Estimate the market value of the following small office building. The property has 10,500 square feet of leasable space that was leased to a single tenant on January 1, eight years ago. Terms of the lease call for rent payments of $9,525 per month for the first five years, and rent payments of $11,325 per month for the next five years. The tenant must pay all operating expenses, taxes and insurance. During the remaining term of the lease, there will be no vacancy and collection losses. When the property is released under short-term leases, with tenants paying all operating expenses, a vacancy and collection loss allowance of 8 percent per year is anticipated. The current market rental for properties of this type under triple net leases is $12.50 per square foot, and this rate has been increasing at a rate of 3 percent per year. The market discount rate for similar properties is 11 percent, the "going-in" cap rate is about 9 percent, and terminal cap rates are typically one percentage point above going-in cap rates. Prepare an analysis showing the rental income, NOIs, and the net proceeds from the sale of the property at the end of a 4-year holding period, which will be the present value of expected cash flows over those 4 years