Cap Rate (资本回报率Yearly) = Return / Value = N.O.I / Value
N.O.I = Yearly rent – labor –utility – tax – insurance etc.
*** Do not deduct mortgage payments to derive net income
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If you are able to obtain a market cap rate, you can then use this information to estimate what similar income properties should sell for. This will help you to gauge whether or not the asking price for a particular piece of property is over or under priced.
Cap Rate = NOI / Market Value
Estimated Market Value = NOI / Market Value
Example 1: A property has a NOI of $126,000 and the asking price is $1,200,000.
Cap Rate = $126,000 / $1,200,000 = 10.5%
Example 2: A property has a NOI of $120,000 and Cap Rates in the area for this type of property average about 10.
Estimated Market Value = $120,000 / .10 = $1,200,000
Net operating income is determined by subtracting vacancy amount and operating expenses from a property's gross income. Operating expenses include the following items: advertising, insurance, maintenance, property taxes, property management, repairs, supplies, utilities, etc. Operating expenses do not include the following items; Improvements such as a new roof, personal property such as a lawn mower, mortgage payments, income and capital gains taxes, loan origination fees, etc.
Appraisers use the Income Approach, Cost Replacement and Market Comparison methods to estimate the value of property. The Income Approach utilizes the theory of Capitalization.
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看到不少人不停地重复错误计算，包括说是最简单的人。
《漫谈拍卖与租房的资金运用及回报》
http://blog.wenxuecity.com/blogview.php?date=200905&postID=37481
Cap rate (Capitalization Rate): 净营业收入 (租金收入减除房地产税，保险费，维修费，管理费等等费用) 除以买入价格。注意一个误点，这里所说的费用不包括贷款利息等资金费用。
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《使用财务杠杆的风险分析》
http://blog.wenxuecity.com/blogview.php?date=200907&postID=3657
cap rate = （yearly rent - repairs - labor - utilities - HOA fees etc）/ price
也就是说，假设全部用现金买，回报率是多少。对一个物业来说，只有一个cap rate。
跟mortgage无关。
每个人用借来的钱或自己的钱，利息五花八门，最后算出来的回报率，不是cap rate。如果这个是cap rate，即使是同一个物业，每个人的cap rate都不相同。
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