Analysis of a subject property's pro forma reveals that its tenth-year net operating income (NOI) is projected to be $398,112 (you can assume that this cash flow occurs at the end of the year). If you estimate the projected rental growth rate for the property to be 3% per year and the going-out capitalization rate in year 10 to be 9.75%, determine the net sale proceeds the current owner of the property would receive if he were to sell the property at the end of year 10 and incur selling expenses that amounted to 4.5% of the sale price.