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Case 3:

You have been asked to estimate the market value of an apartment complex that is producing annual net operating income of $44,500. 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 $500,000; NOI $55,000

Comparable 2: Sale price $420,000; NOI $50,400

Comparable 3: Sale price $475,000; NOI $53,400Comparable 4: Sale price $600,000; NOI $69,000

Question:

1. What is the indicated value of the subject using direct capitalization?

What is the average of four comparable cap rates? \begin{tabular}{l} \hline 0.114 \\ \hline 0.1 \\ \hline 0.213 \\ 0.09 \end{tabular} 0.114 0.1 0.213 0.09 Question 13 Case 3: What is the indicated value of the property? $390,351 $490,351 $350,000 $445,000