Real Estate Math
A 10-unit apartment building in Oklahoma sells at a 6.8% cap rate. The annual NOI is $68,000. What is the sale price?
A$975,000
B$1,000,000✓ Correct
C$990,000
D$985,000
Explanation
Value = NOI / Cap rate = $68,000 / 0.068 = $1,000,000.
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