A valuation bridge builds step by step: gross potential rent $2,227,000, less vacancy and credit loss $133,600, less loss-to-lease and concessions $66,800, plus other income $184,400, less operating expenses $928,600, giving net operating income of $1,282,400. That NOI divided by a 5.50% cap rate concludes a valuation of $23.3 million. Figures are illustrative.