Use the information provided below to estimate the market value of the office building that has been described. Type of Property: Leasable Space: Average Rent: Expected Rent Growth: Vacancy and Collection Losses: Other Income: Expected Growth in Other Income: Operating Expenses: Capital Expenditures: Going-In Cap Rate: Going-Out Cap Rate: Selling Expenses: Discount Rate: Office Building 100,000 square feet $20.00 per square foot per year 4.50% per year 15.00% of potential gross income $1.50 per square foot per year 3.00% per year 27.50% of effective gross income 2.50% of effective gross income 5.50% 6.25% 4.00% of future selling price 6.75% a. What is the market value of this property according to the direct capitalization approach? i. Estimate the NOI for year 1. ii. Use the appropriate cap rate. Use the information provided below to estimate the market value of the office building that has been described. Type of Property: Leasable Space: Average Rent: Expected Rent Growth: Vacancy and Collection Losses: Other Income: Expected Growth in Other Income: Operating Expenses: Capital Expenditures: Going-In Cap Rate: Going-Out Cap Rate: Selling Expenses: Discount Rate: Office Building 100,000 square feet $20.00 per square foot per year 4.50% per year 15.00% of potential gross income $1.50 per square foot per year 3.00% per year 27.50% of effective gross income 2.50% of effective gross income 5.50% 6.25% 4.00% of future selling price 6.75% a. What is the market value of this property according to the direct capitalization approach? i. Estimate the NOI for year 1. ii. Use the appropriate cap rate