Interview Case Study - Finding Purchase Price (Year 1 is Construction Costs) - Using Year 2 NOI?

So do you use year 2 NOI assuming you have no comps/other info? I'm trying to use Year 2 NOI which is really the first year of cash flows and would be Year 1 if it were not for construction costs renovating the building Year 1.

I'm trying to use a high cap rate since it's a building we will be renovating but costs seem very high and I do not know the market. This is for an interview case study so not sure if I should ask them to clarify but I am using the comps, $/SF, F12 NOI as options to calculated value and the first 2 don't work since I do not have any info.

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