Estimating the Value of Apartment Buildings

Topics:
Market Studies
Tags:
Business Operations,
California State University,
Productivity,
Research & Development,
Value
Source:
California State University, Fullerton - College of Business and Economics

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Overview: This article applies hedonic modeling techniques to estimate the value of a sample of apartment properties sold in the greater Portland, Oregon area. An equation for value as a function of location, amenities and capitalization rate is derived. This model explains about 95% of the variation in apartment property prices. Property values decline with increasing distance from the city center. Moreover, values are shown to rise less than proportionally to increases in project size and numbers of units and decline with project age, but the marginal effect of project aging is small.

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Format: PDF | Size: 97KB | Date: Jan 2003 | Pages: 10

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