Ставка капіталізації США vs Україна (Cap Rate)

Ставка капіталізації (R) коефіцієнт, що застосовується для визначення вартості об’єкта виходячи з очікуваного доходу (NOI) від його використання за умови, що дохід передбачається незмінним протягом визначеного періоду в майбутньому. Ставка капіталізації характеризує норму доходу на інвестований капітал (власний та/або позиковий) і норму його повернення. (One of the methods: Capitalization rate (Cap Rate) is a formula used to estimate the potential return an investor will have on a real estate property. The formula calculates the ratio of the properties Net Operating Income (NOI) to property asset value. The NOI value is usually the actual NOI of the property over the period of one year. The amount used for the properties asset value is often the asking sales price for the property or the purchase price the investor is expecting to pay for the property.)

    \[  R=\frac{NOI}{V}\]

Для прикладу наведемо значення ставок капіталізації для різних типів нерухомості в найбільших містаз США. (Cap Rate for Different Property Types and Class Across Biggest Cities in the USA).

RankCityStateProperty ClassMultifamilyRetailShopping CenterIndustrialOfficeSpecialty
1New YorkNew YorkA2.522.712.595.481.723.32
1New YorkNew YorkB5.064.924.346.772.654.88
1New YorkNew YorkC6.75.17.436.815.216.41
2Los AngelesCaliforniaA2.623.362.273.163.162.9
2Los AngelesCaliforniaB5.755.135.444.55.014.54
2Los AngelesCaliforniaC7.318.056.585.836.596.83
3ChicagoIllinoisA4.314.655.894.44.124.5
3ChicagoIllinoisB6.085.677.195.935.566.62
3ChicagoIllinoisC9.076.138.416.327.319.47
4HoustonTexasA5.235.775.145.944.885.32
4HoustonTexasB7.266.146.637.938.196.86
4HoustonTexasC8.098.257.119.178.549.71
5PhoenixArizonaA5.375.286.625.426.325.57
5PhoenixArizonaB6.947.317.745.786.877.11
5PhoenixArizonaC8.18.028.327.77.937.43
6PhiladelphiaPennsylvaniaA4.833.676.165.863.746.01
6PhiladelphiaPennsylvaniaB6.345.146.56.025.517.3
6PhiladelphiaPennsylvaniaC7.518.257.037.757.048.15
7San AntonioTexasA6.516.466.796.246.346.2
7San AntonioTexasB7.027.958.187.397.386.71
7San AntonioTexasC9.358.448.628.068.158.37
8San DiegoCaliforniaA2.943.724.383.414.844.92
8San DiegoCaliforniaB3.664.465.894.915.685.67
8San DiegoCaliforniaC5.417.156.235.856.057.22
9DallasTexasA4.565.025.636.515.745.8
9DallasTexasB5.926.437.787.647.26.54
9DallasTexasC8.538.619.229.727.917.32
10San JoseCaliforniaA3.564.475.55.172.944.1
10San JoseCaliforniaB4.326.566.315.514.984.55
10San JoseCaliforniaC5.647.357.527.185.35.3
11AustinTexasA5.324.54.764.895.35.13
11AustinTexasB6.46.677.195.716.187
11AustinTexasC7.517.028.37.636.548.35
12JacksonvilleFloridaA6.055.165.636.376.977.16
12JacksonvilleFloridaB6.836.637.327.317.158.15
12JacksonvilleFloridaC8.417.928.18.427.468.28
13San FranciscoCaliforniaA2.52.682.832.012.412.96
13San FranciscoCaliforniaB3.143.753.553.923.583.33
13San FranciscoCaliforniaC5.234.835.124.34.955.29
14ColumbusOhioA5.884.154.427.25.947.14
14ColumbusOhioB7.546.26.938.356.158.42
14ColumbusOhioC9.417.188.199.147.568.87
15IndianapolisIndianaA7.24.315.126.136.837.5
15IndianapolisIndianaB8.685.526.537.488.39.32
15IndianapolisIndianaC10.329.719.559.329.5310.11
16Fort WorthTexasA6.655.017.165.636.757.63
16Fort WorthTexasB8.727.337.758.428.219.13
16Fort WorthTexasC9.059.139.29.928.310.27
17CharlotteNorth CarolinaA5.8356.425.193.987.15
17CharlotteNorth CarolinaB6.266.577.667.745.527.32
17CharlotteNorth CarolinaC7.828.979.488.168.369.42
18SeattleWashingtonA2.233.443.15.223.283.83
18SeattleWashingtonB3.514.935.266.54.44.97
18SeattleWashingtonC5.756.737.236.815.926.63
19DenverColoradoA4.743.945.25.534.046.19
19DenverColoradoB5.734.536.755.875.167.14
19DenverColoradoC8.18.197.998.485.638.5
20El PasoTexasA5.234.516.186.495.986.84
20El PasoTexasB6.16.557.438.127.728.17
20El PasoTexasC6.949.2410.038.339.159.67
21WashingtonDCA3.934.224.363.284.745.32
21WashingtonDCB5.95.025.394.255.826.23
21WashingtonDCC6.927.217.368.127.657.51
22BostonMassachusettsA2.22.722.513.113.663.24
22BostonMassachusettsB3.923.883.64.465.235.01
22BostonMassachusettsC5.054.95.285.376.416.92
23DetroitMichiganA6.966.347.747.426.77.13
23DetroitMichiganB8.67.358.5211.438.179.32
23DetroitMichiganC13.4512.4210.6414.2310.4217.43
24NashvilleTennesseeA6.324.845.516.935.996.83
24NashvilleTennesseeB7.285.526.747.878.327.26
24NashvilleTennesseeC7.898.288.110.459.628.55
25MemphisTennesseeA7.034.655.257.686.846.8
25MemphisTennesseeB10.636.926.789.758.959.51
25MemphisTennesseeC14.399.249.5412.0311.4213.77
26PortlandOregonA2.944.324.965.824.945.31
26PortlandOregonB3.65.425.956.675.966.02
26PortlandOregonC4.976.926.516.947.096.44
27Oklahoma CityOklahomaA75.86.226.744.725.97
27Oklahoma CityOklahomaB8.937.797.657.336.549.8
27Oklahoma CityOklahomaC11.739.788.869.129.7814.63
28Las VegasNevadaA4.963.264.386.553.855.31
28Las VegasNevadaB6.216.746.457.326.297.23
28Las VegasNevadaC7.410.499.297.467.6213.66
29LouisvilleKentuckyA5.695.856.825.946.126.63
29LouisvilleKentuckyB7.57.887.77.628.499.21
29LouisvilleKentuckyC8.1111.238.739.39.1310.36
30BaltimoreMarylandA7.265.016.576.757.166.44
30BaltimoreMarylandB8.927.437.137.787.89.19
30BaltimoreMarylandC10.49.948.258.99.5411.52
31MilwaukeeWisconsinA65.296.856.986.556.76
31MilwaukeeWisconsinB8.167.528.758.958.679.39
31MilwaukeeWisconsinC13.529.8511.0411.3211.214.1
32AlbuquerqueNew MexicoA5.114.965.557.015.336.08
32AlbuquerqueNew MexicoB8.956.586.287.599.599.42
32AlbuquerqueNew MexicoC10.567.789.3911.0510.4811.43
33TucsonArizonaA6.425.455.536.245.955.2
33TucsonArizonaB7.197.167.258.637.78.63
33TucsonArizonaC9.310.999.5710.5410.111.42
34FresnoCaliforniaA4.054.795.695.834.534.13
34FresnoCaliforniaB6.428.16.7576.768.52
34FresnoCaliforniaC8.113.987.867.888.179.1
35SacramentoCaliforniaA4.755.244.444.184.75.31
35SacramentoCaliforniaB6.026.455.986.25.698
35SacramentoCaliforniaC8.39.227.818.138.649.94
36MesaArizonaA6.225.535.16.326.476.05
36MesaArizonaB7.896.926.47.777.17.56
36MesaArizonaC9.137.497.579.588.428.14
37Kansas CityMissouriA6.145.555.597.746.447.32
37Kansas CityMissouriB8.136.936.728.717.159.21
37Kansas CityMissouriC10.329.759.369.039.2610.46
38AtlantaGeorgiaA5.585.735.856.214.136.71
38AtlantaGeorgiaB6.67.17.67.466.198.47
38AtlantaGeorgiaC8.748.498.218.757.5610
39Long BeachCaliforniaA2.993.983.565.415.253.5
39Long BeachCaliforniaB5.357.347.967.426.147.24
39Long BeachCaliforniaC6.219.8710.438.246.678.92
40Colorado SpringsColoradoA5.765.545.756.635.137.94
40Colorado SpringsColoradoB7.566.397.877.546.9310.55
40Colorado SpringsColoradoC9.459.059.348.18.5213.53
41RaleighNorth CarolinaA6.194.955.126.146.965.48
41RaleighNorth CarolinaB7.447.647.857.737.697.31
41RaleighNorth CarolinaC9.319.78.938.9210.759.66
42MiamiFloridaA2.593.323.515.13.52.58
42MiamiFloridaB4.995.366.26.495.135.2
42MiamiFloridaC7.647.2577.288.017.53
43Virginia BeachVirginiaA4.925.745.246.375.274.38
43Virginia BeachVirginiaB6.237.128.377.747.356.42
43Virginia BeachVirginiaC7.938.157.929.139.367.44
44OmahaNebraskaA5.195.656.277.816.846.23
44OmahaNebraskavi7.317.817.288.468.627.59
44OmahaNebraskaC8.859.139.458.9811.718.5
45OaklandCaliforniaA3.814.244.873.744.334
45OaklandCaliforniaB4.576.47.384.856.556.47
45OaklandCaliforniaC7.169.529.857.467.688.88
46MinneapolisMinnesotaA5.496.146.526.415.425.22
46MinneapolisMinnesotaB7.637.787.27.596.887.54
46MinneapolisMinnesotaC9.919.59.6811.479.310.83
47TulsaOklahomaA5.325.026.276.64.895.21
47TulsaOklahomaB8.479.358.129.146.237.95
47TulsaOklahomaC9.213.8611.4410.539.3911.62
48ArlingtonTexasA6.115.915.456.576.216.06
48ArlingtonTexasB8.167.878.367.647.687.45
48ArlingtonTexasC8.929.989.699.428.7711.3
49New OrleansLouisianaA5.515.125.417.16.15.31
49New OrleansLouisianaB7.496.747.067.967.148.08
49New OrleansLouisianaC10.888.998.258.037.929.97
50WichitaKansasA6.165.786.197.486.946.54
50WichitaKansasB7.536.927.649.498.2610.41
50WichitaKansasC9.6810.048.4712.249.3212.2
51ClevelandOhioA5.995.56.116.674.967.15
51ClevelandOhioB8.27.338.148.788.179.33
51ClevelandOhioC14.2712.4111.649.9411.6213.88
52TampaFloridaA4.254.865.235.234.145.96
52TampaFloridaB6.165.556.276.796.777.87
52TampaFloridaC9.459.198.427.88.0510.73
53BakersfieldCaliforniaA4.573.974.25.444.356.66
53BakersfieldCaliforniaB6.937.386.356.797.128.94
53BakersfieldCaliforniaC7.97.827.518.58.5612.85
54AuroraColoradoA5.384.895.145.165.64.95
54AuroraColoradoB6.817.516.787.866.757.5
54AuroraColoradoC8.528.747.938.648.038.13
55HonoluluHawaiiA4.044.875.384.84.733.85
55HonoluluHawaiiB5.556.77.446.216.347.14
55HonoluluHawaiiC7.328.328.168.577.918.28
56AnaheimCaliforniaA3.54.874.925.743.834.55
56AnaheimCaliforniaB4.726.196.776.985.95.92
56AnaheimCaliforniaC6.147.647.837.457.117.86
57Santa AnaCaliforniaA4.133.954.2854.635.21
57Santa AnaCaliforniaB6.245.986.146.166.216.26
57Santa AnaCaliforniaC6.757.227.986.927.757.99
58Corpus ChristiTexasA5.924.755.147.156.97.42
58Corpus ChristiTexasB7.316.897.18.827.637.95
58Corpus ChristiTexasC8.38.678.559.4210.319.35
59RiversideCaliforniaA4.793.794.445.174.863.92
59RiversideCaliforniaB6.166.326.926.855.975.36
59RiversideCaliforniaC7.647.077.17.357.167.62
60LexingtonKentuckyA7.197.047.347.136.576.92
60LexingtonKentuckyB8.338.098.257.767.257.21
60LexingtonKentuckyC9.479.348.998.058.589.12
61St, LouisMissouriA4.975.126.566.156.16.31
61St, LouisMissouriB7.738.988.447.988.688.42
61St, LouisMissouriC13.2913.811.9210.4111.0712.43
62StocktonCaliforniaA3.846.316.554.914.015.41
62StocktonCaliforniaB5.077.937.196.836.987.04
62StocktonCaliforniaC8.848.198.238.428.819.11
63PittsburghPennsylvaniaA6.95.556.216.246.147.43
63PittsburghPennsylvaniaB6.457.727.627.928.428.21
63PittsburghPennsylvaniaC10.3210.168.239.3210.3211.03
64Saint PaulMinnesotaA4.926.216.426.145.925.21
64Saint PaulMinnesotaB7.417.427.37.46.487.81
64Saint PaulMinnesotaC8.848.328.918.317.579.52
65CincinnatiOhioA7.655.836.547.15.857.07
65CincinnatiOhioB9.217.318.298.467.899.52
65CincinnatiOhioC12.499.279.4210.4110.4213.22
66AnchorageAlaskaA6.637.256.87.137.187.52
66AnchorageAlaskaB78.427.917.78.427.72
66AnchorageAlaskaC8.219.899.589.449.218.79
67HendersonNevadaA5.575.25.136.25.226.2
67HendersonNevadaB7.196.976.67.337.837.51
67HendersonNevadaC8.17.857.498.428.749.34
68GreensboroNorth CarolinaA6.475.395.226.736.886.7
68GreensboroNorth CarolinaB9.418.267.378.067.728.02
68GreensboroNorth CarolinaC12.059.848.359.18.239.59
69PlanoTexasA5.925.765.116.716.694.9
69PlanoTexasB7.17.86.788.237.47.26
69PlanoTexasC8.948.939.19.398.8510.01
70NewarkNew JerseyA4.755.415.96.55.36.03
70NewarkNew JerseyB7.128.937.677.046.698.95
70NewarkNew JerseyC9.510.3711.449.857.7211.13
71LincolnNebraskaA6.616.577.417.336.647.59
71LincolnNebraskaB8.138.248.688.616.958.8
71LincolnNebraskaC9.039.029.339.588.99.32
72ToledoOhioA7.125.97.528.197.957.36
72ToledoOhioB8.747.838.39.599.529.19
72ToledoOhioC11.96109.8511.0612.0311.45
73OrlandoFloridaA5.64.495.375.115.986.26
73OrlandoFloridaB7.027.047.957.246.887.98
73OrlandoFloridaC7.899.138.649.6310.079.25
74Chula VistaCaliforniaA4.385.896.114.714.885.95
74Chula VistaCaliforniaB5.696.357.095.925.916.97
74Chula VistaCaliforniaC6.197.177.226.957.267.41
75IrvineCaliforniaA4.764.354.45.294.314.92
75IrvineCaliforniaB6.155.65.896.046.896.58
75IrvineCaliforniaC6.837.577.457.147.527.44
76Fort WayneIndianaA6.25.755.736.195.826.89
76Fort WayneIndianaB7.297.938.18.428.538.24
76Fort WayneIndianaC9.3710.2210.6511.411.3610.48
77Jersey CityNew JerseyA3.095.14.94.884.013.55
77Jersey CityNew JerseyB6.217.576.456.516.537.21
77Jersey CityNew JerseyC7.258.148.327.597.948.01
78DurhamNorth CarolinaA7.095.65.857.036.335.83
78DurhamNorth CarolinaB8.047.497.198.327.17.14
78DurhamNorth CarolinaC8.958.149.299.159.428.23
79St, PetersburgFloridaA5.064.815.266.745.795.86
79St, PetersburgFloridaB6.856.867.137.156.997.32
79St, PetersburgFloridaC9.19.438.769.049.2510.61
80LaredoTexasA6.264.754.727.276.775.4
80LaredoTexasB8.578.238.618.57.397.39
80LaredoTexasC11.939.369.449.4810.4510.27
81BuffaloNew YorkA5.146.046.566.866.376.25
81BuffaloNew YorkB7.877.957.427.197.418.1
81BuffaloNew YorkC9.389.718.538.679.589.46
82MadisonWisconsinA7.066.416.247.527.126.83
82MadisonWisconsinB8.6588.618.668.358.22
82MadisonWisconsinC10.1710.6810.439.3510.311.15
83LubbockTexasA4.925.755.516.294.476.29
83LubbockTexasB9.147.8978.047.829.45
83LubbockTexasC11.089.648.539.669.1511.32
84ChandlerArizonaA4.885.896.795.985.056.37
84ChandlerArizonaB7.226.947.466.377.537.72
84ChandlerArizonaC9.438.568.987.948.769.1
85ScottsdaleArizonaA4.914.935.925.824.626.08
85ScottsdaleArizonaB7.146.257.876.046.567.22
85ScottsdaleArizonaC8.918.618.817.568.19.32
86GlendaleArizonaA4.695.255.436.195.124.42
86GlendaleArizonaB6.356.847.066.296.597.92
86GlendaleArizonaC7.217.78.327.548.389.21
87RenoNevadaA4.184.824.715.925.044.92
87RenoNevadaB6.995.326.326.356.657.22
87RenoNevadaC7.928.138.447.128.98.41
88NorfolkVirginiaA4.595.284.945.834.425.29
88NorfolkVirginiaB7.236.827.587.426.958.29
88NorfolkVirginiaC8.199.38.668.618.48.74
89Winston-SalemNorth CarolinaA6.165.826.017.145.215.85
89Winston-SalemNorth CarolinaB8.248.678.18.557.057.9
89Winston-SalemNorth CarolinaC9.29.3510.439.298.929.72
90North Las VegasNevadaA4.93.884.066.484.244.45
90North Las VegasNevadaB7.245.25.847.466.766.92
90North Las VegasNevadaC8.337.718.178.18.018.43
91IrvingTexasA5.184.875.26.255.526.32
91IrvingTexasB6.427.237.317.697.537.49
91IrvingTexasC8.179.18.548.888.518.49
92ChesapeakeVirginiaA5.134.914.925.644.685.55
92ChesapeakeVirginiaB6.377.567.497.47.457.2
92ChesapeakeVirginiaC9.188.428.59.578.588.97
93GilbertArizonaA5.344.774.646.315.296.28
93GilbertArizonaB6.826.246.387.496.047.25
93GilbertArizonaC9.58.759.158.098.478.43
94HialeahFloridaA3.145.054.925.214.023.52
94HialeahFloridaB4.616.687.146.936.246.13
94HialeahFloridaC7.988.57.488.077.857.69
95GarlandTexasA5.64.835.276.755.46.29
95GarlandTexasB6.9177.697.146.987.31
95GarlandTexasC8.738.478.559.778.049.1
96FremontCaliforniaA3.943.673.814.483.273.16
96FremontCaliforniaB5.285.266.16.025.816.26
96FremontCaliforniaC7.356.97.838.57.098.57
97Baton RougeLouisianaA6.154.814.537.356.835.54
97Baton RougeLouisianaB9.826.827.298.638.429.72
97Baton RougeLouisianaC13.5912.4911.4211.6110.5913.11
98RichmondVirginiaA5.175.024.864.464.25.38
98RichmondVirginiaB7.038.157.786.815.877.95
98RichmondVirginiaC9.6610.019.719.199.2110.33
99BoiseIdahoA4.845.0454.724.624.55
99BoiseIdahoB7.198.247.567.476.946.48
99BoiseIdahoC8.779.138.979.059.268.4
100San BernardinoCaliforniaA5.143.563.584.293.634.94
100San BernardinoCaliforniaB7.16.385.656.495.56.82
100San BernardinoCaliforniaC8.187.897.739.128.369.21

Class A as being properties with the highest quality, in the best location, or the newest conditions (recently renovated). Properties Class C are older properties, in less desirable locations, that can potentially require extensive renovation. Properties in Class B are between Class A and C, where the properties are not the newest, don’t have the highest quality, or are in as desirable locations compared to Class A properties.

Зведені дані дають пістави стверджувати про залежність величини ставки капіталізації від типу класу нерухомості.

Property ClassMultifamilyRetailShopping CenterIndustrialOfficeSpecialty
A5.255.465.35.7
B6.96.97.17.36.97.6
C8.88.88.78.88.69.6

Як бачимо ставка капіталізації для нерухомості класу A нижча від B і ще нижча від нерухомості класу С.

Як випливає з формули ставки капіталізації, що це відношення, то можна зробити припущення, що для України ставка капіталізації буде наближена до значень наведених вище з поправкою на розташування нерухомості в різних населених пунктах.

Джерело: https://www.reitnotes.com/cap-rate-by-real-estate-properties-in-US-cities/

 

6 thoughts on “Ставка капіталізації США vs Україна (Cap Rate)”

  • Аналогічна ситуація в Києві:
    Ставки капитализации, наблюдаемые с использованием метода «рыночной экстракции», находятся на следующих уровнях:
    Офисы Киев/ Центр/ Около центра/ Середина/ Периферия – 9.75%/7.00%/8.65%/9.81%/11.37%;
    Офисы (профессиональные): Киев/ Центр/ Около центра/ Середина/ Периферия – 10.77%/7.95%/9.67%/10.83%/12.31%;
    Торговые помещения*: Киев/ Центр/ Около центра/ Середина/ Периферия – 10.03%/7.05%/8.82%/10.10%/11.88%;
    Торговые помещения (профессиональные)*: Киев/ Центр/ Около центра/ Середина/ Периферия – 9.10%/6.47%/8.04%/9.16%/10.69%;
    за даними :samson.com.ua/news/42-obzor-rynka-nedvizhimosti-kieva-itogi-i-kvartala-2019-goda

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