The Valuation of Apartment Properties

by Mills, Arlen C.; Reynolds, Anthony

• ISBN13: 9780922154548
• ISBN10: 0922154546
• Format: Paperback
• Copyright: 1999-01-01
• Publisher: Appraisal Inst

Table of Contents

Foreword	p. vii
Introduction	p. 1
Definitions	p. 1
Systems of Classification	p. 2
Scope	p. 6
Market Analysis	p. 9
Purpose and Level of Market Analysis	p. 9
Six-Step Process	p. 10
Trends and Prospects	p. 12
Application	p. 13
Site and Property Analysis	p. 23
Objectives of Site and Property Inspection	p. 23
Site Analysis	p. 24
Property Analysis	p. 30
Special Considerations	p. 35
Income Capitalization Approach	p. 39
Introduction	p. 39
Estimating and Analyzing Income	p. 41
Analyzing Expenses	p. 45
Direct Capitalization	p. 47
Discounted Cash Flow Analysis	p. 51
DCF Application	p. 52
Sales Comparison Approach	p. 57
Introduction	p. 57
Overview of the Procedure	p. 58
Data Selection	p. 58
Data Sources	p. 60
Elements of Comparison	p. 62
Organizing the Data	p. 66
Units of Comparison	p. 67
The Adjustment Process	p. 70
Application	p. 71
Cost Approach	p. 77
Introduction	p. 77
Overview of the Procedure	p. 79
Site Valuation	p. 80
Development Cost Estimates	p. 85
Estimating Depreciation	p. 90
Application	p. 97
Reconciling, Reporting, and Reviewing	p. 99
Reconciling	p. 99
Reporting	p. 105
Reviewing	p. 112
Summary and Conclusion	p. 116
Bibliography	p. 119
Textbooks and Monographs	p. 119
Data Sources	p. 120
Articles	p. 120
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