The year-1 NOI for an investment property is $832,000. Debt financing will be acquired based upon 1.2 DCR calculated using year-1 NOI, a fixed interest rate of 6.81% per year, maturity of 20 years, and an amortization term of 10 years, with annual payments. You expect NOI to grow by 3% per year after the first year. You expect to hold the property for five years, intending to sell at the end of year-5 for a value consistent with a terminal cap rate of 5% applied to year-6 NOI. If your required rate of return for this investment is 8%, what is the present value of your equity interest in the property if you were to acquire it at these terms (Hint: assume you purchase the property for an amount equal to the present value of property cash flow)?