Given the following owner’s income and expense estimates for an apartment property, formulate a reconstructed operating statement. The building consists of 10 units that could rent for $550 per month each.

Owner’s Annual Income Statement
Rental income (last year)	$60,600
Less: Operating & capital expenses
Power	$2,200
Heat	1,700
Janitor	4,600
Water	3,700
Maintenance	4,800
Reserve for capital expenditures	2,800
Management	3,000
Tax depreciation	5,000
Mortgage payments	6,300

Estimating vacancy and collection losses at 5 percent of potential gross income, reconstruct the operating statement to obtain an estimate of NOI. Assume an above-line treatment of CAPX. Remember, there may be items in the owner’s statement that should not be included in the reconstructed operating statement. Using the NOI and a R_o of 11.0 percent, calculate the property’s indicated market value. Round your answer to the nearest $1,000.