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You are considering the purchase of a property with the following information: Gross Annual Rents = $93,567 Vacancy Rate = 6.73% Net Operating Income =

You are considering the purchase of a property with the following information:

Gross Annual Rents = $93,567

Vacancy Rate = 6.73%

Net Operating Income = $54,798

Property Management Fee = 11%

Purchase Price = $422,182

What is the cap rate on this property?

Answer should be formatted as a percent with two decimal places.

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