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You wrap up the first part of your Stage 2: Discounted Cash Flow Analysis on a Mixed-Use Retail and Office Building assuming a three-year holding period below: Year Year Year Year Year 0 3 Cash Flow from Operations Gross Potential Rents Less Vacancy Effective Gross Rents Total Operating Expenses Net Operating Income $ $ $ $ 560,000 $ (36,000) $ 524,000 $ (198,000) $ 326,000 $ 590,000 $ (38,000) $ 552,000 $ (210,000) $ 342,000 $ 620,000 $ (40,000) $ 580,000 $ (215,000) $ 365,000 $ 650,000 (44,000) 606,000 (222,000) 384,000 The asking price is $3.7 million. a). What Project Capitalization Rate is implied by the asking price state above? Show your work. b). Market experts predict the capitalization rate for this type of property at the end of three years will be 9.0%. Brokers report that they typically charge 6% on a property What will the net sale price be if you sold the property at the end of year three? Show your work with the help of a table. c). Regardless of what you found in Q5b, assume you received an Adjusted Sale Price of $3.95 million for the property at the end of Year 3. What is the Net Present Value (assuming an 8% discount rate) and the Internal Rate of Return of this project? Support your reasoning by listing the Unleveraged Cash Flows in each year of the holding period. You can do this with a table or simply list them (ex: "Year X: $____, Year Y: $____"). You wrap up the first part of your Stage 2: Discounted Cash Flow Analysis on a Mixed-Use Retail and Office Building assuming a three-year holding period below: Year Year Year Year Year 0 3 Cash Flow from Operations Gross Potential Rents Less Vacancy Effective Gross Rents Total Operating Expenses Net Operating Income $ $ $ $ 560,000 $ (36,000) $ 524,000 $ (198,000) $ 326,000 $ 590,000 $ (38,000) $ 552,000 $ (210,000) $ 342,000 $ 620,000 $ (40,000) $ 580,000 $ (215,000) $ 365,000 $ 650,000 (44,000) 606,000 (222,000) 384,000 The asking price is $3.7 million. a). What Project Capitalization Rate is implied by the asking price state above? Show your work. b). Market experts predict the capitalization rate for this type of property at the end of three years will be 9.0%. Brokers report that they typically charge 6% on a property What will the net sale price be if you sold the property at the end of year three? Show your work with the help of a table. c). Regardless of what you found in Q5b, assume you received an Adjusted Sale Price of $3.95 million for the property at the end of Year 3. What is the Net Present Value (assuming an 8% discount rate) and the Internal Rate of Return of this project? Support your reasoning by listing the Unleveraged Cash Flows in each year of the holding period. You can do this with a table or simply list them (ex: "Year X: $____, Year Y: $____")