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9. An office building property can be purchased for $3.6 million. It is expected to generate annual NOls of: Yr.1: \$334,250; Yr.2: \$344,275; Yr.3: $354,600; Yr.4: \$365,250; Yr.5: \$376,200; and is expected to be sold resulting in net sale proceeds in Yr.5 of \$3.8 million (i.e., after selling expenses). Assume the project includes a $3.2 million loan having an annual debt service of $275,000 per year, and that the outstanding mortgage balance at the end of the five-year holding periods will be $3.0 million. Assume also that the overall going-in cap rate is 9.0 percent; the going-out cap rate is 9.5 percent; the investor's required return on the project, unleveraged, is 12 percent; and the investor's required return on the project, leveraged, is 18 percent. Using the appropriate information, determine the net present value (NPV) of the project (UNLEVERED) a. -172900