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1. An apartment is generating annual income of $480,000. Vacancy loss is 15% of income, operating expense is 40% of income. If the market determined

1. An apartment is generating annual income of $480,000. Vacancy loss is 15% of income, operating expense is 40% of income. If the market determined a capitalisation rate of 12%; what is the value of the property using the income capitalisation approach?

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