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Paul hi, yes there are a few guidelines on this.
For a freehold going concern, the value would be based around the net profit adjusted for ‘add-backs’, known as the E.B.I.T.D.A. Brokers will tell you that the expected yield should be between 12-17%. The reality is that in the cities that yield could be as low as 9% and most country motels sell for about 12%. You expect the adjusted net profit to be about 65% turnover. Thus a turnover of say $250,000 has an EBITDA of say $165,000 and at 12% yield gives a value of about $1,375,000.
Leasehold works the same way, except that the expected yield would be between 25-35%. Most go for about 28%. Thus, using the same example as above, at a 28% yield, the value of the lease would be $590,000. This works where there is a 25-30 year lease in place, which is what the banks want to see. Thus the lease value reduces as the number of years decreases.
There are a few variables other than the profitability, such as location, condition of property and furnishings, demand etc.
In order to determine the rental for a leasehold business, we go back to the turnover figure. Rent would be between 21-25% of turnover. So, in our same example, say 23% of turnover would give us a rental of about $57,500 per annum.
So if you were an investor and bought a motel for $1,375,000. Then got back $590,000 from selling the lease, the rent of $57,500 would give you a gross return of 7.3%. Funny that! Brokers screw our values down by expecting a 12% + return, yet as an investor you would be happy with 7%! |
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