Introduction to Commercial Real Estate Valuation

Welcome to the Course!

Before you begin...

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Section 1 Materials

Appraisals and REITs

Definitions of Value

Pro Forma Basics and the Connection to Valuation

Section 2 Materials

Highest-and-Best Use (Part I)

Highest-and-Best Use (Part II)

Section 3 Materials

The Income Approach

Direct Capitalization Method

Market Extraction Method

Comparables Method

Band of Investment Method

Built-Up Method

Limitations of Direct Capitalization

Section 4 Materials

Discount Rate

NPV, IRR, and the Discount Rate

Discounted Cash Flow (DCF)

Terminal Capitalization Rate

The Relationship Between Discount Rate and Cap Rates

GIM, Cost Approach, and Sales Comparison Approach Materials

Gross Income Multiplier

Limitations of the GIM Technique

Cost Approach

Cost Approach in Excel

Sales Comparison Approach

Sales Comparison Approach in Excel

Cost vs. Sales Comparison Approach

Up Next: Test Your Knowledge

Introduction to Commercial Real Estate Valuation Quiz

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Next Steps