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QUESTION 11 The subject property is expected to generate net operating income (NOI) over the next five years as shown in the following table. The resale of the property is estimated at $5 million at the end of the fifth year. The closing costs are estimated at 5% of the sale price. The discount rate is 9.5%. Cash flows are at the end of each year. What is the value of this investment? Round your answer to the nearest $1,000. Net Operating Income Year Net Income $ 250,000 2 $ 300,000 $ 350,000 $ 400,000 $ 450,000 Net Resale $4,750,000 Disc. Rate 9.50% $3,904,000 $4,065,000 $4,327,000 $4,500,000