NO.PZ201601050300000210
问题如下：
10. Based upon Exhibit 1 and Assumptions 1 and 2, the value of Property B using the discounted cash flow method, assuming a five-year holding
period, is closest to:
选项：
A.£4,708,700.
B.£5,035,600.
C.£5,050,900.
解释：
B is correct.
The value of Property B using the discounted cash flow method is £5,035,600.
The value using the discounted cash flow method is based on the present value of the net operating income (NOI) and the estimated property resale price.
Calculate NOI (constant during five-year holding period from Assumption 2)
NOI = rental income (at full occupancy) + other income – vacancy and collection loss – property management fee – other operating expenses
NOI = £610,000 + £183,000 – £61,000 – £35,000 – £234,000 = £463,000
Estimate property value at end of five years:
NOI starting in year 6 is 20% higher due to lease rollovers (from Assumption 2)
NOI starting in year 6 = £463,000 × 1.20 = £555,600
Terminal cap rate (given) = 11%
Applying the terminal cap rate yields a property value of £5,050,909 (= £555,600/0.11)
Find the present value of the expected annual NOI and the estimated property resale value using the given discount rate of 9.25%:
N = 5
FV = £5,050,909
PMT = £463,000
I = 9.25
Solving for PV, the current value of the property is estimated to be £5,034,643, or £5,034,600 rounded.
考点：现金流折现法估计房地产价值
解析：可以按照以下思路进行计算，注意计算terminal value需要使用terminal cap rate, 而不是going-in cap rate.
Step 1: 计算NOI
net operating income (NOI) = rental income + other income – vacancy and collection loss – property management costs
NOI = £610,000 + £183,000 – £61,000 – £35,000 – £234,000 = £463,000
Step 2: 计算终值
第五年末的终值 terminal value = £463,000*(1+20%)/11%= £5,050,909
注意这里 1.相当于投资期结束卖给下一个投资者的价值的折现，所以这里用terminal cap rate 2 .从第六年开始，NOI增长20%。
Step 3：直接用计算器CF计算value，I/Y=9.25%, N = 5, FV = £5,050,909, PMT = £463,000, => CPT PV = £5,034,643，约算成£5,034,600.
本题怎么不加land的价值了？
