The subject property is expected to generate net operating income (NOI) over the next five years as shown in the following table. The resale of the property is estimated at $5 million at the end of the fifth year. The closing costs are estimated at 5% of the sale price. The discount rate is 9.5%. Cash flows are at the end of each year. What is the value of this investment? Round your answer to the nearest $1,000. Year Net Income 1 $ 250,000 2 $ 300,000 3 $ 350,000 4 $ 400,000 5 $ 450,000 Resale $4,750,000 Disc. Rate 9.50%