房地产估价_收益估价发与假设开发法

1、第五章 收益估价法第六章 假设开发法niijjYiAnYYYnAYYYAYYAYAV11112111312111321112111niiYiAnYnAYAAV11111121A；nYYAV111万元58.1951050%10111%1020111nYRAVYAV 万元200%1020YAVnYnYnYnK111111假设KVnVKVNV11111NYnYnNYNVNKnKNVnVNnNVnV111111NNYnnYnYnnYNNYNYNVn237.2852150%101130%1013050%101300050305030mKKVV元257.204350%8111200050150mKVV元2

2、62.199830%8111180030130mKVV元2m70.1169150%81140%814050%81120050405040元KKVVtnYtYYAtiiYiAV111111万元86.300538%101115%101%10355%101304%101283%101252%10122%10120tn)Y1 (11 t)YY(1At1ii)Y1 (iAVtYYAtiiYiAV111tY)Y(1At1ii)Y1 (iAV)(20.310%)101%(1035%)101 (30%)101 (28%)101 (25%)101 (22%1012055432万元nYnYbnYYbYAV1111

3、22YbYAV万元6002%)10(3%10302YbYAVn)Y(1nYbn)Y(111)2YbYA(V年13.5(12251bA万元28.1295 .13%615 .13%625 .13%61112%62%625n)Y(1nYbn)Y(111)2YbYA(V时当时当YgYnAYgnYggYAV1111万元59.22440%81%211%2%815111nYggYAVgYAV万元）(250%2%815gYAVnYggYAV111gYAVY1Eg1(1 EgYEn)Y1Ig1(1 Ig-YIV01111nEgEnIgIEgYEIgYIV)(67.426%3%812%5%820EgYEIgYIV

4、万元tYtViYiAtiV111tYtVtYYAV1111tYtVtYtYbtYYbYAV111112（tYtVtYtYbtYYbYAV111112（tYtVtYggYAV1111（tYtVtYggYAV1111)2m/(81.38415%)121 (55005)12%(111 %12200t)Y(1tVt)Y(111 YAV元万元）(75.3623%101%813%101302%10128%10125111VtYtVtiiYiAV万元）(69.3752440%91112%91%900.362%9140.32%9140.32V（万元）21.229440%9111%960.21V)( 325%1

5、0600001210002025年（元）nYA万元）(92.143%10111%1060000111nYYAVYAV YAV VAY 表5-2 选取的可比实例及相关资料可比实例净收益（万元年）价格（万元）报酬率（）11512012.5022218012.223129512.6346252011.9258872012.22nYYAV1110111VnYYA,nAVVnYYAX111211121XXXYYYYgYAVgVAYLRBRBVOALVBRBVLRLVBVLVORBRBLRLORBRLLRLOR1BRBLRBOR1%10. 9%10%451%8%451BRLLRLORnLYLYnBYBYB

6、VOALV)1 (11111（万元）125%8%1020030土地价 值BRLRLVOABVnBYBYnLYLYLVOABV)1 (11111ERMRMVOAEVnMYMYMVMA111111nMYnMYMYMVMAMR%13.10121121512%61121512%6112%6111nMYnMYMYMVMAMR%88.10%12%601%13.10%601ERMMRMORMREREVOAMV价格年收益资本化率RNOIV 年收益价格收益乘数收益乘数年收益房地产价值毛租金乘数毛租金房地产价值毛租金价格毛租金乘数PGIMPGIVPGIVPGIMEGIMEGIVEGIVEGIM NIMNOIVNO

7、IVNIM RNIM1RNOIV EGIMNIRORYR收益乘数房地产的某种年收益资本化率房地产的某种年收益房地产的价值nYYYnAYYAYAV1211121112111nYYYnAYYAYAV1211121112111（万元）年有效毛收入1008%80123035000（万元）年经常费1801215万元）年房产税(96.120%121008（万元）年其他税费48.60%61008（万元）（）（）（年运营费用44.36148.6096.120180321（万元）年运营费用年有效毛收入年净收益56.64644.3611008万元）(90.637645%10111%1056.646111nYYAV

8、估价时点未来可实现楼价：3188.78万元商品房销售完成2008.92009.32009.92010.32010.92012.92073.9V总=？第一次资金投入日第二次资金投入日土地购入时点土地使用期满开发期2年商品房开发完成土地使用年限65年V总=？主体结构完成A1A2A3A4A5A6A7A45A46A472006.3.102007.9.10 9.102008.3.102009.3.102010.3.102011.3.102012.3.102013.3.102014.3.102015.3.10 2055.3.102056.3.10(估价时点)开发期3年写字楼开发完成剩余使用年限50-3=4

9、7年土地使用年限50年序序号号项目项目内容及计算方法内容及计算方法不同容积率下各项费用相应变化情况不同容积率下各项费用相应变化情况容积率容积率平均建筑容积率：平均建筑容积率：1.31.01.31.51.82.0土地使用费(元/)土地七通一平及建筑施工期间，按标准30%收取，按两年计5.45.45.45.45.4土地开发费(元/)小区配套费用，大市政费用由政府投资7070707070建筑费(包括建筑营业税) (元/)建筑营业税按建、安费用的3%250325375450500利息(元)按+8%2632364246营业税及城市维护税(元/)按3.21%8.010.412.014.416.1利润及管理费(元/)按+21.6%70.386.