A property consists of six apartment units, with a market rent of $1,000 per month per unit. One of the units is occupied by the apartment manager, who receives free rent in return for managing the complex. Unpaid rents and vacancies typically amount to 10% of the potential rental income, and annual operating expenses are $30,000.

If the monthly effective gross rent multiplier is 55.56, what is the indicated value of the property (rounded to the nearest $100)?