Question 3 (1 point) You have a commercial property and need to calculate NOI. The property generates 134,000 in gross rent and you will use a 5% vacancy factor. Operating Expense are $25,000. Capital Expenditures are $15,000 and will be treated below the line. What is Net Operating Income (NOI)? Your Answer: Answer Question 4 (2 points) Show your work from the previous question. How did you calculate NOI with Capex below the line