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

Price Effective gross income % operating expense NOI Comp 1 Comp 2 Comp 3 $300,000 $350,000 $350,000 $375,000 50,000 55,000 60,000 50% 55% 54% $ 25,000 $ 30,000 $ 32,500