Final answer:
To find the property's value, multiply the annual rent ($43,200) by the GRM (199), resulting in a property value of $8,596,800.
Step-by-step explanation:
To calculate the value of the property using the Gross Rent Multiplier (GRM), you would take the current annual rental income of the property and multiply it by the GRM. In this case, the monthly rent is $3,600. Assuming this is the monthly rent, to get the annual rent we multiply by 12 (months in a year), giving us $43,200. We then multiply this figure by the property's GRM of 199.
The calculation would be:
Property Value = Annual Rent x GRM
Property Value = $43,200 x 199
Therefore, the value of the property would be:
Property Value = $8,596,800.