C9 Definition

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Cards In This Set

Front Back
PROPERTY TYPES
  • RESIDENTIAL
  • INCOME PORDUCNG
    • MIXED USE DEVELOPMENTS
RESIDENTIAL
SINGLE FAMILY HOUSES, CONDOMINIUMS, COOPERATIVE APARTMENTS
INCOME PRODUCING
  • MULTIFAMILY
  • COMERCIAL; OFFICE - RETAIL - HOTEL
  • INDUSTRIAL WAREHOUSE
  • RECREATIONAL
    • INSTITUTIONAL( PSECIAL PURPOSE)
SUPPLY AND DEMAND
  • EQUILIBRIUM MARKET RENTAL RATE: VACANCY RATE - SUPPLY ANF DEMAND - SHORT RUN VS. LONG RUN - THERE ARE DIFFERENT INFLUENCES ON SUPPLY AND DEMAND FOR DIFFERENT PRODUCT TYPES
LOCATION & USER TENANTS; MOTIVATING FACTORS
  • INCREASE SALES; BUSINESS TYPE WHERE SUCCESS REUQIRES A HIGHER REVENUE STREAM AND HEAVY PEDESTRIAN TRAFFIC
    • REDUCE OPERATING COSTS; BUSINESS TYPE WHERE SUCCES IS BASED ON ALOWER COST STRUCTURE AND LARGE AMOUNT OF LAND
LOCATION AND USER TENANTS
  1. COMPETITION LEADS TO THE HIGHEST RENTS IN THE MOST PROFITABLE LOCATIONS AND LAND VALUE
  2. LOCATIONS WILL BE DOMINATED BY CLUSTERS OF USERS WITH SIMILAR REVENUE OR OPERAITNG EXPENSE STRUCTURES
  3. LOCATIONS THAT R MOST VALUED WILL LEAD TO THE GREATEST DENSITY
    1. SOME LOCATIONS R COMPETED FOR BY FIRMS THAT R MOST COST SENSITIVE
POPULAR BUSINESS CHOICE: LEASING
  • MORE COST EFFECTIVE THAN OWNING
  • THIS RESULTS IN SPECIALIZED REAL STATE FIRMS
    • THE EXCEPTION IS FOR SPECIALIZED FACILITIES OR FOR HEADQUARTERS FACILITIES WHERE THERE R BUSINESS REASON TO OWN INSTEAD OF LEASE
REAL ESTATE INCOME
  • MARKET RENT: OUTLOOK FOR NATIONAL ECONOMY - ECONOMIC BASE OF THE AREA - DEMAND - SUPPLY
    • VACANCY - ON ACCOUNT OF TENENT TURNOVER, SPACE IS NOT ALWAUS LEASED EVEN IN STRONG MARKETS
LESSORLESSE
OWNERTENANT
UNDERWRITING TENANTS
FINANCIAL STATEMENTSCREDIT RATINGSANALYST REPORTSBANK RELATIONSHIPSEXISTING OBLIGATIONS
GENERAL CONTENTS OF LEASES
PARTIES DATES LENGHBASE RENTDEPOSITSCONDITIONALLOWAVE USESRESTRICTION ON ASSIGMENT OR SUBLETTINGUSE OF COMMON AREAS AND FACILITIESRESPONSABILITIES FOR MAINTANCE AND REPAIR
GENERAL CONTENTS OF LEASES
  • RESTRICTIONS ON ALTERATION OR IMPORVEMENT
  • CONSTRUCTION OF ANY EXPANSION BY OWNER
  • EMINET DOMAIN AN ANY CONSDERATION
  • RESPONSIBILITY FOR PAYMENT OF ESPECIFIC EXPENSES BY LESEE AND OR LESSOR
  • INSURANCE REQUIEREMTNS
  • LEASE RENEWAL OPTIONS
    • ESTOPPELS
LEASE INCOME
  • FLAT RENT - NORENT CHANGE
  • STEP UP RENT - SPECIFIED RENT INCREASES AT SPECIFIES TIMES
  • INDEXED RENTS - PERIODIC RENT ADJUSMENT CPI INDEX
    • PERCENTAGE LEASE - RENT PARTIALLY BASED ON SALES, BREAKPOINT
LEASES AND EXPENSES
  • GROSSS( FULL SERVICE ) LEASES: TENTNAT PAYS RENT ONLY - PROPERTY OWNER PAYS ALL OPERATING EXPENSES
  • MODIFIED( FULL SERVICE) LEASE: DIRECT PASS THROUGHS
  • LEASES WITH OPERAITNG EXENSES RECOVERIES: SIGLE NET LEASES, DOUBLE NET, TRIPLE NET
    • COMMON AREA MAINTANCE (CAM)
EFFECTIVE RENT
  • USED TO COMPARE LEASES. COMPUTE PRESENT VALUE OF RENT STREAM - CONVERT PRESENT VALUE TO AN EQUIVALENT LEVEL ANNUITY