Capitalization Rate (Cap Rate) Calculator
Estimate a property's cap rate and implied value from net operating income and market value.
輸入資料
計算結果
重點速覽：Cap rate = net operating income (NOI) / property value x 100%; implied value = NOI / cap rate. It is a quick way to compare the unleveraged rental yield across properties. Example: annual rent HK$240,000 minus fees HK$40,000 = NOI HK$200,000; on a HK$8,000,000 property, cap rate = 200,000 / 8,000,000 = 2.50%. WARNING: It uses a single year's NOI and ignores financing, taxes, vacancies and rent growth; it is a snapshot, not a full return measure.
計算公式
資本化率 = 年度淨營業收入 (NOI) ÷ 物業價值 × 100%。
淨營業收入 = 租金總收入 − 營運開支 (不扣按揭本息與稅項)。
反推估值：物業價值 = 淨營業收入 ÷ 資本化率。
$$\text{Cap Rate} = \dfrac{\text{NOI}}{\text{Property Value}} \times 100\%$$$$\text{NOI} = \text{Gross Rental Income} - \text{Operating Expenses}$$$$\text{Property Value} = \dfrac{\text{NOI}}{\text{Cap Rate}}$$使用說明
- Enter the property's annual net operating income (rent minus operating costs, excluding mortgage interest).
- Enter the property value, or enter a target cap rate to derive the implied value.
- View the cap rate and the implied value for comparison.
以年度淨營業收入 (NOI) 固定為 HK$60,000 為例，不同物業價值對應的資本化率。價格愈高、資本化率愈低。
| 年度淨營業收入 (NOI) | 物業價值 | 資本化率 |
|---|---|---|
| HK$60,000 | HK$1,500,000 | 4.00% |
| HK$60,000 | HK$1,000,000 | 6.00% |
| HK$60,000 | HK$750,000 | 8.00% |
| HK$60,000 | HK$600,000 | 10.00% |
理財情境案例
Case 1: Cap rate of a small Hong Kong rental flat
Annual rent HK$240,000, management and rates HK$40,000, so NOI = HK$200,000. Property value HK$8,000,000.
Cap rate = 200,000 / 8,000,000 x 100% = 2.50%. This is a typical low Hong Kong residential yield — useful for comparing with other districts or with bond/dividend yields, but not a measure of leveraged return.
Case 2: Implied value from a target cap rate
An investor targets a 4% cap rate and a property's NOI is HK$400,000.
Implied value = 400,000 / 4% = HK$10,000,000. If the market asks HK$12,000,000, the market cap rate is only 3.33%, so the price is 'rich' relative to the investor's target — a quick way to screen deals.
常見問題
What is a cap rate?
The cap rate is the annual net operating income divided by the property value, expressed as a percentage. It shows the unleveraged rental return and lets you compare different properties on a like-for-like basis.
Why are Hong Kong cap rates so low?
Hong Kong residential cap rates are often around 2-3%, reflecting high property prices relative to rents. A 'cheap' price may still yield a thin rental return, so cap rate alone should not drive a purchase decision.
Does cap rate include my mortgage?
No. Cap rate uses NOI before financing, so it ignores your mortgage and leverage. To see the return on your actual cash invested, use a cash-on-cash or rental yield calculator that accounts for borrowing.
相關工具
參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。