If the monthly rent of a property is $3,000, and the gross rent multiplier (GRM) is 80, what is the value of the property?

Question

asked Mar 20, 2021 106k views

1 Answer

ThaBomb · Answer 1 · 2021-03-27T02:47:14+0000

Answer:

$2,880,000

Step-by-step explanation:

The formula for the purpose of calculation of gross rent multiplier (GRM) is given as follows:

GRM=Value of the property/Annual rent value

Value of the property=?

GRM=80

Annual rent value=$3,000*12=$36,000

80=value of the property/36,000

value of the property=36,000*80

=$2,880,000