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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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