Using the gross rent multiplier method, what is the value of a residential property with four units renting for $750 each and a multiplier of 157?

To determine the value of the residential property using the Gross Rent Multiplier (GRM) method, you start by calculating the total monthly rental income generated by the property. In this case, there are four units, each renting for $750. Therefore, the monthly income can be calculated as follows:

Total monthly rent = Number of units x Rent per unit Total monthly rent = 4 x $750 = $3,000.

Next, to find the annual income, you multiply the total monthly rent by 12 (the number of months in a year):

Annual income = Total monthly rent x 12 Annual income = $3,000 x 12 = $36,000.

Now that you have the annual income, you can calculate the property's value using the Gross Rent Multiplier. The GRM is provided as 157. To find the property value, multiply the annual income by the GRM:

Property value = Annual income x GRM Property value = $36,000 x 157 = $5,652,000.

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