Calculadora de Cap Rate Comercial — Formula

Commercial Cap Rate Analysis

The cap rate is the primary valuation metric for commercial real estate. It represents the unlevered yield an investor receives based on the property's income production.

Formula

Cap Rate = Net Operating Income / Property Value x 100

Implied Value = NOI / Cap Rate

Cap Rate Ranges by Property Type

  • Class A Office: 5-7%
  • Retail (NNN): 5-7%
  • Industrial/Warehouse: 5-8%
  • Multifamily (Class A): 4-6%
  • Multifamily (Class C): 6-9%
  • Self-Storage: 5-8%

    • Cap Rate Compression

    When cap rates compress (decrease), property values increase for the same NOI. This happened broadly from 2010-2022 due to low interest rates. Rising interest rates generally cause cap rates to expand.

    Exemplo Resolvido

    A commercial property with $120,000 NOI listed at $1,500,000, compared against a 7% target cap rate.

    1. Current cap rate: $120,000 / $1,500,000 = 8.00%
    2. Implied value at 7% cap: $120,000 / 0.07 = $1,714,286
    3. Value difference: $1,714,286 - $1,500,000 = $214,286
    4. Price per $1 of NOI: $1,500,000 / $120,000 = $12.50
    5. NOI needed for 7% cap at current price: $1,500,000 x 7% = $105,000