Real Estate Math
A South Carolina property's NOI is $42,000 per year. If the cap rate is 7%, what is the property's value?
A$294,000
B$420,000
C$600,000✓ Correct
D$840,000
Explanation
Value = NOI ÷ Cap Rate = $42,000 ÷ 0.07 = $600,000.
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