{"id":32359,"date":"2024-07-09T10:35:49","date_gmt":"2024-07-09T01:35:49","guid":{"rendered":"https:\/\/t23m-navi.jp\/magazine\/?p=32359"},"modified":"2024-07-09T10:35:53","modified_gmt":"2024-07-09T01:35:53","slug":"fudosantoushi-seikou","status":"publish","type":"post","link":"https:\/\/t23m-navi.jp\/magazine\/investment\/fudosantoushi-seikou\/","title":{"rendered":"\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u6210\u529f\u3092\u5de6\u53f3\u3059\u308b\u91cd\u8981\u306a\u6307\u6a19\u5b8c\u5168\u30ac\u30a4\u30c9"},"content":{"rendered":"\n<p>\u4e0d\u52d5\u7523\u6295\u8cc7\u3092\u59cb\u3081\u308b\u969b\u306f\u3001\u7269\u4ef6\u306e\u53ce\u76ca\u6027\u3084\u6295\u8cc7\u52b9\u7387\u3092\u6b63\u3057\u304f\u5224\u65ad\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3068\u306f\u3044\u3048\u300c\u4f55\u3092\u57fa\u6e96\u306b\u6295\u8cc7\u3059\u308b\u7269\u4ef6\u3092\u9078\u3079\u3070\u3088\u3044\u304b\u308f\u304b\u3089\u306a\u3044\u300d\u3068\u60a9\u3080\u65b9\u306f\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p>\u305d\u3053\u3067\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u306e\u304c\u3001\u8868\u9762\u5229\u56de\u308a\u3084NOI\u3001FCR\u3001IRR\u306a\u3069\u306e\u6307\u6a19\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3051\u308b\u4ee3\u8868\u7684\u306a\u6307\u6a19\u306e\u7a2e\u985e\u3084\u8a08\u7b97\u65b9\u6cd5\u3001\u7b97\u51fa\u3059\u308b\u76ee\u7684\u306a\u3069\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3051\u308b\u91cd\u8981\u306a\u6307\u6a19\u4e00\u89a7<\/strong><\/h2>\n\n\n\n<p>\u4e0d\u52d5\u7523\u6295\u8cc7\u3067\u7528\u3044\u3089\u308c\u308b\u6307\u6a19\u306b\u306f\u3001\u3055\u307e\u3056\u307e\u306a\u7a2e\u985e\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4ee5\u4e0b\u306e\u8868\u306f\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3051\u308b\u6307\u6a19\u306e\u4e2d\u3067\u3082\u3001\u3068\u304f\u306b\u91cd\u8981\u306a\u3082\u306e\u3092\u307e\u3068\u3081\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes has-small-font-size\"><table class=\"has-background\" style=\"background-color:#ffffff\"><thead><tr><th><strong>\u6307\u6a19<\/strong><\/th><th data-has-cell-bg=\"1\" data-text-color=\"white\"><span data-icon-size=\"l\" data-icon-type=\"bg\" class=\"swl-cell-bg has-swl-main-background-color\" data-text-color=\"white\" aria-hidden=\"true\">\u00a0<\/span>\u8a08\u7b97\u65b9\u6cd5<\/th><\/tr><\/thead><tbody><tr><td>\u8868\u9762\u5229\u56de\u308a<\/td><td>\u5e74\u9593\u6e80\u5ba4\u60f3\u5b9a\u8cc3\u6599 \u00f7 \u7269\u4ef6\u4fa1\u683c\u00d7100<\/td><\/tr><tr><td>EGI\uff1a\u5b9f\u884c\u7dcf\u53ce\u5165<\/td><td>\u5e74\u9593\u5bb6\u8cc3\u53ce\u5165 \u2212 \u7a7a\u5ba4\u30fb\u6ede\u7d0d\u640d\u5931<\/td><\/tr><tr><td>NOI\uff1a\u7d14\u55b6\u696d\u5229\u76ca<\/td><td>EGI \u2212 \u904b\u7528\u4e2d\u306e\u8af8\u7d4c\u8cbb<\/td><\/tr><tr><td>FCR\uff1a\u7dcf\u53ce\u76ca\u7387\u30fb\u5b9f\u8cea\u5229\u56de\u308a\uff08%\uff09<\/td><td>NOI \u00f7 \u6295\u8cc7\u7dcf\u984d\u00d7100<\/td><\/tr><tr><td>CF\uff1a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/td><td>\u7a0e\u5f15\u524d\uff1aNOI \u2212 \u501f\u5165\u91d1\u8fd4\u6e08\u984d\u7a0e\u5f15\u5f8c\uff1a\u7a0e\u5f15\u524dCF \u2212 \u7a0e\u91d1<\/td><\/tr><tr><td>IRR<\/td><td><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXcpBpwz4qhbjmORsxhM9XxpftJ6X6wSdjDCcA-RTn0c89jtOATdJdVXs7TdPiJDIgQKEUFPoDJ1jkL-sbI7Pq0USGHBPVYDXV8v_ke3ywRHcDDEmqW18plglbgjHsDdZhUrdd5VozQ7LjlaoL-6DjJM69ft?key=TpvCmZhdatqIytvi8fF1JA\" width=\"342\" height=\"65\"><\/td><\/tr><tr><td>\u30ed\u30fc\u30f3\u5b9a\u6570K\uff08%\uff09<\/td><td>\u5143\u5229\u8fd4\u6e08\u984d \u00f7 \u501f\u5165\u7dcf\u984d\u00d7100<\/td><\/tr><tr><td>\u30a4\u30fc\u30eb\u30c9\u30ae\u30e3\u30c3\u30d7\uff08%\uff09<\/td><td>FCR \u2212 \u30ed\u30fc\u30f3\u5b9a\u6570K<\/td><\/tr><tr><td>DCR\uff1a\u501f\u5165\u91d1\u511f\u9084\u4f59\u88d5\u7387<\/td><td>NOI \u00f7 \u5e74\u9593\u5143\u5229\u8fd4\u6e08\u984d<\/td><\/tr><tr><td>ROI\uff1a\u6295\u8cc7\u5229\u76ca\u7387<\/td><td>\u7a0e\u5f15\u5f8cCF \u00f7\uff08\u81ea\u5df1\u8cc7\u672c\uff0b\u501f\u5165\u984d\uff09\u00d7 100<\/td><\/tr><tr><td>CCR\uff1a\u81ea\u5df1\u8cc7\u91d1\u914d\u5f53\u7387<\/td><td>\u7a0e\u5f15\u5f8cCF \u00f7 \u81ea\u5df1\u8cc7\u672c\u00d7100<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u4ee5\u964d\u3067\u306f\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3051\u308b\u91cd\u8981\u306a\u6307\u6a19\u306e\u8a08\u7b97\u65b9\u6cd5\u3084\u7b97\u51fa\u3059\u308b\u76ee\u7684\u306a\u3069\u3092\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e0d\u52d5\u7523\u6295\u8cc7\u3092\u884c\u3046\u3046\u3048\u3067\u6700\u4f4e\u9650\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u6307\u6a19<\/strong><\/h2>\n\n\n\n<p>\u4e0d\u52d5\u7523\u6295\u8cc7\u3092\u884c\u3046\u5834\u5408\u3001\u7269\u4ef6\u306e\u53ce\u76ca\u6027\u3084\u6295\u8cc7\u52b9\u7387\u3092\u5224\u65ad\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u4ee5\u4e0b\u306e\u6307\u6a19\u3092\u3088\u304f\u7406\u89e3\u3059\u308b\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"is-style-index has-swl-gray-background-color has-background wp-block-list\">\n<li>\u8868\u9762\u5229\u56de\u308a<\/li>\n\n\n\n<li>EGI\uff1a\u5b9f\u884c\u7dcf\u53ce\u5165<\/li>\n\n\n\n<li>NOI\uff1a\u7d14\u55b6\u696d\u5229\u76ca<\/li>\n\n\n\n<li>FCR\uff1a\u7dcf\u53ce\u76ca\u7387\u30fb\u5b9f\u8cea\u5229\u56de\u308a<\/li>\n\n\n\n<li>CF\uff1a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u7a0e\u5f15\u524d\u30fb\u7a0e\u5f15\u5f8c\uff09<\/li>\n<\/ul>\n\n\n\n<p>1\u3064\u305a\u3064\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u8868\u9762\u5229\u56de\u308a<\/strong><\/h3>\n\n\n\n<p>\u8868\u9762\u5229\u56de\u308a\u306f\u3001<strong>\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3051\u308b\u57fa\u672c\u7684\u306a\u6307\u6a19<\/strong>\u3067\u3042\u308a\u3001\u5e74\u9593\u306e\u5bb6\u8cc3\u53ce\u5165\u3092\u7269\u4ef6\u306e\u8cfc\u5165\u4fa1\u683c\u3067\u5272\u3063\u305f\u6570\u5024\u3067\u8868\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u30a4\u30f3\u30bf\u30fc\u30cd\u30c3\u30c8\u306e\u4e0d\u52d5\u7523\u30dd\u30fc\u30bf\u30eb\u30b5\u30a4\u30c8\u3084\u30c1\u30e9\u30b7\u306a\u3069\u306b\u63b2\u8f09\u3055\u308c\u3066\u3044\u308b\u306e\u306f\u3001\u8868\u9762\u5229\u56de\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u8868\u9762\u5229\u56de\u308a\u306e\u8a08\u7b97\u5f0f\u306f\u3001\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-big_icon_memo has-swl-pale-04-background-color has-background\"><strong>\u8868\u9762\u5229\u56de\u308a\uff08\uff05\uff09\uff1d\u5e74\u9593\u6e80\u5ba4\u60f3\u5b9a\u8cc3\u6599\u00f7\u7269\u4ef6\u4fa1\u683c\u00d7100<\/strong><\/p>\n\n\n\n<p>\u305f\u3068\u3048\u3070\u3001\u5e74\u9593\u6e80\u5ba4\u60f3\u5b9a\u8cc3\u6599\u304c600\u4e07\u5186\u3067\u3001\u7269\u4ef6\u4fa1\u683c\u304c1\u5104\u5186\u306e\u5834\u5408\u3001\u8868\u9762\u5229\u56de\u308a\u306f6\uff05\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u8868\u9762\u5229\u56de\u308a\u306f\u3001\u6295\u8cc7\u91d1\u984d\u306b\u5bfe\u3057\u3066\u898b\u8fbc\u307e\u308c\u308b\u53ce\u76ca\u3092\u7c21\u5358\u306b\u78ba\u8a8d\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u3001\u8868\u9762\u5229\u56de\u308a\u306e\u8a08\u7b97\u306b\u306f\u3001<strong><span class=\"swl-inline-color has-swl-deep-01-color\">\u7269\u4ef6\u306e\u53d6\u5f97\u6642\u306b\u304b\u304b\u308b\u521d\u671f\u8cbb\u7528\u3084\u904b\u55b6\u8cbb\u7528\u304c\u8003\u616e\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002<\/span><\/strong><\/p>\n\n\n\n<p>\u307e\u305f\u3001\u6e80\u5ba4\u6642\u306e\u5bb6\u8cc3\u53ce\u5165\u3092\u3082\u3068\u306b\u8a08\u7b97\u3059\u308b\u305f\u3081\u3001<strong><span class=\"swl-inline-color has-swl-deep-01-color\">\u7b97\u51fa\u3055\u308c\u305f\u5229\u56de\u308a\u306f\u7a7a\u5ba4\u3084\u5bb6\u8cc3\u6ede\u7d0d\u306e\u767a\u751f\u3082\u8003\u616e\u3055\u308c\u3066\u3044\u306a\u3044<\/span><\/strong>\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u305f\u3081\u3001<strong><span class=\"swl-marker mark_yellow\">\u6295\u8cc7\u3059\u308b\u7269\u4ef6\u3092\u8868\u9762\u5229\u56de\u308a\u306e\u307f\u3067\u9078\u3076\u306e\u3067\u306f\u306a\u304f\u3001\u4ed6\u306e\u6307\u6a19\u3082\u3088\u304f\u78ba\u8a8d\u3057\u3001\u53ce\u76ca\u6027\u3092\u614e\u91cd\u306b\u5224\u65ad\u3059\u308b\u3053\u3068\u304c\u91cd\u8981<\/span><\/strong>\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>EGI\uff1a\u5b9f\u884c\u7dcf\u53ce\u5165<\/strong><\/h3>\n\n\n\n<p>EGI\uff08\u5b9f\u884c\u7dcf\u53ce\u5165\uff09\u306f\u3001<strong>\u7a7a\u5ba4\u3084\u5bb6\u8cc3\u6ede\u7d0d\u306e\u767a\u751f\u3092\u60f3\u5b9a\u3057\u305f\u5bb6\u8cc3\u53ce\u5165<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p>1\u5e74\u9593\u3067\u5f97\u3089\u308c\u308b\u5bb6\u8cc3\u53ce\u5165\u304b\u3089\u3001\u60f3\u5b9a\u3055\u308c\u308b\u7a7a\u5ba4\u3084\u5bb6\u8cc3\u6ede\u7d0d\u306b\u3088\u308b\u640d\u5931\u3092\u5dee\u3057\u5f15\u3044\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u5b9f\u884c\u7dcf\u53ce\u5165\u306e\u8a08\u7b97\u5f0f\u306f\u3001\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-big_icon_memo has-swl-pale-04-background-color has-background\"><strong>EGI\uff1d\u5e74\u9593\u5bb6\u8cc3\u53ce\u5165\u2212\u7a7a\u5ba4\u30fb\u6ede\u7d0d\u306b\u3088\u308b\u640d\u5931<\/strong><\/p>\n\n\n\n<p>\u305f\u3068\u3048\u3070\u3001\u5e74\u9593\u5bb6\u8cc3\u53ce\u5165\u304c600\u4e07\u5186\u3001\u7a7a\u5ba4\u3084\u5bb6\u8cc3\u6ede\u7d0d\u306b\u3088\u308b\u640d\u5931\u304c60\u4e07\u5186\u3067\u3042\u308b\u5834\u5408\u3001EGI\u306f\u300c600\u4e07\u5186\uff0d60\u4e07\u5186\uff1d540\u4e07\u5186\u300d\u3067\u3059\u3002<\/p>\n\n\n\n<p><strong><span class=\"swl-marker mark_yellow\">\u7a7a\u5ba4\u3084\u5bb6\u8cc3\u6ede\u7d0d\u306b\u3088\u3063\u3066\u60f3\u5b9a\u3055\u308c\u308b\u640d\u5931\u306f\u3001\u7269\u4ef6\u306e\u7acb\u5730\u3084\u7bc9\u5e74\u6570\u306a\u3069\u306b\u5fdc\u3058\u3066\u6c7a\u3081\u308b\u3068\u3088\u3044\u3067\u3057\u3087\u3046\u3002<\/span><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>NOI\uff1a\u7d14\u55b6\u696d\u5229\u76ca<\/strong><\/h3>\n\n\n\n<p>\u7d14\u55b6\u696d\u5229\u76ca\uff08NOI\uff09\u306f\u3001<strong>\u5b9f\u884c\u7dcf\u53ce\u5165\uff08EGI\uff09\u304b\u3089\u904b\u7528\u4e2d\u306e\u8af8\u7d4c\u8cbb\u3092\u5dee\u3057\u5f15\u3044\u305f\u5024<\/strong>\u3092\u6307\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u904b\u7528\u4e2d\u306e\u8af8\u7d4c\u8cbb\u306f\u3001\u7ba1\u7406\u8cbb\u3001\u4fee\u7e55\u8cbb\u3001\u56fa\u5b9a\u8cc7\u7523\u7a0e\u3001\u706b\u707d\u4fdd\u967a\u6599\u306a\u3069\u3067\u3059\u3002\u8a08\u7b97\u5f0f\u306f\u3001\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-big_icon_memo has-swl-pale-04-background-color has-background\"><strong>\u7d14\u55b6\u696d\u53ce\u76ca\uff08NOI\uff09\uff1dEGI\uff0d\u904b\u7528\u4e2d\u306e\u8af8\u7d4c\u8cbb<\/strong><\/p>\n\n\n\n<p>\u305f\u3068\u3048\u3070\u3001EGI\u304c780\u4e07\u5186\u3067\u3001\u904b\u7528\u4e2d\u306e\u8af8\u7d4c\u8cbb\u304c200\u4e07\u5186\u306e\u5834\u5408\u3001NOI\u306f580\u4e07\u5186\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong><span class=\"swl-marker mark_yellow\">\u7269\u4ef6\u306e\u53ce\u76ca\u529b\u3092\u78ba\u8a8d\u3059\u308b\u305f\u3081\u306b\u306f\u3001NOI\u3092\u8a66\u7b97\u3059\u308b\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/span><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>FCR\uff1a\u7dcf\u53ce\u76ca\u7387\u30fb\u5b9f\u8cea\u5229\u56de\u308a<\/strong><\/h3>\n\n\n\n<p>FCR\uff08\u7dcf\u53ce\u76ca\u7387\uff09\u306f\u3001<strong>\u7d14\u55b6\u696d\u5229\u76ca\uff08NOI\uff09\u3092\u6295\u8cc7\u7dcf\u984d\u3067\u5272\u3063\u305f\u6570\u5024<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p><strong><span class=\"swl-marker mark_yellow\">\u6295\u8cc7\u7dcf\u984d\u306b\u306f\u3001\u7269\u4ef6\u306e\u8cfc\u5165\u4fa1\u683c\u3060\u3051\u3067\u306a\u304f\u3001\u8cfc\u5165\u6642\u306e\u8af8\u8cbb\u7528\uff08\u4ef2\u4ecb\u624b\u6570\u6599\u3084\u767b\u8a18\u8cbb\u7528\u306a\u3069\uff09\u3082\u542b\u307e\u308c\u307e\u3059\u3002<\/span><\/strong><\/p>\n\n\n\n<p>FCR\u306e\u8a08\u7b97\u5f0f\u306f\u3001\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-big_icon_memo has-swl-pale-04-background-color has-background\"><strong>FCR\uff08\uff05\uff09\uff1dNOI\u00f7\u6295\u8cc7\u7dcf\u984d\u00d7100<\/strong><\/p>\n\n\n\n<p>\u305f\u3068\u3048\u3070\u3001NOI\u304c580\u4e07\u5186\u3067\u3001\u7269\u4ef6\u4fa1\u683c\u304c1\u5104\u5186\u3001\u8cfc\u5165\u6642\u306e\u8af8\u8cbb\u7528\u304c800\u4e07\u5186\u3067\u3042\u308b\u3068\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u5834\u5408\u3001\u6295\u8cc7\u7dcf\u984d\u306f\u300c1\u5104\u5186\uff0b800\u4e07\u5186\uff1d1\u5104800\u4e07\u5186\u300d\u3001FCR\u306f\u300c580\u4e07\u5186\u00f71\u5104800\u4e07\u5186\uff1d\u7d045.4\uff05\u300d\u3067\u3059\u3002<\/p>\n\n\n\n<p><strong><span class=\"swl-inline-color has-swl-deep-02-color\">FCR\u306e\u8a08\u7b97\u3067\u306f\u3001\u521d\u671f\u8cbb\u7528\u3068\u904b\u7528\u4e2d\u306e\u8af8\u7d4c\u8cbb\uff08\u30e9\u30f3\u30cb\u30f3\u30b0\u30b3\u30b9\u30c8\uff09\u304c\u8003\u616e\u3055\u308c\u308b\u305f\u3081\u3001\u8868\u9762\u5229\u56de\u308a\u3088\u308a\u3082\u7269\u4ef6\u306e\u53ce\u76ca\u529b\u3092\u628a\u63e1\u3057\u3084\u3059\u3044<\/span><\/strong>\u3068\u3044\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u307e\u305fFCR\u306f\u300c\u5b9f\u8cea\u5229\u56de\u308a\u300d\u3068\u547c\u3070\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e00\u65b9\u3067\u3001NOI\u3092\u5358\u306b\u7269\u4ef6\u53d6\u5f97\u4fa1\u683c\u3067\u5272\u3063\u305f\u5024\u3092\u5b9f\u8cea\u5229\u56de\u308a\u3068\u3057\u3001FCR\u3068\u533a\u5225\u3055\u308c\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>CF\uff1a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u7a0e\u5f15\u524d\u30fb\u7a0e\u5f15\u5f8c\uff09<\/strong><\/h3>\n\n\n\n<p>CF\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u306f\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3051\u308b\u73fe\u91d1\u306e\u6d41\u308c\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u7d14\u55b6\u696d\u5229\u76ca\uff08NOI\uff09\u304b\u3089\u501f\u5165\u91d1\u306e\u8fd4\u6e08\u984d\u3092\u5dee\u3057\u5f15\u3044\u305f\u91d1\u984d\u306f\u300c\u7a0e\u5f15\u524dCF\u300d\u3001\u305d\u3053\u304b\u3089\u3055\u3089\u306b\u7a0e\u91d1\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u306f\u300c\u7a0e\u5f15\u5f8cCF\u300d\u3068\u3044\u3044\u307e\u3059\u3002\u8a08\u7b97\u5f0f\u306f\u3001\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-big_icon_memo has-swl-pale-04-background-color has-background\"><strong>\u7a0e\u5f15\u524dCF\uff1dNOI\uff0d\u501f\u5165\u91d1\u306e\u8fd4\u6e08\u984d<\/strong><\/p>\n\n\n\n<p class=\"is-style-big_icon_memo has-swl-pale-04-background-color has-background\"><strong>\u7a0e\u5f15\u5f8cCF\uff1d\u7a0e\u5f15\u524dCF\uff0d\u7a0e\u91d1\uff08\u6240\u5f97\u7a0e\u3084\u4f4f\u6c11\u7a0e\u306a\u3069\uff09<\/strong><\/p>\n\n\n\n<p>\u305f\u3068\u3048\u3070\u3001NOI\u304c450\u4e07\u5186\u3001\u501f\u5165\u91d1\u306e\u8fd4\u6e08\u984d\u304c300\u4e07\u5186\u3001\u7a0e\u91d1\u304c20\u4e07\u5186\u3067\u3042\u308b\u5834\u5408\u3001\u7a0e\u5f15\u524dCF\u3068\u7a0e\u5f15\u5f8cCF\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7a0e\u5f15\u524dCF\uff1d450\u4e07\u5186\uff0d300\u4e07\u5186\uff1d150\u4e07\u5186<\/li>\n\n\n\n<li>\u7a0e\u5f15\u5f8cCF\uff1d150\u4e07\u5186\uff0d20\u4e07\u5186\uff1d130\u4e07\u5186<\/li>\n<\/ul>\n\n\n\n<p><strong><span class=\"swl-inline-color has-swl-deep-02-color\">\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u30d7\u30e9\u30b9\u3067\u3042\u308c\u3070\u3001\u624b\u5143\u306b\u73fe\u91d1\u304c\u6b8b\u308b\u305f\u3081\u3001\u8a2d\u5099\u6295\u8cc7\u3084\u4e8b\u696d\u62e1\u5927\u306b\u5145\u3066\u308b\u8cc7\u91d1\u3092\u6e96\u5099\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n\n\n\n<p>\u307e\u305f\u3001<strong><span class=\"swl-inline-color has-swl-deep-02-color\">\u707d\u5bb3\u306b\u3088\u308b\u5efa\u7269\u306e\u640d\u58ca\u3084\u7a7a\u5ba4\u306e\u767a\u751f\u306a\u3069\u306b\u3082\u5bfe\u51e6\u3057\u3084\u3059\u3044<\/span><\/strong>\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p>\u4e00\u65b9\u3001<strong><span class=\"swl-inline-color has-swl-deep-01-color\">\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u30de\u30a4\u30ca\u30b9\u306e\u5834\u5408\u306f\u3001\u6301\u3061\u51fa\u3057\u304c\u767a\u751f\u3057\u3066\u3044\u308b\u72b6\u614b<\/span><\/strong>\u3067\u3042\u308b\u305f\u3081\u3001\u539f\u56e0\u3092\u8abf\u3079\u305f\u3046\u3048\u3067\u9069\u5207\u306b\u5bfe\u51e6\u3059\u308b\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/t23m-navi.jp\/magazine\/investment\/investment_cash-flow_formula\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u5b9f\u8cea\u5229\u56de\u308a\u3067\u3042\u308b\u300cFCR\u300d\u3092\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/strong><\/h2>\n\n\n\n<p>\u3067\u306f\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u6307\u6a19\u306f\u3069\u306e\u3088\u3046\u306b\u7b97\u51fa\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n\n\n\n<p>\u30e2\u30c7\u30eb\u30b1\u30fc\u30b9\u3092\u8a2d\u5b9a\u3057\u3001\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u78ba\u8a8d\u3057\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p>\u8a66\u7b97\u6761\u4ef6\u306f\u3001\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"-list-under-dashed is-style-index has-swl-gray-background-color has-background wp-block-list\">\n<li>\u7269\u4ef6\u8cfc\u5165\u91d1\u984d\uff1a2\u5104\u5186<\/li>\n\n\n\n<li>\u8cfc\u5165\u6642\u306e\u8af8\u8cbb\u7528\uff1a1,400\u4e07\u5186<\/li>\n\n\n\n<li>\u7269\u4ef6\u8cfc\u5165\u7dcf\u984d\uff1a2\u51041,400\u4e07\u5186<\/li>\n\n\n\n<li>\u6e80\u5ba4\u6642\u306e\u5e74\u9593\u8cc3\u6599\u53ce\u5165\uff1a1,400\u4e07\u5186<\/li>\n<\/ul>\n\n\n\n<p>\u4e0a\u8a18\u7269\u4ef6\u306e\u8868\u9762\u5229\u56de\u308a\u306f\u300c1,400\u4e07\u5186 \u00f7 2\u5104\u5186\u00d7100\uff1d7.0%\u300d\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u3053\u3067\u306f\u3001\u7a7a\u5ba4\u30fb\u6ede\u7d0d\u640d\u5931\u3084\u904b\u7528\u4e2d\u306e\u8af8\u7d4c\u8cbb\u306b\u3088\u3063\u3066\u3001\u5b9f\u8cea\u7684\u306a\u5229\u56de\u308a\u3092\u793a\u3059FCR\u306b\u3069\u306e\u3088\u3046\u306a\u9055\u3044\u304c\u751f\u3058\u308b\u306e\u304b\u3092\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u30b1\u30fc\u30b91.\u7a7a\u5ba4\u30fb\u6ede\u7d0d\u640d\u5931120\u4e07\u5186\u30fb\u904b\u7528\u4e2d\u306e\u8af8\u7d4c\u8cbb400\u4e07\u5186\u306e\u5834\u5408<\/strong><\/h3>\n\n\n\n<p>\u60f3\u5b9a\u3055\u308c\u308b\u7a7a\u5ba4\u30fb\u6ede\u7d0d\u306e\u640d\u5931\u304c120\u4e07\u5186\u30fb\u904b\u7528\u4e2d\u306e\u8af8\u7d4c\u8cbb\u304c400\u4e07\u5186\u306e\u5834\u5408\u3001EGI\u3001NOI\u3001FCR\u3092\u8a08\u7b97\u3059\u308b\u3068\u3001\u7d50\u679c\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table><thead><tr><th><\/th><th><strong>\u8a08\u7b97\u5f0f\u30fb\u7b97\u51fa\u7d50\u679c<\/strong><\/th><\/tr><\/thead><tbody><tr><td>EGI\uff08\u5b9f\u884c\u7dcf\u53ce\u5165\uff09<\/td><td>\u5e74\u9593\u8cc3\u6599\u53ce\u5165 &#8211; \u7a7a\u5ba4\u30fb\u6ede\u7d0d\u640d\u5931<br>\uff1d1,400\u4e07\u5186 &#8211; 120\u4e07\u5186<br>\uff1d1,280\u4e07\u5186<\/td><\/tr><tr><td>NOI\uff08\u7d14\u55b6\u696d\u5229\u76ca\uff09<\/td><td>EGI &#8211; \u904b\u7528\u4e2d\u306e\u8af8\u7d4c\u8cbb<br>\uff1d1,280\u4e07\u5186 &#8211; 400\u4e07\u5186<br>\uff1d880\u4e07\u5186<\/td><\/tr><tr><td>FCR\uff08\u7dcf\u53ce\u76ca\u7387\u30fb\u5b9f\u8cea\u5229\u56de\u308a\uff09<\/td><td>\uff08NOI \u00f7 \u7269\u4ef6\u8cfc\u5165\u7dcf\u984d\uff09\u00d7100<br>\uff1d\uff08880\u4e07\u5186 \u00f7 2\u51041,400\u4e07\u5186\uff09\u00d7100<br>\u2252\u7d044.11%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u7d50\u679c\u3001\u8868\u9762\u5229\u56de\u308a\u306f\u7d047%\u3067\u3042\u308b\u7269\u4ef6\u306eFCR\u306f\u7d044.11%\u3068\u7b97\u51fa\u3055\u308c\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u30b1\u30fc\u30b92.\u7a7a\u5ba4\u30fb\u6ede\u7d0d\u640d\u5931200\u4e07\u5186\u30fb\u904b\u55b6\u6642\u306e\u8af8\u7d4c\u8cbb480\u4e07\u5186\u306e\u5834\u5408<\/strong><\/h3>\n\n\n\n<p>\u7d9a\u3044\u3066\u3001\u7a7a\u5ba4\u30fb\u5bb6\u8cc3\u6ede\u7d0d\u306e\u640d\u5931\u3092200\u4e07\u5186\u3001\u904b\u55b6\u6642\u306e\u8af8\u7d4c\u8cbb\u3092480\u4e07\u5186\u3068\u3057\u305f\u5834\u5408\u3067\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u7d50\u679c\u306f\u3001\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th><\/th><th><strong>\u8a08\u7b97\u5f0f\u30fb\u7b97\u51fa\u7d50\u679c<\/strong><\/th><\/tr><\/thead><tbody><tr><td>EGI\uff08\u5b9f\u884c\u7dcf\u53ce\u5165\uff09<\/td><td>\u5e74\u9593\u8cc3\u6599\u53ce\u5165 &#8211; \u7a7a\u5ba4\u30fb\u6ede\u7d0d\u640d\u5931<br>\uff1d1,400\u4e07\u5186 &#8211; 200\u4e07\u5186&nbsp;<br>\uff1d1,200\u4e07\u5186<\/td><\/tr><tr><td>NOI\uff08\u7d14\u55b6\u696d\u5229\u76ca\uff09<\/td><td>EGI &#8211; \u904b\u7528\u4e2d\u306e\u8af8\u7d4c\u8cbb<br>\uff1d1,200\u4e07\u5186 &#8211; 480\u4e07\u5186&nbsp;<br>\uff1d720\u4e07\u5186<\/td><\/tr><tr><td>FCR\uff08\u7dcf\u53ce\u76ca\u7387\u30fb\u5b9f\u8cea\u5229\u56de\u308a\uff09<\/td><td>\uff08NOI \u00f7 \u7269\u4ef6\u8cfc\u5165\u7dcf\u984d\uff09\u00d7100<br>\uff1d\uff08720\u4e07\u5186 \u00f7 2\u51041,406\u4e07\u5186\uff09\u00d7100&nbsp;<br>\u2252\u7d043.36%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>FCR\u306e\u8a66\u7b97\u7d50\u679c\u306f\u3001\u7d043.36%\u3067\u3059\u3002<\/p>\n\n\n\n<p><strong><span class=\"swl-inline-color has-swl-deep-02-color\">\u7a7a\u5ba4\u30fb\u6ede\u7d0d\u306e\u640d\u5931\u304c120\u4e07\u5186\u30fb\u904b\u7528\u4e2d\u306e\u8af8\u7d4c\u8cbb\u304c400\u4e07\u5186\u3067\u3042\u308b\u5834\u5408\u3088\u308a\u3082\u3001FCR\u304c\u7d040.75%\u4f4e\u4e0b<\/span><\/strong>\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u8868\u9762\u5229\u56de\u308a\u304c\u540c\u3058\u3067\u3042\u3063\u3066\u3082\u3001\u60f3\u5b9a\u3055\u308c\u308b\u7a7a\u5ba4\u3084\u5bb6\u8cc3\u6ede\u7d0d\u306b\u3088\u308b\u640d\u5931\u3068\u904b\u55b6\u6642\u306e\u8af8\u7d4c\u8cbb\u304c\u7570\u306a\u308c\u3070\u3001FCR\u306e\u7b97\u51fa\u7d50\u679c\u306b\u9055\u3044\u304c\u751f\u3058\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong><span class=\"swl-marker mark_yellow\">\u6295\u8cc7\u7269\u4ef6\u3092\u9078\u3076\u969b\u306f\u3001\u8868\u9762\u5229\u56de\u308a\u3060\u3051\u3067\u306a\u304fFCR\u3082\u5165\u5ff5\u306b\u8a66\u7b97\u3092\u3059\u308b\u3053\u3068\u304c\u5927\u5207<\/span><\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u7269\u4ef6\u306e\u53ce\u76ca\u6027\u3092\u5224\u65ad\u3059\u308b\u969b\u306b\u91cd\u8981\u306a\u6307\u6a19\u300cIRR\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09\u300d<\/strong><\/h2>\n\n\n\n<p>IRR\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09\u3068\u306f\u3001<strong>\u6295\u8cc7\u3067\u5c06\u6765\u5f97\u3089\u308c\u308b\u3067\u3042\u308d\u3046\u5404\u671f\u9593\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3068\u3001\u6295\u8cc7\u984d\u306e\u73fe\u5728\u4fa1\u5024\u304c\u7b49\u3057\u304f\u306a\u308b\u3068\u304d\u306e\u5272\u5f15\u7387\u306e\u3053\u3068<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u91d1\u984d\u304c\u540c\u3058\u3067\u3042\u3063\u3066\u3082\u3001\u73fe\u5728\u3068\u5c06\u6765\u3067\u306f\u304a\u91d1\u306e\u4fa1\u5024\u306f\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u305f\u3068\u3048\u3070\u30011\u5e74\u5f8c\u306b\u53d7\u3051\u53d6\u308c\u308b1,000\u4e07\u5186\u3088\u308a\u3082\u3001\u4eca \u53d7\u3051\u53d6\u308c\u308b1,000\u4e07\u5186\u306e\u65b9\u304c\u4fa1\u5024\u306f\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>1,000\u4e07\u5186\u304c\u624b\u5143\u306b\u3042\u308c\u3070\u3001\u904b\u7528\u3092\u3059\u308b\u3053\u3068\u30671\u5e74\u5f8c\u306b\u306f\u91d1\u984d\u304c\u5897\u3048\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u73fe\u5728\u4fa1\u5024\u306e\u8003\u3048\u65b9\u3092\u6295\u8cc7\u306b\u5f53\u3066\u306f\u3081\u308b\u3068\u3001\u6700\u7d42\u7684\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u540c\u3058\u3067\u3082\u3001\u3088\u308a\u65e9\u3044\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u73fe\u91d1\u3092\u5f97\u3089\u308c\u308b\u65b9\u304c\u904b\u7528\u6210\u679c\u306f\u3088\u3044\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u305d\u3053\u3067\u3001<strong>\u73fe\u5728\u4fa1\u5024\u3082\u52a0\u5473\u3057\u3066\u7269\u4ef6\u306e\u53ce\u76ca\u6027\u3092\u5224\u65ad\u3059\u308b\u969b\u306b\u3001IRR\u3068\u3044\u3046\u6307\u6a19\u304c\u7528\u3044\u3089\u308c\u307e\u3059<\/strong>\u3002<\/p>\n\n\n\n<p>IRR\u306e\u8a08\u7b97\u5f0f\u306f\u3001\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image is-style-border\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXcpBpwz4qhbjmORsxhM9XxpftJ6X6wSdjDCcA-RTn0c89jtOATdJdVXs7TdPiJDIgQKEUFPoDJ1jkL-sbI7Pq0USGHBPVYDXV8v_ke3ywRHcDDEmqW18plglbgjHsDdZhUrdd5VozQ7LjlaoL-6DjJM69ft?key=TpvCmZhdatqIytvi8fF1JA\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u4e0d\u52d5\u7523\u6295\u8cc7\u3067IRR\u304c\u91cd\u8981\u306a\u7406\u7531\u3068\u6ce8\u610f\u70b9<\/strong><\/h3>\n\n\n\n<p>IRR\u306f\u3001\u6295\u8cc7\u958b\u59cb\u304b\u3089\u58f2\u5374\u307e\u3067\u306e\u5168\u671f\u9593\u3092\u901a\u3058\u3066\u5f97\u3089\u308c\u308b\u53ce\u76ca\u6027\u3092\u628a\u63e1\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u3001\u6bce\u5e74\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5909\u52d5\u3092\u8003\u616e\u3057\u305f\u5229\u56de\u308a\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u3082\u53ef\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4e0d\u52d5\u7523\u6295\u8cc7\u3067\u306f\u3001\u7a7a\u5ba4\u306e\u767a\u751f\u3084\u5bb6\u8cc3\u306e\u6ede\u7d0d\u3001\u7a81\u767a\u7684\u306a\u7d4c\u8cbb\u306e\u767a\u751f\u306a\u3069\u306b\u3088\u308a\u3001\u6bce\u5e74\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u5909\u52d5\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u8868\u9762\u5229\u56de\u308a\u3084\u5b9f\u8cea\u5229\u56de\u308a\u3067\u306f\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5909\u52d5\u3092\u8003\u616e\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u70b9<strong><span class=\"swl-inline-color has-swl-deep-02-color\">IRR\u3067\u3042\u308c\u3070\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5909\u52d5\u3092\u7e54\u308a\u8fbc\u3093\u3060\u3046\u3048\u3067\u3001\u6295\u8cc7\u671f\u9593\u306e\u5168\u4f53\u3092\u901a\u3058\u305f\u5229\u56de\u308a\u3092\u7b97\u51fa\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/strong><\/p>\n\n\n\n<p>\u305f\u3060\u3057\u3001<strong><span class=\"swl-inline-color has-swl-deep-01-color\">IRR\u306e\u8a08\u7b97\u306b\u306f\u6295\u8cc7\u898f\u6a21\u304c\u53cd\u6620\u3055\u308c\u307e\u305b\u3093\u3002<\/span><\/strong><\/p>\n\n\n\n<p>\u305f\u3068\u3048\u3070\u3001\u4e00\u68df\u30de\u30f3\u30b7\u30e7\u30f3\u306e\u3088\u3046\u306a\u898f\u6a21\u304c\u5927\u304d\u3044\u7269\u4ef6\u306b\u6295\u8cc7\u3092\u3059\u308b\u5834\u5408\u3001IRR\u304c\u4f4e\u304f\u7b97\u51fa\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>IRR\u306f\u8868\u8a08\u7b97\u30bd\u30d5\u30c8\u3067\u7c21\u5358\u306b\u8a08\u7b97\u3067\u304d\u308b<\/strong><\/h3>\n\n\n\n<p>IRR\u306e\u8a08\u7b97\u5f0f\u306f\u3001\u4ed6\u306e\u6307\u6a19\u3068\u6bd4\u8f03\u3057\u3066\u8907\u96d1\u3067\u3059\u304c\u3001Microsoft Excel\u3084Google \u30b9\u30d7\u30ec\u30c3\u30c9\u30b7\u30fc\u30c8\u3068\u3044\u3063\u305f<strong><span class=\"swl-inline-color has-swl-deep-02-color\">\u8868\u8a08\u7b97\u30bd\u30d5\u30c8\u306e\u300cIRR\u95a2\u6570\u300d\u3092\u5229\u7528\u3059\u308b\u3068\u7c21\u5358\u306b\u7b97\u51fa\u3067\u304d\u307e\u3059\u3002<\/span><\/strong><\/p>\n\n\n\n<p>\u305f\u3068\u3048\u3070\u3001\u521d\u671f\u6295\u8cc7\u984d1,500\u4e07\u5186\u3067\u3042\u308a\u30015\u5e74\u9593\u306b\u308f\u305f\u3063\u3066\u904b\u7528\u3092\u3057\u30666\u5e74\u76ee\u306b\u7269\u4ef6\u3092\u58f2\u5374\u3059\u308b\u3068\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p>\u5404\u5e74\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u30011\u5e74\u76ee200\u4e07\u5186\u30012\u5e74\u76ee180\u4e07\u5186\u30013\u5e74\u76ee170\u4e07\u5186\u30014\u5e74\u76ee190\u4e07\u5186\u30015\u5e74\u76ee200\u4e07\u5186\u3067\u3042\u308a\u30016\u5e74\u76ee\u306f\u58f2\u5374\u76ca\u3068\u3042\u308f\u305b\u30661,600\u4e07\u5186\u3068\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u307e\u305a\u3001Microsoft Excel\u306e\u4efb\u610f\u306e\u30bb\u30eb\u306b\u521d\u671f\u6295\u8cc7\u984d\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5165\u529b\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p>\u521d\u671f\u6295\u8cc7\u984d\u306f\u652f\u51fa\u3067\u3042\u308b\u305f\u3081\u3001\u30de\u30a4\u30ca\u30b9\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u5165\u529b\u4f8b\u306f\u3001\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image is-style-border\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXcb9r0PmkJt8D1fVL3BnTOohe8M491DVi2m9kXZ5i-KjR7kevR1mxl_YuKANPMOkytdeHvJL61tXtFfMW7QLIS-56C_czAAg8QrJJJTo4wxbU67TEPbf9OANTxuhzivGVtLFTsYxXsCG3WQ31oepwQ_GPo3?key=TpvCmZhdatqIytvi8fF1JA\" alt=\"\"\/><\/figure>\n\n\n\n<p>\u7d9a\u3044\u3066\u3001IRR\u95a2\u6570\u3092\u633f\u5165\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4efb\u610f\u306e\u30bb\u30eb\u3092\u9078\u3073\u3001\u753b\u9762\u4e0a\u90e8\u306e\u300cfx\u300d\u304b\u3089\u95a2\u6570\u306e\u691c\u7d22\u753b\u9762\u3092\u958b\u304d\u3001IRR\u95a2\u6570\u3068\u5165\u529b\u3057\u3066\u300c\u691c\u7d22\u958b\u59cb\u300d\u3092\u30af\u30ea\u30c3\u30af\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image is-style-border\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXd2klcDWTuqJiwGu7Tht9wm9zyRWDeGRldRNYSrMMTMfdquCzHouI-3S1KzzHd6cU8JSdkXa1QRcshi6-9SZJIZm3IC7PhuhQ4BAhNge8rn3ESHEioMJNn9SZvVNbz7uc2uwArtUjW_lzcS-yZkUhCuSIez?key=TpvCmZhdatqIytvi8fF1JA\" alt=\"\"\/><\/figure>\n\n\n\n<p>\u95a2\u6570\u540d\u306e\u6b04\u306b\u8868\u793a\u3055\u308c\u305fIRR\u95a2\u6570\u3092\u30af\u30ea\u30c3\u30af\u3059\u308b\u3068\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8868\u793a\u3055\u308c\u308b\u305f\u3081\u3001\u8a08\u7b97\u306e\u5bfe\u8c61\u3068\u306a\u308b\u7bc4\u56f2\u3092\u6307\u5b9a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image is-style-border\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXeFRJnQmmHGphiG5lbdRhhX5WGLJfPDAZzdYpG5tKd0IMdoaLrAOKc5lPXDBHoYFuBpuAQ7smlhwCX7nwlxbDV5YuIUeNq4t5V5vINYTCdHjRtuA1SgPsT8lCcDMYVIfPa3vLIUOZFrJjfLTmprhkWJB8Tw?key=TpvCmZhdatqIytvi8fF1JA\" alt=\"\"\/><\/figure>\n\n\n\n<p>\u4e0a\u8a18\u306e\u4f8b\u3067\u306f\u3001\u30bb\u30ebB9\u306bIRR\u95a2\u6570\u3092\u633f\u5165\u3057\u3001\u8a08\u7b97\u5bfe\u8c61\u3068\u306a\u308b\u30c7\u30fc\u30bf\u306e\u7bc4\u56f2\u3092B2\u301cB8\u306b\u6307\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u3088\u3046\u306b\u64cd\u4f5c\u3092\u3059\u308b\u3068\u3001\u4ee5\u4e0b\u306e\u901a\u308a\u306b\u8868\u793a\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image is-style-border\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXdGvHmvmlihQwan_fOBSc0gySj_iIhUJMnlf--U0Rtx7XFQIn4B-nIAXfW_63NPS1_v6WHDtwWAaH58kLnc9CE0EBrmZYvV6YvIr71FpNE5llDwiZv42TrJ9XSD7-QGnyx4HzDTRGAJVu8vCXT3D3PpAh_k?key=TpvCmZhdatqIytvi8fF1JA\" alt=\"\"\/><\/figure>\n\n\n\n<p>IRR\u95a2\u6570\u3092\u7528\u3044\u3066\u8a08\u7b97\u3092\u3057\u305f\u7d50\u679c\u3001\u4eca\u56de\u306e\u8a66\u7b97\u6761\u4ef6\u306b\u304a\u3051\u308bIRR\u306f\u7d0411.8%\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u306f\u8a00\u3044\u63db\u3048\u308b\u3068\u3001\u6bce\u5e7411.8%\u306e\u5229\u56de\u308a\u3067\u904b\u7528\u3067\u304d\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u878d\u8cc7\u3092\u5229\u7528\u3059\u308b\u969b\u306b\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u6307\u6a19<\/strong><\/h2>\n\n\n\n<p>\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u878d\u8cc7\u3092\u501f\u308a\u5165\u308c\u3066\u4e0d\u52d5\u7523\u6295\u8cc7\u3092\u3059\u308b\u5834\u5408\u300c\u30ed\u30fc\u30f3\u5b9a\u6570K\u300d\u300c\u30a4\u30fc\u30eb\u30c9\u30ae\u30e3\u30c3\u30d7\u300d\u300cDCR\uff1a\u501f\u5165\u91d1\u511f\u9084\u4f59\u88d5\u7387\u300d\u304c\u91cd\u8981\u306a\u6307\u6a19\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u30ed\u30fc\u30f3\u5b9a\u6570K<\/strong><\/h3>\n\n\n\n<p>\u30ed\u30fc\u30f3\u5b9a\u6570K\u306f\u3001\u501f\u5165\u91d1\u306e\u5143\u5229\u8fd4\u6e08\u984d\u3092\u7dcf\u501f\u5165\u91d1\u984d\u3067\u5272\u3063\u305f\u5024\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u8a08\u7b97\u5f0f\u306f\u3001\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-big_icon_memo 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class=\"wp-block-heading\"><strong>\u30a4\u30fc\u30eb\u30c9\u30ae\u30e3\u30c3\u30d7<\/strong><\/h3>\n\n\n\n<p>\u30a4\u30fc\u30eb\u30c9\u30ae\u30e3\u30c3\u30d7\u306f\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u5229\u56de\u308a\u3068\u501f\u5165\u91d1\u5229\u306e\u5dee\u3068\u7d39\u4ecb\u3055\u308c\u308b\u3053\u3068\u306e\u591a\u3044\u6307\u6a19\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u5834\u5408\u3001\u8a08\u7b97\u5f0f\u306f\u300c\u8868\u9762\u5229\u56de\u308a\u2212\u501f\u5165\u91d1\u5229\u300d\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong><span class=\"swl-inline-color 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class=\"swl-marker mark_yellow\">\u30a4\u30fc\u30eb\u30c9\u30ae\u30e3\u30c3\u30d7\u3092\u7528\u3044\u3066\u6295\u8cc7\u5224\u65ad\u3092\u3059\u308b\u5834\u5408\u306f\u3001\u5b9f\u8cea\u7684\u306a\u5229\u56de\u308a\u3092\u793a\u3059FCR\u3068\u3001\u30ed\u30fc\u30f3\u5b9a\u6570K\u306e\u5dee\u3092\u6c42\u3081\u308b\u3068\u3088\u3044\u3067\u3057\u3087\u3046\u3002<\/span><\/strong><\/p>\n\n\n\n<p>\u30ed\u30fc\u30f3\u5b9a\u6570K\u306e\u8a08\u7b97\u306b\u5fc5\u8981\u306a\u5143\u5229\u8fd4\u6e08\u984d\u306f\u3001\u8fd4\u6e08\u671f\u9593\u3082\u8e0f\u307e\u3048\u3066\u7b97\u51fa\u3055\u308c\u308b\u305f\u3081\u3001\u7269\u4ef6\u306e\u6295\u8cc7\u5f8c\u306b\u671f\u5f85\u3067\u304d\u308b\u53ce\u76ca\u3092\u3088\u308a\u6b63\u78ba\u306b\u5224\u65ad\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u8a08\u7b97\u5f0f\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-big_icon_memo has-swl-pale-04-background-color has-background\"><strong>\u30a4\u30fc\u30eb\u30c9\u30ae\u30e3\u30c3\u30d7\uff08%\uff09\uff1dFCR \u2212 \u30ed\u30fc\u30f3\u5b9a\u6570K<\/strong><\/p>\n\n\n\n<p>\u305f\u3068\u3048\u3070\u3001FCR\u304c7%\u3001\u30ed\u30fc\u30f3\u5b9a\u6570K\u304c5%\u306e\u5834\u5408\u3001\u30a4\u30fc\u30eb\u30c9\u30ae\u30e3\u30c3\u30d7\u306f\u300c7%\u22125%\uff1d2%\u300d\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>DCR\uff1a\u501f\u5165\u91d1\u511f\u9084\u4f59\u88d5\u7387<\/strong><\/h3>\n\n\n\n<p>DCR\uff08\u501f\u5165\u91d1\u511f\u9084\u4f59\u88d5\u7387\uff09\u306f\u3001<strong>\u300c\u8fd4\u6e08\u306b\u3069\u308c\u307b\u3069\u306e\u4f59\u88d5\u304c\u3042\u308b\u304b\u300d\u3092\u793a\u3059\u6307\u6a19<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u501f\u5165\u91d1\u3092\u5229\u7528\u3057\u3066\u4e0d\u52d5\u7523\u6295\u8cc7\u3092\u3059\u308b\u3068\u304d\u306e\u5b89\u5168\u6027\u3092\u5224\u65ad\u3059\u308b\u3046\u3048\u3067\u3001\u91cd\u8981\u306a\u6307\u6a19\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>DCR\u306e\u8a08\u7b97\u5f0f\u306f\u3001\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-big_icon_memo has-swl-pale-04-background-color has-background\"><strong>DCR\uff1dNOI \u00f7 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class=\"wp-block-heading\"><strong>\u6295\u8cc7\u91d1\u984d\u306b\u5bfe\u3059\u308b\u53ce\u76ca\u6027\u3092\u5224\u65ad\u3059\u308b\u969b\u306e\u6307\u6a19<\/strong><\/h2>\n\n\n\n<p>\u6295\u8cc7\u3092\u3057\u305f\u81ea\u5df1\u8cc7\u91d1\u3084\u501f\u5165\u91d1\u306b\u5bfe\u3059\u308b\u53ce\u76ca\u6027\u3092\u5224\u65ad\u3059\u308b\u969b\u306e\u6307\u6a19\u306b\u306f\u300cROI\u300d\u3084\u300cCCR\u300d\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>ROI\uff1a\u6295\u8cc7\u5229\u76ca\u7387<\/strong><\/h3>\n\n\n\n<p>ROI\uff08\u6295\u8cc7\u5229\u76ca\u7387\uff09\u306f\u3001<strong>\u6295\u8cc7\u306e\u8cc7\u672c\u306e\u7dcf\u984d\u306b\u5bfe\u3057\u3066\u5f97\u3089\u308c\u305f\u5229\u76ca\u3092\u793a\u3059\u6307\u6a19<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4e0d\u52d5\u7523\u6295\u8cc7\u3060\u3051\u3067\u306a\u304f\u3001\u682a\u5f0f\u6295\u8cc7\u306a\u3069\u3067\u3082\u5e45\u5e83\u304f\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3051\u308bROI\u306e\u8a08\u7b97\u5f0f\u306f\u3001\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-big_icon_memo has-swl-pale-04-background-color has-background\"><strong>ROI\uff08\uff05\uff09\uff1d\u7a0e\u5f15\u5f8cCF \u00f7 \uff08\u81ea\u5df1\u8cc7\u672c\uff0b\u501f\u5165\u984d\uff09\u00d7 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