An investor is considering the purchase of an existing suburban office building approximately five years old. The building, when constructed, was estimated to have an economic life of $50$ years, and the building$-$to$-$value ratio was $80$ percent. Based on current cost estimates, the structure would cost $$5$ million to reproduce today. The building is expected to continue to wear out evenly over the $50-$year period of its economic life. Estimates of other economic costs associated with the improvement are as follows:

Repairable physical depreciation $ $351,000$ to repair

Functional obsolescence $($repairable$)$ $ $234,000$ to repair

Functional obsolescence $($nonrepairable$)$ $ $29,250$ per year rent loss

The land value has been established at $$1$ million by comparable sales in the area. The investor believes that an appropriate opportunity cost for any deferred outlays or costs should be $12$ percent per year.

Required:

What would be the estimated value for this property? $($Do not round intermediate calculations. Round your final answer to the nearest dollar amount.$)$