A property is being purchased that requires some renovation to be competitive with otherwise comparable properties. If it were already renovated, it would have NOI of $23 million next year, which would be expected to increase by 2 percent per year thereafter. Investors would normally require a 9 percent IRR (discount rate) to purchase the property after it is renovated. Because of the renovation, the NOI will only be $17 million next year. But after that, the NOI is expected to be the same as it would be if it had already been renovated at the time of purchase. What is the value of or the price a typical investor is willing to pay for the property?