Inseparable intangible assets are assets that remain after subtracting the value of all tangible assets plus all identifiable intangible assets from the value of the RECE.
There are situations when the RECE capitalization rate will be higher than the intangible capitalization rate, or where the real estate capitalization rate is greater than the intangible capitalization rate.
Enter pro forma NOI or net EBITDAR, as estimated for the RECE, which in this example is $3,368,452.
Divide pro forma NOI by the capitalization rate, and round the result, here resulting in the RECE appraised value of $39,050,000.
Find inseparable intangibles value by subtracting the component values from the total RECE, resulting in $7,650,000.