The Bayes Retail Outlet Park is for sale with an asking price of 28,939,650. It contains 50 units, 35 large units that rent for 5,150 per month and the remainder are smaller units which rent for 3,525 per month. The recent pandemic has put pressure on destination retail parks and consequently current vacancy rates are 10%. The Operating Expense Ratio, based on all operating expenses being fixed, for this property is 15%. a) Construct the year 1 Net Operating Income for this property and calculate its initial yield. If comparable retail outlet parks are currently selling at a 7.50% initia