Your firm is considering buying an old office building with a remaining service life of 25 years. Tenants have recently signed long term leases providing rental income of $250,000 / year for the next 5 years, increasing by 10% in 5 year increments. You estimate operating expenses, including taxes, will be $85,000 the first year, increasing by $5,000 each subsequent year. The salvage value after 25 years you estimate will be $50,000. If your next best alternative offers an ROI of 12%, what would be the maximum you would be willing to pay to buy this building?