Commercial property valuation : methods and case studies / by Giacomo Morri and Paolo Benedetto
By: Morri, Giacomo.
Contributor(s): Benedetto, Paolo.Publisher: Chichester, U.K. : Wiley, 2019Description: xxii, 215 p. : ill. ; electronic resource.ISBN: 9781119512127.Subject(s): Valuations | Property | Real estate valuationsOnline resources: Download as an eBook
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INTRODUCTION TO PROPERTY VALUATION: Determining the valuation requirement -- Definitions of value -- Valuation associations, codes and standards. ECONOMIC CHARACTERISTICS AND ELEMENTS OF RISKS OF PROPERTIES: Characteristics of property investments -- Categories of property investments -- Skills in asset and investment management-- Economic classification of properties -- A simple definition of risk -- Common risk elements in real estate investment -- Development projects -- Income=producing properties. MARKET ANALYSIS: Economic analysis -- Analysis of the property market. A NEW SIMPLE CLASSIFICATION OF VALUATION METHODS: Choice of valuation method -- Depreciated cost approach methods. SALES COMPARISON APPROACH METHODS: Approach and application criteria -- Direct comparison approach -- Hedonic pricing model. INCOME CAPITALISATION COMPARISON APPROACH METHODS: Approach and application criteria -- Direct capitalisation approach -- Discounted cash flow approach -- Residual value methods. PROPERTY RETURN RATES: Measuring the return on a property investment -- Rates and capital market -- Cap rate -- Discount rate -- How to estimate property return rates. STRUCTURE OF THE VALUATION REPORT: Executive summary -- Preamble -- Description of the property -- Market analysis -- Valuation -- Conclusions -- Appendices. OFFICE PROPERTY APPRAISAL: Description of the property -- Choice of valuation method -- Market analysis -- Valuation. HIGH STREET RETAIL UNIT APPRAISAL: Description of the property -- Choice of valuation method -- Market analysis -- Valuation. HOTEL APPRAISAL: Description of the property -- Choice of valuation method -- Market analysis -- Valuation. DEVELOPMENT PROJECT APPRAISAL: Description of the property -- Choice of valuation method -- Market analysis -- Valuation of the development project.
Looks at key elements of commercial property valuation, including valuation queries, real estate reports, market analysis and capitalisation. Offers multiple valuation approaches and provides tools to select and apply the best approach to different situations. Includes case studies.