Real Estate Math
A building has 10 apartment units, each renting for $1,400/month. The vacancy rate is 8%. Annual operating expenses are $62,400. What is the NOI?
A$92,160✓ Correct
B$105,600
C$92,400
D$168,000
Explanation
Gross annual income: 10 × $1,400 × 12 = $168,000. Effective gross income (after 8% vacancy): $168,000 × 0.92 = $154,560. NOI = EGI − Operating expenses = $154,560 − $62,400 = $92,160.
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