Real Estate Math
A Florida apartment building with 20 units has an average monthly rent of $1,100. Annual vacancy is 8%. What is the effective gross annual income?
A$242,880✓ Correct
B$264,000
C$220,000
D$255,000
Explanation
Potential gross income = 20 units × $1,100 × 12 = $264,000. Vacancy loss = $264,000 × 8% = $21,120.
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