Value Asset

Value Asset

Produce a property valuation with supportable range using multiple approaches.

Skills Invoked

• valuation-methods -- income approach (direct cap, DCF), sales comparison, reconciliation
• market-analysis -- market comp context, cap rate benchmarks

Required Inputs

• Stabilized NOI OR enough data to derive one (rent roll + T-12, or stated assumptions)

Optional Inputs

• Cap rate assumption or range
• Discount rate / target return
• Exit cap rate
• Hold period
• Comparable sales data

Reads from Manifest

• underwriting/proforma.xlsx -- stabilized NOI, cash flows (if /underwrite-asset was run)
• underwriting/assumptions.json -- hold period, growth rates

Writes to Manifest

• Directory: valuation/
• Files: valuation.xlsx, valuation-summary.md
• Key metrics: direct_cap_value, dcf_value, reconciled_value, value_per_sf, value_per_unit, implied_cap_rate

Workflow

Step 1: Establish NOI

Check manifest for prior underwriting output. If available, use stabilized NOI from pro forma. If not, ask user for NOI or inputs to derive it.

Step 2: Direct Capitalization

Invoke valuation-methods for direct cap approach. Requires NOI and cap rate. If no cap rate provided, invoke market-analysis to suggest a supportable range based on property type, location, and quality.

Step 3: DCF Valuation

Invoke valuation-methods for DCF approach. Requires projected cash flows, discount rate, exit cap, and hold period. Calculations performed by validated Python functions.

Step 4: Sales Comparison Cross-Check

If comp data is available (from manifest or user), derive implied value per SF/unit from comps and compare to income approach results.

Step 5: Reconcile

Present all approaches, weight them based on data quality, and produce a reconciled value range.

Step 6: Output

Fill valuation-methods/assets/valuation-template.xlsx with results. Write to deal context directory and update manifest.

QA Checklist

• Cap rate sourced or explicitly stated as assumption
• DCF discount rate justified
• Exit cap rate relationship to going-in cap rate explained
• Per-SF/per-unit cross-check performed
• Value range provided, not single point estimate
• All calculations via validated code

Escalation Notes

• If NOI is unavailable from any source, ask user -- do not estimate
• If cap rate data is unavailable, present a range based on property type norms and flag as unverified