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$ $333,000$to repairFunctional obsolescence $($repairable$)$$ $222,000$to repairFunctional obsolescence $($nonrepairable$)$$ $27,750$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?

Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar.

THE ANSWER IS NOT $$4,721,474$