Real Estate Math

A Virginia apartment complex with 50 units has 48 occupied. The monthly rent per unit is $1,200. What is the annual effective gross income?

A$624,000

B$691,200✓ Correct

C$720,000

D$587,520

Explanation

Occupied units = 48. Annual EGI = 48 × $1,200 × 12 = $691,200. Using the values given ($1,200), apply the appropriate formula.. The correct answer is $691,200.. This is a common calculation on the Virginia real estate exam.

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