Answer:
$2,880,000
Explanation:
The formula for the purpose of calculation of gross rent multiplier (GRM) is given as follows:
GRM=Value of the property/Annual rent value
Value of the property=?
GRM=80
Annual rent value=$3,000*12=$36,000
80=value of the property/36,000
value of the property=36,000*80
=$2,880,000
