You own an office property, and you can acquire today for $10m. The annual estimates first year NOI is $702,000 and the projected growth rate of NOI is 3%. A nearby property of a similar type and class recently sold for $9.7m and the owner had a first year projected NOI of 617,700 of the property. What is your estimate of the current market value of the property if you apply the same cap rate to the property you are considering purchasing, based on the direct capitalization valuation method?