Question: Perform a 5 year discounted cash flow for the following property and provide the present value. Show all calculations for each year. Use Excel to create a spreadsheet, and make sure it is properly formatted. Subject: You are valuing a 400 unit apartment complex in Denton. It is comprised as Follows: Unit Type 1bed/1bath 2bed/2bath 3bed/3bath Quantity 100 200 100 Monthly Rate $600 $800 $1,000 The rents are scheduled to remain flat over the next 5 years. Over the last few years, the complex has averaged 92% occupancy, and averaged a 46% expense ratio of Effective Gross (Actual) Income. The market averages similar occupancy and expense ratios. The complex receives a consistent amount of 2% of EGR for miscellaneous income. Investors require a 8.00% discount rate on their investment for this type of property over the holding period. The investors plan to sell the property in year 5, at a value based on an 6.00% Cap Rate of projected NOI for that year