Adjustments to NOI: Management Fee Sleepy Hollow Green is a 500-unit multifamily complex in Harrison, New York. Units rent at an average of $1,000 per month. The property’s expenses run at 40 percent of revenues. The complex is typically 90 percent occupied. The owners pay a management fee equal to 3 percent of revenue to Rye Management Company for running the property. How much is the annual management fee? Calculate adjusted NOI for this asset.