A property was purchased $5$ years ago $($considered as Year $0)$ for $$1$ million and generated NOI of $$65,000$ in Year $1.$ The NOI will increase at $4\%$ per annum. If the forward cap rate of the property has risen by $1\%$ today compared to $5$ years ago, what price would a potential buyer have to pay for the property now, if they used forward cap rates to do the valuation exclusively? Choose the closest number.