Real Estate Math
A NH apartment building has 12 units, each renting at $1,100/month. The expense ratio is 40%. At an 8.5% cap rate, what is the estimated value?
A$1,109,647✓ Correct
B$1,108,235
C$990,000
D$931,765
Explanation
Annual PGI = 12 × $1,100 × 12 = $158,400. NOI = $158,400 × (1 − 0.
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