An appraiser collects the following information for a proposed new building assumed to be the highest and best use of the site: Net operating income= $85,000 Building capitalization rate= 0.11 Building value (based on cost)= $700,000 Land capitalization rate =0.08 What is the estimated value of the property?

Question options:

$777,000

$800,000

$905,263

$972,727