NO.PZ2018111302000022
问题如下：
Based on below information, what is the value of the Property using the discounted cash flow method, assuming a three-year holding period? And the Property is expected to have the same net operating income for the holding period due to existing leases, and a one-time 20% increase in year 4 due to lease rollovers. No further growth is assumed thereafter.
选项：
A.£3,354,418.
B.£3,860,883.
C.£4,620,580.
解释：
B is correct.
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 = £500,000 + £85,000 – £48,000 – £32,000 – £186,000= £319,000
Step 2: DCF model
或者这里也可以直接用计算器CF计算，I/Y=8%, N = 3, FV = £319,000*(1+20%)/10%=3,828,000, PMT = £319,000, => CPT PV = 3,860,884
涨价是在NOI的基础上 而不是只在gross income的基础上吗
