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You know the following about a property: Effective Gross Income (or Gross Operating Income): 511,000; Capital expenditures: 30,000; Depreciation: 60,000; Insurance (fire and liability): 18,000;

image text in transcribed You know the following about a property: Effective Gross Income (or Gross Operating Income): 511,000; Capital expenditures: 30,000; Depreciation: 60,000; Insurance (fire and liability): 18,000; Mortgage payments (aka debt service): 160,000; Mortgage interest paid 120,000; Property management: 15,000; Property taxes: 28,000; Repairs and maintenance: 25,000; Market capitalization rate: 10%; What is the property's market value? (hint: The numbers are different from Question 17. You must re-calculate NOI)

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