In real estate markets, a transaction occurs only when the investment value of the buyer exceeds the investment value of the seller. The buyer's investment value is the that he or she would be willing to pay for a particular property, while the seller's investment value is the that he or she would be willing to accept. maximum; maximum maximum; minimum minimum; maximum minimum; minimum Suppose that you are attempting to value an income-producing property using the direct capitalization approach. Using data from comparable properties, you have determined the overall capitalization rate to be 11.44%. If the projected first year net operating income (NOI) for the subject property is $44,500, what is the indicated value of the subject using direct capitalization? $49,590.80 $388,986.00 $509,080.00 $50,225.73