You are interested in buying a freehold property for investment. It has an area of 1000 square m . The real estate agent told you that it could be let at full market rent of $30,000 per annum gross. The property across the road is very similar to this property except that it is 100m2 bigger. It is currently let at $31,000 per annum gross and was sold last month for $387,500. Outgoings and vacancy deductions are estimated at 25%. What is market value of this investment property?