QUESTION 21 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 $1257 sq.ft. Based on this information what is property value? $16,666,667 O $87,500,000 $75,000,000 none of the above QUESTION 22 Based on the LIC analysis should Lic purchase the land? O no yes can't determine none of the above