The subject property is expected to generate net operating income (NOl) over the next five years as shown in the following table. The resalo of the property is estimated at 35.5 milion at the end of the tith 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 imestrent? Round your answer to the nearest 51,000 \begin{tabular}{|} \hline$4,044,000 \\ $53,947,000 \\ 53,711,000 \\ $44,550,000 \\ $5,327,000 \\ \hline \end{tabular}