Estimating the Value of Apartment Buildings
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 number of units and decline with project age. But the marginal effect of project aging is small.
Volume (Year): 25 (2003)
Issue (Month): 1 ()
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