What is the projected NOI of a shopping center, based upon the information • Building area: 12,500 sqft

• Average base rents: $22.50 psf

• NNN recoveries: $2.50 psf

• Vacancy rate: 6.0%

• Operating expenses $3.75 psf

• Percentage rent $7,000 per year • Concessions 2.0% Annual debt service $224,824 per year

Using the date for the shopping center above, what is the estimated market value of the center if cap rates are said to be 425 basis points above the 10-year treasury of 2.46%?