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Re Academic Press Private Real Estate Investment_3

Tham khảo tài liệu 're academic press private real estate investment_3', tài chính - ngân hàng, đầu tư bất động sản phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Fundamental Real Estate Analysis 81 BEGINNING OF YEAR --- 1 2 3 4 5 6 7 8 END OF YEAR --- 0 1 2 3 4 5 6 7 VALUE 1250000 1287500 1326125 1365909 1406886 1449093 1492565 1537342 LOANS 875000 871061 866667 861764 856294 850191 843381 835784 EQUITY 375000 416439 459458 504145 550592 598902 649184 701559 ACCRUED DEPRECIATION 31818 63636 95455 127273 159091 190909 222727 SALE COST PERCENT 7.50 96562 99459 102443 105516 108682 111942 115301 B-TAX SALES PROCEEDS 319876 359999 401701 445076 490220 537242 586258 BASIS CALCULATION GROSS SALE PRICE 1287500 1326125 1365909 1406886 1449093 1492565 1537342 ORIGINAL COST 1250000 1250000 1250000 1250000 1250000 1250000 1250000 LESS DEPRECIATION -31818 -63636 -95455 -127273 -159091 -190909 -222727 PLUS COST OF SALE 96562 99459 102443 105516 108682 111942 115301 OTHER BASIS ADJUST ACB AT SALE 1314744 1285823 1256989 1228244 1199591 1171033 1142573 CAPITAL GAIN -27244 40302 108920 178642 249502 321532 394769 REAL GAIN -59063 -23334 13466 51370 90411 130623 172042 TAX RATE 15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00 RECOVERY RATE 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 TAX -905 12409 25883 39524 53334 67321 81488 REVERSION CALCULATION B-TAX SALES PROCEEDS 319876 359999 401701 445076 490220 537242 586258 TAX 905 -12409 -25883 -39524 -53334 -67321 -81488 AFTER TAX EQ REVERSION 320781 347590 375818 405552 436886 469921 504770 FIGURE 4-7 Sale computations for sample project. THE NET PRESENT VALUE In order to determine net present value we need a function Equation 4-1 that iterates each annual cash flow cfn takes the present value of each at the investor s required rate of return r sums these present values adds the total to the present value of the after-tax equity reversion ert and subtracts the initial investment dp . t npv 2 n 1 cfn 1 r n ert 1 r t dp 4-1 Figure 4-8 displays the results of Equation 4-1 for the sample project. We certainly went to a lot of trouble only to learn that the property has a negative net present .