You are building a proforma for a potential acquisition and trying to estimate the sales price on the property at reversion. Year 1NOI on the property is expected to be $50,000 with an annual growth rate of 3% thereafter. You will sell the property at the end of year 4 . At that point, the terminal cap rate is expected to be 11%. What is your estimated sales price on the property at reversion? 511,595 496,694 515,694 491,227