Suppose that examining a pro forma reveals that the fifth-year net operating income (NOI) for the subject property you are analyzing is $218,300. The projected first-year net operating income (NOI) is $247,000. Using data from comparable properties, you have determined the overall capitalization rate to be 6.00%, and the going-out cap rate to be 22.00%. If, what is the indicated value of the subject using direct capitalization?