capitalization rate development资本化率的发展.PPTVIP

Capitalization Rate Development Income Streams, Rates and Factors for Direct Capitalization Terms and Definitions Terms and Definitions Direct Capitalization A Method used to convert an estimate of a single year’s income expectancy into an indication of value. A capitalization technique that employs capitalization rates and multipliers extracted from sales Basic Formulas I = R x V Income Streams Potential Gross Income Effective Gross Income Net Operating Income Equity Income Mortgage Income Land Income Building Income Income to the Landlord’s leased fee interest Income to the tenant’s leasehold interest Income Capitalization Rates Overall (property) capitalization rate, fee simple (RO) Mortgage Capitalization Rate (RM) Equity Capitalization, or equity dividend rate (RE) Land Capitalization Rate (RL) Building Capitalization Rate (RB) Capitalization Rate for the leased fee position (RLF) Capitalization Rate for the leasehold position (RLH) Income Factors Potential Gross Income Multiplier (PGIM) Can be expressed as a monthly or annual multiplier Gross Rent Multiplier (GRM) Generally expressed as a monthly multiplier Effective Gross Income Multiplier Derivation of the Overall (Property) Capitalization Rate (RO) Overall Capitalization Rate (RO)a Weighted Rate Model for the Direct Capitalization Technique Rates Used in the  Residual Techniques Building Capitalization Rate: Interest Rate (return on investment) Recapture Rate (return of investment) Land Capitalization Rate: Interest Rate (return on investment) For Assessment purposes the effective tax rate is added to each capitalization rate Components of the Building Capitalization Rate (RB) Return on Investment (interest rate) Return of Investment (recapture rate) Straight Line: 1 / remaining economic life I.e.: 1 ? 20 = 5.0% Can be calculated with other recapture assumptions For assessment purposes add the effective tax rate Calculated as the nominal tax rate times the assessment ratio I.e.: Assessment Ratio 50