33 Assume the following about Year 1 operations of Apartments:

• Before-Tax Levered Cash Flow: $345,023
• Depreciation of TIs: $6,000
• Deprecation of Cap Ex: $12,000
• Leasing Commission Cost and Amortization: $27,000
• Loan Points Amortization: $8,112
• Cash Transfer to Replacement Reserves: $54,809
• TIs: $42,000
• Principal Amortization: $53,330
• Application of Suspended Losses: $0

If the purchase price was $7,000,000 and the implied land value at purchase was $1,250,000, what is the Year 1 After-Tax Cash Flow given a 21.00% tax rate and a 39.00 year depreciation schedule?