If the median monthly rent is $500 and the median GRM is 114.3, what is the estimated value of the property?

To determine the estimated value of the property using the given median monthly rent and the median Gross Rent Multiplier (GRM), you multiply the monthly rent by the GRM. This straightforward calculation reflects the relationship between rental income and property value in real estate.

In this case, the median monthly rent is specified as $500, and the median GRM is 114.3. Therefore, you would calculate the estimated property value as follows:

Estimated Property Value = Median Monthly Rent x Median GRM

Estimated Property Value = $500 x 114.3

Estimated Property Value = $57,150

This calculation reveals that the estimated value of the property, based on the provided median rental income and GRM, is $57,150. This answer aligns with standard practices in real estate valuation where the GRM is utilized to quickly assess the value of income-generating properties based on rental income.