Final answer:
The value of the property can be calculated using the Gross Rent Multiplier (GRM) formula and the monthly rent. Plugging in the given values, the value of the property is $4,368,000.
Step-by-step explanation:
The value of the property can be calculated by multiplying the monthly rent by the Gross Rent Multiplier (GRM).
GRM = Value / Annual Rent
To find the value of the property, we can rearrange the formula as follows: Value = GRM * Annual Rent
Since the monthly rent is $4,000, the annual rent would be $4,000 * 12 = $48,000.
Plugging in the values into the formula, we get: Value = 91 * $48,000 = $4,368,000.
Therefore, the value of the property is $4,368,000, which is not listed among the given options.