NOI of $340,000 during the first year and increase by 3% per year thereafter. The property can be sold after 5 years based on applying a 7% terminal cap rate. A loan can be obtained at 5.25% interest with monthly payments amortized over a 20-year term. The lender requires a 1.20 debt coverage ratio applied to the first year NOI.

a. What is the value of the property based on a 10% equity yield rate?