You are buying a multi-farnily property at $1m today. Debt financing is obtained at a 80% LTV ratio with total annual payments of $20,000. You have the following projections for the upcoming year: You don't foresee any capital expenditures. You expect the NOI to grow at 4% per year going forward, and to be able to resell the property at $1.5m exactly 5 years from now. In the scenario above, what is the break-even occupancy level? (Canvas does not accept "\%" so if your answer is 5%, please write " 5 ".)