Real Estate Math
A Rhode Island commercial property generates $90,000 NOI and sold at a 7.5% cap rate. What was the approximate sale price?
A$675,000
B$1,200,000✓ Correct
C$9,000,000
D$6,750,000
Explanation
Sale price = NOI / Cap rate = $90,000 / 0.075 = $1,200,000.
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