Property Valuation
A Colorado apartment complex has 12 units each renting for $1,500/month. Using a GRM of 120, what is the indicated market value?
A$1,800,000
B$2,000,000
C$2,160,000✓ Correct
D$2,400,000
Explanation
Total monthly gross rent = 12 units × $1,500 = $18,000. Value = Monthly Gross Rent × GRM = $18,000 × 120 = $2,160,000.
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