商业地产可行性分析报告中英文版excelRealEstateProjectFeasibilityStudy

1、assumption:assumption: 1 rent a shopping mall from landlord for sublease .no construsction cost. the gfa of the whole mall is 105,000 sqm . 2 total constract period is 21 years including 1 year for construction and 20 years for sublease. 3 revenue consists of rental income, casual leasing income, pa

2、rking income, promotion sponsorship income. 4 all units are not for sale and utility consumption is handled by tenants themselves. 5 the owned capital just cover the fixed asset investment and the operating expense generated in the construction period (year 1） 6 use the income(all income is paid by

3、cash) to pay the operating expense ,the remaining operating expense demand should be covered by bank loan. methodologymethodology 1 create fixed asset investment plan. 2 create annual operating expense estimation 3 create annual income estimation 4 based on cash flow basis ,figure out the deficit be

4、tween owned capital and money demand,which should be covered by bank loan and revenue. 5 take loan interest into account and reforecast fund demand and supply . 6 prepare p&l. 7 prepare cashflow to calcualte npv,irr and payback period. 8 based on accrual basis, figure out the annual capital surplus

5、,which is foundation for preparing bs. 9 prepare bs. 10 calculate the breakeven point through breakeven analysis. rent a shopping mall from landlord for sublease .no construsction cost. the gfa of the whole mall is 105,000 sqm . total constract period is 21 years including 1 year for construction an

6、d 20 years for sublease. revenue consists of rental income, casual leasing income, parking income, promotion sponsorship income. the owned capital just cover the fixed asset investment and the operating expense generated in the construction period (year 1） use the income(all income is paid by cash)

7、to pay the operating expense ,the remaining operating expense demand should be covered by bank loan. based on cash flow basis ,figure out the deficit between owned capital and money demand,which should be covered by bank loan and revenue. based on accrual basis, figure out the annual capital surplus

8、 ,which is foundation for preparing bs. roiroi（静静态态） total investment投资总额26,036 owned capital自有资金19,730 accumulated profit累计税后利润4,650.8 roi of total investment总投资利润率18% roi of owned capital自有投资利润率24% npvnpv（10%10%） npv of owned capital自有资金-1204 npv of total investment全投资252 irrirr irr of owned capit

9、al自有资金5% irr of total investment全投资11% paybackpayback periodperiod payback period of owned capital自有资金16.0 payback period of total investment全投资12.7 assumptionassumption forfor landland utilizationutilization =4/1 floor area ratio 容积率8 8. .5 50 0 itemarea 1 plot area10,000 2=5+6+7+8 gfa1 10 05 5, ,0

10、 00 00 0 3=5+6 gfagfa forfor leasingleasing9 90 0, ,0 00 00 0 4=5+7 gfa for far calcaution8 85 5, ,0 00 00 0 5 gfa（exclude ground floor）80,000 6 gfa（lower ground ）10,000 7 office area5,000 8 parking area(basement)10,000 9=3*0.7 netnet lettablelettable areaarea6 63 3, ,0 00 00 0 招招商商计计划划gfagfanlanla占

11、占比比 主力店25,00017,50028% 次主力店30,00021,00033% 品牌店20,00014,00022% 中小商户15,00010,50017% 合合计计9 90 0, ,0 00 00 06 63 3, ,0 00 00 0100% floorfloor areaarea ratioratio : : the floor area ratio (far) or floor space index (fsi) is the ratio of the total floor area of buildings on a certain location to the size

12、of the land of that location, or the limit imposed on such a ratio. as a formula: floor area ratio = (total covered area on all floors of all buildings on a certain plot)/(area of the plot) thus, an fsi of 2.0 would indicate that the total floor area of a building is two times the gross area of the

13、plot on which it is constructed, as would be found in a multiple-story building. the floor area ratio (far) or floor space index (fsi) is the ratio of the total floor area of buildings on a certain location to the size of the land of that location, or the limit imposed on such a ratio. as a formula:

14、 floor area ratio = (total covered area on all floors of all buildings on a certain plot)/(area of the plot) thus, an fsi of 2.0 would indicate that the total floor area of a building is two times the gross area of the plot on which it is constructed, as would be found in a multiple-story building.

15、the floor area ratio (far) or floor space index (fsi) is the ratio of the total floor area of buildings on a certain location to the size of the land of that location, or the limit imposed on such a ratio. 固固定定资资投投资资估估算算表表 （万元） 序号工程或费用名称金额 1工程设备300 2办公家具150 3电子设备23 4软件50 5场内装潢设备850 6合计1 13 37 73 3 注

16、： 第一年年初全投入。 序序号号工工程程或或费费用用名名称称总总额额 折折旧旧、摊摊销销 1 12 23 34 45 56 67 78 89 91 10 01 11 11 12 21 13 31 14 4 1工程设备30030303030303030303030 2办公家具1503030303030 3电子设备237.77.77.7 4软件502525 5场内装潢设备85060.760.760.760.760.760.760.760.760.760.760.760.760.7 7合计1 13 37 73 31 15 53 3. .4 41 15 53 3. .4 41 12 28 8. .4

17、41 12 20 0. .7 71 12 20 0. .7 79 90 0. .7 79 90 0. .7 79 90 0. .7 79 90 0. .7 79 90 0. .7 76 60 0. .7 76 60 0. .7 76 60 0. .7 7 累计折旧153.4306.8435.1555.9676.6767.3858.0948.71039.41130.11190.91251.61312.3 （万元） 会会计计处处理理 占占总总投投资资 估估算算的的比比 例例 1515 折旧21.85% 折旧10.92% 折旧1.68% 摊销3.64% 60.7折旧61.91% 6 60 0. .7

18、 7100.00%100.00% 1373.0 固固定定资资投投资资估估算算表表 折折旧旧、摊摊销销 operatingoperating expenseexpense estimationestimation yearyear rentalrental costcostexpenseexpense rentalrental cost/yearcost/yearrental cost rmb/month/nlasalarysalarypromotionpromotion expenseexpense 15,000,00059500,000 25,000,00059592,200619,500

19、35,000,00059619,500646,800 45,750,00068646,8001,638,000 56,000,000711,638,0001,764,000 66,250,000741,764,0001,890,000 76,500,000761,764,0002,016,000 86,750,000791,764,0002,016,000 97,000,000821,764,0002,016,000 107,250,000851,764,0002,016,000 117,275,000861,764,0002,016,000 127,300,000861,764,0002,0

20、16,000 137,325,000861,764,0002,016,000 147,350,000861,764,0002,016,000 157,375,000871,764,0002,016,000 167,400,000871,764,0002,016,000 177,425,000871,764,0002,016,000 187,450,000881,764,0002,016,000 197,475,000881,764,0002,016,000 207,500,000881,764,0002,016,000 217,525,000891,764,0002,016,000 合合计计1

21、 14 41 1, ,9 90 00 0, ,0 00 00 07 79 93 32 2, ,2 22 20 0, ,5 50 00 03 36 6, ,7 79 98 8, ,3 30 00 0 note: salary,promtion expense,tax to service charge income is 4%,40%,5% respectively. tax: 营业税+ 城市维护建设税+交易费附加。 loanloan interestinteresttaxtaxadministrationadministration feefeetotaltotal 500,0006,000,

22、000 220,426357,248500,0007,289,374 391,545382,439500,0007,540,283 290,548408,522500,0009,233,871 171,118691,803500,00010,764,922 731,122500,00011,135,122 776,773500,00011,556,773 822,871500,00011,852,871 869,416500,00012,149,416 916,407500,00012,446,407 953,544500,00012,508,544 980,494500,00012,560,

23、494 1,007,488500,00012,612,488 1,034,527500,00012,664,527 1,061,611500,00012,716,611 1,088,740500,00012,768,740 1,115,913500,00012,820,913 1,143,131500,00012,873,131 1,170,394500,00012,925,394 1,197,701500,00012,977,701 1,225,053500,00013,030,053 1 1, ,0 07 73 3, ,6 63 37 71 17 7, ,9 93 35 5, ,1 19

24、96 61 10 0, ,5 50 00 0, ,0 00 00 02 24 40 0, ,4 42 27 7, ,6 63 33 3 operatingoperating expenseexpense estimationestimation expenseexpense note: salary,promtion expense,tax to service charge income is 4%,40%,5% respectively. 方案：租赁100%，预测毛利率20% 出出租租面面积积计计划划汇汇总总gfagfanlanla占占比比租租金金分分摊摊比比率率 主力店 25,000.0

25、0 17,500.00 28%0.8 次主力店 30,000.00 21,000.00 33%1.1 品牌店 20,000.00 14,000.00 22%1.2 中小商户 15,000.00 10,500.00 17%1.5 合合计计 9 90 0, ,0 00 00 0. .0 00 06 63 3, ,0 00 00 0. .0 00 0100% 出出租租面面积积预预测测明明细细 (开业必须：100%) 招招商商计计划划预预估估出出租租率率主主力力店店次次主主力力店店品品牌牌店店 2 2（70%70%）70%17,50014,7009,800 3 3（75%75%）75%17,50015

26、,75010,500 4 4（80%80%）80%17,50016,80011,200 5 5（100%100%）100%17,50021,00014,000 6 6 100%17,50021,00014,000 7 7 100%17,50021,00014,000 8 8 100%17,50021,00014,000 9 9 100%17,50021,00014,000 1010 100%17,50021,00014,000 1111 100%17,50021,00014,000 1212 100%17,50021,00014,000 1313 100%17,50021,00014,000

27、1414 100%17,50021,00014,000 1515 100%17,50021,00014,000 1616 100%17,50021,00014,000 1717 100%17,50021,00014,000 1818 100%17,50021,00014,000 1919 100%17,50021,00014,000 2020 100%17,50021,00014,000 2121 100%17,50021,00014,000 rentalrental incomeincome =rental cost（1+x%) 年年份份预预估估毛毛利利率率主主力力店店 次次主主力力店店品品

28、牌牌店店 210% 905,8821,046,294760,941 315% 947,0591,171,985852,353 420% 988,2351,304,471948,706 526% 1,193,2941,968,9351,431,953 628% 1,264,9412,087,1531,517,929 730% 1,338,2352,208,0881,605,882 832% 1,413,1762,331,7411,695,812 934% 1,489,7652,458,1121,787,718 1036% 1,568,0002,587,2001,881,600 1138% 1,6

29、47,8822,719,0061,977,459 1240% 1,677,5292,767,9242,013,035 1342% 1,707,3412,817,1132,048,809 1444% 1,737,3182,866,5742,084,781 1546% 1,767,4592,916,3072,120,951 1648% 1,797,7652,966,3122,157,318 1750% 1,828,2353,016,5882,193,882 1852% 1,858,8713,067,1362,230,645 1954% 1,889,6713,117,9562,267,605 205

30、6% 1,920,6353,169,0482,304,762 2158% 1,951,7653,220,4122,342,118 totaltotal3 30 0, ,8 89 93 3, ,0 05 59 94 49 9, ,8 80 08 8, ,3 35 56 63 36 6, ,2 22 24 4, ,2 25 59 9 serviceservice chargecharge 年年份份rate/sqmrate/sqm主主力力店店 次次主主力力店店品品牌牌店店 230 525,000441,000294,000 330 525,000472,500315,000 430 525,0005

31、04,000336,000 565 1,137,5001,365,000910,000 670 1,225,0001,470,000980,000 775 1,312,5001,575,0001,050,000 880 1,400,0001,680,0001,120,000 985 1,487,5001,785,0001,190,000 1090 1,575,0001,890,0001,260,000 1192 1,610,0001,932,0001,288,000 1295 1,662,5001,995,0001,330,000 1398 1,715,0002,058,0001,372,00

32、0 14101 1,767,5002,121,0001,414,000 15104 1,820,0002,184,0001,456,000 16107 1,872,5002,247,0001,498,000 17110 1,925,0002,310,0001,540,000 18113 1,977,5002,373,0001,582,000 19116 2,030,0002,436,0001,624,000 20119 2,082,5002,499,0001,666,000 21122 2,135,0002,562,0001,708,000 totaltotal3 30 0, ,3 31 10

33、 0, ,0 00 00 03 35 5, ,8 89 99 9, ,5 50 00 02 23 3, ,9 93 33 3, ,0 00 00 0 casualcasual leasingleasing 年年份份rate/sqmrate/sqm 合合计计 2306 64 48 8, ,0 00 00 0 3306 64 48 8, ,0 00 00 0 4306 64 48 8, ,0 00 00 0 5701 1, ,5 51 12 2, ,0 00 00 0 6701 1, ,5 51 12 2, ,0 00 00 0 7751 1, ,6 62 20 0, ,0 00 00 0 880

34、1 1, ,7 72 28 8, ,0 00 00 0 9851 1, ,8 83 36 6, ,0 00 00 0 10901 1, ,9 94 44 4, ,0 00 00 0 11952 2, ,0 05 52 2, ,0 00 00 0 121002 2, ,1 16 60 0, ,0 00 00 0 131052 2, ,2 26 68 8, ,0 00 00 0 141102 2, ,3 37 76 6, ,0 00 00 0 151152 2, ,4 48 84 4, ,0 00 00 0 161202 2, ,5 59 92 2, ,0 00 00 0 171252 2, ,7

35、 70 00 0, ,0 00 00 0 181302 2, ,8 80 08 8, ,0 00 00 0 191352 2, ,9 91 16 6, ,0 00 00 0 201403 3, ,0 02 24 4, ,0 00 00 0 211453 3, ,1 13 32 2, ,0 00 00 0 totalincome parkingparking incomeincomerentalincome+servicerentalincome+service chargecharge 年年份份主主力力店店 次次主主力力店店品品牌牌店店 2 1,000,000 1,430,8821,487,2

36、941,054,941 3 1,050,000 1,472,0591,644,4851,167,353 4 1,100,000 1,513,2351,808,4711,284,706 5 1,150,000 2,330,7943,333,9352,341,953 6 1,200,000 2,489,9413,557,1532,497,929 7 1,250,000 2,650,7353,783,0882,655,882 8 1,300,000 2,813,1764,011,7412,815,812 9 1,350,000 2,977,2654,243,1122,977,718 10 1,400

37、,000 3,143,0004,477,2003,141,600 11 1,450,000 3,257,8824,651,0063,265,459 12 1,500,000 3,340,0294,762,9243,343,035 13 1,550,000 3,422,3414,875,1133,420,809 14 1,600,000 3,504,8184,987,5743,498,781 15 1,650,000 3,587,4595,100,3073,576,951 16 1,700,000 3,670,2655,213,3123,655,318 17 1,750,000 3,753,23

38、55,326,5883,733,882 18 1,800,000 3,836,3715,440,1363,812,645 19 1,850,000 3,919,6715,553,9563,891,605 20 1,900,000 4,003,1355,668,0483,970,762 21 1,950,000 4,086,7655,782,4124,050,118 totaltotal2 29 9, ,5 50 00 0, ,0 00 00 06 61 1, ,2 20 03 3, ,0 05 59 98 85 5, ,7 70 07 7, ,8 85 56 66 60 0, ,1 15 57

39、 7, ,2 25 59 9 =(gfa-nla)*0.8 casualcasual leasingleasing 6,000.00 7,200.00 4,800.00 3,600.00 21,600.00 中中小小商商户户合合计计 7,350 49,350 7,875 51,625 8,400 53,900 10,500 63,000 10,500 63,000 10,500 63,000 10,500 63,000 10,500 63,000 10,500 63,000 10,500 63,000 10,500 63,000 10,500 63,000 10,500 63,000 10,5

40、00 63,000 10,500 63,000 10,500 63,000 10,500 63,000 10,500 63,000 10,500 63,000 10,500 63,000 netnet rentalrental incomeincome =rental costx% 中中小小商商户户合合计计 年年份份预预估估毛毛利利率率主主力力店店 713,3823,426,500 115% 154,412 799,0813,770,478 216% 164,706 889,4124,130,824 317% 175,000 1,342,4565,936,638 418% 213,088 1,

41、423,0596,293,082 519% 234,706 1,505,5156,657,721 620% 257,353 1,589,8247,030,553 725% 334,559 1,675,9857,411,579 826% 361,324 1,764,0007,800,800 927% 389,118 1,853,8688,198,215 1028% 417,941 1,887,2218,345,709 1,920,7598,494,022 totaltotal2 2, ,7 70 02 2, ,2 20 06 6 1,954,4828,643,155 1,988,3918,793

42、,108 2,022,4858,943,879 2,056,7659,095,471 2,091,2299,247,881 2,125,8799,401,111 2,160,7159,555,161 2,195,7359,710,029 3 33 3, ,9 96 60 0, ,2 24 43 31 15 50 0, ,8 88 85 5, ,9 91 16 6 中中小小商商户户合合计计 220,5001,480,500 236,2501,548,750 252,0001,617,000 682,5004,095,000 735,0004,410,000 787,5004,725,000 84

43、0,0005,040,000 892,5005,355,000 945,0005,670,000 966,0005,796,000 997,5005,985,000 1,029,0006,174,000 1,060,5006,363,000 1,092,0006,552,000 1,123,5006,741,000 1,155,0006,930,000 1,186,5007,119,000 1,218,0007,308,000 1,249,5007,497,000 1,281,0007,686,000 1 17 7, ,9 94 49 9, ,7 75 50 01 10 08 8, ,0 09

44、 92 2, ,2 25 50 0 合合计计( (再再加加casualcasual leasingleasing） 中中小小商商户户 933,882 6,555,000 rentalincome+servicerentalincome+service chargecharge 1,035,331 7,017,228 1,141,412 7,495,824 2,024,956 12,693,638 2,158,059 13,415,082 2,293,015 14,252,721 2,429,824 15,098,553 2,568,485 15,952,579 2,709,000 16,814

45、,800 2,819,868 17,496,215 2,884,721 17,990,709 2,949,759 18,486,022 3,014,982 18,982,155 3,080,391 19,479,108 3,145,985 19,976,879 3,211,765 20,475,471 3,277,729 20,974,881 3,343,879 21,475,111 3,410,215 21,976,161 3,476,735 22,478,029 5 51 1, ,9 90 09 9, ,9 99 93 33 32 29 9, ,0 08 86 6, ,1 16 66 6

46、次次主主力力店店品品牌牌店店中中小小商商户户合合计计 154,412154,412154,412617,647 164,706164,706164,706658,824 175,000175,000175,000700,000 185,294185,294185,294768,971 195,588195,588195,588821,471 205,882205,882205,882875,000 257,353257,353257,3531,106,618 267,647267,647267,6471,164,265 277,941277,941277,9411,222,941 288,23

47、5288,235288,2351,282,647 2 2, ,1 17 72 2, ,0 05 59 92 2, ,1 17 72 2, ,0 05 59 92 2, ,1 17 72 2, ,0 05 59 99 9, ,2 21 18 8, ,3 38 82 2 贷款利率：7.00%单位：元 年年份份 bankbank loanloan calcaulatedcalcaulated bankbank loanloan +bank+bank loanloan interestinterest bankbank loanloan interestinterest principalprinci

48、pal paybackpayback accountaccount payable-payable- bankbank loanloan 1 1 2 21,442,8041,543,800100,9961,442,804 3 31,706,1431,926,569220,4263,148,946 4 42,444,5472,836,092391,5455,593,493 5 5290,5481,442,8044,150,690 6 6171,1181,706,1432,444,547 7 72,444,547- 8 8- totaltotal5 5, ,5 59 93 3, ,4 49 93

49、36 6, ,3 30 06 6, ,4 46 60 01 1, ,1 17 74 4, ,6 63 34 45 5, ,5 59 93 3, ,4 49 93 3 debitdebit toto assetasset draftdraft bankbank loanloan estimationestimation（haventhavent calculatecalculate loadload interest)interest) 筹筹建建期期营营运运期期 itemitem 1 12 23 34 45 5 fundfund demanddemand fixedfixed assetasse

50、t13,730,000 rentalrental costcost5,000,0005,000,0005,000,0005,750,0006,000,000 salarysalary500,0001,032,5001,235,8501,457,4001,638,000 promotionpromotion expenseexpense1,235,8501,457,4001,638,0001,764,000 administrationadministration feefee500,000274,268500,000500,000500,000 taxtax455,186530,120594,

51、971685,917 totaltotal1 19 9, ,7 73 30 0, ,0 00 00 07 7, ,9 99 97 7, ,8 80 04 48 8, ,7 72 23 3, ,3 37 70 09 9, ,9 94 40 0, ,3 37 71 11 10 0, ,5 58 87 7, ,9 91 17 7 fundfund supplysupply ownedowned capitalcapital19,730,000 incomeincome recoveryrecovery6,555,0007,017,2287,495,82410,587,917 bankbank loa

52、nloan（calculatedcalculated）1,442,8041,706,1432,444,547 totaltotal1 19 9, ,7 73 30 0, ,0 00 00 07 7, ,9 99 97 7, ,8 80 04 48 8, ,7 72 23 3, ,3 37 70 09 9, ,9 94 40 0, ,3 37 71 11 10 0, ,5 58 87 7, ,9 91 17 7 estimatedestimated incomeincome fromfrom salessales6,555,0007,017,2287,495,82412,585,638 6 67

53、 78 89 9101011111212 6,250,0006,500,0006,750,0007,000,0007,250,0007,275,0007,300,000 1,764,0001,764,0001,764,0001,764,0001,764,0001,764,0001,764,000 1,890,0002,016,0002,016,0002,016,0002,016,0002,016,0002,016,000 500,000500,000500,000500,000500,000500,000500,000 731,122776,773822,871869,416916,40795

54、3,544980,494 1 11 1, ,1 13 35 5, ,1 12 22 21 11 1, ,5 55 56 6, ,7 77 73 31 11 1, ,8 85 52 2, ,8 87 71 11 12 2, ,1 14 49 9, ,4 41 16 61 12 2, ,4 44 46 6, ,4 40 07 71 12 2, ,5 50 08 8, ,5 54 44 41 12 2, ,5 56 60 0, ,4 49 94 4 11,135,12211,556,77311,852,87112,149,41612,446,40712,508,54412,560,494 1 11

55、1, ,1 13 35 5, ,1 12 22 21 11 1, ,5 55 56 6, ,7 77 73 31 11 1, ,8 85 52 2, ,8 87 71 11 12 2, ,1 14 49 9, ,4 41 16 61 12 2, ,4 44 46 6, ,4 40 07 71 12 2, ,5 50 08 8, ,5 54 44 41 12 2, ,5 56 60 0, ,4 49 94 4 13,415,08214,252,72115,098,55315,952,57916,814,80017,496,21517,990,709 营营运运期期 1313141415151616

56、171718181919 7,325,0007,350,0007,375,0007,400,0007,425,0007,450,0007,475,000 1,764,0001,764,0001,764,0001,764,0001,764,0001,764,0001,764,000 2,016,0002,016,0002,016,0002,016,0002,016,0002,016,0002,016,000 500,000500,000500,000500,000500,000500,000500,000 1,007,4881,034,5271,061,6111,088,7401,115,913

57、1,143,1311,170,394 1 12 2, ,6 61 12 2, ,4 48 88 81 12 2, ,6 66 64 4, ,5 52 27 71 12 2, ,7 71 16 6, ,6 61 11 11 12 2, ,7 76 68 8, ,7 74 40 01 12 2, ,8 82 20 0, ,9 91 13 31 12 2, ,8 87 73 3, ,1 13 31 11 12 2, ,9 92 25 5, ,3 39 94 4 12,612,48812,664,52712,716,61112,768,74012,820,91312,873,13112,925,394

58、 1 12 2, ,6 61 12 2, ,4 48 88 81 12 2, ,6 66 64 4, ,5 52 27 71 12 2, ,7 71 16 6, ,6 61 11 11 12 2, ,7 76 68 8, ,7 74 40 01 12 2, ,8 82 20 0, ,9 91 13 31 12 2, ,8 87 73 3, ,1 13 31 11 12 2, ,9 92 25 5, ,3 39 94 4 18,486,02218,982,15519,479,10819,976,87920,475,47120,974,88121,475,111 营营运运期期 20202121 7

59、,500,000 7,525,000 1,764,000 1,764,000 2,016,000 2,016,000 500,000 500,000 1,197,701 1,225,053 1 12 2, ,9 97 77 7, ,7 70 01 11 13 3, ,0 03 30 0, ,0 05 53 3 12,977,701 13,030,053 1 12 2, ,9 97 77 7, ,7 70 01 11 13 3, ,0 03 30 0, ,0 05 53 3 21,976,161 22,478,029 营营运运期期 fundfund demand&supplydemand&sup

60、ply 投投资资计计划划与与资资金金筹筹措措表表 筹筹建建期期营营运运期期 itemitem 1 12 23 34 4 fundfund demanddemand fixedfixed assetasset13,730,000 rentalrental costcost5,000,0005,000,0005,000,0005,750,000 salarysalary500,0001,032,5001,235,8501,457,400 promotionpromotion expenseexpense1,235,8501,457,4001,638,000 loanloan interestint