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A multifamily property (subject) has gross potential income of $1,650,000 and net operating income of $535,000. An appraiser equally weights cap rates for comparable properties

A multifamily property (subject) has gross potential income of $1,650,000 and net operating income of $535,000. An appraiser equally weights cap rates for comparable properties of 6.5%, 7.0%, and 7.5%. What is the value of the subject property?

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