Commercial Property Valuation

Name: Commercial Property Valuation | Methods and Case Studies
Brand: Wiley-ISTE
Price: 47.99 EUR
Availability: OnlineOnly

Methods and Case Studies

Giacomo Morri Paolo Benedetto(Autor*in)

Wiley-ISTE (Verlag)

1. Auflage

Erschienen am 9. Juli 2019

240 Seiten

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Beschreibung

A practical guide to the best approaches for commercial real estate value assessment

Commercial Property Valuation provides a comprehensive examination of principles and methods of determining the accurate value of commercial assets. This invaluable resource covers all key elements of commercial property valuation, including valuation queries, real estate report structure, market analysis, capitalization and discount rates estimation, and more. This book details the economic characteristics unique to commercial property and illustrates property-specific risk factors and mitigation strategies. Drawing from years of professional and academic experience, the authors provide accurate information on multiple valuation approaches suitable for commercial real estate such as sales comparison, income capitalization and residual land value. Favoring real-world practicality over complex formulas, this book provides a powerful set of tools to assist readers in selecting and applying the best valuation approach to various situations. Actual case studies of office buildings, hotels, high street retails, and residential developments allow readers to understand and apply appropriate valuation methodologies.

Commercial property is a major investment class that offers abundant opportunities but poses unique risks. Thorough and inclusive knowledge is essential to success in this complex and competitive sector of real estate. This book provides expert coverage of critical topics allowing readers to:

* Identify the unique economic characteristics and potential risks of commercial real estate valuation and investment

* Focus on methods specific to commercial real estate valuation

* Learn how to select and apply the appropriate valuation method in a variety of scenarios

* Access sample Excel spreadsheets and ancillary online resources including slides and useful Internet links

Commercial Property Valuation is an essential resource for investors, appraisers, consultants, accountants, and students in real estate courses.

Weitere Details

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Inhalt

Cover
Title Page
Copyright
Contents
About the Authors
Foreword
Foreword
Preface
Chapter 1 Introduction to Property Valuation
Determining the Valuation Requirement
The Subject of the Valuation
Purpose of the Valuation
Value to Be Estimated
Valuation Date
Definitions of Value
Market Value
Investment Value
Valuation Associations, Codes and Standards
Notes
Chapter 2 Economic Characteristics and Elements of Risks of Properties
Characteristics of Property Investments
Building and Land
Use of Space and Investment Asset
Owners and Users
Business Perspective
Location
Categories of Property Investments
Development Projects
Income-Producing Properties
Trading Operations
Skills in Asset and Investment Management
Economic Classification of Properties
Property Classification Criteria
Macro Categories of Properties
A Simple Definition of Risk
Common Risk Elements in Real Estate Investment
Capital Market
Liquidity
Financial Structure
Regulatory
Location
Intended Use and Type of Properties
Development Projects
Authorisation
Environmental
Construction-Related
Market
Income-Producing Properties
Physical and Technical Features
Management and Market
Rental and Contractual Situation
Notes
Chapter 3 Market Analysis
Economic Analysis
Analysis of the Property Market
Comparative Data and Valuation Method
Characteristics of the Comparative Factors and Information Sources
Notes
Chapter 4 A New Simple Classification of Valuation Methods
Choice of Valuation Method
Depreciated Cost Approach Methods
Introduction
Description
Use, Advantages, and Limitations of the Depreciated Cost Approach
Notes
Chapter 5 Sales Comparison Approach Methods
Approach and Application Criteria
Direct Comparison Approach
Hedonic Pricing Model
Notes
Chapter 6 Income Capitalisation Comparison Approach Methods
Approach and Application Criteria
Direct Capitalisation Approach
The Direct Capitalisation Approach Calculation Algorithm
Profit and Loss Account of an Income-Producing Property
Use, Advantages, and Limitations of the Direct Capitalisation Approach
Application of the Direct Capitalisation Approach
Discounted Cash Flow Approach
Choosing the Time Horizon
Estimating the Cash Flows
Estimating the Terminal Value
Discounting the Cash Flows and Calculating the Asset Value
Use, Advantages, and Limitations of the Discounted Cash Flow Approach
Residual Value Methods
Introduction
Single Period Residual Value Approach
Multiple Periods Residual Value Approach
Notes
Chapter 7 Property Return Rates
Measuring the Return on a Property Investment
Rates and Capital Market
Cap Rate
Definition and Description of the Cap Rate
Going-In and Going-Out Cap Rate
Discount Rate
Definition and Description of the Discount Rate
Consistency Between Discount Rate and Cash Flow
The Components of the Discount Rate
How to Estimate Property Return Rates
Market Extraction
Determining the Discount Rate from the Cap Rate
Build-Up Approach
Analysing the Opinions of Market Players on the Return Expected
Notes
Chapter 8 Structure of the Valuation Report
Executive Summary
Preamble
Description of the Property
Market Analysis
Valuation
Conclusions
Appendices
Notes
Chapter 9 Office Property Appraisal
Description of the Property1
Choice of Valuation Method
Market Analysis
Valuation
Choosing the Time Horizon
Estimating the Cash Flows
Determining the Terminal Value
Determining the Discount Rate
Calculating the Market Value of the Property
Notes
Chapter 10 High Street Retail Unit Appraisal
Description of the Property
Choice of Valuation Method
Market Analysis
Estimating the ERV
Estimating the Cap Rate
Estimating Vacancy and Leasing Time
Estimating Refurbishment Costs
Valuation
Notes
Chapter 11 Hotel Appraisal
Description of the Property
Choice of Valuation Method
Market Analysis
Macroeconomic Climate
Supply and Demand Analysis
Forecast of Average Rate and Occupancy
Projection of Income and Expenses
Valuation
Notes
Chapter 12 Development Project Appraisal
Description of the Property
Choice of Valuation Method
Market Analysis
Valuation of the Development Project
Choosing the Time Horizon
Estimating the Cash Flows
Determining the Discount Rate
Calculating the Market Value of the Development Project
Notes
Glossary
Bibliography
Index
EULA

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