A comparable property sold for $5,000,000. The appraiser determined that the sale price included favorable financing from the seller worth $250,000. The comparable property is at a location considered to be inferior to that of the subject property, and the appraiser believes it would be worth 5 percent more at the same location as the subject. The comparable property sold six months ago and prices have increased by 3 percent over the past six months. The comparable property has a net leasable area of 100,000 square feet and its NOI is $380,000. The subject property is 125,000 square feet and its NOI is $475,000. a. What is the indicated value of the subject property based on price per square foot? b. What is the indicated value of the subject property using an overall capitalization rate?