You are considering the purchase of an old office building. The property is currently zoned for commercial use, but you believe a change of zoning can be achieved with some effort. You consider three uses for te property: 1) perform some minor renovations and leave the property as an office; 2) converst the current structure into apartments with significant renovation; 3) demolish the current structure and build a gas station in its place. Your research has lead you to the following estimates with regard to these three scenarios.

	Office	Apartment	Gas station
Year 1 NOI	$900,000	$1,200,000	$120,000
Discount Rate	9%	8%	15%
NOI Growth Rate (forever)	3%	3%	3%
Construction Cost	$1,000,000	$11008038	$2,000,000

Based upon these estimates, what is the property's value according to its highest value in use? Round your answer to the nearest dollar.