Real Estate Math
A commercial property has 8,500 square feet of rentable space. The lease rate is $24 per square foot annually on a gross lease basis. What is the annual gross rent?
A$204,000✓ Correct
B$170,000
C$102,000
D$240,000
Explanation
Annual gross rent = 8,500 sq ft × $24/sq ft = $204,000. Using the values given ($24), apply the appropriate formula..
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