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Test and Problem Solution, Assignments of Economics

Universitas Gadjah Mada (UGM)Economics

Test and Problem Solution in Management Asset

Typology: Assignments

2020/2021

Uploaded on 04/02/2023

adinda-erdiana 🇮🇩

3 documents

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TUGAS MANAJEMEN ASET

STUDY QUESTIONS (C.7 & C.8)

Kelompok 2:

Adinda Erdiana 22/500296/PEK/28593

Intan Fitri Ardinasari 22/501888/PEK/28814

Isral Fahmi 22/501431/PEK/28739

Sabrina Puspita Ghoisani 22/500100/PEK/28577

PROGRAM MAGISTER EKONOMIKA PEMBANGUNAN

FAKULTAS EKONOMIKA DAN BISNIS

UNIVERSITAS GADJAH MADA

YOGYAKARTA

2023

Chapter 7: Valuation Using the Sales Comparison and Cost Approaches

Partial preview of the text

Download Test and Problem Solution and more Assignments Economics in PDF only on Docsity!

TUGAS MANAJEMEN ASET

STUDY QUESTIONS (C.7 & C.8)

Kelompok 2:

Adinda Erdiana 22/500296/PEK/

Intan Fitri Ardinasari 22/501888/PEK/

Isral Fahmi 22/501431/PEK/

Sabrina Puspita Ghoisani 22/500100/PEK/

PROGRAM MAGISTER EKONOMIKA PEMBANGUNAN

FAKULTAS EKONOMIKA DAN BISNIS

UNIVERSITAS GADJAH MADA

YOGYAKARTA

Chapter 7: Valuation Using the Sales Comparison and Cost Approaches

Study Question

14. Sales Comparison Approach: Huntington neighborhood at 4632 NW 56th Drive

Elements of Comparison Subject Comp Sale 1 Comp Sale 2 Comp Sale 3 Sale price of comparable $510,000 $525,000 $499, Transaction characteristics Property rights conveyed Fee Simple Same Same Same Financing terms Conventional Same Same Same Conditions of sale Arm's length Same Same Same Expenditures immed. after purchase None $3,000 None Market conditions Today 3 mos. ago: add 2% total 6 mos. ago: add 4% total 6 mos. ago: add 4% total Property characteristics Location Huntington Huntington Kensington Millhoper Physical characteristics: Site/lot size 6,662 sq.ft. 6,700 sq. ft. 6,800 sq. ft 6,600 sq.ft Construction quality Typical Typical Typical Typical Effective age 5.5 years 7 years 8 years 10 years Living area 3,473 sq. ft. 3,920 sq. ft. 3,985 sq. ft. 3,835 sq. ft. Number of baths 3.0 baths 3.5 baths 3.0 baths 2.0 baths Garage Spaces 2-car 2-car 2-car 1-car Porch, patio, deck Cov. porch/wood deck Cov. Porch Cov. Porch Cov. Porch Fence, pool, etc. None None Pool Pool Economics characteristics N.A. N.A. N.A. N.A. Use Single-family Same Same Same Nonrealty components None None None None

Sales Comparison Approach:

Adjustment Grid for Huntington neighborhood at 4632 NW 56th Drive

Fence, pool, etc. None^ $- $(12,000.00) $(12,000.00) Additional pool are worth $ Economics characteristics N.A. $- $- $- Use Single-family $- $- $- Nonrealty components None $- $- $- Final adjusted sale price $486,680.00 $484,030.00 $485,770. Sale price- Final adjusted sale price $23,320.00 $40,970.00 $13,230. Weighting 30.08% 52.85% 17.07% 100% Invers 69.92% 47.15% 82.93% 200% Invers Weighting 34.96% 23.57% 41.47% 100%

Reconciliation of Final Adjusted Sale Price

Source Final Adjusted Price Weight (%) Weighted Price Comparable Sale 1 $486,680.00 34.96% $ 170,137. Comparable Sale 2 $484,030.00 23.57% $ 114,107. Comparable Sale 3 $485,770.00 41.47% $ 201,432. Indicted Opinion of Value (using the sales comparison approach) $ 485,677. (rounded) $ 486,000.

Berdasarkan perhitungan di atas, diperoleh perkiraan nilai properti sebesar $485,677 atau

jika dibulatkan menjadi $486,000.00.

15. Assume the market value of the subject site (land only) is $120,000. you estimate that the

cost to replicate the improvements to the subject property would be $428,000 today. in

addition, you estimate that accrued depreciation on the subject is $60,000. what is the

indicated value of the subject using the cost approach?

Estimated value of land : $120.
Estimated cost to construct structure today : $428.
Estimated value of land : $60.

Indicated Value = Estimated value of land + (Estimated cost to construct structure today -

Estimated value of land)

Indicated Value = 428,000-60,000+120,

Chapter 8: Valuation Using the Income Approach

Study Questions

1. Data for five comparable income properties that sold recently are shown in the

accompanying table:

Property NOI Sale Price Overall Rate A $57,800 $566,600 0. B $49,200 $496,900 0. C $63,000 $630,000 0. D $56,000 $538,500 0. E $58,500 $600,000 0.

The indicated overall cap rate 0.

The overall cap rate of 10.05% is calculated by taking the average of the overall rates for

the five properties.

4. Dik : NOI = $150.

Debt Service = $125.

Property Value = Total Income - Mortage

5. Given the following owner’s income and expense estimates for an apartment property,

formulate a reconstructed operating statement. The building consists of 10 units that could

rent for $550 per month each.

Estimating vacancy and collection losses at 5 percent of potential gross income, reconstruct

the operating statement to obtain an estimate of NOI. Remember, there may be items in the

owner’s statement that should not be included in the reconstructed operating statement.

Using the NOI and a Ro of 11.0 percent, calculate the property’s indicated market value.

Round your answer to the nearest $1000.

Solution:

Note: Mortgage payments and depreciation are not included in the calculation of the property’s NOI.

Test and Problem Solution, Assignments of Economics

Related documents

Partial preview of the text

Download Test and Problem Solution and more Assignments Economics in PDF only on Docsity!

TUGAS MANAJEMEN ASET

STUDY QUESTIONS (C.7 & C.8)

Kelompok 2:

Adinda Erdiana 22/500296/PEK/

Intan Fitri Ardinasari 22/501888/PEK/

Isral Fahmi 22/501431/PEK/

Sabrina Puspita Ghoisani 22/500100/PEK/

PROGRAM MAGISTER EKONOMIKA PEMBANGUNAN

FAKULTAS EKONOMIKA DAN BISNIS

UNIVERSITAS GADJAH MADA

YOGYAKARTA

Chapter 7: Valuation Using the Sales Comparison and Cost Approaches

Study Question

14. Sales Comparison Approach: Huntington neighborhood at 4632 NW 56th Drive

Sales Comparison Approach:

Adjustment Grid for Huntington neighborhood at 4632 NW 56th Drive

Reconciliation of Final Adjusted Sale Price

Berdasarkan perhitungan di atas, diperoleh perkiraan nilai properti sebesar $485,677 atau

jika dibulatkan menjadi $486,000.00.

15. Assume the market value of the subject site (land only) is $120,000. you estimate that the

cost to replicate the improvements to the subject property would be $428,000 today. in

addition, you estimate that accrued depreciation on the subject is $60,000. what is the

indicated value of the subject using the cost approach?

Indicated Value = Estimated value of land + (Estimated cost to construct structure today -

Estimated value of land)

Indicated Value = 428,000-60,000+120,

Chapter 8: Valuation Using the Income Approach

Study Questions

1. Data for five comparable income properties that sold recently are shown in the

accompanying table:

The indicated overall cap rate 0.

The overall cap rate of 10.05% is calculated by taking the average of the overall rates for

the five properties.

4. Dik : NOI = $150.

Debt Service = $125.

Property Value = Total Income - Mortage

5. Given the following owner’s income and expense estimates for an apartment property,

formulate a reconstructed operating statement. The building consists of 10 units that could

rent for $550 per month each.

Estimating vacancy and collection losses at 5 percent of potential gross income, reconstruct

the operating statement to obtain an estimate of NOI. Remember, there may be items in the

owner’s statement that should not be included in the reconstructed operating statement.

Using the NOI and a Ro of 11.0 percent, calculate the property’s indicated market value.

Round your answer to the nearest $1000.

Solution:

The indicated value of the property is $362,727 ($39,900 / 0.11), which rounds to