A small shopping center is expected to produce net operating income of $24,980 in year 1. You expect NOI to increase by 4 percent per year over an expected holding period of seven years. Property value is expected to increase by 3.5 percent per year. The discount rate is 10 percent. Assume there will be no costs of sale. Estimate the value of the shopping center. HINT: Use the Net Operating Income and Net Selling Price Model.