The Sierra Blanca apartment complex contains $60$ two$-$bedroom apartments renting for $$650$ per month. In addition, the complex generates $$625$ per month from laundry and vending machines.

Vacancy and collection losses have averaged $8\%$ of potential gross income $($PGI$)$ and are expected to continue at about the same rate in the future.

Annual operating expenses include the following:

Property taxes$$22,000$Property management$15,000$Maintenance and utilities$36,000$Swimming pool$13,000$Professional fees$8,000$Other expenses$23,000$Total$$117,000$

The property is financed by a mortgage with a remaining balance of $$750,000.$ The original cost of the complex was $$2\mathrm{.}1$ million and was financed by a $$1\mathrm{.}5$ million $30-$year mortgage with a $5\%$ fixed interest rate. The value of the land at purchase was $$400,000.$

Assuming a cap rate of $9\%,$ what is the market value of the Sierra Blanca complex?

A$)$

$$3,560,667$

B$)$

$$1,951,422$

C$)$

$$2,884,140$

D$)$

$$3,983,333$