Real Estate Math
A Hawaii commercial building has 20,000 sq ft of office space rented at $30/sq ft/year with a 5% vacancy rate. What is the annual effective gross income?
AA. $570,000✓ Correct
BB. $600,000
CC. $540,000
DD. $580,000
Explanation
Potential gross = 20,000 × $30 = $600,000. Vacancy = $600,000 × 0.05 = $30,000. EGI = $600,000 - $30,000 = $570,000.
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