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The subject property produces a net operating income of $100,000 that increases 3.0% annually. For this property type, the overall discount rate is 8.0% and

The subject property produces a net operating income of $100,000 that increases 3.0% annually. For this property type, the overall discount rate is 8.0% and the overall capitalization rate is 3.5%. Rounded to the nearest $1,000, what would the subject sell for if it was based on the overall capitalization rate multiplied by the level-equivalent income for the next 3 years?

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