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  "domain": "real-estate-finance",
  "title": "Cap rate NOI IRR real-estate valuation framework",
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  "frontmatter": {
    "title": "Cap rate NOI IRR real-estate valuation framework",
    "aliases": [
      "cap-rate-noi-irr-real-estate-valuation-framework",
      "real estate valuation framework",
      "Japan NOI cap rate IRR",
      "J-REIT vs private REIT pricing",
      "Japan real-estate IRR",
      "levered vs unlevered IRR real estate",
      "real-estate hold-period sensitivity"
    ],
    "domain": "real-estate-finance",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-29",
    "last_tended": "2026-07-29",
    "review_by": "2027-01-29",
    "confidence": "likely",
    "tags": [
      "real-estate-finance",
      "valuation",
      "cap-rate",
      "noi",
      "irr",
      "j-reit",
      "methodology",
      "jrei"
    ],
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    "note": null,
    "sources": [
      "https://www.reinet.or.jp/?page_id=14347&lang=en",
      "https://www.ares.or.jp/action/jreit/",
      "https://j-reit.jp/en/",
      "https://www.mlit.go.jp/tochi_fudousan_kensetsugyo/tochi_fudousan_kensetsugyo_fr4_000001_00248.html",
      "https://www.jpx.co.jp/english/equities/products/reits/",
      "https://www.boj.or.jp/en/statistics/index.htm",
      "https://pages.stern.nyu.edu/adamodar/New_Home_Page/valuationtools.html"
    ]
  },
  "summary": "Cap rate, NOI / NCF, unlevered IRR, and levered IRR are related but definition-sensitive real-estate metrics. The 不動産鑑定評価基準 supplies the appraisal framework; a J-REIT's named appraiser and disclosure, a fund's governing documents and underwriting, and a transaction's actual cash flows supply the ass",
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    "Cap rate NOI IRR real-estate valuation framework",
    "TL;DR",
    "Wiki route",
    "The Four Interlinked Metrics",
    "NOI vs NCF (Definition Reconciliation)",
    "Cap Rate — Three Sub-Definitions",
    "Income-Approach DCF Mechanics",
    "J-REIT vs Private Real-Estate Fund Pricing",
    "Unlevered vs Levered IRR",
    "Mechanics"
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