Direct Cap rate只考虑了第一年NOI，不应该是算出来V0偏小呢？

问题如下：

5. Based on Exhibit 2, relative to the estimated value of Property #1 under the discounted cash flow method, the estimated value of Property #1 using the direct capitalization method is:

选项：

A.

equal.

B.

lower.

C.

Higher.

解释：

The direct capitalization method estimate of value for Property #1 is $52,873,143 (= Year 1 NOI/Going-in Cap Rate = $2,775,840/0.0525), which is greater than the estimated DCF value of $49,750,932.

Value of Property #1 under the discounted cash flow method:

本题比较用direct capitalization method和estimated DCF method value的大小，我们分别计算value即可。其中注意用estimated DCF value计算的时候，题目给出了loan term是5年，在DCF方法中最后一年是用来算卖出的market value的，相当于是NOI(n+1).，因此计算terminal value需要使用terminal cap rate 0.06。