Коэффициент капитализации в оценке недвижимости

Real estate valuation measure

Capitalization rate (or "cap rate") is a real estate valuation measure used to compare different real estate investments. Although there are many variations, the cap rate is generally calculated as the ratio between the annual rental income produced by a real estate asset to its current market value. Most variations depend on the definition of the annual rental income and whether it is gross or net of annual costs, and whether the annual rental income is the actual amount received (initial yields), or the potential rental income that could be received if the asset was optimally rented (ERV yield).

Capitalization rates are a tool for investors to use for estimating the value of a property based on its net operating income (NOI). For example, if a real estate investment provides a year in NOI and similar properties have sold based on 8% cap rates, the subject property can be roughly valued at because divided by 8% (0.08) equals A comparatively higher cap rate for a property would indicate greater risk associated with the investment (decreasing demand for the product, and the corresponding value), and a comparatively lower cap rate for a property might indicate less risk (increased demand for the product). Some factors considered in assessing risk include creditworthiness of a tenant, term of lease, quality and location of property, and general volatility of the market.

Cap rates are determined by three major factors; the opportunity cost of capital, growth expectations, and risk. Commercial real estate investments compete with other assets (e. g. stocks and bonds) for investment dollars. If the opportunity cost of capital is too high, investors will use their capital to purchase other assets and the resulting decreased demand will drive prices down and cap rates up. If the inverse is true, cap rates will be driven down by the increased demand stemming from lower opportunity cost of capital. The primary source of income in commercial real estate is rent. Rental rates are driven by a variety of supply and demand factors which make up a separate market for rentable space. As investors consider an acquisition, they must project future movements of this market as it relates to the specific asset. If the space market is expected to yield future increases in rental rates, investors will pay a higher price for the current income stream, pushing the cap rate down. If the space market projects a weak outlook, investors will want to pay less, and cap rates will rise. Being a simplified rate of return measure, cap rates are subject to the same risk/return trade off as other measures. In short, cap rates move in tandem with risk, real or perceived. While risk aversion varies from person to person, generally, investors are willing to pay more for less risky assets. As such, assets with less risk will carry lower cap rates than assets with higher risk.

Property values based on capitalization rates are calculated on an "in place" or "passing rent" basis, i. e. given the rental income generated from current tenancy agreements. In addition, a valuer also provides an Estimated Rental Value (ERV). The ERV states the valuer's opinion as to the open market rent which could reasonably be expected to be achieved on the subject property at the time of valuation. The difference between the in place rent and the ERV is the reversionary value of the property. For example, with passing rent of , and an ERV of , the property is reversionary. Holding the valuers cap rate constant at 8%, we could consider the property as having a current value of based on passing rent, or based on ERV. Finally, if the passing rent payable on a property is equivalent to its ERV, it is said to be "Rack Rented".

According to a national survey conducted by CBRE in early 2021, typical cap rates in the US varied across geographical regions and urban market, but generally ranged between 4.5% and 6.5% for urban office properties, between 6.5% and 8.0% for suburban office properties, and between 3.5 and 5.0% for multifamily housing properties. Typical cap rates for industrial properties showed a somewhat greater range, from 2.5% to 6.0%. According to the same survey, cap rates for retail properties in early 2021 typically ranged from 5.0 to 7.0%. The National Council of Real Estate Investment Fiduciaries (NCREIF) in a Sept 30, 2007 report reported that for the prior year, for all properties income return was 5.7% and the appreciation return was 11.1%. A Wall Street Journal report using data from Real Capital Analytics and Federal Reserve showed that from the beginning of 2001 to end of 2007, the cap rate for offices dropped from about 10% to 5.5%, and for apartments from about 8.5% to 6%. At the peak of the real estate bubble in 2006 and 2007, some deals were done at even lower rates: for instance, New York City's Stuyvesant Town and Peter Cooper Village apartment buildings sold at a cap rate of 3.1% based on highly optimistic assumptions. Most deals at these low rates used a great deal of leverage in an attempt to lift equity returns, generating negative cashflows and refinancing difficulties. As U. S. real estate sale prices have declined faster than rents due to the economic crisis, cap rates have returned to higher levels: as of December 2009, to 8.8% for office buildings in central business districts and 7.36% for apartment buildings.