QUESTION 15 You want to purchase an office building in Brooklyn that is expected to generate $450,000 net operating income (NOI) in the following year. A very similar nearby property has an estimated net operating income (NOI) of $407438 and recently sold for $7 million dollars. How much should you bid on the Brooklyn office building if you use the cap rate comparison approach to value the property? State your answer as a number rounded to the nearest cent (e.g. if you get $13.57654, write 13.58) QUESTION 16 You want to purchase an office building in Brooklyn that is expected to generate $241345 net operating income (NOI) in the following year. You decide you want to take out a loan to finance the purchase of this property. It will be an IO loan at a rate of 5.30%, compounded annually, with annual payments. The lender will provide financing up to a minimum Debt Service Coverage Ratio (DSCR) of 1.2 based off the next year's NOI. What is the largest loan amount the lender will allow you to take based on the DSCR requirement? State your answer as a number rounded to the nearest cent (e.g. If you get $13.57654, write 13.58) 6 6 pc