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A property produces a first year NOI of $ 2 5 , 0 1 2 per year. The NOI of $ 2 5 , 0

A property produces a first year NOI of $25,012 per year. The NOI of $25,012 per year is expected to increase by 2 percent per year. The property is expected to be sold at the end of Year 11 based on a 10.4 percent terminal cap rate applied to the last year's NOI. What is the expected sale price at the end of the holding period?
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