How is the NOI treated in the calculation of the Gross Sale Price?

In the calculation of the Gross Sale Price, the Net Operating Income (NOI) is treated as a direct input, meaning that it is used without any modifications. This is crucial because the Gross Sale Price is often based on the income a property generates, which is commonly expressed through its NOI. The idea is that prospective buyers look at the NOI as an indicator of the property's profitability, and this value helps in determining the market value of the asset.

The other options involve adjustments or operations on the NOI that do not align with typical practices in real estate appraisal and valuation. For instance, adjustments based on terms would require additional context and data, which is not a standard approach in calculating the Gross Sale Price. Similarly, multiplying by a fixed rate or dividing by average rent would distort the NOI's relationship to the Gross Sale Price and is not how it is approached in typical valuation scenarios. Therefore, using the NOI directly is the most straightforward and accepted method in this context.