The Givner Apartments were acquired five years ago by an investor for $10MM. The investor decided not to lever the investment (use debt), and annual adjusted NOI is stable at $0.9million. If the investor sells the property at an 12% cap rate, and assuming the following:

accumulated depreciation on the property is $0.9million

the Tenant Improvements and Capital Improvements over 5 years have been $300,000

25% tax rate on accumulated depreciation

15% tax rate on capital gains

8% selling costs.

What is the estimated Gross sales price of the building (round to nearest dollar)?