Question: Suppose the present time is 2022. An office building has a 6-year lease, which provides the owner with an NOI of $1,000,000 at the end

Suppose the present time is 2022. An office building has a 6-year lease, which provides the owner with an NOI of $1,000,000 at the end of each year for the next three years (2023 - 2025). After that, according to the lease, NOI steps up to $1,500,000 for 2026 - 2028. At the end of 2028, the property can be sold for $15,000,000. Using the income approach, what is the market value of the property? The cap rate is 10%

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