Direct Capitalization Problem: You are asked to provide an estimate of value for the XYZ property that projects to produce a first year NOI of $54,000..You have obtained market information for four (4) comparable properties, set forth below: Comp 1) Sale Price $500,000; NOI $55,000 Comp 2) Sale Price $420,000; NOI $50,400 Comp 3) Sale Price $475,000; NOI $53,400 Comp 4) Sale Price $600,000; NOI $69,000 What is the estimated value of the XYZ property?