{"id":597,"date":"2026-10-29T17:00:44","date_gmt":"2026-10-29T08:00:44","guid":{"rendered":"https:\/\/sakk.jp\/adex\/?post_type=appraisal&#038;p=597"},"modified":"2026-10-29T15:12:49","modified_gmt":"2026-10-29T06:12:49","slug":"noi%e3%81%a8ncf%e3%81%ae%e9%81%95%e3%81%84%e3%80%81%e5%90%8c%e3%81%98%e5%ae%b6%e8%b3%83%e3%81%a7%e3%82%82%e6%89%8b%e5%85%83%e3%81%ab%e6%ae%8b%e3%82%8b%e3%81%8a%e9%87%91%e3%81%8c%e5%a4%89%e3%82%8f","status":"publish","type":"appraisal","link":"https:\/\/sakk.jp\/adex\/appraisal\/noi%e3%81%a8ncf%e3%81%ae%e9%81%95%e3%81%84%e3%80%81%e5%90%8c%e3%81%98%e5%ae%b6%e8%b3%83%e3%81%a7%e3%82%82%e6%89%8b%e5%85%83%e3%81%ab%e6%ae%8b%e3%82%8b%e3%81%8a%e9%87%91%e3%81%8c%e5%a4%89%e3%82%8f\/","title":{"rendered":"NOI\u3068NCF\u306e\u9055\u3044\u3001\u540c\u3058\u5bb6\u8cc3\u3067\u3082\u624b\u5143\u306b\u6b8b\u308b\u304a\u91d1\u304c\u5909\u308f\u308b\u7406\u7531\uff5c\u30a2\u30c7\u30c3\u30af\u30b9\u30ea\u30b5\u30fc\u30c1\u30a2\u30f3\u30c9\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u682a\u5f0f\u4f1a\u793e"},"content":{"rendered":"<style>.quality-figure{margin:28px 0;padding:22px;background:#f2f6fa;border:1px solid #d3e0eb;border-radius:8px}.quality-figure figcaption{font-weight:700;color:#254c68;margin-bottom:16px}.quality-flow{display:flex;align-items:stretch;gap:24px}.quality-step{position:relative;flex:1;background:white;border-top:4px solid #356a91;padding:16px;min-width:0}.quality-step:not(:last-child):after{content:'\u2192';position:absolute;right:-22px;top:42%;color:#356a91;font-size:22px}.quality-step b{display:block;font-size:1.05em;margin-bottom:8px}.quality-step span{font-size:.94em}.quality-detail{border-left:4px solid #356a91;padding:4px 20px;margin:28px 0}.quality-table{overflow-x:auto;margin:24px 0}.quality-table table{width:100%;min-width:560px;border-collapse:collapse}.quality-table th,.quality-table td{border:1px solid #ccd8e0;padding:13px;text-align:left;vertical-align:top}.quality-table th{background:#eaf1f6;font-weight:700}.quality-table caption{text-align:left;font-weight:700;margin-bottom:10px}.quality-summary{padding:20px 24px;background:#f2f6fa;border:1px solid #d3e0eb;margin:24px 0}.quality-summary strong{display:block;color:#254c68;margin-bottom:8px}.quality-qa{border:1px solid #d3e0eb;border-left:4px solid #356a91;padding:18px 22px;margin:20px 0}.quality-qa h3{margin-top:0!important}@media(max-width:600px){.quality-flow{flex-direction:column}.quality-step:not(:last-child):after{content:'\u2193';right:48%;top:auto;bottom:-27px}.quality-figure{padding:16px}.quality-table{font-size:14px}}<\/style>\n<style>\n.sa-column-wrapper { font-size: 16px; line-height: 1.8; color: #333; letter-spacing: 0.03em; overflow-wrap: break-word; word-break: normal; }\n.sa-column-wrapper p { margin-bottom: 1.5em; }\n.sa-column-wrapper h2 { font-size: 1.4em; font-weight: bold; margin-top: 2.5em; margin-bottom: 1.2em; padding-bottom: 0.5em; border-bottom: 2px solid #0056b3; line-height: 1.4; }\n.sa-column-wrapper h3 { font-size: 1.2em; font-weight: bold; margin-top: 2em; margin-bottom: 1em; color: #0056b3; line-height: 1.5; }\n.sa-summary-box { background-color: #f8f9fa; border: 1px solid #e9ecef; border-radius: 8px; padding: 1.5em; margin-bottom: 2.5em; }\n.sa-summary-box .conclusion-title { font-size: 1.15em; font-weight: bold; color: #0056b3; margin-bottom: 0.5em; border-bottom: 2px dashed #0056b3; display: inline-block; padding-bottom: 2px; }\n.sa-summary-box .conclusion-text { font-weight: bold; margin-bottom: 1em; font-size: 1.05em; color: #0056b3; }\n.sa-summary-box ul.conclusion-points { margin-bottom: 0; padding-left: 1.5em; list-style-type: square; }\n.sa-summary-box ul.conclusion-points li { margin-bottom: 0.5em; font-weight: normal; }\n.sa-summary-box ul.conclusion-points li span { font-weight: bold; color: #0056b3; }\n.sa-geo-box { background-color: #fdfdfd; border: 2px dashed #ccc; padding: 1.5em; margin-bottom: 2.5em; border-radius: 4px; }\n.sa-geo-box p { margin-bottom: 0.5em; font-weight: bold; color: #0056b3; }\n.sa-column-wrapper ul, .sa-geo-box ul { margin-bottom: 1.5em; padding-left: 1.5em; list-style-type: disc; }\n.sa-geo-box ul:last-child { margin-bottom: 0; }\n.sa-column-wrapper li { margin-bottom: 0.6em; }\n.sa-table-responsive { overflow-x: auto; margin-bottom: 1.5em; }\n.sa-column-wrapper table { width: 100%; min-width: 500px; border-collapse: collapse; }\n.sa-column-wrapper th, .sa-column-wrapper td { border: 1px solid #ccc; padding: 12px; text-align: left; }\n.sa-column-wrapper th { background-color: #f2f2f2; width: 30%; }\n.sa-qa-box { background-color: #ffffff; border: 1px solid #ddd; border-left: 4px solid #0056b3; padding: 1.5em; margin-bottom: 1.5em; border-radius: 4px; }\n.sa-qa-box h3 { margin-top: 0; margin-bottom: 0.8em; color: #333; }\n.sa-qa-box p { margin-bottom: 0; }\n.sa-source-link { text-align: left; font-size: 0.85em; margin-bottom: 2.5em; }\n.sa-source-link a { color: #555; text-decoration: underline; }\n.sa-cta-box { background-color: #eef5ff; padding: 2em; border-radius: 8px; margin-top: 3em; text-align: center; }\n.sa-cta-box h2 { margin-top: 0; }\n.sa-cta-box p { margin-bottom: 1em; text-align: left; }\n<\/style>\n<style>\/* \u51fa\u5178\u6b04\uff1a\u7b87\u6761\u66f8\u304d\u3068\u30ea\u30f3\u30af\u306e\u4f4d\u7f6e\u3092\u7d71\u4e00 *\/\n.sa-column-wrapper .sa-source-link,.chrea-column-wrapper .chrea-source-link{text-align:left;margin:32px 0;padding:18px 20px;background:#f8f9fa;border-top:1px solid #dce2e7;font-size:.9em;line-height:1.8;}\n.sa-column-wrapper .sa-source-link p,.chrea-column-wrapper .chrea-source-link p{margin:0 0 8px;font-weight:700;}\n.sa-column-wrapper .sa-source-link ul,.chrea-column-wrapper .chrea-source-link ul{margin:0;padding:0;list-style:none;}\n.sa-column-wrapper .sa-source-link li,.chrea-column-wrapper .chrea-source-link li{margin:6px 0;padding:0;list-style:none;text-align:left;}\n.sa-column-wrapper .sa-source-link a,.chrea-column-wrapper .chrea-source-link a{overflow-wrap:anywhere;text-decoration:underline;}\n<\/style>\n<style>.sa-column-wrapper .quality-table th,.chrea-column-wrapper .quality-table th{width:auto}.quality-figure,.quality-summary,.quality-qa{box-sizing:border-box}nav[aria-label=\"\u76ee\u6b21\"]{padding:18px 22px;background:#fafafa;border:1px solid #e0e5e9;margin:24px 0}<\/style>\n<style>.sa-source-link,.chrea-source-link{text-align:left!important}.sa-source-link ul,.chrea-source-link ul{list-style:none!important;padding-left:0!important}.sa-source-link li,.chrea-source-link li{text-align:left!important;margin:8px 0!important}.quality-step b,.quality-step span{display:block}.quality-step b{margin-bottom:8px}.sa-column-wrapper .quality-table th,.chrea-column-wrapper .quality-table th{width:auto}.quality-figure,.quality-summary,.quality-qa{box-sizing:border-box}nav[aria-label=\"\u76ee\u6b21\"]{padding:18px 22px;background:#fafafa;border:1px solid #e0e5e9;margin:24px 0}<\/style>\n<div class=\"sa-column-wrapper\">\n<div class=\"quality-summary\"><strong>\u3053\u306e\u8a18\u4e8b\u306e\u8981\u70b9<\/strong><\/p>\n<p>NOI\u306f\u7269\u4ef6\u306e\u904b\u55b6\u306b\u3088\u308b\u53ce\u76ca\u3001NCF\u306f\u305d\u3053\u304b\u3089\u8cc7\u672c\u7684\u652f\u51fa\u306a\u3069\u3092\u8abf\u6574\u3057\u305f\u53ce\u76ca\u3067\u3059\u3002\u3069\u3061\u3089\u3082\u3001\u305d\u306e\u307e\u307e\u6240\u6709\u8005\u306e\u81ea\u7531\u306b\u4f7f\u3048\u308b\u304a\u91d1\u3068\u306f\u9650\u308a\u307e\u305b\u3093\u3002\u6570\u5b57\u306e\u5b9a\u7fa9\u3068\u652f\u51fa\u306e\u6642\u671f\u3092\u305d\u308d\u3048\u3066\u6bd4\u8f03\u3057\u307e\u3059\u3002<\/p>\n<\/div>\n<p>\u5e74\u9593\u306e\u5bb6\u8cc3\u53ce\u5165\u306f\u540c\u3058\u3002\u7ba1\u7406\u8cbb\u3084\u56fa\u5b9a\u8cc7\u7523\u7a0e\u3082\u307b\u307c\u540c\u3058\u3002\u305d\u308c\u306a\u306e\u306b\u3001\u5efa\u7269\u3092\u6301\u3061\u7d9a\u3051\u305f\u3068\u304d\u306b\u6b8b\u308b\u304a\u91d1\u306f\u5927\u304d\u304f\u9055\u3046\u3002\u53ce\u76ca\u4e0d\u52d5\u7523\u3067\u306f\u3001\u3053\u3093\u306a\u3053\u3068\u304c\u8d77\u3053\u308a\u307e\u3059\u3002<\/p>\n<p>\u898b\u843d\u3068\u3057\u3084\u3059\u3044\u306e\u306f\u3001\u6bce\u5e74\u306e\u904b\u55b6\u8cbb\u3068\u306f\u5225\u306b\u767a\u751f\u3059\u308b\u8a2d\u5099\u66f4\u65b0\u306a\u3069\u306e\u652f\u51fa\u3067\u3059\u3002NOI\u3068NCF\u3092\u8aad\u307f\u5206\u3051\u308b\u3068\u3001\u300c\u4eca\u306e\u904b\u55b6\u304c\u751f\u3080\u53ce\u76ca\u300d\u3068\u300c\u5efa\u7269\u3092\u7dad\u6301\u3057\u3066\u3044\u304f\u305f\u3081\u306e\u652f\u51fa\u300d\u3092\u5206\u3051\u3066\u8003\u3048\u3089\u308c\u307e\u3059\u3002\u96e3\u3057\u3044\u7565\u8a9e\u3092\u899a\u3048\u308b\u3088\u308a\u3001\u53ce\u652f\u8868\u306e\u3069\u3053\u306b\u4f55\u304c\u5165\u3063\u3066\u3044\u308b\u304b\u3092\u78ba\u304b\u3081\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n<nav aria-label=\"\u76ee\u6b21\"><strong>\u3053\u306e\u8a18\u4e8b\u3067\u5206\u304b\u308b\u3053\u3068<\/strong><\/p>\n<ul>\n<li><a href=\"#part-1\">NOI\u3068NCF\u306f\u3001\u3069\u3053\u3067\u5206\u304b\u308c\u308b\uff1f<\/a><\/li>\n<li><a href=\"#part-2\">\u6570\u5b57\u3067\u898b\u308b\u3068\u3001\u540c\u3058NOI\u3067\u3082\u5dee\u304c\u51fa\u308b<\/a><\/li>\n<li><a href=\"#part-3\">\u4fee\u7e55\u8cbb\u3068\u8cc7\u672c\u7684\u652f\u51fa\u306f\u3001\u540d\u524d\u3060\u3051\u3067\u5206\u3051\u306a\u3044<\/a><\/li>\n<li><a href=\"#part-4\">\u4e94\u5e74\u9593\u306e\u5408\u8a08\u304c\u540c\u3058\u3067\u3082\u3001\u9014\u4e2d\u306e\u8cc7\u91d1\u306f\u9055\u3046<\/a><\/li>\n<li><a href=\"#part-5\">NCF\u306f\u30ed\u30fc\u30f3\u8fd4\u6e08\u5f8c\u306e\u624b\u6b8b\u308a\u3068\u306f\u9055\u3046<\/a><\/li>\n<li><a href=\"#part-6\">\u5229\u56de\u308a\u306e\u5206\u5b50\u304c\u9055\u3048\u3070\u3001\u6570\u5b57\u3092\u6a2a\u4e26\u3073\u306b\u3067\u304d\u306a\u3044<\/a><\/li>\n<\/ul>\n<\/nav>\n<h2 id=\"part-1\">NOI\u3068NCF\u306f\u3001\u3069\u3053\u3067\u5206\u304b\u308c\u308b\uff1f<\/h2>\n<p>NOI\u306fNet Operating Income\u306e\u7565\u3067\u3001\u904b\u55b6\u7d14\u53ce\u76ca\u306a\u3069\u3068\u547c\u3070\u308c\u307e\u3059\u3002\u7a7a\u5ba4\u306a\u3069\u3092\u8003\u616e\u3057\u305f\u8cc3\u6599\u7b49\u306e\u904b\u55b6\u53ce\u5165\u304b\u3089\u3001\u7ba1\u7406\u8cbb\u3001\u56fa\u5b9a\u8cc7\u7523\u7a0e\u3001\u4fee\u7e55\u8cbb\u306a\u3069\u306e\u904b\u55b6\u306b\u304b\u304b\u308b\u8cbb\u7528\u3092\u5f15\u3044\u305f\u53ce\u76ca\u3067\u3059\u3002<\/p>\n<p>NCF\u306fNet Cash Flow\u306e\u7565\u3067\u3059\u3002\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u5354\u4f1a\u306e\u7528\u8a9e\u96c6\u3067\u306f\u3001NOI\u306b\u6577\u91d1\u7b49\u306e\u904b\u7528\u76ca\u3092\u52a0\u3048\u3001\u8cc7\u672c\u7684\u652f\u51fa\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3068\u3057\u3066\u8aac\u660e\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u8cc7\u672c\u7684\u652f\u51fa\u3068\u306f\u3001\u8a2d\u5099\u306e\u66f4\u65b0\u306a\u3069\u3001\u52b9\u679c\u304c\u5c06\u6765\u306b\u3082\u53ca\u3076\u652f\u51fa\u3068\u3057\u3066\u533a\u5206\u3055\u308c\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n<figure style=\"margin:28px 0;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/sakk.jp\/adex\/wp-content\/uploads\/2026\/10\/ADEX2-diagram-4.png\" alt=\"NOI\u3068NCF\u306e\u9055\u3044\u3068\u8a08\u7b97\u306e\u6d41\u308c\" width=\"1440\" height=\"650\" style=\"display:block;width:100%;height:auto;\"\/><figcaption style=\"text-align:left;font-size:14px;\">\u53ce\u5165\u304b\u3089NOI\u3001NCF\u3078<\/figcaption><\/figure>\n<p>\u300cNOI\u304c\u9ad8\u3044\u304b\u3089\u3001\u304a\u91d1\u304c\u305d\u306e\u307e\u307e\u6b8b\u308b\u300d\u3068\u306f\u9650\u308a\u307e\u305b\u3093\u3002\u5efa\u7269\u3092\u9577\u304f\u4f7f\u3046\u306b\u306f\u3001\u65e5\u5e38\u306e\u4fee\u7e55\u3060\u3051\u3067\u306a\u304f\u3001\u307e\u3068\u307e\u3063\u305f\u66f4\u65b0\u8cbb\u7528\u304c\u5fc5\u8981\u306b\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u53ce\u5165\u304c\u5b89\u5b9a\u3057\u3066\u3044\u3066\u3082\u3001\u652f\u51fa\u306e\u4e88\u5b9a\u304c\u8fd1\u3065\u3051\u3070\u3001\u305d\u306e\u5e74\u306e\u53ce\u652f\u306f\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n<h2 id=\"part-2\">\u6570\u5b57\u3067\u898b\u308b\u3068\u3001\u540c\u3058NOI\u3067\u3082\u5dee\u304c\u51fa\u308b<\/h2>\n<p>\u4ee5\u4e0b\u306f\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u3092\u898b\u308b\u305f\u3081\u306e\u67b6\u7a7a\u306e\u4f8b\u3067\u3059\u3002\u7269\u4ef6\u306e\u76f8\u5834\u3084\u4e00\u822c\u7684\u306a\u5de5\u4e8b\u8cbb\u3092\u793a\u3059\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4e00\u6642\u91d1\u306e\u904b\u7528\u76ca\u306f\u3001\u6bd4\u8f03\u3092\u7c21\u5358\u306b\u3059\u308b\u305f\u3081\u4e21\u65b9\u3068\u3082\u30bc\u30ed\u3068\u3057\u307e\u3059\u3002<\/p>\n<div class=\"quality-table\">\n<table>\n<caption>\u540c\u3058NOI\u3067\u3082NCF\u304c\u9055\u3046\u4f8b\uff08\u5358\u4f4d\uff1a\u4e07\u5186\uff0f\u5e74\uff09<\/caption>\n<thead>\n<tr>\n<th scope=\"col\">\u9805\u76ee<\/th>\n<th scope=\"col\">\u7269\u4ef6A<\/th>\n<th scope=\"col\">\u7269\u4ef6B<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u904b\u55b6\u53ce\u5165<\/td>\n<td>1,500<\/td>\n<td>1,500<\/td>\n<\/tr>\n<tr>\n<td>\u904b\u55b6\u8cbb\u7528<\/td>\n<td>500<\/td>\n<td>500<\/td>\n<\/tr>\n<tr>\n<td>NOI<\/td>\n<td>1,000<\/td>\n<td>1,000<\/td>\n<\/tr>\n<tr>\n<td>\u4e00\u6642\u91d1\u306e\u904b\u7528\u76ca<\/td>\n<td>0<\/td>\n<td>0<\/td>\n<\/tr>\n<tr>\n<td>\u5f53\u5e74\u306e\u8cc7\u672c\u7684\u652f\u51fa<\/td>\n<td>100<\/td>\n<td>600<\/td>\n<\/tr>\n<tr>\n<td>NCF<\/td>\n<td>900<\/td>\n<td>400<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>\u7269\u4ef6B\u306eNCF\u304c\u5c0f\u3055\u3044\u306e\u306f\u3001\u3053\u306e\u5e74\u306b\u8cc7\u672c\u7684\u652f\u51fa\u3092\u591a\u304f\u898b\u8fbc\u3093\u3060\u304b\u3089\u3067\u3059\u3002\u3053\u3053\u304b\u3089\u3059\u3050\u306b\u300cB\u306f\u60aa\u3044\u7269\u4ef6\u300d\u3068\u6c7a\u3081\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002\u5fc5\u8981\u306a\u66f4\u65b0\u3092\u5148\u9001\u308a\u3057\u3066\u3044\u308bA\u3068\u3001\u9069\u5207\u306b\u66f4\u65b0\u3059\u308bB\u3068\u3044\u3046\u95a2\u4fc2\u304b\u3082\u3057\u308c\u306a\u3044\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>\u6bd4\u8f03\u3067\u306f\u3001\u652f\u51fa\u984d\u306b\u52a0\u3048\u3066\u3001\u4f55\u3092\u3001\u3044\u3064\u3001\u306a\u305c\u66f4\u65b0\u3059\u308b\u304b\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u5de5\u4e8b\u3092\u884c\u3063\u305f\u5f8c\u306e\u53ce\u652f\u3068\u3001\u4f55\u3082\u3057\u306a\u304b\u3063\u305f\u5834\u5408\u306e\u6545\u969c\u3084\u7a3c\u50cd\u3078\u306e\u5f71\u97ff\u3092\u3001\u533a\u5225\u3057\u3066\u691c\u8a0e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u5de5\u4e8b\u3092\u3059\u308c\u3070\u8cc3\u6599\u304c\u5fc5\u305a\u4e0a\u304c\u308b\u3001\u3068\u3044\u3046\u524d\u63d0\u306f\u7f6e\u3051\u307e\u305b\u3093\u3002<\/p>\n<h2 id=\"part-3\">\u4fee\u7e55\u8cbb\u3068\u8cc7\u672c\u7684\u652f\u51fa\u306f\u3001\u540d\u524d\u3060\u3051\u3067\u5206\u3051\u306a\u3044<\/h2>\n<p>\u8acb\u6c42\u66f8\u306b\u300c\u4fee\u7e55\u5de5\u4e8b\u300d\u3068\u66f8\u3044\u3066\u3042\u3063\u3066\u3082\u3001\u305d\u308c\u3060\u3051\u3067\u53ce\u652f\u4e0a\u306e\u6271\u3044\u304c\u6c7a\u307e\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u7dad\u6301\u3084\u539f\u72b6\u56de\u5fa9\u306e\u305f\u3081\u306e\u652f\u51fa\u304b\u3001\u8cc7\u7523\u306e\u4fa1\u5024\u3084\u8010\u7528\u5e74\u6570\u306b\u95a2\u308f\u308b\u66f4\u65b0\u30fb\u6539\u826f\u304b\u306a\u3069\u3001\u5de5\u4e8b\u306e\u5185\u5bb9\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<p>\u5b9f\u969b\u306e\u5206\u985e\u306f\u3001\u5de5\u4e8b\u306e\u5185\u5bb9\u3084\u4f1a\u8a08\u30fb\u7a0e\u52d9\u4e0a\u306e\u53d6\u6271\u3044\u3001\u8a55\u4fa1\u306e\u76ee\u7684\u306a\u3069\u3068\u6574\u5408\u3055\u305b\u3066\u691c\u8a0e\u3057\u307e\u3059\u3002\u5358\u7d14\u306b\u300c\u5c11\u984d\u306a\u3089\u4fee\u7e55\u8cbb\u3001\u5927\u304d\u3051\u308c\u3070\u8cc7\u672c\u7684\u652f\u51fa\u300d\u3068\u91d1\u984d\u3060\u3051\u3067\u6c7a\u3081\u308b\u3068\u3001\u540c\u3058\u5de5\u4e8b\u304c\u53ce\u652f\u8868\u306b\u3088\u3063\u3066\u9055\u3046\u4f4d\u7f6e\u306b\u5165\u308a\u3001\u6bd4\u8f03\u304c\u96e3\u3057\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u7279\u306b\u6ce8\u610f\u3057\u305f\u3044\u306e\u304c\u4e8c\u91cd\u8a08\u4e0a\u3067\u3059\u3002\u3042\u308b\u5de5\u4e8b\u8cbb\u3092\u904b\u55b6\u8cbb\u7528\u306e\u4fee\u7e55\u8cbb\u306b\u542b\u3081\u305f\u3046\u3048\u3067\u3001NCF\u3092\u8a08\u7b97\u3059\u308b\u3068\u304d\u306b\u8cc7\u672c\u7684\u652f\u51fa\u3068\u3057\u3066\u518d\u3073\u5dee\u3057\u5f15\u3051\u3070\u3001\u305d\u306e\u5206\u3060\u3051\u53ce\u76ca\u3092\u4f4e\u304f\u898b\u3066\u3057\u307e\u3044\u307e\u3059\u3002\u9006\u306b\u3001\u3069\u3061\u3089\u306b\u3082\u542b\u3081\u306a\u3051\u308c\u3070\u3001\u53ce\u76ca\u3092\u9ad8\u304f\u898b\u305b\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"quality-table\">\n<table>\n<caption>\u53ce\u652f\u8868\u3092\u8aad\u3080\u3068\u304d\u306b\u7167\u5408\u3059\u308b\u8cc7\u6599<\/caption>\n<thead>\n<tr>\n<th scope=\"col\">\u78ba\u304b\u3081\u305f\u3044\u3053\u3068<\/th>\n<th scope=\"col\">\u898b\u308b\u8cc7\u6599<\/th>\n<th scope=\"col\">\u898b\u843d\u3068\u3057\u305f\u5834\u5408<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u5de5\u4e8b\u306e\u4e2d\u8eab<\/td>\n<td>\u898b\u7a4d\u66f8\u3001\u4ed5\u69d8\u66f8\u3001\u5de5\u4e8b\u5c65\u6b74<\/td>\n<td>\u540d\u79f0\u3060\u3051\u3067\u8cbb\u7528\u3092\u5206\u985e\u3059\u308b<\/td>\n<\/tr>\n<tr>\n<td>\u5fc5\u8981\u306b\u306a\u308b\u6642\u671f<\/td>\n<td>\u9577\u671f\u4fee\u7e55\u8a08\u753b\u3001\u5efa\u7269\u8abf\u67fb\u306e\u8cc7\u6599<\/td>\n<td>\u5f53\u5e74\u3060\u3051\u53ce\u652f\u304c\u826f\u304f\u898b\u3048\u308b<\/td>\n<\/tr>\n<tr>\n<td>\u8a08\u4e0a\u3055\u308c\u3066\u3044\u308b\u5834\u6240<\/td>\n<td>\u904b\u55b6\u8cbb\u7528\u3068\u8cc7\u672c\u7684\u652f\u51fa\u306e\u5185\u8a33<\/td>\n<td>\u540c\u3058\u5de5\u4e8b\u3092\u4e8c\u91cd\u306b\u5dee\u3057\u5f15\u304f<\/td>\n<\/tr>\n<tr>\n<td>\u66f4\u65b0\u5f8c\u306e\u72b6\u614b<\/td>\n<td>\u5de5\u4e8b\u7bc4\u56f2\u3001\u6b8b\u308b\u8a2d\u5099\u306e\u60c5\u5831<\/td>\n<td>\u5efa\u7269\u5168\u4f53\u3092\u66f4\u65b0\u6e08\u307f\u3068\u8003\u3048\u308b<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2 id=\"part-4\">\u4e94\u5e74\u9593\u306e\u5408\u8a08\u304c\u540c\u3058\u3067\u3082\u3001\u9014\u4e2d\u306e\u8cc7\u91d1\u306f\u9055\u3046<\/h2>\n<p>\u6bce\u5e74\u306eNOI\u30921,000\u4e07\u5186\u3001\u4e00\u6642\u91d1\u904b\u7528\u76ca\u3092\u30bc\u30ed\u3068\u4eee\u5b9a\u3057\u307e\u3059\u30025\u5e74\u9593\u30671,000\u4e07\u5186\u306e\u8cc7\u672c\u7684\u652f\u51fa\u304c\u5fc5\u8981\u3060\u3068\u3057\u3066\u3082\u3001\u521d\u5e74\u5ea6\u306b\u307e\u3068\u3081\u3066\u652f\u51fa\u3059\u308b\u5834\u5408\u3068\u3001\u5404\u5e74200\u4e07\u5186\u305a\u3064\u652f\u51fa\u3059\u308b\u5834\u5408\u3067\u306f\u3001\u8cc7\u91d1\u306e\u52d5\u304d\u304c\u9055\u3044\u307e\u3059\u3002<\/p>\n<div class=\"quality-table\">\n<table>\n<caption>\u652f\u51fa\u6642\u671f\u3067\u5909\u308f\u308bNCF\uff08\u5358\u4f4d\uff1a\u4e07\u5186\uff09<\/caption>\n<thead>\n<tr>\n<th scope=\"col\">\u5e74<\/th>\n<th scope=\"col\">\u521d\u5e74\u5ea6\u306b1,000\u4e07\u5186\u652f\u51fa<\/th>\n<th scope=\"col\">\u6bce\u5e74200\u4e07\u5186\u652f\u51fa<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1\u5e74\u76ee<\/td>\n<td>0<\/td>\n<td>800<\/td>\n<\/tr>\n<tr>\n<td>2\u5e74\u76ee<\/td>\n<td>1,000<\/td>\n<td>800<\/td>\n<\/tr>\n<tr>\n<td>3\u5e74\u76ee<\/td>\n<td>1,000<\/td>\n<td>800<\/td>\n<\/tr>\n<tr>\n<td>4\u5e74\u76ee<\/td>\n<td>1,000<\/td>\n<td>800<\/td>\n<\/tr>\n<tr>\n<td>5\u5e74\u76ee<\/td>\n<td>1,000<\/td>\n<td>800<\/td>\n<\/tr>\n<tr>\n<td>5\u5e74\u9593\u306e\u5358\u7d14\u5408\u8a08<\/td>\n<td>4,000<\/td>\n<td>4,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>\u3053\u306e\u4f8b\u3067\u306f\u5358\u7d14\u5408\u8a08\u306f\u540c\u3058\u3067\u3082\u3001\u521d\u5e74\u5ea6\u306b\u4f7f\u3048\u308b\u8cc7\u91d1\u306f\u9055\u3044\u307e\u3059\u3002\u3055\u3089\u306b\u3001\u5c06\u6765\u306e\u304a\u91d1\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u63db\u7b97\u3059\u308bDCF\u6cd5\u3067\u306f\u3001\u652f\u51fa\u304c\u767a\u751f\u3059\u308b\u6642\u671f\u3082\u8a55\u4fa1\u306b\u95a2\u308f\u308a\u307e\u3059\u3002\u5b9f\u969b\u306e\u5de5\u4e8b\u6642\u671f\u306f\u81ea\u7531\u306b\u5747\u7b49\u5316\u3067\u304d\u308b\u3068\u306f\u9650\u3089\u306a\u3044\u305f\u3081\u3001\u5e73\u5747\u984d\u3092\u7f6e\u304f\u5834\u5408\u3082\u3001\u305d\u306e\u6839\u62e0\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<p>\u306a\u304a\u3001\u3053\u306e\u8868\u306b\u306f\u7269\u4ef6\u306e\u58f2\u5374\u4ee3\u91d1\u3084\u58f2\u5374\u8cbb\u7528\u3092\u5165\u308c\u3066\u3044\u307e\u305b\u3093\u3002\u4e94\u5e74\u9593\u306eNCF\u5408\u8a08\u3060\u3051\u3067\u7269\u4ef6\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u4f8b\u3067\u306f\u306a\u304f\u3001\u9014\u4e2d\u306e\u652f\u51fa\u6642\u671f\u3092\u7406\u89e3\u3059\u308b\u305f\u3081\u306e\u6bd4\u8f03\u3067\u3059\u3002<\/p>\n<h2 id=\"part-5\">NCF\u306f\u30ed\u30fc\u30f3\u8fd4\u6e08\u5f8c\u306e\u624b\u6b8b\u308a\u3068\u306f\u9055\u3046<\/h2>\n<p>NOI\u3084NCF\u306f\u3001\u7269\u4ef6\u305d\u306e\u3082\u306e\u306e\u53ce\u76ca\u529b\u3092\u898b\u308b\u6307\u6a19\u3067\u3059\u3002\u4e00\u822c\u306b\u3001\u6240\u6709\u8005\u306e\u501f\u5165\u308c\u306e\u5143\u5229\u8fd4\u6e08\u3084\u3001\u6240\u5f97\u7a0e\u30fb\u6cd5\u4eba\u7a0e\u3092\u5f15\u3044\u305f\u6700\u7d42\u7684\u306a\u624b\u6b8b\u308a\u3068\u306f\u533a\u5225\u3057\u307e\u3059\u3002\u6c7a\u7b97\u66f8\u4e0a\u306e\u5229\u76ca\u3092\u8a08\u7b97\u3059\u308b\u3068\u304d\u306b\u5dee\u3057\u5f15\u304f\u6e1b\u4fa1\u511f\u5374\u8cbb\u306f\u3001\u305d\u306e\u5e74\u306e\u73fe\u91d1\u652f\u51fa\u3092\u4f34\u308f\u306a\u3044\u305f\u3081\u3001NOI\u3084NCF\u3092\u8a08\u7b97\u3059\u308b\u969b\u306e\u904b\u55b6\u8cbb\u7528\u306b\u306f\u542b\u3081\u307e\u305b\u3093\u3002<\/p>\n<p>\u7269\u4ef6\u306e\u53ce\u76ca\u529b\u3068\u3001\u8cb7\u3046\u4eba\u306e\u8cc7\u91d1\u8abf\u9054\u6761\u4ef6\u3092\u6df7\u305c\u308b\u3068\u3001\u540c\u3058\u5efa\u7269\u3067\u3082\u501f\u5165\u308c\u306e\u6761\u4ef6\u6b21\u7b2c\u3067\u53ce\u76ca\u529b\u304c\u9055\u3046\u3088\u3046\u306b\u898b\u3048\u3066\u3057\u307e\u3044\u307e\u3059\u3002\u300c\u7269\u4ef6\u3068\u3057\u3066\u3044\u304f\u3089\u751f\u3080\u304b\u300d\u3068\u300c\u81ea\u5206\u306e\u8cc7\u91d1\u8a08\u753b\u3067\u3044\u304f\u3089\u6b8b\u308b\u304b\u300d\u306e\u4e8c\u6bb5\u968e\u3067\u8aad\u3080\u3068\u3001\u6bd4\u8f03\u306e\u8ef8\u304c\u306f\u3063\u304d\u308a\u3057\u307e\u3059\u3002<\/p>\n<h2 id=\"part-6\">\u5229\u56de\u308a\u306e\u5206\u5b50\u304c\u9055\u3048\u3070\u3001\u6570\u5b57\u3092\u6a2a\u4e26\u3073\u306b\u3067\u304d\u306a\u3044<\/h2>\n<p>NOI\u3092\u4fa1\u683c\u3067\u5272\u3063\u305f\u5229\u56de\u308a\u3068\u3001NCF\u3092\u4fa1\u683c\u3067\u5272\u3063\u305f\u5229\u56de\u308a\u3067\u306f\u3001\u5206\u5b50\u304c\u9055\u3044\u307e\u3059\u3002\u7269\u4ef6A\u306eNOI\u5229\u56de\u308a\u3068\u7269\u4ef6B\u306eNCF\u5229\u56de\u308a\u3092\u3001\u305d\u306e\u307e\u307e\u9ad8\u3044\u30fb\u4f4e\u3044\u3067\u6bd4\u3079\u308b\u306e\u306f\u9069\u5207\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u53ce\u76ca\u9084\u5143\u306e\u8a08\u7b97\u3067\u3082\u3001\u63a1\u7528\u3059\u308b\u53ce\u76ca\u306e\u5b9a\u7fa9\u3068\u3001\u305d\u308c\u306b\u5bfe\u5fdc\u3059\u308b\u5229\u56de\u308a\u30fb\u9084\u5143\u7387\u3092\u6574\u5408\u3055\u305b\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002NOI\u304b\u3089NCF\u3078\u5207\u308a\u66ff\u3048\u305f\u306e\u306b\u7387\u3092\u6a5f\u68b0\u7684\u306b\u636e\u3048\u7f6e\u3051\u3070\u3001\u53ce\u76ca\u306e\u6271\u3044\u306e\u5dee\u304c\u4fa1\u683c\u306e\u5dee\u3068\u3057\u3066\u8868\u308c\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n<p>\u30a2\u30c7\u30c3\u30af\u30b9\u30ea\u30b5\u30fc\u30c1\u30a2\u30f3\u30c9\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u682a\u5f0f\u4f1a\u793e\u304c\u91cd\u8996\u3059\u308b\u306e\u306f\u3001\u7565\u8a9e\u304c\u4ed8\u3044\u3066\u3044\u308b\u304b\u3067\u306f\u306a\u304f\u3001\u305d\u306e\u6570\u5b57\u3092\u7b2c\u4e09\u8005\u304c\u305f\u3069\u308c\u308b\u304b\u3067\u3059\u3002\u624b\u5143\u306e\u53ce\u652f\u8868\u3067\u306f\u3001\u53ce\u5165\u306e\u5185\u8a33\u3001\u4fee\u7e55\u8cbb\u3068\u8cc7\u672c\u7684\u652f\u51fa\u306e\u5206\u3051\u65b9\u3001\u66f4\u65b0\u5de5\u4e8b\u306e\u6642\u671f\u3001\u5229\u56de\u308a\u306e\u524d\u63d0\u6761\u4ef6\u304c\u4e00\u8cab\u3057\u3066\u3044\u308b\u304b\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u6570\u5b57\u306e\u6839\u62e0\u3092\u305f\u3069\u308c\u308b\u3053\u3068\u304c\u3001\u8aac\u660e\u3067\u304d\u308b\u8a55\u4fa1\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n<section class=\"quality-qa\">\n<h3>Q. NOI\u3068NCF\u306e\u3069\u3061\u3089\u3092\u898b\u308c\u3070\u3088\u3044\u3067\u3059\u304b\uff1f<\/h3>\n<p>A. \u4e21\u65b9\u306e\u5f79\u5272\u3092\u5206\u3051\u3066\u898b\u307e\u3059\u3002\u65e5\u3005\u306e\u904b\u55b6\u306b\u3088\u308b\u53ce\u76ca\u3092\u898b\u308bNOI\u306b\u52a0\u3048\u3001\u8cc7\u672c\u7684\u652f\u51fa\u3092\u542b\u3081\u3066NCF\u3092\u78ba\u8a8d\u3059\u308b\u3068\u3001\u66f4\u65b0\u8cbb\u7528\u3092\u898b\u843d\u3068\u3057\u306b\u304f\u304f\u306a\u308a\u307e\u3059\u3002\u8cc7\u6599\u3054\u3068\u306e\u5b9a\u7fa9\u3068\u5185\u8a33\u3082\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<\/section>\n<section class=\"quality-qa\">\n<h3>Q. NCF\u304c\u4f4e\u3044\u5e74\u306f\u3001\u5fc5\u305a\u7269\u4ef6\u4fa1\u5024\u3082\u4f4e\u304f\u306a\u308a\u307e\u3059\u304b\uff1f<\/h3>\n<p>A. \u305d\u306e\u5e74\u306e\u6570\u5b57\u3060\u3051\u3067\u306f\u6c7a\u3081\u3089\u308c\u307e\u305b\u3093\u3002\u5fc5\u8981\u306a\u66f4\u65b0\u3092\u5b9f\u65bd\u3059\u308b\u5e74\u306a\u306e\u304b\u3001\u7fcc\u5e74\u4ee5\u964d\u306e\u652f\u51fa\u306f\u3069\u3046\u306a\u308b\u304b\u306a\u3069\u3001\u671f\u9593\u3092\u5e83\u3052\u3066\u78ba\u8a8d\u3057\u307e\u3059\u3002\u652f\u51fa\u3092\u5148\u9001\u308a\u3057\u3066\u4e00\u6642\u7684\u306b\u9ad8\u3044NCF\u3092\u51fa\u3057\u3066\u3044\u308b\u5834\u5408\u3068\u306e\u9055\u3044\u3082\u91cd\u8981\u3067\u3059\u3002<\/p>\n<\/section>\n<p>\u53ce\u76ca\u4e0d\u52d5\u7523\u3092\u898b\u308b\u3068\u304d\u3001\u5bb6\u8cc3\u306e\u5927\u304d\u3055\u306f\u5165\u53e3\u3067\u3059\u3002\u305d\u306e\u5148\u3067\u3001\u7dad\u6301\u306b\u5fc5\u8981\u306a\u304a\u91d1\u3068\u652f\u51fa\u306e\u6642\u671f\u307e\u3067\u898b\u6e21\u3059\u3002NOI\u3068NCF\u306f\u3001\u305d\u306e\u305f\u3081\u306b\u53ce\u652f\u8868\u3092\u8aad\u307f\u89e3\u304f\u9053\u5177\u3067\u3059\u3002<\/p>\n<p>\u3042\u308f\u305b\u3066\u8aad\u307f\u305f\u3044\uff1a<a href=\"https:\/\/sakk.jp\/adex\/appraisal\/%e5%9c%9f%e5%9c%b0%e8%a9%95%e4%be%a1%e3%81%ae%e9%9d%a2%e7%a9%8d%e3%80%81%e7%99%bb%e8%a8%98%e3%83%bb%e6%b8%ac%e9%87%8f%e3%83%bb%e5%88%a9%e7%94%a8%e3%81%a7%e3%81%8d%e3%82%8b%e7%af%84%e5%9b%b2%e3%82%92\/\">\u571f\u5730\u8a55\u4fa1\u306e\u9762\u7a4d\u3001\u767b\u8a18\u30fb\u6e2c\u91cf\u30fb\u5229\u7528\u3067\u304d\u308b\u7bc4\u56f2\u3092\u6df7\u305c\u306a\u3044\u8cc7\u6599\u306e\u8aad\u307f\u65b9\uff5c\u30a2\u30c7\u30c3\u30af\u30b9\u30ea\u30b5\u30fc\u30c1\u30a2\u30f3\u30c9\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u682a\u5f0f\u4f1a\u793e<\/a><\/p>\n<div class=\"sa-source-link\" style=\"text-align:left;clear:both;\">\n<p style=\"text-align:left;\">\u53c2\u8003\u30fb\u51fa\u5178<\/p>\n<ul style=\"list-style:none;padding:0;text-align:left;\">\n<li style=\"list-style:none;text-align:left;margin:8px 0;\"><a href=\"https:\/\/www.mlit.go.jp\/common\/001191116.pdf\" target=\"_blank\" rel=\"noopener\">\u56fd\u571f\u4ea4\u901a\u7701\u30fb\u6c11\u9593\u4e8b\u696d\u8005\u306e\u6295\u8cc7\u5224\u65ad\u306e\u8003\u3048\u65b9<\/a><\/li>\n<li style=\"list-style:none;text-align:left;margin:8px 0;\"><a href=\"https:\/\/www.ares.or.jp\/learn\/glossary\/noi.html\" target=\"_blank\" rel=\"noopener\">\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u5354\u4f1a\u30fbNOI\uff08\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u7528\u8a9e\u96c6\uff09<\/a><\/li>\n<li style=\"list-style:none;text-align:left;margin:8px 0;\"><a href=\"https:\/\/www.mlit.go.jp\/common\/001083211.pdf\" target=\"_blank\" rel=\"noopener\">\u56fd\u571f\u4ea4\u901a\u7701\u30fb\u4e0d\u52d5\u7523\u9451\u5b9a\u8a55\u4fa1\u57fa\u6e96\u904b\u7528\u4e0a\u306e\u7559\u610f\u4e8b\u9805<\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n","protected":false},"featured_media":0,"parent":0,"menu_order":0,"template":"","class_list":["post-597","appraisal","type-appraisal","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/sakk.jp\/adex\/wp-json\/wp\/v2\/appraisal\/597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sakk.jp\/adex\/wp-json\/wp\/v2\/appraisal"}],"about":[{"href":"https:\/\/sakk.jp\/adex\/wp-json\/wp\/v2\/types\/appraisal"}],"wp:attachment":[{"href":"https:\/\/sakk.jp\/adex\/wp-json\/wp\/v2\/media?parent=597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}