20 17 case analysis of real estate appraisers: gas station valuation
(A) the general characteristics of gas station real estate appraisal
The location of 1. is extremely important and distributed discretely.
As a kind of commercial real estate, gas stations generally have little difference in building quality, materials, technology, equipment and facilities, and have little impact on their operating income. The operating income of a gas station mainly depends on the street conditions and traffic volume where it is located, and the import and export status of its vehicles also affects its operating efficiency. Therefore, two gas stations located in the same area, with the same scale, the same equipment conditions and the same price level may have different operating income due to different road conditions and different traffic flows. It can be said that the price of gas station real estate mainly depends on location, and the land price determined by location conditions is the main component of gas station real estate price. In addition, unlike other commercial real estate, which is often distributed along the street or gathered in pieces, there is generally a certain distance between gas stations and the location distribution is discrete. Because there are many factors that lead to the advantages and disadvantages of gas station location conditions, the comparability between gas stations is relatively poor.
2. There are significant differences in business personality.
Gas station can be said to be a relatively simple industry to make money. However, there are still many differences in the management methods and modes adopted by gas station operators, which are directly manifested in the differences in operating income and cost. According to the data measured in the actual evaluation, the operating income of different gas stations is obviously different, and the operating expenses are quite different. Some gas stations with low income levels do not match their location conditions. Therefore, it is difficult to meet the requirements of real estate valuation principles by simply adopting the income method based on the actual financial statements of individual gas stations, and the valuation results are difficult to reflect the actual value of gas station real estate.
3. There are excess profits brought by the franchise of refined oil products.
In the past, gas stations were strictly controlled by the government, and the operation of gas stations had a certain monopoly, with excess profits brought by refined oil franchise. China opened the retail market of refined oil products from June 65438+February 1 in 2005, and completely opened the domestic wholesale market of refined oil products from June 65438+February 1 in 2006. The excess profits brought by the franchise of refined oil products have been reduced.
Therefore, when using the income method to evaluate the real estate price of gas stations, it is necessary to consider whether there is excess profit brought by refined oil franchise in the operation of regional gas stations according to the actual situation, and if there is, it should be deducted when calculating the net income.
At present, there are few examples of gas station market transactions, and it is generally difficult to evaluate gas stations by market method. As the gas station is a commercial real estate with continuous income during its operation, the income method is generally used for valuation, and the cost method can also be used as an auxiliary method for valuation. [Case 2-9]
Report on the evaluation results of 87 underground parking spaces in the first road. Xxxx Road, Pudong New Area, Shanghai (excerpt)
I. Customers (omitted)
Two. Evaluation organization (omitted)
Three. Appraisal object
1. Ownership status of the appraised object
According to the Certificate of Shanghai Real Estate Ownership [H.F.D.P.Zi (2000)No. ××] and the Survey Report on Housing and Land Ownership (Shanghai Pudong New Area Real Estate Surveying and Mapping Center No.2000-J×××) provided by the entrusting party, the owner of the basement. The Company A is located in ×× Road × Lane, Pudong New Area, with a total construction area of 32,000.
2. Location and surrounding conditions of the appraised object
The appraisal object is located on the first floor. ×××× Road ××× Lane, Pudong New Area, Shanghai, and location of Pudong New Area ×; × town× village× mountain. The Xx Garden where the appraised object is located is adjacent to XX Road in the east, XX Road in the south, XX Road in the west and XX Road in the north.
3. The building condition of the appraised object
The appraisal object is located in the basement of Building 1. Xxx Road, Pudong New Area, with a concrete structure, was completed in 2004, with a total construction area of 3,209.360m2, including 3,045m2 underground garage (with 87 parking spaces), 27.09m2 underground ring network room, 27.70 m2 underground substation (1) and 27.70m2 underground substation. The appraisal scope covers 87 parking spaces on the first floor. Xxxx Road, Pudong New Area, with a building area of 3045m2.
4. Living environment and traffic conditions
Living environment: the appraised object is located in "XX Garden". "XX Garden" is invested and developed by Company A, covering an area of 200,000 square meters, with a planned construction area of 400,000 square meters. The community has developed in six stages. As of the appraisal date, the first to third phases have been moved in, and the fourth and fifth phases have been delivered. "XX Garden" is an excellent four-high experimental community in Shanghai. He was awarded the comprehensive gold medal in the first China Excellent Environmental Design Competition and the best residential room type award in Shanghai. There is a well-equipped garage under the residential area, and the ratio of the number of residential units to the number of cars is 3: 1. The leisure area, game area and fitness area of the ground central garden are arranged in an orderly manner, and nearly 60% of the greening rate and the circuitous streams form a patchwork park landscape.
There are "Rosen", "2 1", "Meilin Zhengguanghe" convenience stores, Dingding fresh supermarket, Minsheng Bank, Agricultural Bank's 24-hour self-service business department, as well as community leisure business services and kindergartens. The surrounding "Xinduhui", "Metro", "B&Q", Tomson Golf Course, Century Park and Shanghai New International Expo Center provide convenience and comfort for living here. But the community is far from schools and hospitals.