BOMA Measurements refer to the standards offered by the Building Owners and Managers Association for accurately measuring the leasable square footage of commercial buildings.
A building permit is an official authorization granted by a local government entity that allows for the construction, expansion, modification, or renovation of a building or structure. This legal requirement ensures that construction complies with building codes, zoning laws, and safety standards.
A 'Closed Period' is a term in a mortgage agreement that prevents the borrower from prepaying the mortgage before the agreed-upon time period. This is commonly seen in commercial real estate mortgages but rarely in residential mortgages.
Commercial property refers to buildings or land intended to generate a profit, either from capital gain or rental income. This category includes a diverse array of properties such as shopping centers, office buildings, hotels, resorts, and restaurants.
A corner lot is a land parcel that is bounded on at least two sides by the intersection of two roads. Corner lots are valued both for their accessibility and visibility in commercial real estate and may present unique benefits and challenges for residential development.
Depreciation (Tax) refers to an annual tax deduction for wear and tear and loss of utility of property. It allows property owners to account for the decrease in value of their real estate assets over time.
Double Declining Balance (DDB) is an accelerated method of depreciation used for tax purposes, applying twice the straight-line depreciation rate to the remaining book value of an asset.
An appraisal principle stating that the value distribution of a uniformly deep commercial lot is such that 40% lies in the front quarter, 30% in the next quarter, 20% in the third quarter, and 10% in the last quarter. This rule is essential in assessing property value for compensation in eminent domain cases.
A high-rise is a building that generally exceeds six stories in height and is equipped with elevators. High-rises are commonly used for residential, commercial, or mixed-use purposes.
Income Property refers to real estate that is specifically utilized to generate rental income. It encompasses a variety of property types that can provide steady income streams to the owner.
A neighborhood shopping center is a type of retail property designed to provide convenience shopping for the day-to-day needs of consumers in the neighborhood. It typically offers a mix of convenience-oriented stores and services.
The one-hundred-percent location refers to the specific spot in an urban area where land values and rents are the highest, often considered the 'best' or most prime location.
An open listing is a non-exclusive property listing arrangement where any number of brokers can participate, but only the broker who successfully secures a buyer receives a commission.
A regional shopping center is a type of retail development designed to service a larger geographic area, offering a wide variety of goods and services through numerous tenants, including at least one major department store as an anchor tenant.
A shopping center is a collection of retail stores with a common parking area and generally one or more large department, discount, or food stores; often including an enclosed mall or walkway.
Square footage is a measure of the area of a piece of real estate, typically measured in square feet. It represents the total floor area within a property's boundaries.
Tax Exemption is a full or partial retraction of property from the tax base, resulting in a lower AD VALOREM tax for the property owner.
Urban property real estate involves properties situated in urban regions known for high-density development and easy access to city amenities and services.
