Which financial figure represents the income from a property after adjustments for vacancies and expenses?

The correct answer is net operating income, which represents the income generated from a property after deducting operating expenses and losses due to vacancies. This figure is crucial for property owners and investors because it gives a clearer understanding of the property's financial performance. By accounting for regular expenses, maintenance costs, property management fees, and vacancy rates, net operating income provides a realistic assessment of the property's ability to generate profit.

Gross income, despite being a significant figure, does not account for expenses or vacancies, thus giving an inflated representation of potential earnings. Capital gains relate to the increase in property value over time, which is not directly connected to the ongoing income generated. Net profit, while indicating overall profitability, encompasses all income and expenses, including those not relevant to property operation alone. Therefore, net operating income specifically highlights the effective income from property operations after necessary adjustments, making it the most accurate measure for evaluating investment performance in real estate.