Real Estate Math
A property in New York generates $150,000 in annual gross income with a 7% vacancy rate and $52,000 in annual operating expenses. What is the NOI?
A$87,500✓ Correct
B$95,500
C$98,000
D$150,000
Explanation
Effective Gross Income = $150,000 x (1 - 0.07) = $150,000 x 0.93 = $139,500. NOI = $139,500 - $52,000 = $87,500.
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