Use the income approach to estimate the value of your subject property that has pro forma NOI next year equal to $450,000. You have information about the following comparable properties that sold last month from which to estimate the market capitalization rate.

Comparable A: NOI = $375,000. Sales price = $4,167,000. Comparable B: NOI = $220,000. Sales price = $3,140,000. Comparable C: NOI = $500,000. Sales price = $5,500,000.