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?