Your client is opening a new building this year. According to budget projections, annual NOI forecasts are as follows:

Year 1 - $35,000

Year 2 - $55,000

Year 3 - $55,000

Year 4 - $68,000

Year 5 - $107,000

The required rate of return on investments of this type is 11%. The capitalization rate for similar 4-year-old buildings is 10%. Cost of sale is $53,500.

What is the market value of this property (using DCF analysis) if sold after year 4?

Question 11 options:

	$830,780.03
	$785,986.33
	$922,165.64
	$1,187,832.09