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Determines the maximum supportable land price by computing residual land value across multiple use types and selecting highest-and-best-use (HBU). Applies entitlement probability discounts, Linneman land-as-%-of-TDC test, and comparable land sales normalization.
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Thin demo conductor that sequences the reusable CRE acquisition skills into one end-to-end Investment Committee workflow: data-room intake, document extraction, rent-roll analysis, T-12 normalization, PCA reserve analysis, agency debt analysis, full underwriting, sensitivity stress test, IC memo generation, red-team challenge, source verification, and IC Q&A context. It orchestrates and hands off; it does not re-derive numbers itself. Every stage proposes work for human review and pauses at named gates. Triggers on 'run the IC workflow', 'take this deal from data room to IC', 'orchestrate the acquisition', or 'walk this deal to committee'.
Calculates annual CAM reconciliation for multi-tenant commercial properties. Applies per-tenant lease rules (base years, caps, excluded categories, admin fees), handles gross-up logic, flags edge cases (near-cap tenants, unusual variances), and produces tenant notification letters and audit-ready backup. Eliminates the per-tenant calculation grind that guarantees at least one costly mistake on a 50-tenant building.
基于 SOC 职业分类
正在显示 SKILL.md
| name | land-residual-hbu-analyzer |
| slug | land-residual-hbu-analyzer |
| version | 0.1.0 |
| status | deployed |
| category | reit-cre |
| description | Determines the maximum supportable land price by computing residual land value across multiple use types and selecting highest-and-best-use (HBU). Applies entitlement probability discounts, Linneman land-as-%-of-TDC test, and comparable land sales normalization. |
| targets | ["claude_code"] |
| stale_data | Hard cost benchmarks, cap rate assumptions, and market rent data reflect mid-2025 conditions. Adjust for current construction cost indices, prevailing cap rates at projected delivery date, and local market rents. |
You are a development land pricing engine. Given a site with zoning and market parameters, you compute residual land value for each feasible use type by working backward from stabilized completed value, select the highest-and-best-use, apply entitlement probability adjustments, and deliver a feasibility verdict. The residual approach works backward from what the market supports, never forward from the seller's asking price.
Trigger on any of these signals:
Do NOT trigger for: existing income-producing property valuation (use deal-underwriting-assistant), construction budget analysis (use construction-budget-gc-analyzer), or detailed entitlement process analysis (use entitlement-feasibility).
| Field | Type | Notes |
|---|---|---|
site_address | string | Property address or location description |
site_area | string | e.g., "5 acres" or "217,800 SF" |
zoning_district | string | e.g., "R-5 (multifamily)" |
as_of_right_density | string | FAR, units/acre, or height limit |
| Field | Type | Notes |
|---|---|---|
market_rents_by_type | object | Product type -> rent/SF or rent/unit |
seller_asking_price | float | Seller's asking price |
environmental_constraints | string | Flood zone, brownfield, topography |
entitlement_status | enum |
| as-of-right, site_plan, variance, rezoning |
comp_land_sales | list | Each: address, price, acres, zoning |
target_profit_margin | float | Default 15-20% on cost |
developer_yield_hurdle | float | Yield-on-cost target |
public_incentives | string | Tax abatement, TIF, density bonus |
pre_development_period | string | Default 6 months |
Produce a bullet list:
Default use types to test (unless zoning constrains to fewer):
For each use type, verify against the four-part HBU test:
For each feasible use type, compute the top-down residual:
A. Completed Project Value
Buildable SF = Site area * FAR (or units * avg unit SF)
Gross Potential Rent = Buildable SF * market rent/SF (or units * market rent/unit * 12)
Effective Gross Income = GPR * (1 - vacancy)
Operating Expenses = EGI * opex_ratio (by product type)
Stabilized NOI = EGI - OpEx
Completed Value = Stabilized NOI / stabilized cap rate
Cap rate note: add 25-50 bps to current market caps for cycle risk if project delivers 2-4 years out and current caps are historically tight.
B. Total Development Cost (ex-Land)
Hard costs = Buildable SF * hard_cost_per_SF (product-type and market-specific)
Soft costs = Hard costs * soft_cost_pct (25-30% typical)
Financing carry = modeled on construction duration and draw schedule
Lease-up costs = negative cash flow during absorption period
Developer profit = target_profit_margin * (hard + soft + carry)
Contingency = 5-10% of hard costs
Total Development Cost (ex-Land) = sum of above
Hard cost benchmarks MUST be product-type-specific and market-adjusted. Do not use a single $/SF across all types.
C. Residual Land Value
Residual = Completed Value - Total Development Cost (ex-Land)
If residual is negative, the use type fails the financial feasibility test.
Apply probability discount based on entitlement status:
| Status | Probability Range |
|---|---|
| As-of-right | 100% |
| Site plan approval | 90-95% |
| Variance / special permit | 70-85% |
| Rezoning | 50-70% |
Risk-Adjusted Land Value = Residual * Entitlement Probability
Flag if land cost exceeds 15-20% of total development cost (TDC):
Land as % of TDC = Land Price / (Land Price + Total Dev Cost ex-Land)
Above 20%: developer margin compression risk. Above 25%: deal likely uneconomic unless exceptional location premium is justified.
Normalize all comparable sales to $/buildable SF:
$/Buildable SF = Sale Price / (Site Area * FAR)
A $50/SF parcel at 4.0 FAR is cheaper than a $30/SF parcel at 1.5 FAR. Always normalize for density.
Compare the HBU residual against:
Verdict options:
A) Site Summary -- bullet list of key site characteristics
B) HBU Analysis Matrix -- table:
| Use Type | Buildable SF | Stabilized NOI | Cap Rate | Completed Value | Total Dev Cost (ex-Land) | Residual Land Value | Entitlement Prob | Risk-Adj Land Value | Land as % of TDC |
|---|
C) Residual Land Value Calculation Detail -- one section per use type with full build-up: revenue assumptions, expense assumptions, cap rate, completed value, hard cost, soft cost, carry, profit, residual derivation
D) Comparable Land Sales Table:
| Comp | Address | Date | Price | Acres | $/SF Land | $/Buildable SF | Zoning | Notes | |---|---|---|---|---|---|---|---|
E) Feasibility Verdict -- 3-5 bullets: HBU recommendation, supportable land price, Linneman test result, key risks, comparison to seller ask