This research aims to determine the market value of a gas station selling liquefied gas vehicles (LGV) using a case study of Gas Station 31130101 on Pramuka Street. The hypothesis is that the value calculated using an income approach will be higher than the costs of land and improvements investments. Secondary data from March 1-31, 2008 was used on this single gas station object. Analysis used a direct capitalization discounted cash flow method to determine the capitalization rate. The market value was IDR 19.182.315.087, higher than the IDR 16.479.434.929 investment costs, showing that LGV gas station projects are feasible investments and location contributes significantly to property value, especially for income

1. i
INTISARI
Penelitian ini bertujuan untuk menghitung nilai pasar properti SPBU yang menjual
LGV Studi pada SPBU 31130101 Pramuka. Hipotesis pada penelitian ini, Diduga nilai
properti yang dihitung dengan penerapan metode pendekatan pendapatan lebih tinggi
daripada Biaya pembangunan dan Investasi atas tanah.
Penelitian ini menggunakan data skunder dengan satu objek penelitian yaitu SPBU
yang menjual LGV, periode penilaian tanggal 1 Maret – 31 Maret 2008. Metode analisis
yang digunakan dalam penelitian ini menggunakan kapitalisasi langsung Discounted Cash
Flow, dengan cara mencari tingkat kapitalisasi properti yang menjadi objek penilaian.
Hasil penelitian menunjukkan bahwa nilai pasar properti yang dihasilkan sebesar
Rp.19.182.315.087,-, sedangkan biaya investasi yang dilakukan sebesar Rp.
16.479.434.929,-atau secara signifikan nilai properti lebih tinggi sebesar Rp.2.702.880.158
dibandingkan biaya investasi yang dilakukan. Hasil penelitian ini dapat dijadikan referensi
bagi pengusaha dan para investor bahwa proyek SPBU LGV layak untuk dijalankan, dan
properti LGV yang dijual pada satu lokasi SPBU berpengaruh terhadap nilai.

2. ii
ABSTRACT
This research focused to obtain the market value from income producing properties,
especially Gas Station that sell liquified gas vehicle, study case at Gas Station 31130101
Pramuka. The hypothesis that used in this research, suspected value of the property that
appraised with applying the income approach method higher than cost for land and
improvements of the properties investment.
This research using secondary data with single object that is gas station with liquified
gas vehicle pumping machine, with period of valuation at 1st
March until 31th
March 2008.
The method for analysis that used in this research is direct capitalization Discounted Cas
Flow, the goal to obtain the capitalization rate from the properties as object in the
valuation.
The outcome in this research show that market value of properties is
Rp.19.182.315.087,-, whereas the cost for land and improvements Rp.16.479.434.929,-, it’s
imply the value of properties higher than cost about Rp.2.702.880.158,-. Substantialy that
LGV gas station projects feasible to applied, and LGV (Liquified Gas for Vehicle) Gas
Station as income producing properties give contribution for value.

3. 3
ABSTRACTS
The purpose of this research is to determine Market Value of Gas Station which
sell LGV (Liquefied Gas Vehicle), case study on Gas Station 31130101 at Pramuka
Street. This research based on hypothesis “ Presume value of property valuated by
income approach higher than costs of property investments for land and improvement”.
This research used secondary data from one object of LGV Gas Station with period of 1st
March up to 31st
March 2008. Method of Analysis used in this research is direct
capitalization Discounted Cash Flow to generate capitalization rate of property object.
Market Value of property from our analysis is IDR 19.182.315.087,00 whereas the cost
of property investment for land and improvements is IDR 16.479.434.929,00. Clearly
shown that the value of property is higher IDR 2.702.880.157,00 than the costs needed
for investment which indicate this LGV Gas Station project feasible to apply. This result
can be made as reference for investor and business man who want to invest in LGV Gas
Station and as a proved that location have a significant relation and give contribution to
value of property especially as income producing property.
Keyword : Discounted Cash Flow, Income Approach.