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HomeLife/Cimerman Real Estate Ltd., Brokerage ‏كام غاتان، وسيط (Broker) ‏صناعي · تجاري · استثماري

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‏صافي الدخل التشغيلي ومعدل الرسملة

‏صافي الدخل التشغيلي ومعدل الرسملة والقيمة الضمنية.

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‏دليل

Using NOI & Cap Rate well

Turns a property's income and costs into net operating income (NOI), then reads that NOI two ways: the cap rate the asking price implies, and the value your target cap rate supports. It is the first test of any income property.

‏طريقة الاستخدام

  1. Rentable area and average net rent give potential gross income: every dollar of base rent at full occupancy for a year. On net (NNN) leases, use base rent only — recoveries pass straight through and do not change NOI.
  2. Vacancy & credit loss: a realistic allowance, not zero. 2%–5% suits well-leased GTA industrial; more for older multi-tenant buildings or near-term rollover.
  3. Expenses: only what the landlord actually bears. On net leases that is usually non-recoverable management, a structural/roof reserve, and any insurance or tax shortfall.
  4. Target cap rate: from recent sales of comparable buildings (see Comparables), not from a headline average.

‏قراءة النتيجة

  • If the in-place cap rate is below your target, the price is ahead of the income: you are paying for future rent growth or scarcity.
  • Each 25 basis points of cap rate moves value by roughly 5% at today's levels. On $1M of NOI, 5.00% vs 5.25% is about $950,000.
  • Watch the expense ratio: a net-leased building above 10% usually has costs that should be recovered from tenants and aren't.

‏دراسات حالة

01

A multi-tenant building in Mississauga, priced at $17.9M

62,000 SF across four units at an average $16.50 net, with $24,000 a year of parking and storage income. Asking: $17,900,000.

  1. Potential gross income: 62,000 × $16.50 = $1,023,000. With 3% vacancy and $24,000 other income, EGI = $1,016,310.
  2. Landlord costs: a $0.25/SF structural reserve ($15,500), 2% non-recoverable management ($20,326), a $6,000 insurance shortfall and $9,000 of other costs: $50,826 in total (a 5.0% expense ratio).
  3. NOI = $965,484. At the asking price that is a 5.39% cap rate.
  4. Recent comparable sales point to 5.25%, which supports about $18.39M. The asking price is roughly $490,000 below that indication — worth a closer look, and worth asking why.

‏الدرس المستفادThe question is never only "what is the cap rate", but "is this NOI durable". Check lease expiries in the Tenant Roster before relying on a 5.39%.

02

One tenant, three possible prices

A 40,000 SF freestanding building in Brampton, leased to one tenant at $19.00 net, with a $0.20/SF landlord reserve.

  1. NOI = 40,000 × $19.00 − $8,000 = $752,000.
  2. At a 5.00% cap the building is worth $15.04M; at 5.50%, $13.67M; at 6.00%, $12.53M.
  3. Half a point of cap rate is worth $1.37M here — more than many buyers' entire due-diligence budget.

‏الدرس المستفادWith a single tenant, the cap rate reflects that tenant's covenant and remaining term. A national tenant with eight years left and a local tenant with eighteen months left are not the same 5.5%.

‏أخطاء شائعة

  • Using asking rents instead of in-place rents
  • Leaving vacancy at zero
  • Counting recoverable costs as landlord expenses (or forgetting non-recoverable ones)
  • Applying a market-wide cap rate to an older or shorter-term asset

Case studies are illustrative. Properties and figures are composites built to show the method; they are not offers or appraisals. Talk to Kam before relying on any number for a transaction.

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