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Why are you interested in a
home valuation Report?
Considering the sale of a
home;
Considering buying a home;
Refinancing a home, or other
Reasons.
-
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sell your home? - Select -
1 - 2 Months, 2 - 3 Months, 3
- 6 Months, or More than 6
Months
What is the minimum you
believe
your home is worth? -
home valuation Report?
Considering the sale of a
home;
Considering buying a home;
Refinancing a home, or other
Reasons.
-
Are you a home-seller?
Are you a Home Buyer?
Are you an Investor?
If other, for what reason?
What type of property is it?
Single Family Home,
Condominium, or
Commercial property.
If you are a Home Seller
When are you planning to
sell your home? - Select -
1 - 2 Months, 2 - 3 Months, 3
- 6 Months, or More than 6
Months
What is the minimum you
believe
your home is worth? -
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Thank you for the
opportunity to provide you
with your free Home Value
Report.
Your report will be
customized based upon the
property information you
provided.
And you should received the
home value report in the
email address you
provided.
If I have more questions in
order to prepare an accurate
and useful report for you. I
will contact you!
Thank you again… CALL
Anthony AT -- -
OR EMAIL ME...
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Real Estate Investment,
Home-Buying Guide,
Home-Selling Guide,
Mortgage Loan Modification to Avoid Foreclosure,
Home Refinancing Since Interest Rate has Dropped to the
bottom low, Real Estate Financing
No Matter what you heard from the news you still can
purchase, Begin buying process with Mortgage Loane
Pre-Qualification.
IF YOU NEED HELP TO BUY OR TO SELL A PROPERTY IN
SOUTH FLORIDA ; LET A PROFESSIONAL LICENSED
REALTOR & LICENSED MORTGAGE BROKER ASSIST YOU.
SOUTH FL. CONTACT ANTONY AT:
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sellers
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Real Estate general Information Center ...
About Buying HUD Homes? What is a HUD Home? How are
HUD Homes sold?..
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SHORT SALE METHODS AND TECHNIQUES!...
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ESTATE SHORT SALE AND MAKE BIG PROFIT?
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TECHNIQUES AND STRATEGIES TO FIND MONEY TO INVEST!
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Estate Capital Gains Tax
pre-construction: Is by far one of the most viable passive
investment vehicle available in the real estate industry ...
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and landlords. 1031 Like-Kind Exchanges and Multi-Family
Investments: A Very Profitable
Combination!
Real Estate For Sale,
Commercial Real Estate,
Miami Real Estate,
Mobile Home,
Florida Real Estate
Commercial Real estate Investors: Calculator to use and a
variety of mathematical tools to analyze the performance
of their investment properties...
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How Much Is Your House Worth? Find out now for FREE
Get Your FREE Home
Value Report Here! Fast,
Simple, Secure...
What is your home
worth?
------------
Comparative Market
Analysis (CMA)
Using comparables, it's
an analysis done by real
estate agents to
establish a home's
market value. It is not an
appraisal.
Value Report Here! Fast,
Simple, Secure...
What is your home
worth?
------------
Comparative Market
Analysis (CMA)
Using comparables, it's
an analysis done by real
estate agents to
establish a home's
market value. It is not an
appraisal.
Recently Sold Homes
Browse and search home sales across the
south Florida with our custom property
search.
Or connect with a Real Estate Professional to
help you find your next home
Browse and search home sales across the
south Florida with our custom property
search.
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Real Estate Professionals
Need help in your Real Estate transaction?
Search our database for Inspectors, Real
Estate Agents, appraisers, title companies
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help you
Need help in your Real Estate transaction?
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Estate Agents, appraisers, title companies
and lenders, Insurance agents Brokers to
help you
Why should you research
home values?
Maybe you aren't interested
in putting your house on the
market, and just want to get
an idea of what it's worth.
Or perhaps you really are
thinking about a for-sale sign
in the front yard and need to
learn what to expect from its
value.
There are certainly plenty of
reasons why you should get
an estimate on your largest
personal investment
home values?
Maybe you aren't interested
in putting your house on the
market, and just want to get
an idea of what it's worth.
Or perhaps you really are
thinking about a for-sale sign
in the front yard and need to
learn what to expect from its
value.
There are certainly plenty of
reasons why you should get
an estimate on your largest
personal investment
Real estate appraisal, property valuation or
land valuation is the process of developing
an opinion of value for real property
FREE COMPARATIVE MARKET ANALYSIS
REPORT!!! Provided Free and without
Obligation by Anthony Jeanty, The South
Florida Friendly knowledgeable real estate
neighborhood agent...
land valuation is the process of developing
an opinion of value for real property
FREE COMPARATIVE MARKET ANALYSIS
REPORT!!! Provided Free and without
Obligation by Anthony Jeanty, The South
Florida Friendly knowledgeable real estate
neighborhood agent...
We will research your neighborhood and
present you with a full competitive market
analysis showing you homes that are for sale
and that have recently sold in your area that
are comparable to yours.
With this information, you will know the
current market sales price of your home
present you with a full competitive market
analysis showing you homes that are for sale
and that have recently sold in your area that
are comparable to yours.
With this information, you will know the
current market sales price of your home
Your Professional Report Includes:
Comparable Homes
These are homes that are similar to
yours. With them, you can get a
good sense of your home's value.
-----------------
Neighborhood Information
Local market trends, schools in the
area, and crime stats are just some
of the localized info you get.
Comparable Homes
These are homes that are similar to
yours. With them, you can get a
good sense of your home's value.
-----------------
Neighborhood Information
Local market trends, schools in the
area, and crime stats are just some
of the localized info you get.
| What’s Your Home Worth? Are you looking to Sell? Prices are rising and your home could be worth more than you think! |
C M A= 'Comparative Market
Analysis'
An examination of the prices at
which similar properties in the same
area recently sold.
Real estate agents perform a
comparative market analysis for
their clients to help them determine
a price to list when selling a home or
a price to offer when buying a home.
Since no two properties are
identical, agents make adjustments
for the differences between the sold
properties and the one that is about
to be purchased or listed to
determine a fair offer or sale price.
Essentially, a comparative market
analysis is a less-sophisticated
version of a formal, professional
appraisal.
------------------
A comparable market analysis can
also include currently listed
properties, especially if no similar
properties were recently sold.
However, listing prices only indicate
what the seller hopes to get for the
property and do not necessarily
reflect what it is actually worth.
Analysis'
An examination of the prices at
which similar properties in the same
area recently sold.
Real estate agents perform a
comparative market analysis for
their clients to help them determine
a price to list when selling a home or
a price to offer when buying a home.
Since no two properties are
identical, agents make adjustments
for the differences between the sold
properties and the one that is about
to be purchased or listed to
determine a fair offer or sale price.
Essentially, a comparative market
analysis is a less-sophisticated
version of a formal, professional
appraisal.
------------------
A comparable market analysis can
also include currently listed
properties, especially if no similar
properties were recently sold.
However, listing prices only indicate
what the seller hopes to get for the
property and do not necessarily
reflect what it is actually worth.
BPO = Broker's Price
Opinion..
Our clients have a better
handle on risk because
we're completely focused on
finding the true value
of their assets.
-----------------
Broker's Price Opinion
A broker's price opinion is
the process used by a hired
sales agent to determine the
potential selling price or
estimated value of a real
estate property.
Opinion..
Our clients have a better
handle on risk because
we're completely focused on
finding the true value
of their assets.
-----------------
Broker's Price Opinion
A broker's price opinion is
the process used by a hired
sales agent to determine the
potential selling price or
estimated value of a real
estate property.
Broker's price opinions are
initiated by financial
institutions.
Examples are banks,
mortgage companies, and
loss mitigation companies.
The BPO is performed by a
real estate professional who is
acting on behalf of the
financial institution.
Such a professional could be
a real estate agent, a real
estate broker, an appraiser, or
other qualified person.
Through BPOs, agents can
improve their skills in
property inspection, market
evaluation, and property
pricing.
initiated by financial
institutions.
Examples are banks,
mortgage companies, and
loss mitigation companies.
The BPO is performed by a
real estate professional who is
acting on behalf of the
financial institution.
Such a professional could be
a real estate agent, a real
estate broker, an appraiser, or
other qualified person.
Through BPOs, agents can
improve their skills in
property inspection, market
evaluation, and property
pricing.
BPO process
A real estate agent or a broker is
hired to complete a BPO report on a
property.
A BPO may be occasionally
requested without a fee in hopes
that the financial institution, bank,
or lender will receive a sales listing
for the property.
The BPO professional then
conducts the investigation. Many
factors affect the price of a property:
characteristics of the individual
property, such as structure type,
size, room use, age, lot size, and
parking how the property fits into
the immediate neighborhood
compliance with local zoning
requirements characteristics of the
neighborhood values of similar
properties in the surrounding area
the amount of cleaning, repair, and
preparation needed to make the
property marketable..
------------
The result is a brief report, usually
two or three pages in length.
This report includes analysis of the
property and neighborhood,
photographs, comparable properties
("comps"), and local and regional
market information.
--------------------
Types of BPO's
A broker may do a drive-by BPO or
an interior BPO. In drive-by BPOs,
the professionals do not have
access to the interior of the
property; they rely on exterior
appearance, neighborhood
information, comparables, and other
documentation.
The interior BPO is more in-depth; it
requires advanced contact with the
property's inhabitants, evaluation of
the interior and exterior, measuring
to verify room dimensions, and
additional photographs.
A real estate agent or a broker is
hired to complete a BPO report on a
property.
A BPO may be occasionally
requested without a fee in hopes
that the financial institution, bank,
or lender will receive a sales listing
for the property.
The BPO professional then
conducts the investigation. Many
factors affect the price of a property:
characteristics of the individual
property, such as structure type,
size, room use, age, lot size, and
parking how the property fits into
the immediate neighborhood
compliance with local zoning
requirements characteristics of the
neighborhood values of similar
properties in the surrounding area
the amount of cleaning, repair, and
preparation needed to make the
property marketable..
------------
The result is a brief report, usually
two or three pages in length.
This report includes analysis of the
property and neighborhood,
photographs, comparable properties
("comps"), and local and regional
market information.
--------------------
Types of BPO's
A broker may do a drive-by BPO or
an interior BPO. In drive-by BPOs,
the professionals do not have
access to the interior of the
property; they rely on exterior
appearance, neighborhood
information, comparables, and other
documentation.
The interior BPO is more in-depth; it
requires advanced contact with the
property's inhabitants, evaluation of
the interior and exterior, measuring
to verify room dimensions, and
additional photographs.
| HOME INSPECTION PART ONE: WHAT TO KNOW, WHAT TO LOOK FOR IN A FINAL WALK THROUGH BEFORE BUYING? HOW TO USE HOME INSPECTION REPORTS TO NEGOTIATE SALE PRICE? -------------------------------------------------- HOME INSPECTION PART TWO: What to Ask During Home Inspection... Ten Important Questions to Ask Your Home Inspector. .. How to Interpret Home Inspection Reports? ----------------------------------------------------- HOME INSPECTION PART THREE: A home inspection is a non-invasive examination of the condition of a home, often in connection with the sale of that home How to look for a good home inspector? How to get the best out of a home inspection? |
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| '' How To Own Investment Homes - Income Producing Properties - The advantage of owning a real estate property. LEARN MORE... ----------- '' The south Florida Real Estate Market Update: Buying - Selling - Investing - Renting. LEARN MORE... -------------- '' Real Estate Info About: Single Family Home - Town-home - Co-Op - Condominiums - Commercial real estate - Timeshare. LEARN MORE... ------------- '' Real estate Portfolios. How To Find The Best Real Estate Investments? Do You Know That There are About At Least 10 Ten Different Ways To Invest In Real Estate? LEARN MORE.. -------------- Commercial Real Estate: Ways to Evaluate Commercial Property.. How To Get Involve In Commercial Properties? LEARN MORE... ---------------- '' Real Estate News And Blogs: '' Real Estate Investing Tools & Resources. LEARN MORE... ---------------- '' Real Estate For Senior; Affordable Retirement Communities. Senior Housing, Assisted Living, and 55+ Communities for you or your loved one.. LEARN MORE... -------------- '' Home Inspection: Here's What Everyone Needs To Know About Home Inspectors & Inspection Step One - Step Two & Step Three.. LEARN MORE... --------------- '' Real Estate For Sellers // = // '' Real Estate For Buyers / '' Real Estate Listings // = |
| Anthony Real Estate Sales Associate is very familiar with your neighborhood in South Florida, and other Real Estate communities like: Miami Dade - Broward - Palm Beach. I will personally assist you in selling your property. Contact Anthony - . We know your buyer may not be local, so we have the technology, tools and resources to reach them anywhere. Locally - Nationally -or Internationally. Anthony offers a full range of Real Estate services, Residential and Commercial. Whether you are buying or selling Real Estate; Contact Anthony |
| Real Estate - Buying - Selling, Investing. We've found great deal of satisfaction by the quality of service rendering to our clients. Personalizing every client relationship as it is ensuring the endless joy of each transaction. Expertise, professionalism, Honesty and integrity create the cornerstone our business philosophy. Our market knowledge allows us to handle residential, commercial, and new development properties. SOUTH FLORIDA, CONTACT US... |
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| Where you live matters Are You Searching For A Property to By Or To Rent? We are committed to providing you a home that suits your personal needs. South Florida, Contact Us... A place where you can be yourself. An environment that fits. In addition to a wide range of apartments houses, condos, town-homes options. ============ A Place People Are Proud to Call Home That’s what you get when when dealing with a realtor who really cares about clients. A place where people want to live, work and invest. ========= What drives our success? A passion for what we do. We love helping others. Yes, we're here to help everyone who contacts us for a real estate transaction; whether it's buying, selling, renting, or investing. Help is available. Real Estate is our passion, that's what we do best, that's what we know better. We invite you to use our service, our expertise, our professionalism. |
Custom Search
HOME INSPECTION PART ONE:
WHAT TO KNOW, WHAT TO LOOK
FOR IN A FINAL WALK THROUGH
BEFORE BUYING?
HOW TO USE HOME INSPECTION
REPORTS TO NEGOTIATE SALE
PRICE?
--------------------------------------------------
HOME INSPECTION PART TWO:
What to Ask During Home
Inspection... Ten Important
Questions to Ask Your Home
Inspector. .. How to Interpret Home
Inspection Reports?
-----------------------------------------------------
HOME INSPECTION PART THREE: A
home inspection is a non-invasive
examination of the condition of a
home, often in connection with the
sale of that home
How to look for a good home
inspector? How to get the best out
of a home inspection?
' Real Estate For Senior;
Affordable Retirement
Communities.
Senior Housing,
Assisted Living, and
55+ Communities for
you or your loved one..
LEARN MORE...
WHAT TO KNOW, WHAT TO LOOK
FOR IN A FINAL WALK THROUGH
BEFORE BUYING?
HOW TO USE HOME INSPECTION
REPORTS TO NEGOTIATE SALE
PRICE?
--------------------------------------------------
HOME INSPECTION PART TWO:
What to Ask During Home
Inspection... Ten Important
Questions to Ask Your Home
Inspector. .. How to Interpret Home
Inspection Reports?
-----------------------------------------------------
HOME INSPECTION PART THREE: A
home inspection is a non-invasive
examination of the condition of a
home, often in connection with the
sale of that home
How to look for a good home
inspector? How to get the best out
of a home inspection?
' Real Estate For Senior;
Affordable Retirement
Communities.
Senior Housing,
Assisted Living, and
55+ Communities for
you or your loved one..
LEARN MORE...
| SOUTH FLORIDA, FOR ANY QUESTIONS REGARDING: LIFE INSURANCE POLICY, REAL ESTATE BUYING, SELLING, AND INVESTING; CONTACT ANTHONY JEANTY, YOUR NEIGHBORHOOD AGENT AT: 786-631-7740 = DISREGARD ALL OTHER # NUMBERS IN THIS SITE. YOUR ONLY NUMBER IS: 786-631-7740 == -------------- '' FREE Home Value Report! '' How Much Is This House Worth? '' Find Out Now For FREE; Fast, Easy & Simple. - Free Comparative Market Analysis (CMA) '' Free Broker's price opinions { B P O } |
| ' Real Estate For Senior; Affordable Retirement Communities. Senior Housing, Assisted Living, and 55+ Communities for you or your loved one.. LEARN MORE... |
| Knowledgefinancialgroup.com is an absolute trusted source for education and knowledge ... -------- WHY NOT INVITED YOUR FRIENDS TO WHERE THE KNOWLEDGE IS? facebook.com/knowledgefinancialcial -------- Knowledge is the most powerful ingredient in the recipe of success. knowledgefinancial.blogspot.com ------- Find what you need in our growing web library. Learn what you want, when you want,. twitter.com/financialschool --------- Watch and learn from our top professional videos. youtube.com/financialschool ---------- Learn New skills. Improved your skills, Increase your Knowledge at: knowledgefinancialgroup.blogspot.com ----------- |
Ways to Value a Real Estate Rental Property
Determining the cost of and the return on an investment property are just as important as figuring out its value.
Investors can use the sales comparison approach, the capital asset pricing model, the income approach, and the cost approach to determine property values.
There isn't a one-size-fits-all solution, so a combination of these factors may need to be applied.
The Sales Comparison Approach
The sales comparison approach (SCA) is one of the most recognizable forms of valuing residential real estate. It is the method most widely used by appraisers
and real estate agents when they evaluate properties.
This approach is simply a comparison of similar homes that have sold or rented locally over a given time period. Most investors will want to see an SCA over a
significant time frame to glean any potentially emerging trends.
The SCA relies on attributes or features to assign a relative price value. These values may be based on certain characteristics such as the
number of bedrooms and bathrooms, garages and/or driveways, pools, decks, fireplaces—anything that makes a property unique and noteworthy.
Price per square foot is a common and easy-to-understand metric all investors can use to determine where their
property should be valued. In other words, if a 2,000-square-foot townhouse is renting for $1/square foot, investors can reasonably expect income in that
ballpark, provided comparable townhouses in the area are going for that, too.
Example of Sales Comparison Approach
Keep in mind that SCA is somewhat generic—that is, every home has a uniqueness that isn't always quantifiable. Buyers and sellers have unique tastes and
differences. The SCA is meant to be a baseline or reasonable opinion, and not a perfect predictor or valuation tool for real estate. It's also a method that should be
used to compare to relatively similar homes.
-----
The Capital Asset Pricing Model
The capital asset pricing model (CAPM) is a more comprehensive valuation tool. The CAPM introduces the concepts of risk and opportunity cost as it applies to
real estate investing.
This model looks at the potential return on investment (ROI) derived from rental income and compares it to other investments that have no risk, such as United
States Treasury bonds or alternative forms of investing in real estate, such as real estate investment trusts (REITs).
In a nutshell, if the expected return on a risk-free or guaranteed investment exceeds potential ROI from rental income, it simply doesn't make financial sense to
take the risk of rental property. With respect to risk, the CAPM considers the inherent risks to rent real property.
-------
The Income Approach
The income approach focuses on what the potential income for rental property yields relative to the initial investment. The income approach is used frequently for
commercial real estate investing.
The income approach is used frequently with commercial real estate investing because it examines potential rental income on a property relative to the initial
outlay of cash to purchase the real estate.
The income approach relies on determining the annual capitalization rate for an investment. This rate is the
projected annual income from the gross rent multiplier divided by the current value of the property. So if an office building costs $120,000 to purchase and the
expected monthly income from rentals is $1,200, the expected annual capitalization rate is: 14,400 ($1,200 x 12 months) ÷ $120,000 = 0.12 or 12%
This is a very simplified model with few assumptions. More than likely, there are interest expenses on a mortgage. Also, future rental incomes may be more or less
valuable five years from now than they are today.
Many investors are familiar with the net present value of money. Applied to real estate, this concept is also known as a discounted cash flow. Dollars received in
the future are subject to inflationary as well as deflationary risk, and are presented in discounted terms to account for this.
Gross Rent Multiplier Approach
This approach values a rental property based on the amount of rent an investor can collect each year. It is a quick and easy way to measure whether a property is
worth the investment. This, of course, is before considering any taxes, insurance, utilities, and other expenses associated with the property, so it should be taken
with a grain of salt.
While it may be similar to the income approach, the gross rent multiplier (GRM) approach doesn't use net operating income as its cap rate, but gross rent instead.
The gross rent multiplier's cap rate is greater than one, while the cap rate for the income approach is a percentage value. In order to get an apples-to-apples
comparison, you should look at the GRMs and rental income of other, similar properties to the one in which you're interested.
Example of Gross Rent Multiplier Approach
Let's say a commercial property sold in the neighborhood you're looking at for $500,000, with an annual income of $90,000. To calculate its GRM, we divide the
sale price by the annual rental income: $500,000 ÷ $90,000 = 5.56.
You can compare this figure to the one you're looking at, as long as you know its annual rental income. You can find out its market value by multiplying the GRM
by its annual income. If it's higher than the one that sold recently—i.e. for $500,000—it may not be worth it, so consider moving on.
The Cost Approach
The cost approach to valuing real estate states that property is only worth what it can reasonably be used for. It is estimated by combining the land value and the
depreciated value of any improvements.
Appraisers from this school often espouse the highest and best use to summarize the cost approach to real property. It is frequently used as a basis to value
vacant land.
For example, if you are an apartment developer looking to purchase three acres of land in a barren area to convert into condominiums, the value of that land will
be based upon the best use of that land.
If the land is surrounded by oil fields and the nearest person lives 20 miles away, the best use and therefore the highest value of that property is not converting to
apartments, but possibly expanding drilling rights to find more oil.
Another best use argument has to do with property zoning. If the prospective property is not zoned for residential purposes, its
value is reduced, as the developer will incur significant costs to get rezoned. It is considered most reliable when used on newer structures and less reliable for
older properties. It is often the only reliable approach when looking at special use properties.
------------------------
Determining the cost of and the return on an investment property are just as important as figuring out its value.
Investors can use the sales comparison approach, the capital asset pricing model, the income approach, and the cost approach to determine property values.
There isn't a one-size-fits-all solution, so a combination of these factors may need to be applied.
The Sales Comparison Approach
The sales comparison approach (SCA) is one of the most recognizable forms of valuing residential real estate. It is the method most widely used by appraisers
and real estate agents when they evaluate properties.
This approach is simply a comparison of similar homes that have sold or rented locally over a given time period. Most investors will want to see an SCA over a
significant time frame to glean any potentially emerging trends.
The SCA relies on attributes or features to assign a relative price value. These values may be based on certain characteristics such as the
number of bedrooms and bathrooms, garages and/or driveways, pools, decks, fireplaces—anything that makes a property unique and noteworthy.
Price per square foot is a common and easy-to-understand metric all investors can use to determine where their
property should be valued. In other words, if a 2,000-square-foot townhouse is renting for $1/square foot, investors can reasonably expect income in that
ballpark, provided comparable townhouses in the area are going for that, too.
Example of Sales Comparison Approach
Keep in mind that SCA is somewhat generic—that is, every home has a uniqueness that isn't always quantifiable. Buyers and sellers have unique tastes and
differences. The SCA is meant to be a baseline or reasonable opinion, and not a perfect predictor or valuation tool for real estate. It's also a method that should be
used to compare to relatively similar homes.
-----
The Capital Asset Pricing Model
The capital asset pricing model (CAPM) is a more comprehensive valuation tool. The CAPM introduces the concepts of risk and opportunity cost as it applies to
real estate investing.
This model looks at the potential return on investment (ROI) derived from rental income and compares it to other investments that have no risk, such as United
States Treasury bonds or alternative forms of investing in real estate, such as real estate investment trusts (REITs).
In a nutshell, if the expected return on a risk-free or guaranteed investment exceeds potential ROI from rental income, it simply doesn't make financial sense to
take the risk of rental property. With respect to risk, the CAPM considers the inherent risks to rent real property.
-------
The Income Approach
The income approach focuses on what the potential income for rental property yields relative to the initial investment. The income approach is used frequently for
commercial real estate investing.
The income approach is used frequently with commercial real estate investing because it examines potential rental income on a property relative to the initial
outlay of cash to purchase the real estate.
The income approach relies on determining the annual capitalization rate for an investment. This rate is the
projected annual income from the gross rent multiplier divided by the current value of the property. So if an office building costs $120,000 to purchase and the
expected monthly income from rentals is $1,200, the expected annual capitalization rate is: 14,400 ($1,200 x 12 months) ÷ $120,000 = 0.12 or 12%
This is a very simplified model with few assumptions. More than likely, there are interest expenses on a mortgage. Also, future rental incomes may be more or less
valuable five years from now than they are today.
Many investors are familiar with the net present value of money. Applied to real estate, this concept is also known as a discounted cash flow. Dollars received in
the future are subject to inflationary as well as deflationary risk, and are presented in discounted terms to account for this.
Gross Rent Multiplier Approach
This approach values a rental property based on the amount of rent an investor can collect each year. It is a quick and easy way to measure whether a property is
worth the investment. This, of course, is before considering any taxes, insurance, utilities, and other expenses associated with the property, so it should be taken
with a grain of salt.
While it may be similar to the income approach, the gross rent multiplier (GRM) approach doesn't use net operating income as its cap rate, but gross rent instead.
The gross rent multiplier's cap rate is greater than one, while the cap rate for the income approach is a percentage value. In order to get an apples-to-apples
comparison, you should look at the GRMs and rental income of other, similar properties to the one in which you're interested.
Example of Gross Rent Multiplier Approach
Let's say a commercial property sold in the neighborhood you're looking at for $500,000, with an annual income of $90,000. To calculate its GRM, we divide the
sale price by the annual rental income: $500,000 ÷ $90,000 = 5.56.
You can compare this figure to the one you're looking at, as long as you know its annual rental income. You can find out its market value by multiplying the GRM
by its annual income. If it's higher than the one that sold recently—i.e. for $500,000—it may not be worth it, so consider moving on.
The Cost Approach
The cost approach to valuing real estate states that property is only worth what it can reasonably be used for. It is estimated by combining the land value and the
depreciated value of any improvements.
Appraisers from this school often espouse the highest and best use to summarize the cost approach to real property. It is frequently used as a basis to value
vacant land.
For example, if you are an apartment developer looking to purchase three acres of land in a barren area to convert into condominiums, the value of that land will
be based upon the best use of that land.
If the land is surrounded by oil fields and the nearest person lives 20 miles away, the best use and therefore the highest value of that property is not converting to
apartments, but possibly expanding drilling rights to find more oil.
Another best use argument has to do with property zoning. If the prospective property is not zoned for residential purposes, its
value is reduced, as the developer will incur significant costs to get rezoned. It is considered most reliable when used on newer structures and less reliable for
older properties. It is often the only reliable approach when looking at special use properties.
------------------------
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