This article addresses the use of a flotation-cost adjustment when used with the income approach.
Income approach to value, Capitalization
Simonds, R. R. (2006). Income capitalization, flotation costs, and the cost of capital. Journal of Property Tax Assessment & Administration, 3(4), 23-29. Retrieved from https://researchexchange.iaao.org/jptaa/vol3/iss4/3