Real Estate Math
A Maine property's income for the first year after purchase is $48,000 NOI. If the property was bought at a 6.5% cap rate, what was the purchase price?
A$680,000
B$720,000
C$738,462✓ Correct
D$760,000
Explanation
Purchase price = NOI ÷ Cap Rate = $48,000 ÷ 0.065 = $738,462.
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