rent per square foot (net usable) for an occupied unit to justify the development? Excel $1.84/SF/month $1.94/SF/month $2.04/SF/month $2.14/SF/month $2.24/SF/month Question 16 (1 point)