A 24 unit apartment complex has gross potential rent of $228,000. Assume that the vacancy...
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Finance
A 24 unit apartment complex has gross potential rent of $228,000. Assume that the vacancy rate is 5%. Other income is $10,000 - it is not affected by the vacancy rate.
Expenses are as follows:
Mgmt fee: 6% of total revenues
Insurance & Taxes: $49,796
Salaries & Personnel: $55,592
Maintenance & Repairs: $31,476
Utilities: $21,680
What is the Net Operating Income for the property?
Note: All numbers are on an annual basis.
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