考虑投资多户型? 从这里开始.

总体而言，2021年是NAI 俄亥俄州 Equities表现强劲的一年. 12月份的交易包括几笔土地交易和办公室租赁. One of our largest 交易 for the month was the sale of Huntwork Gardens, 位于Pickerington的多户投资组合, 俄亥俄州, 由24个单元组成.

Huntwork Gardens presented investors with a well-maintained asset that offered both short and long-term paths for return on 投资. The 100% occupied property had current rents well below the submarket average which created an opportunity for investors to capitalize on the rent delta. The condition and location of the property not only attracted tenants but also offered the opportunity for long-term gains as the asset’s value grows.

Multifamily properties in the Columbus MSA have been one of the most sought-after asset classes this past year, 由于创纪录的住房需求. Strong economic and demographic trends are supporting these figures. Columbus is at the top of the list for Midwest Metropolitan Areas and one of the fastest-growing cities in the nation with its population increasing 15% since 2010, explained 史蒂芬斯卡特 who represented the seller and specializes in 投资 properties at NAI 俄亥俄州 Equities.

“这是一种人们比较熟悉的资产类别. 大多数人在人生的某个阶段都租过公寓. 说到投资, 人们往往会被他们觉得舒服的东西所吸引,斯蒂芬斯说。, 这也使得它对首次投资者具有吸引力.

For those who are considering embarking on purchasing their first 多户家庭的 property, Stephens对如何开始有一些建议.

首先，评估一下你的投资目标是什么. 例如, some investors are looking to generate income while others are looking for capital appreciation on the asset itself and others want both. Defining your goals allows your broker to help you develop a strategy to achieve those goals, 他解释说.

In addition, consider how you will purchase the asset and how the capital stack will be composed. 谁提供股权，谁需要债务? 如果需要债务, 投资房地产有多种途径可以获得这笔资金, 然而, 根据债务类型的不同，资格门槛可能会很高. 为亨特花园, one loan program mandated that qualified applicants must have a net worth equal to the loan amount, 9个月的偿债款项有流动性吗, and demonstrate that they have owned and managed properties in the submarket of the desired property. This can cause issues for newer investors who might have the capital required, 但不是经验, 史蒂芬斯说.

Once you have determined the what and the how it’s time to start your search. As you begin to look at properties, your broker will conduct what is known as a 经纪人价值意见. 另外, there are some key metrics that will help you evaluate the financial viability of your potential 投资.

开始, investors should underwrite the property to get an understanding of the in-place net operating income (NOI). 从那里, an investor can begin to analyze the current operational efficiency and where the upside on the 投资 lies, 如果有任何. 然后他们会考虑资本支出, 特别是主要的资本支出, 确定已经做了什么和还需要做什么. Unexpected capital expenditures can have a significant impact on future cash flow and overall return metrics during the life cycle of your hold period. 

Occupancy is another indicator of a property’s 投资 viability. Not only is occupancy important in terms of repayment of the debt and how lenders evaluate their risk, 但这也反映了房产的维护状况. Stephens说，稳定的投资将有+-95%的入住率.

Whether or not there is an opportunity to bring “in-place rents” to “market rents”, 也被称为租金增量, 还有其他指标可以发挥作用吗, 这取决于你的投资目标. Investors that are looking to maximize the monthly return will want to examine this metric closely and do a deep dive into the monthly rents their competitors are charging in the submarket. “Bringing rents in line with the market is a balancing act that should be performed with caution so that you maximize your rental rates while maintaining low vacancy,他解释道.

最后, 在财务分析方面, Stephens says there are three key metrics sophisticated investors will examine. 资本化率, 也称为封顶率, provides a snapshot comparison of a 商业地产 asset’s return by taking the property’s NOI and dividing it by the current market value or sales price. “A cap rate is a good indicator of the yield an 投资 will provide. This allows investors to quickly compare Property A against Property B. 然而, this metric does not take into account debt service so it certainly has its shortcomings if an investor plans to assume debt on the capital stack,斯蒂芬斯说。.

Cash-on-cash return is used to measure the amount of pretax cash flow an investor will receive relative to the amount of cash they invested in the property. This return metric includes debt service and provides an investor a better understanding of the yield they will receive on the money they actually put into a real estate deal, 史蒂芬斯说.

The internal rate of return (IRR) takes into account all future cash flows associated with the 投资 and discounts that to a present value, 哪些有助于获得潜在投资的盈利能力.

“This calculation is valuable if an investor is trying to compare asset classes. It is the standard to evaluate 投资s on an apples-to-apples comparison. 通过计算未来的现金流并将其折现, 投资者可以用今天的美元来看房,他补充道.

For a complete list of all of December’s sold or leased properties, 请下载我们的月度交易表.