肖瀚 · 2022年02月17日
NO.PZ2018111302000005
问题如下：
According to the below data, what is the value of the Property A using the direct capitalization method?
选项：
A.$15,714,286.
B.$18,333,333.
C.$22,000,000.
解释：
C is correct.
考点：直接折现法估计房地产价值
解析：直接折现法下，用Year 1 NOI /going-in cap rate = 1,100,000/5% = 22,000,000
请问direct income approach下不是用terminal cap rate吗，为什么直接用going-in cap rate呢
NO.PZ2018111302000005 问题如下 Accorng to the below twhis the value of the Property A using the recapitalization metho $15,714,286. $18,333,333. $22,000,000. C is correct.考点直接折现法估计房地产价值解析直接折现法下，用Ye1 NOI /going-in crate = 1,100,000/5% = 22,000,000 为什么只计算第一年，不计算二三四年
NO.PZ2018111302000005 问题如下 Accorng to the below twhis the value of the Property A using the recapitalization metho $15,714,286. $18,333,333. $22,000,000. C is correct.考点直接折现法估计房地产价值解析直接折现法下，用Ye1 NOI /going-in crate = 1,100,000/5% = 22,000,000 老师，您好！关于termincap-rate，能一下吗？谢谢！
NO.PZ2018111302000005 问题如下 Accorng to the below twhis the value of the Property A using the recapitalization metho $15,714,286. $18,333,333. $22,000,000. C is correct.考点直接折现法估计房地产价值解析直接折现法下，用Ye1 NOI /going-in crate = 1,100,000/5% = 22,000,000 使用recapitalization mol计算的原理没有问题，我的问题在于课堂上老师不是说只有当rent在租赁合同期内恒定的时候体现bonlike特性才使用一阶段模型吗？本题持有3年期间内，NOI保持6%的增长不适用一阶段模型啊？我理解使用两阶段模型计算如下TV=NOI4/(re-g)=NOI4/Rn=1,310,000/6%=21,833,333.33CFO=0CO1=1,100,000CO2=1,166,000CO3=1,236,000+21,833,333.33=23,069,333.33I/Y=7CPT NPV=20,877,914.76
NO.PZ2018111302000005问题如下Accorng to the below twhis the value of the Property A using the recapitalization metho$15,714,286. $18,333,333. $22,000,000. C is correct.考点直接折现法估计房地产价值解析直接折现法下，用Ye1 NOI /going-in crate = 1,100,000/5% = 22,000,000请问题干中的investment holng perio3年不是指持有3年么 怎么可以用永续年金来求呢
