I am considering purchasing a building in downtown Atlanta. Three other buildings have all sold there in the past year. All three are exactly the same square footage (45,000 sq. ft.); all three generate the same rent annually ($1.2 million); all three have the same annual maintenance costs ($600,000). All sold for $9.8 million. The building I am considering purchasing is also 45,000 square feet, and has the same maintenance costs, but only generates $950,000 in rent revenues annually. What's the proper valuation for this property based on this information?

Options:

A. $9.8 million, same as the other 45,000 square foot buildings.

B. $5.72 million, using the same price/NOI multiple as the other buildings.

C. Definitely less than $5.72 million.

D. Definitely more than $9.8 million.

E. Somewhere between $5.72 million and $9.8 million.