Tutorial Q5 Use the definition of the cap rate, equal to property income divided by property value, and the following data on yield to estimate the value of (a) office with a net operating income of $10M per year in 2002 Ans: $ 1 08.9M (b) apartment with a net operating income of $3.5M per year in 200 1 Ans: $41.2m (c) shopping mall with a net operating income of $5M per year in 2004 Ans:$64.7M