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What is annual effective gross income for the building

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Reference no: EM132472178

Problem 1: A building contains 50 units at which rent is estimated to be $22.50 per square foot per year. The average size of a single unit is 750 square feet. All tenants are expected to rent out parking and storage spaces for an additional $800 per unit per year. Vacancy and collection allowances are set to 4% of gross potential income. Total operating expenses for the year are expected to make up one quarter of the potential gross income. What is annual effective gross income for this building?

Option A. $830,600

Option B. $827,500

Option C. $848,400

Option D $853,300

Reference no: EM132472178

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