SOLUTION

investor cheung is interested in purchasing a 12000 square feet industrial property at 230 logan ave. but it must reflect a cap rate of atleast 9.5%. if the annual gross operating income is $305,000 and the annual expenses are $253,700, what is the maximum that chung would pay perr square feet. ?

a) $22.25

b) $40.61

c) $45.00

d) $47.63

explain with calculations how you reached this answer.

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