Using the following information, determine the net operating income (NOI) for the first year of operations of the subject property assuming "below-line" treatment of capital expenditures. 15 Subject Property Number of apartments Market rent (per month) Nacancy and collection losses Operating expenses Capital expenditures $162,000 O $153,900 O $137,700 $135,000 1000 10% of PGI 5% of EGI 10% of EGI