1、VALUATION OF INCOM-PRODUCING PROPERTES,CHPTER 9,Edited by He Fuqiang,本章要点,1、房地产评估程序2、成本法3、销售收入比较法4、收入资本化法5、已租赁房地产,Edited by He Fuqiang,9.1 Valuation Fundamentals,The condition of the uniform standards of professional appraisal practice:1. Buyer and seller are typically motivated;2. Both parties are
2、well-informed or well-advised, and acting in what they consider their best interests;3. A reasonable time is allowed for exposure in the open market;4. Payment is made in terms of financial arrangements comparable;,Edited by He Fuqiang,Valuation Fundamentals,The price represents the normal considera
3、tion for the property sold unaffected by special or creative financial or sales concessions granted by anyone associated with the sale.,Edited by He Fuqiang,9.2 appraisal Process,Physical and legal identification,Edited by He Fuqiang,9.3 Approaches to valuation,1、Cost approach成本法2、Sales comparison a
4、pproach销售收入比较法3、Income capitalization approach收入资本化法,Edited by He Fuqiang,9.2.1 Cost Approach,The rationale for using cost approach to valuing properties is that any informed buyer of real estate would not pay more for a property than what it would cost to buy the land and build the structure.,Edite
5、d by He Fuqiang,Cost Approach,For a new property, the cost approach ordinarily involves determining the construction cost of building a given improvement,then adding the market value of the land.In the case of existing buildings, the appraiser first estimates the cost of replacing the building. This
6、 estimate is reduced by estimating any physical deterioration有形损耗,functional obsolescence功能过时, or external obsolescence外观陈旧 in arriving at the estimated value of the building.Replacement cost 重置价,Edited by He Fuqiang,9.2.1 Sales Comparison Approach,The sales comparison approach (market approach) to
7、value is based on data provided from recent sales of properties highly comparable to the property being appraised.The rationale for the sales comparison approach lies in the principle that an informed investor would never pay more for a property than what other investors have recently paid for compa
8、rable properties.,Market Area Analysis and Sales(office building),Number floors: 2 ; Number elevators: 1 ; Construction: Average ;Landscaping: Average. Stucco拉毛饰面,Adjustments from Comparables to subject property,Edited by He Fuqiang,Gross Income Multipliers(GIM),总收入乘数是指各可比实例房地产的总收入与销售价格之间的比例关系,Some
9、appraisers use potential gross income(which assume all the space is occupied) when developing GIMs. Others use effective gross income, which is based on occupied space (potential gross income less vacancies),Development of GIM,Assuming that the appraiser chooses a GIM of 6 times as “appropriate” for
10、 the subject property,its indicate value would be $59185 times 6 or $355110.,9.2.3 Income Capitalization Approach,Direct Capitalization Value=NOIR,Subject property value=36600 0.095,=$385,263,Edited by He Fuqiang,Discounted Present Value Techniques,This income capitalization technique is based on th
11、e principle that investors will pay no more for a property than the present value of all future NOIs.Steps1、Forecasting NOI2、Selecting the holding period3、 Selecting a required rate of return4、Determining reversion value or resale price,Edited by He Fuqiang,Discount rate r Average long-run growth in
12、 NOI g,当N, gr时,Edited by He Fuqiang,Example,一新建写字楼,预计下一年的净营业收入为$500 000，使用年限为75年。其间收入以每年3%的速度增长。假设需要13%的投资收益率去吸引投资者。,Edited by He Fuqiang,9.2.4 Holding Periods(持有期),如投资者购后5年出售,Edited by He Fuqiang,9.2.5 Discount rate & Capitalization Rate,此公式说明了当收入以某年复利变化时，资本化率（R）与贴现率（r）之间的关系前提假设：房地产价值与其收入按相同的复利率变化。
13、,Edited by He Fuqiang,9.2.6 An Expected Change in Property,Estimating the resale price based on an expected change in property,Edited by He Fuqiang,9.2.7 Estimating on Leasehold Properties,无条件继承房地产(freehold estates)没有存续的租约，可以以市场租金出租已租赁房地产(Leasehold estates)买卖时仍有未到期的租约存在，投资者需尊重并履行租约的各项条款。,Edited by H
14、e Fuqiang,Example,仍以该写字楼为例, 假设其净租赁租约尚有需5年方可满期，租金每年只有$400000。,房地产租赁价值=,Edited by He Fuqiang,9.2.8 Capitalization Rate of leasehold properties,当一宗房地产的现存租约不是现行租金水平时，NOI与房地产的价值的变化就不同步，资本化率就不会保持恒定。4000004640801=8.62%，是由于第一年收入的减少额大于房地产价值的减少额造成的。租约到期时恢复到10%。以高于市场租金水平出租的房地产，其资本化率会随租约的解除而下降。对已租赁房地产和无条件继承房地产，
15、不能都使用相同的资本化率。,Edited by He Fuqiang,9.2.9 Mortgage-Equity Capitalization,抵押贷款股权资本化法将抵押贷款人与股本投资者的要求引入房地产评估中。This method for estimating value is based on the concept that total value(V) must be equal to the present value of expected mortgage financing(M) and the present value of equity investment (E) m
16、ade by investors. That is,Suppose the NOI for a small income property is expected to $50,000 for the first year. Financing will be based on a 1.2 DCR applied to the first year NOI,will have an 11 percent interest rate,and will be amortized over 20 years with monthly payments. Financing for real esta
17、te income property is frequently based on a target first-year debt coverage ratio. The NOI will increase 3% per year after the first year. The investor expects to hold the property for five years. The resale price is estimated by applying an 11% terminal capitalization rate to the six year NOI. Inve
18、stor require a 12% of return on equity for this type of property. Note that the discount rate of 13% and terminal capitalization rate of 11% imply an average annual compound growth in income after year 5 of 2% per year.The debt coverage ratio (DCR) is the ratio of NOI to the mortgage payment.,Edited by He Fuqiang,Solution,The annual debt service(DS) as follows:,Mortgage balance=305495,Cash flow( E5 )=526945305495=$221450,Edited by He Fuqiang,THE END,
