5) A retail property has one tenant on a 4-year lease which will commence on Jan 1, 2023. The lease provides the owner with NOI of $350,000 at the end of the year for the next two years (20232024). After that, according to the lease, NOI steps up to $400,000 for the remaining two years. Assume at the end of the term (2026), the property is demolished. Assume at the end of the term (2026), the property is demolished. Using the income approach, what is the market value of the property? The can 5) A retail property has one tenant on a 4-year lease which will commence on Jan 1, 2023. The lease provides the owner with NOI of $350,000 at the end of the year for the next two years (20232024). After that, according to the lease, NOI steps up to $400,000 for the remaining two years. Assume at the end of the term (2026), the property is demolished. Assume at the end of the term (2026), the property is demolished. Using the income approach, what is the market value of the property? The can