Choices:

4,570,000

4,700,000

4,840,000

5,100,000

You're wrapping your Stage 2 analysis for a three-year holding period on a small office building you're evaluating: Based on your analysis, you expect that the going-out capitalization rate will be 7.00% and your broker estimates that the sale costs will be 5% of the Sale Price at the time of sale. Which of the following choices is the closest approximation of the Cash Flows from Sale you can expect from this property