cap rate

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