Question

3. GRM/GIM Estimates of Appraised Value. Please go to the seventh decimal place, no intermittent rounding:

                               Subject               Comp. 1            Comp. 2             Comp. 3

V & C rates                3%                      3%                    3.6%                    4.1%

Units                        195                      190                    195                      205

Average Rent           $910                   $915                  $920                   $925

Selling Price               ?                $16,500,000         $15,900,000      $18,200,000

• Calculate either the Gross Rent Multiplier for the Comps:

• Show the estimated price range from a low value to a high value for the subject property:

Answer 1

	Comp 1	Comp 2	Comp 3
Vacany	3%	3.60%	4.10%
Units	190	195	205
Rent	915	920	925
Rentals	1,68,635	1,72,942	1,81,850
Selling Price	1,65,00,000	1,59,00,000	1,82,00,000
Multiplier	97.84474707	91.93855035	100.0822792
	Subject
	Low	Average	High
Vacany	3%	3%	3%
Units	195	195	195
Rent	910	910	910
Multiplier	91.93855035	96.62185887	100.0822792
Value	1,58,25,061	1,66,31,182	1,72,26,812