You are building a proforma for a potential acquisition and trying to estimate the sales price on the property at reversion. Year 1 NOI on the property is expected to be $800,000 with an annual growth rate of 2% thereafter. You will sell the property at the end of year 4. At that point, the terminal cap rate is expected to be 9%. What is your estimated sales price on the property at reversion? $8,690,112 $9,621,619 $8,978,459 $9,200,025