03 Valuation of land in Uch-new version

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Uploaded: 09.06.2013
Content: aaa0097_praktikum_po_resheniju_zadach_2012_zu.zip (28,2 kB)
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The list of problems to solve.
1. Net operating income 70 000 USD, the capitalization rate for improvement - 20% capitalization rate for the land - 17%, the share of land in the value of the property is 0.25. Determine the value of the land and the cost of improvements.
2. In assessing the suburban area of \u200b\u200bland of 20 acres collected information on the sale of five objects of comparison. Run adjusting the sales price and determine the market value of the estimated area.
Characteristics Ranked plot analogue of 1 analogue 2 analogue of 3 analogue of 4 analogue of 5
Price 1 weave - 2200 1950 2300 2650 2700
Adjustment 1
The distance from the border of the city (1 km +/- 1.5%) 13 15 17 16 km November 21
Adjustment 2
Engineering support.
(+ 50%, electricity 20%, water 10%, 10% gas, sewage 10%) of Elek, water, gas, sewer. Elek of Water Elek of water Elec-in, water, gas, sewer. Elec-in, gas
Adjustment 3
Lot Size (1 weaving +/- 0.5%) 20 20 20 24 acres 24 16
Adjustment 4
Distance from the train / railway station (1 km +/- 0.5%) 3 km March 3 1 4 4
3. It is necessary to estimate the total land area of \u200b\u200b500 square meters, located in the administrative district of "philistine Basmannyy" in Moscow (the number of cadastral quarter - 77-01-0003006).
1) Identify the best and most efficient use of the site, if you have the following information:
Parameter Usage Scenarios
Shopping center office building Storage building
Area of \u200b\u200bconstructed buildings, m2 5500 5000 8000
The cost of construction of buildings, $ / m2 450,500,350
Rental rate, $ / m2 600,700,450
Losses from underutilization and nedosbora payments% 20% 10% of LDPE LDPE LDPE 15%
Operating expenses (excluding land tax) 25% of the DVD 20% of 15% of the DVD DVD
Land tax is calculated calculate calculate
The capitalization rate of buildings,% 11.00% 10.00% 12%
The capitalization rate of land,% 10% 10% 10%
2) Determine the market value of the land under option NNEI by discounting the cash flows.
The forecast period is 3 years. It is known that at the end of the forecast period, the value of property will increase by 20%.
4. The evaluator determines the most efficient use of available land. At the first of the possible uses expected CHOD of $ 1,200,000 USD per year. Costs of creating a quality improvement of 4.23 million USD According to the appraiser, the capitalization rate for the improvement of land and account for 17% and 12%, respectively. Determine the value of the land, the proportion of land in the project cost and the overall capitalization rate.
5. required to determine the value of the land, for which the best and most effective use is to build a business center. The cost of construction is 500 000 net operating income forecast is estimated at 120,000, capitalization ratios for the earth and for the building - 8% and 10%, respectively.
6. Determine the best and most efficient use if you have the following data (see table). What is the value of the land for the chosen option best use?
Usage Scenarios
Residential building Office building Industrial building
Area of \u200b\u200bconstructed buildings, m2 6800 7600 8300
The cost of construction of buildings, $ / m2 1250 1370 1100
Net operating income, $. 2 300 000 2 850 000 2 050 000
The capitalization rate of buildings 15% 14% 16%
The capitalization rate of land 12% 12% 12%
7. required to estimate the mass of the earth, which the developer plans to be divided into 40 sections and then sell each for 37000. This will take place the following variable and fixed costs (per year):
planning, cleaning, engineering services, project 210000
management 15000
overhead and profit contractor 85000
Marketing 25,000
taxes and insurance 28,000
profit entrepreneur 42000
Land for sale will be carried out evenly over 4 years, the rate of return on invested capital (rate of retur

Additional information

8. The client acquired ownership of the undeveloped land area of \u200b\u200b6 hectares and is interested in the terms of its most profitable sales. The appraiser, knowing dubious rapid implementation of the entire land area and having no information about the sales prices of similar objects, offered the option of using the area for placement of a cottage settlement. Analysis has shown that the greatest demand in the local market for cottage construction are landscaped plots of 12 acres. When cutting these areas about 20% of the land would go to the construction of roads, the placement of water intake, transformer stations, fire reservoir and other common areas. Thus, the estimated area can actually be taken and put into the sale of 40 plots of land. If you have reliable access roads and utilities (electricity, water, gas) each portion sold an average of 36 million. Given the current dynamics of the actual sales market can absorb about 10 sites per year, and the whole period of circulation of commodities is 4 years. Variable and fixed costs amount to a year (in mln. Rubles.):
Landscaping (draft, clearing and land planning, road construction and utilities (priced contractors) 480
Management 60
Marketing 70
taxes and insurance 40
profit entrepreneur 130
Total 780
Determine the market value of the total estimated land, if the rate of return is accepted at a rate of 16% (excluding inflation).
9. Determine the value of the land by the residue by filling the blank cell in the table:
1 Building area, m2 816.7
2 Plot size (actual) 432.0 m2
3 Area, rent, 816.7 m2
4 The rent for 1 m2, rub. / Year 1433
5 The under-utilization of 8%
6 ratio of non-payment of 2%
7 The capitalization rate for building 17.65
8 The capitalization rate for the land 12.0
9 The cost of construction, rub. 4633977
10 Potential gross income
11 Losses from underutilization
12 Losses from non-payment
13 Valid gross income
Operating expenses
14 - determine land tax rate (7,615 rub. / M2 per year)
15 - property tax 9000
16 - management costs - 6% of the DVD
17 - operation and maintenance - 5% of the DVD
18 - Other expenses - 3% of the DVD
19 Total operating expenses
20 Net Operating Income
21 CHOD relating to the building
22 CHOD relating to earth
23 The estimated value of the land
10. Rate the built-up land allocation method and the method of distribution and the final output value of the land.
a) Total estimated cost of the property, consisting of buildings and land, is determined by comparing the sales and is 240 000 rubles.
b) contains the following data on sales of the five typical built-up areas in the region:
Plot number plot for sale with price improvements, ths. Rub. The cost of improvements, ths. Rub. *
1220158
2220146
3190150
4210154
5205147


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