Comp 1 Comp 2 Comp 3

Price $300,000 $350,000 $375,000

Effective gross income 50,000 55,000 60,000

% operating expense 50% 55% 54%

NOI 25,000 30,000 32,500

Consider the table above. Assume that the subject property has effective gross income of $53,000 and a NOI of $27,500. What value would a GIM approach yield (rounded to the nearest $100)?