The Phase I Balboa Towers Apartment complex is a 450 unit apartment complex located in Orange County, CA. Over the course of 2016, the Subject Property performed based on the below operating metrics:

• 95% average occupancy
• Average rent of $2,750 per unit per month
• Market Rent of $2,850 per unit per month
• Average concession given of 1 month for a 12 month lease (per occupied unit)
• Other Income of $1,000 per occupied unit per annum
• Expense Ratio of 35%
• Capital Expenditure of $350 per unit

1. What is the Effective Gross Income of the Property?
2.  
3. What is the Net Operating Income? 
5. What is the Net Cash Flow?
7. What is the Market Value based on a 5.50% Cap Rate