Four Highly Similar and Competitive Income-Producing Properties Located in Close

Four highly similar and competitive income-producing properties located in close proximity to the subject property have sold this month. All four offer essentially the same amenities and services as the subject property. The sale prices and estimated first-year NOI for each of the comparable properties are as follows: $$\begin{array} { | c | c | c | } \hline \text { Camparable } & \text { Sale Price } & \text { NOI } \\\hline \text { A } & \$ 1,450,000 & \$ 155,000 \\\hline \mathrm { B } & \$ 1,100,000 & \$ 135,400 \\\hline \mathrm { C } & \$ 1,250,000 & \$ 143,400 \\\hline \mathrm { D } & \$ 1,500,000 & \$ 169,000 \\\hline\end{array}$$
Using the information provided, calculate the overall capitalization rate by direct market extraction assuming each property is equally comparable to the subject.

A) 10.69%
B) 11.02%
C) 11.43%
D) 12.52%