A property was purchased 5 years ago (considered as Year 0) for $1 million and generated NOI of $65,000 in Year 1. The NOI will increase at 4% per annum. If the forward cap rate of the property has risen by 1% today compared to 5 years ago, what price would a potential buyer have to pay for the property now, if they used forward cap rates to do the valuation exclusively? Choose the closest number.