These are three possible uses for a vacant lot and the expected NOI and construction cost for each. The cap rate and growth rate are also provided.

Apartments NOI $/$ cost $=$ $$1,600,000/$ $$11,000,000$

Warehouse NOI $=$ $$1,300,000/$ $$8,000,000$

Office Bldg NOI $=$ $$1,700,000/$ $$12,000,000$

Cap Rate $=12\%$

Growth rate $=3\%$

What is the land value for the highest and best use of the three options? You already have one input from the preceding question. Round to the nearest dollar. $($ch$.10$ pt$.3,$ slides $11-16)$