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净营运收入与资本化率

净营运收入、资本化率与隐含价值。

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使用指南

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.

如何使用

  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.

如何解读结果

  • 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.

案例分析

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.

要点The 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.

要点With 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%.

常见错误

  • 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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