An apartment building has 52 apartments renting for $850 per month, and it has a 3

Finance Dec 25, 2020

An apartment building has 52 apartments renting for $850 per month, and it has a 3.5% vacancy rate. The operating expenses are 28% of the effective gross income. What is the effective gross income? $42,653 $381,888 $30,277 $511,836

Expert Solution

gross income = no. of apartments*(1 - vacancy rate)*rent/month = 52*(1-0.035)*850

gross income = 42,653

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