關於Summary of Cap Rate

Cap Rate (資本回報率Yearly)  = Return / Value = N.O.I / Value

 

N.O.I = Yearly rent – labor –utility – tax – insurance etc.

 

*** Do not deduct mortgage payments to derive net income

 

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If you are able to obtain a market cap rate, you can then use this information to estimate what similar income properties should sell for.  This will help you to gauge whether or not the asking price for a particular piece of property is over or under priced.   

 

Cap Rate = NOI / Market Value

 

Estimated Market Value   = NOI / Market Value

 

                                                       

Example 1:   A property has a NOI of $126,000 and the asking price is $1,200,000.

 

Cap Rate = $126,000 / $1,200,000 = 10.5%     

 

Example 2:  A property has a NOI of $120,000 and Cap Rates in the area for this type of property average about 10.       

 

 Estimated Market Value  = $120,000 /  .10 = $1,200,000

 

  Net operating income is determined by subtracting vacancy amount and operating expenses from a property's gross income.  Operating expenses include the following items: advertising, insurance, maintenance, property taxes, property management, repairs, supplies, utilities, etc.  Operating expenses do not include the following items; Improvements such as a new roof, personal property such as a lawn mower, mortgage payments, income and capital gains taxes, loan origination fees, etc.

 

Appraisers use the Income Approach, Cost Replacement and Market Comparison methods to estimate the value of property.  The Income Approach utilizes the theory of Capitalization.

 
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看到不少人不停地重複錯誤計算，包括說是最簡單的人。

《漫談拍賣與租房的資金運用及回報》
http://blog.wenxuecity.com/blogview.php?date=200905&postID=37481

Cap rate (Capitalization Rate): 淨營業收入 (租金收入減除房地產稅，保險費，維修費，管理費等等費用) 除以買入價格。注意一個誤點，這裏所說的費用不包括貸款利息等資金費用。
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《使用財務杠杆的風險分析》

http://blog.wenxuecity.com/blogview.php?date=200907&postID=3657

 

 

 

cap rate = （yearly rent - repairs - labor - utilities - HOA fees etc）/ price

也就是說，假設全部用現金買，回報率是多少。對一個物業來說，隻有一個cap rate。

跟mortgage無關。

每個人用借來的錢或自己的錢，利息五花八門，最後算出來的回報率，不是cap rate。如果這個是cap rate，即使是同一個物業，每個人的cap rate都不相同。
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