Real Estate Math
A rental property in Oklahoma generates $24,000 annual gross rent. The owner wants a 9% cap rate. What would the property need to sell for, assuming expenses are 35% of gross rent?
A$173,333✓ Correct
B$177,778
C$266,667
D$200,000
Explanation
Expenses = $24,000 x 35% = $8,400. NOI = $24,000 - $8,400 = $15,600.
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