Assume the fоllоwing infоrmаtion: Estimаted Net Operаting Income (NOI)-next 12 months-when sold Effective Gross Income (EGI) Selling Price Comparable Property #1 $82,000 $122,000 $1,350,000 Comparable Property #2 $75,000 $111,500 $1,143,300 Comparable Property #3 $94,000 $140,000 $1,330,000 Assume the estimated NOI of the subject property over the next 12 months is $60,000 and the estimated EGI is $108,000. What is the market value of the subject property using direct capitalization (rounded to the nearest dollar)? Assume the three comparable properties are equally comparable to the subject property.