PRINSIP, PROSEDUR DAN APLIKASI

Dr. Budi Harjanto, Adv.DEM,MSi

 FILOSOPHI PENDEKATAN
PENDAPATAN
 “…one basic investment premise is that the higher the
earnings, the higher the value..”
 Nilai suatu properti adalah tergantung dari besarnya
pendapatan ekonomis yang bisa dihasilkan oleh properti
tersebut dari waktu ke waktu hingga umur
ekonomis/umur pemanfaatannya habis
 The income capitalization approach is tipically used in
market value appraisals of income-producing property.
V=f ( ,
)
Artinya :
Besar kecilnya nilai ditentukan oleh seberapa besar aliran pendapatan
Yang dapat dihasilkan dan jangka waktu pendapatan tersebut dapat
Diterima.
 Components of Real Property Right
Ownership Entity

Corporate Partnership
Individual
Shareholders Interest

Financial Interest

Debt
Equity
(Mortgage)

Legal Estate

Fee Simple

Leased Fee Leasehold

 0 1 2 3
X PV n
X PV 3
Property X PV
Value X PV

Nilai Properti dirumuskan :

NOI1 NOI 2 NOI 3 NOI n

NP     ....... 
(1  r )1 (1  r ) 2 (1  r ) 3 (1  r ) n
n
NOI n
NP  
1 (1  r ) n
Formulasi Pendekatan Kapitalisasi Pendapatan

1
1
(1  i) n
YPatau( P / A, i, n) 
i

1
1
1  NKatauPV (1  i) n
YP  
i i

Jika n=~
1
1
(1  i) ~ 1  0 1
YPinPerp   
i i i
PROSEDUR PERHITUNGAN NILAI
Potential gross income
Scheduled rent $XXXX
Escalation income $XXXX
Market rent $XXXX
Other income $XXXX
Total potential Gross Income $XXXX
Vacancy and collection loss ($XXXX)
Effective Gross Income $XXXX
Operating expences
Fixed $XXXX
Variable $XXXX
Replacement allowance $XXXX
Total operating expenses ($XXXX)
Net Operating Income $XXXX
Total mortgage debt service ($XXXX)
Pre-Tax cash flow $XXXX

Catatan:
Market rent is rent attributed to vacan and owner occupied space
 POTENTIAL GROSS INCOME

 Potential Gross Income is the total income attributable to

a real property at 100% occupancy before operating
expenses are deducted

 PGI = jumlah unit x sewa/unit atau

 PGI = NLA x sewa/m2
 NLA = Net Rentable Area
 NLA = GLA – Public/Service Area
VACANCY RATE & COLLECTION LOSS

Vacancy Rate, disebabkan oleh :

1. Proses pergantian penyewa
2. Proses pemeliharaan bangunan
3. Tidak terkonsumsi oleh pasar

Collection Loss, disebabkan oleh :

Terkonsumsi, tetapi tidak tertagihnya
Sewa.
EFFECTIVE GROSS INCOME
Effective Gross Income (EGI) is the anticipated
income from all operations of the real property
after allowance for vacancy and collection losses

EGI = (PGI-(VR+CL) + OI)

di mana :
VR = Vacancy Rate
CL = Collection Loss
OI = Pendapatan lain-lain
 OPERATIONAL EXPENSES/
OUTGOINGS
 Operational Expenses atau
Outgoing, adalah total pengeluaran
yang diperlukan dalam operasional
properti untuk dapat menghasilkan
aliran pendapatan
 Operational Expenses ini meliputi :
1. Biaya Pengelolaan
2. Biaya perawatan/pemeliharaan
bangunan
3. Biaya pajak atas properti
4. Biaya asuransi
 NET OPERATING INCOME
• Net Operating Income (NOI) is the anticipated net
income remaining after all operating expenses are
deducted from effective gross income but before
mortgage debt service and book depreciation deducted.

• NOI = ((PGI-(VR+CL)+OI) – Outgoings)

 TINGKAT KAPITALISASI
(CAPITALIZATION RATE)
THE REAL ESTATE INSTITUTE OF AUSTRALIA
Capitalisation Rate is the interest rate at which an annual
income is capitalised.
Capitalisation is:
The process of estimating the yearly revenue in terms of the amount
of capital it would be necessary to invest in order to receive that
revenue,calculated at given rate of interest.

Method of arriving at the value of property by reference to net

returns and an expected percentage yield.
 TINGKAT KAPITALISASI
(CAPITALIZATION RATE)
INTERNATIONAL ASSOCIATION OF ASSESSING
OFFICERS
Capitalization Rate is
any rate used to convert an estimate of future income to an estimate of
market value.

The ratio of net operating income (NOI) to market value.

Capitalization is the conversion of expected income and rate of return into

an estimated present value in the Income Approach to value.
 TINGKAT KAPITALISASI
(CAPITALIZATION RATE)

AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS

Direct Capitalization is
a method used to convert a single year’s income
estimate into a value indication in the income
capitalization approach
 TINGKAT KAPITALISASI
(CAPITALIZATION RATE)
CHARLES B. AKERSON (APPRAISAL
INSTITUTE)
Capitalization rate is any rate used to convert income
into value (e.g. Overall capitalization rate, land
capitalization rate, etc).

Capitalization is
the conversion of expected future benefits into a capital
sum;
The discounting of future incomes into present value.
PENDEKATAN PENILAIAN

 TRADITIONAL APPROACH, di mana

diasumsikan bahwa gambaran
pendapatan, biaya operasional, dll pada
tahun penilaian sama dengan gambaran
tahun-tahun berikutnya
 DISCOUNTED CASH FLOW , di mana
diasumsikan bahwa gambaran
pendapatan, biaya operasinal , dll, adalah
bervariasi atau berbeda-beda dari tahun ke
tahun
Pendekatan Tradisional

NOI
Ro 
MV
i n

R i
ˆ 
R i 1
o
n

dalam hal ini :

Ro = tingkat kapitalisasi
NOI = pendapatan bersih operasional
MV = nilai pasar wajar
n = jumlah properti pembanding
Pendekatan DCF

NOI1 NOI 2 NOI 3 NOI n

NP     ....... 
(1  r )1 (1  r ) 2 (1  r ) 3 (1  r ) n
n
NOI n
NP  
1 (1  r ) n

dalam hal ini :

NP = nilai properti
NOI = pendapatan operasional bersih
r = faktor diskon
ILUSTRASI PENDEKATAN TRADITIONAL APPROACH
ILUSTRASI PENDEKATAN DCF APPROACH
ILUSTRASI PENDEKATAN DCF APPROACH
 Pendekatan DCF
(untuk periode terbatas)
1
1
(1  r ) n
YP 
r
NOI1 xYP NOI 2 xYP NOI 3 xYP NOI 4 xYP NOI n xYP
NP      ...... 
(1  r ) 0. (1  r )t (1  r ) 2t (1  r )3t (1  r ) ( n1)t

YP = years purchase (faktor pengali untuk tiap periode);

NP = nilai properti;
NOI = pendapatan operasional bersih per tahun;
r = faktor pendiskon
n = jumlah periode
t = jumlah tahun dalam periode
DCF Gordon Model

Jika I= I1=I2=I3=…= In dan n=~ ; maka

V= Property’s Value
I = Annual Income
r = return
g = growth
 PENERAPAN METODE
 PENDEKATAN PENGKAPITALISASIAN
PENDAPATAN BERSIH HANYA
SESUAI UNTUK DITERAPKAN BAGI

INCOME PRODUCING PROPERTIES