Final answer:
The value of the residential property improved with a four-unit building can be calculated using the gross rent multiplier method. The value is $5,652,000.
Step-by-step explanation:
The gross rent multiplier method is used to estimate the value of a property based on its rental income. The formula to calculate the value using this method is:
Property Value = Gross Rent Multiplier x Annual Rental Income
In this case, the annual rental income can be calculated by multiplying the monthly rent per unit ($750) by the number of units (4) and then by 12 (months). Therefore, the annual rental income is $36,000 ($750 x 4 x 12).
Using the given gross rent multiplier of 157, we can calculate the value of the property:
Property Value = 157 x $36,000 = $5,652,000