You have invested in and held onto an apartment building for 5 years. Now it is time to exit the investment and sell the property. You have the following information about the property:

1. The NOI in Year 5 was $150,000. The projected NOI in Year 6 is $165,000.
2. You acquired the property for $1,500,000.
3. The going-out capitalization rate is 8.5%
4. At the end of five years, the balance out-standing on the mortgage you used to finance the property is $1,300,000.
5. You did not engage in any capital expenditure over the last five years. Neither was there any cash transferred to a capital expenditure reserve.
6. The property is depreciated on a straight-line basis for 27.5 years. The accumulated depreciation is $297,792.
7. Assume that capital gains are taxed at 15%, while depreciation recapture is taxed at 25%.
8. Assume there are no selling expenses.

Compute the After Tax Cash Flow from sale of the property (this quantity is also known as After Tax Equity Reversion).