An investor wants to purchase a small offi

问题单项选择题

An investor wants to purchase a small office building and gets the following information:

Gross potential rental income	$250000
Estimated vacancy and collection loss rate	5%
Insurance	$10000
Taxes	$8000
Utilities	$7000
Maintenance	$15000

Assume the investor purchases the building for $1850000, putting down 20% cash and financing the remainder with a long-term mortgage at a rate of 10%. The annual payments on the mortgage are $156997, and the interest portion is fully deductible for income tax purposes. The investor's marginal income tax rate is 28%. Depreciation per year, using the straight-line method, is estimated to be $45000 per year. The after-tax cash flow for the first year is closest to:（）

A. $197500

B. $3924,3

C. $38991

答案

参考答案：B

解析：

经营性的净利润(NOI)=$250000-$250000×5%-$10000-$8000-$7000$15000=$197500；

净收益(net income)=(NOI-interest expense-depreciation)×(1-tax rate)=($197500-$1850000×0.8×0.10-$45000)×(1-0.28)=$3240；

第一年的税后现金流=netincome+depreciation-(annualpayments-interestexpense)=$3240+$45000-($156997-$1850000×0.8×0.10)=$39243。