What is the potential gross income for an eight-unit apartment building where the appraiser calculates the market rent at $1,000 per room per year, with each unit having three rooms?

To determine the potential gross income for the apartment building, you first need to assess the total rental income generated from all the units. Each unit in the apartment building has three rooms and is projected to rent for $1,000 per room annually.

The total number of rooms in the eight-unit building is calculated by multiplying the number of units (8) by the number of rooms per unit (3):

8 units x 3 rooms/unit = 24 rooms

Next, to find the potential gross income, you take the total number of rooms (24) and multiply it by the market rent per room ($1,000):

24 rooms x $1,000/room = $24,000

This figure represents the total potential gross income the appraiser would expect the property to generate if fully leased at the market rate. Thus, $24,000 effectively captures the rental income potential for the entire property based on the assessment provided.