What is a building' most valuable asset? - ANS Tenants
Fair rent calculations may apply to options to do what? - ANS Renew, expand, and periodic rental increases
What will the fair market rental value generally be based on? - ANS Comparable leases of comparable space
What is comparab...
, What is a building' most valuable asset? - ANS Tenants
Fair rent calculations may apply to options to do what? - ANS Renew, expand, and
periodic rental increases
What will the fair market rental value generally be based on? - ANS Comparable
K
leases of comparable space
C
What is comparable space? - ANS The comparable space must be in a building and
area comparable to the premises. (geographically, highly prominent space, age of the
building, configuration of a center, type of tenants in the building, premium amenities)
LO
In making rent comparisons for a ground lease, it is important to state whether the
premises will be appraised as what? - ANS Vacant land or as improved and whether
applicable zoning and other private/governmental restrictions will be considered
YC
What does CAM mean? - ANS Common Area Maintenance
What is a gross lease? - ANS Tenant pays only base rent and the landlord pays for all
OpEx. Used in many office leases, especially older buildings
D
What is a modified gross lease? - ANS Items spelled out that require additional
payment by Tenant. Typically utilities and real estate taxes are excluded. Used in many
suburban office leases.
U
What is a single-net lease? - ANS Base rent is paid to the landlord and includes OpEx
ST
incurred by the landlord. Tenant pays property taxes separately. Was commonly used
for industrial buildings/warehouses in the 70s and 80s but not as common today.
What is a double-net lease? (net-net) - ANS Base rent is paid to the landlord and
includes OpEx. Tenant pays property taxes and insurance separately. Was commonly
used for industrial buildings/warehouses in the 70s and 80s but not as common today.
What is a triple-net lease? (net-net-net) - ANS Rental payments are base rent paid to
the landlord and do not include OpEx. Landlord undertakes management of property at
the tenant's expense. First used with single-tenant buildings but now common with large
portfolio landlords, especially in urban markets
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