You own a real estate investment company and your interns have provided the below annual estimates of NOI for an office building you can acquire today for $5m. They also estimate you would receive $6.3m in net sale proceeds when the property is sold at the end of 3 years based on paying 5% brokerage expenses. PNC bank has offered you a 3-year $3m interest-only loan at 5% with annual payments and no origination fees. What is your estimate of the current market value of the property using the direct capitalization method if an appraiser would assume a market cap rate of 7.5% and typical owners in the market have a 9% opportunity cost of equity? Please round your answer to nearest dollar. Year 1 Year 2 Year 3 Year 4 NOI $367,530 $385,907 $405,202 $425,462