An investor is considering the purchase of a 11,000-sq. ft. warehouse that is expected (based on comparable properties) to command $8.40 per square foot in annual rents. The two comparable warehouses have recently sold in the market. Comparable 1 measures 12,000 sq. ft. and sold recently for $450,000. Comparable 2 measures 8, 600 sq. ft. and sold recently for $322, 500 Compute the gross income multiplier that is implied by these transactions and estimate the value of the subject property