商用房地產(chǎn)市場(chǎng)介紹和評(píng)估基礎(chǔ)(房地產(chǎn)金融與投資-武-免費(fèi)閱讀
【正文】 Riskless rate Treasury bonds Commercial mortgage Corporate bonds Common stocks Real estate investments Expected return Risk Capitalization Rate 第一年的凈營(yíng)業(yè)收入與房地產(chǎn)價(jià)值之間的比率叫資本化率。 18000= Rentable area for a tenant=4500 =5000 Effective Rent有效租金 To calculate the effective rent we will use the following procedure: (1) calculate the present value of the expected rent stream. The rental stream is the amount received after considering expenses that the owner must pay. (2) Calculate an equivalent level annuity over the term of the lease. Net lease with steps 租金逐期增加的凈租賃方式 Rent will be $10 per square foot the first year and will increase by $1 per square foot each year until the end of the lease. All operating expenses will be paid by the tenant. Lease term=five years, discount rate=10% 5432 1413121110 ?????PV$? $790 )5%,10,(????? yrsPV IFAPVEffective Rent Net Lease with Free Rent year 1 2 3 4 5 Net rent Average rent Present value Effective rent Net Lease with CPI Adjustments The rent will be $11 per square foot the first year. After the first year,the rent will be increased by the amount of any increase in the CPI. The CPI is expected to be 2% during the second year,3% the third year,4% the fourth year,5% the fifth year. 用 CPI調(diào)整租金的凈租賃方式 Net Lease with 100% CPI Adjustment year 1 2 3 4 5 Expected CPI NA 2% 3% 4% 5% Net rent Average rent Present value Eff
教學(xué)課件相關(guān)推薦
鄂ICP備17016276號(hào)-1