Is Zakat obligatory on an apartment that was bought with money saved from selling a car and is fully rented out to improve income?

Zakat is obligatory on wealth when it reaches the nisab (minimum threshold) and a hawl (full lunar year) has passed on it. It is not obligatory on cars, houses, and similar items that are for personal use and not for trade. Therefore, there is no zakat on the apartment itself. Zakat is only obligatory on its rent if it reaches the nisab and a hawl has passed on it. Spending it before that time negates the zakat obligation.