A property is leased for $$24,000$ per year although market rents are currently $$27,500$ per year and are expected to increase by $2\%$ per year. The property is expected to be sold at the end of year $10$ based on a $10\%$ terminal cap rate applied to the eleventh year NOI. The current lease on the property will expire at the end of year $10$ so the property can be leased in the eleventh year at market rates. What is the value of the leased fee estate based on an $11\mathrm{.}5\%$ discount rate?