You have been asked to estimate the market value of an apartment complex that

You have been asked to estimate the market value of an apartment complex that is producing annual net operating income of $44500. Four highly similar and
competitive apartment properties within two blocks of the subject property have sold in the past three months. All four offer essentially the same
amenities and services as the subject. All were open-market transactions with similar terms of sale. All were financed with 30-year fixed-rate mortgages
using 70 percent debt and 30 percent equity. The sale prices and estimated first-year net operating incomes were as follows:

Comparable 1: Sale price $500000; NOI $55000

Comparable 2: Sale price $420000; NOI $50400

Comparable 3: Sale price $475000; NOI $53400

Comparable 4: Sale price $600000; NOI $69000

What is the indicated value of the property using direct capitalization?