The subject property has a PGI of $100,000, a vacancy and collection loss of 3%, fixed expenses of $35,000, variable expenses of $25,000, and $7,000 in reserves for replacement. Recent sales of very similar properties in this market suggest that a capitalization rate of 12% is appropriate. The capitalization rates were extracted from sales in which the price was divided into the estimate of NOI from the broker without reserves. What is the market value of the subject property?