The real estate appraisal value

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An apartment complex has recently come onto the market for sale and a prospective buyer would like your assistance in evaluating the property. The property is a 20 unit apartment complex with 6-studio apartments with rents of $550 per month, 9 one-bedroom units with rents of $700 per month, and 5 two-bedroom units with rents of $850 per month. The building has not had a vacancy in five years and the tenants all have contracts through October 2017. The property taxes are $40,000 per year and the other operating expenses are $45,000 per year. This question is asking for the real estate appraisal value.

Reference no: EM131311058

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