问题如下：
Based on below information, what is the value of the Property using the direct capitalization method?
选项：
A.£3,282,353.
B.£4,358,262.
C.£5,072,727.
解释：
C is correct.
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: NOI
net operating income (NOI) = rental income + other income – vacancy and collection loss – property management costs
NOI = £360,000 + £30,000 – £28,000 – £48,000 – £35,000= £279,000
Step 2: value the property using the cap rate
Value of property = £279,000/(8.5% – 3.0%) = £5,072,727.
为什么other operating expenses不减掉
