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壹贰三番 · 2023年01月26日

cap rate

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NO.PZ201601050300000209

问题如下:

9. Based upon Exhibit 1, the value of Property C using the direct capitalization method is closest to:

选项:

A.

£3,778,900.

B.

£4,786,700.

C.

£6,527,300.

解释:

C is correct.

Under the direct capitalization method, the value of the property = NOI/(r g).

Calculate net operating income (NOI):

NOI = rental income + other income vacancy and collection loss property management costs

NOI = £590,000 + £29,500 £59,000 £22,000 = £538,500

Then, value the property using the cap rate:

Value of property = £538,500/(11.25% 3.0%) = £6,527,273, rounded to £6,527,300.

考点:房地产估值方法

解析:在direct capitalization method下, 房地产价值 = NOI/(r – g).

Step 1: 计算NOI,注意要把property mgmt cost/vacancy cost减掉

net operating income (NOI) = rental income + other income – vacancy and collection loss – property management costs

NOI = £590,000 + £29,500 £59,000 £22,000 = £538,500

Step 2: 计算房地产价值

Value of property = £538,500/(11.25% 3.0%) = £6,527,273,大约等于£6,527,300

terminal cap和going-in cap的区分;两者的使用场景?

1 个答案

Lucky_品职助教 · 2023年01月28日

嗨,从没放弃的小努力你好:


terminal cap rate只用于求当property 被卖出时的market value, 如果是一直持有并没有要卖出的话,是要用going-in cap rate的~

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努力的时光都是限量版,加油!

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