Sylvia has the correct answer for your question. NOI $114,000/6% = $1,900,000.
The real test will be to consider the properties that are priced at $1,900,000 and get the best buy possible for your 6% cap rate. Location, quality, rent structure, expense costs, possible capital needs for property improvement, etc.
Good luck and Onward and Upward!
Jun 23, 2012