A downtown commercial building was constructed in 1958. Although it is old, the structure is sound, and the real estate market is strong. The building was recently renovated and it is current with building codes and market expectations. It is fully occupied with rent-paying tenants. There is no deferred maintenance, but there is a little bit of external obsolescence. The effective age of the building is 5 years, and the economic life after renovation is 50 years.

If the total replacement cost is $4,500,000, and site value is $1,200,000, what is the current market value of the property, as estimated by the cost approach and using an age/life method to estimate depreciation?