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 $1MM. If the investor sells the property at an 9% cap rate, and assume the following:

accumulated depreciation on the property is $3MM

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

6% selling costs.

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