Using the following information, determine the net operating income (NOI) for the first year of operations of the subject property using "below-line" treatment of capital expenditures, Number of units: 15 Market rent per unit per month: $1,500 Miscellaneous Income per year: $10,000 V6 C Loss: 10% of PGI Operating Expenses: $42.000 CAPX: 5% of EGI $211.000 $198.350 5253000 5241.000