You are considering the purchase of a commercial office property. Currently, the property is partially vacant and in need of repairs. If you purchase the property, you will refurbish some of the vacant units and assume new leases will be signed over the next couple of years. Your pro forma estimates of the property's net operating income (NOI) net of capital expenditure are as follows: (end of year) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 NOI (including CapEx) -$1887588 $0 $585,000 $800,000 $800,000 $825,000 Given these estimates of future NOI, estimate the market value of the property assuming a discount rate of 7% and a sale of the property at the end of Year 5 at an exit ("going out") cap rate of 3%.