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: