商用房地产市场介绍跟评估基础(房地产金融跟投资-武.ppt

PART IIIFINANCING INCOM PROPERTES (DEBT AND EQUITY) Chapter 8 Introduction of Commercial Properties and Valuation Fundamentals商用房地产市场介绍和评估基础 8.1 Property Types I. Residential住宅类 Single family单户住宅 Detached 独立式 Cluster developments群聚式开发项目 无分区开发项目 Multifamily多户住宅 High rise(usually CBD)高层建筑 Low rise多层建筑 Garden apartments(usually suburban)花园公寓 II.Nonresidential Office写字楼 Major multitenant—CBD多租户 Single or multitenant—suburban单或多租户 Single tenant—built to suit单租户—专门设计 Combination office/showroom写字楼与陈列室的组合建筑 Retail零售用 Regional shopping centers /malls区域购物中心／购物街 Neighborhood centers邻区中心 Strip centers条形中心 Specialty centers专业中心 Discount centers折扣店 Industrial工业用 Heavy industrial重工业 Light industrial Warehouse轻工仓库 Office/warehouse办公／仓储 warehouse仓储用房 Hotel/Motel旅店／汽车旅馆 Recreationa1娱乐休闲用 Institutional (special purpose)机构用（特殊用途） III.Mixed use developments综合用途项目 Combinations of one or more of the above uses 8.2 Income Potential 收入潜力 两个决定因素: 吸引租户的能力 营业费用 净营业收入Net Operating Income(NOI): 租金收入减去营业支出的净收入额 8.2.1 Market Rent市场租金 The term market rent refers to the price that must be paid by a potential tenant to a particular type of space under the current market condition. 在现行市场条件下,某潜在租户为租用某宗房地产而付出的租金价格. The rent depends on many factors: (1) the outlook of national economy国民经济前景 (2) The economic base of the area in which the property is located地区经济基础 (3)The demand for the type of space provided by the property in the location being analyzed需求状况 The supply of similar competitive space类似房地产供给竞争状况 8.2.2 Vacancy空置 空置有两种情况 旧的租约到期而新租约未签时 从没被租用过,如新建房 空置越高,租金收入越少 To project income of a property, it is necessary to project how much of the space will be occupied by tenants during the anticipated holding period for the project. 8.2.3 费用 固定支出 房产税 保险费 维修保养费 8.3 租赁合约Leases 出租人Lessor(owner) 承租人Lessee(tenant—租赁者) 房地产租赁合同lease agreement 8.3.1 General Lease Terms Hotel and Motel Rooms Rented on day-to-day basis Housing and apartment—on annual basis Office space—three-to five-term Retail spa