Assume a 200,000 square foot office space in downtown Clinton, AK, with year 1 NOI of $2,400,000 and taxable income of $1,700,000 is offered for sale. The market cap rate for similar properties in that market is determined to be approximately 4%. The fair market value would be:

a. $68,000

b. $96,000

c. $42,500,000

d. $60,000,000

e. Some other amount