An office building is for sale. A property analyst has determined that the net operating income for the next five years will be:

Year $1$ $$104,500$

Year $2$ $$107,635$

Year $3$ $$110,864$

Year $4$ $$114,190$

Year $5$ $$117,616$

Annual rent growth is expected to be $3\%$ annually.

Determine the net proceeds that will be received after the sale of the property if the going$-$out cap rate is $8\%$ and when sold after $5$ years the selling expense is $4\%.$