Real Estate Math
A residential property in NC has a monthly gross rent of $2,400, a vacancy allowance of 5%, and operating expenses of $11,520/year. What is the annual NOI?
A$16,200
B$14,880
C$15,840✓ Correct
D$16,800
Explanation
Annual gross rent = $2,400 x 12 = $28,800. EGI = $28,800 x (1 - 0.05) = $27,360. NOI = $27,360 - $11,520 = $15,840.
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