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You have been asked to estimate the market value of an apartment complex that is producing annual net operating income of $68,000. Four highly similar and competitive apartment properties within two blocks of the subject property have sold in the past three months. All four offer essentially the same amenities and services as the subject. All were open-market transactions with similar terms of sale. All were financed with 30-year fixed-rate mortgages using 70 percent debt and 30 percent equity. The sale prices and estimated first-year net operating incomes were as follows:
Comparable 1: Sale price $429,000; NOI $35,100 Comparable 2: Sale price $389,700; NOI $45,900 Comparable 3: Sale price $428,000; NOI $52,600 Comparable 4: Sale price $499,000; NOI $46,600 Hint:
PLEASE ROUND TO THREE (3) DECIMAL PLACES.
What is the estimate value of the property using direct capitalization? Please do not round.
Agency law plays a big part in corporate responsibility (and liability). Differentiate between an employee and an independent contractor. What is the difference and what are the key factors that must be considered in determining one’s status as an em..
After a long drought, the manager of Long Branch Farm is considering the installation of an irrigation system which will cost $100,000. It is estimated that the irrigation system will increase revenues by $20,500 annually, although operating expenses..
You have accumulated some money for your retirement. You are going to withdraw $74286 every year at the beginning of the year for the next 24 years starting from today. How much money have you accumulated for your retirement? Your account pays you 10..
One drawback of switching from a partnership to the corporate form of organization is the following:
XYZ, Inc. just paid $2.00 dividend. Dividends are expected to grow at a 20% rate for the next five years. After that, the company has stated that the annual dividend will be $2.50 per share indefinitely. The required rate of return is 10%. What is th..
When the market interest rate exceeds the coupon rate, bonds sell for less than face value to provide enough compensation to investors. A bond's rate of return is equal to its coupon payment divided by the price paid for the bond. What happens to a d..
The financial staffs of Cairn Communications have identified the following information for the first year of the roll-out of its new proposed service. What is the project's operating cash flow for the first year (t=1)?
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A project that provides a constant annual cash flow of $1,930 for eight years costs $7,700 today. Calculate the NPV at an 8% discount rate. Note: NPV = sum of the present values of all (positive and negative) cash flows
The Glass-Steagall Act prohibited
Consider a project with the following data: accounting break-even quantity = 31,160 units; cash break-even quantity = 14,680 units; life = 11 years; fixed costs = $205,921; variable costs = $22 per unit; required return = 13 percent; depreciation = s..
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