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% Document Info
\author{khanlamisa}
\pdfinfo{
  /Title (commercial-and-investment-properties.pdf)
  /Creator (Cheatography)
  /Author (khanlamisa)
  /Subject (Commercial and Investment Properties Cheat Sheet)
}

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\noindent
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    {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent
        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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\begin{tabulary}{11cm}{L}
    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Commercial and Investment Properties Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{khanlamisa} via \textcolor{DarkBackground}{\uline{cheatography.com/124035/cs/26022/}}}
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\noindent
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}khanlamisa \\
  \uline{cheatography.com/khanlamisa} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 7th January, 2021.\\
   Updated 7th January, 2021.\\
   Page {\thepage} of \pageref{LastPage}.
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Sponsor}}  \\
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  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
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\begin{document}
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\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{x{1.60195 cm} x{1.19002 cm} x{1.78503 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{Investment Property Types}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Office Building Classes}} & Class A & newer \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
 & Class B &  \tn 
% Row Count 3 (+ 1)
% Row 2
\SetRowColor{LightBackground}
 & Class C & lowest condition \tn 
% Row Count 5 (+ 2)
% Row 3
\SetRowColor{white}
 & low-rise & 1-3 stories \tn 
% Row Count 6 (+ 1)
% Row 4
\SetRowColor{LightBackground}
 & mid-rise & 3-15 stories \tn 
% Row Count 7 (+ 1)
% Row 5
\SetRowColor{white}
 & high-rise & \textgreater{}=20 stories \tn 
% Row Count 8 (+ 1)
% Row 6
\SetRowColor{LightBackground}
{\bf{Retail Property Types}} & strip centers & 8000-30000 ft\textasciicircum{}2\textasciicircum{} \tn 
% Row Count 10 (+ 2)
% Row 7
\SetRowColor{white}
 & \seqsplit{neighborhood} centers & \{\{noshy\}\}30,000-100,000 ft\textasciicircum{}2\textasciicircum{} \tn 
% Row Count 12 (+ 2)
% Row 8
\SetRowColor{LightBackground}
 & outlet centers & \{\{noshy\}\}100,000-300,000 ft\textasciicircum{}2\textasciicircum{} \tn 
% Row Count 14 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\SetRowColor{LightBackground}
\mymulticolumn{3}{x{5.377cm}}{Office Building Classes are based on GAAP}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.09034 cm} x{2.88666 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Key Terminology}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{NOI}} & equal to the gross income minus expenses (and sometimes debt service) \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
{\bf{Time Value of Money (TVM)}} & the idea that money available at present time is worth more than the same amount in the future data due to its potential earning capacity \tn 
% Row Count 9 (+ 6)
% Row 2
\SetRowColor{LightBackground}
\{\{noshy\}\}{\bf{leverage}} & the use of borrowed capital (mortgage) to increase the potential return of an investment \tn 
% Row Count 13 (+ 4)
% Row 3
\SetRowColor{white}
{\bf{cash on cash return}} & a percentage return on money invested in a property by an investor \tn 
% Row Count 16 (+ 3)
% Row 4
\SetRowColor{LightBackground}
{\bf{gross income}} & the total amt collected from rents \& other income producing opportunities \tn 
% Row Count 20 (+ 4)
% Row 5
\SetRowColor{white}
{\bf{debt service}} & annual amt to be paid by a debtor on an obligation to repay borrowed money \tn 
% Row Count 24 (+ 4)
% Row 6
\SetRowColor{LightBackground}
{\bf{tax shelter}} & any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities \tn 
% Row Count 29 (+ 5)
% Row 7
\SetRowColor{white}
{\bf{before tax cash flow}} & the net profit/loss calculated by subtracting expenses from income before taxes are paid \tn 
% Row Count 33 (+ 4)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{2.09034 cm} x{2.88666 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Key Terminology (cont)}}  \tn
% Row 8
\SetRowColor{LightBackground}
{\bf{after tax cash flow}} & the net profit/loss realized after taxes are deducted \tn 
% Row Count 3 (+ 3)
% Row 9
\SetRowColor{white}
{\bf{rate of return}} & a profit on an investment over a period of time, expressed as a proportion of the original investment \tn 
% Row Count 8 (+ 5)
% Row 10
\SetRowColor{LightBackground}
{\bf{rentable square footage}} & usable area that can be leased/rented to a tenant \tn 
% Row Count 11 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.14011 cm} x{2.83689 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Lease Clause for Tenants}}  \tn
% Row 0
\SetRowColor{LightBackground}
\{\{noshy\}\}{\bf{commencement date}} & contracted date when activities begin \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
{\bf{move-in date}} & the date at which the tenant will move in \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\{\{noshy\}\}{\bf{estoppel}} & an instrument executed by the mortgagor setting forth the present status and the balance due on the mortgage as of the date of the execution \tn 
% Row Count 11 (+ 7)
% Row 3
\SetRowColor{white}
{\bf{lease escalation clause}} & a contract provision allowing for one to pass an increase in costs to another party \tn 
% Row Count 15 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.18988 cm} x{2.78712 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Pro Forma Statements}}  \tn
% Row 0
\SetRowColor{LightBackground}
\{\{noshy\}\}{\bf{Pro-Forma statement}} & an accounting statement that forecasts income and expenses for a period of time, typically 5 or more years \tn 
% Row Count 5 (+ 5)
% Row 1
\SetRowColor{white}
1. & Gross potential income \tn 
% Row Count 6 (+ 1)
% Row 2
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2. & effective gross income \tn 
% Row Count 7 (+ 1)
% Row 3
\SetRowColor{white}
3. & expenses \tn 
% Row Count 8 (+ 1)
% Row 4
\SetRowColor{LightBackground}
4. & net operating income (NOI) \tn 
% Row Count 10 (+ 2)
% Row 5
\SetRowColor{white}
5. & before tax cash flow \tn 
% Row Count 11 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Typically used by investors to estimate their rate of return for a particular property \newline -It often takes longer to find a new tenant for commercial building than a residential building \newline -Lenders will typically require the buyer to have capital reserves placed in an escrow account}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.18988 cm} x{2.78712 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{SNDA}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{S}}ubordination & tenant subordinates lease to mortgage \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\{\{noshy\}\}{\bf{N}}on-{\bf{D}}isturbance & protects tenants from being thrown out of the property \tn 
% Row Count 5 (+ 3)
% Row 2
\SetRowColor{LightBackground}
{\bf{A}}ttornment Agreement & tenant commitment to allow for ownership to change \tn 
% Row Count 8 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Missed/Unsure Questions}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{How will the use of positive leverage benefit a real estate investor?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}it will allow him to purchase a larger building} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{How is a multi-family property valued different than an office building?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}both properties are valued the same way} \tn 
% Row Count 6 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{What is considered a primary commercial property type?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}industrial properties} \tn 
% Row Count 9 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{What is the term for usable area that can be leased/rented to a tenant?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}rentable square footage} \tn 
% Row Count 12 (+ 3)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{What is the pricing on residential real estate based in part on?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}emotion} \tn 
% Row Count 15 (+ 3)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{What is an important aspect of industrial warehouse space?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}ceiling heights} \tn 
% Row Count 18 (+ 3)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{The amount of cash flow a property produces is used to determine the value of what property type?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}commercial} \tn 
% Row Count 21 (+ 3)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{In addition to the cash needed for the down payment, what do you also need to run and maintain the property?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}liquidity} \tn 
% Row Count 25 (+ 4)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{If an owner has enough cash to fund the operations of a commercial investment property while the cash flow becomes stabilized, what is he considered?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}liquid} \tn 
% Row Count 29 (+ 4)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{What is a common management fee to assume for a large multi-family building?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}5\%} \tn 
% Row Count 32 (+ 3)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Missed/Unsure Questions (cont)}}  \tn
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{What type is largest in area?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}rentable square footage} \tn 
% Row Count 2 (+ 2)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{In which type of lease does the tenant pay a fixed amt in rent, while landlord pays for building expenses?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}gross lease} \tn 
% Row Count 6 (+ 4)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Town Brokers have recently signed a lease to occupy an entire office building. What type of lease did Town Brokers most likely sign?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}NNN lease} \tn 
% Row Count 10 (+ 4)
% Row 13
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{In a typical commercial lease, who is given the option to extend a tenant's lease?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}tenant} \tn 
% Row Count 13 (+ 3)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{How can a utility bill be passed through to the tenant if sub-metering proves unfeasible?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}rent inclusion} \tn 
% Row Count 16 (+ 3)
% Row 15
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{A non-recurring expense is considered what?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}capital expenditure} \tn 
% Row Count 18 (+ 2)
% Row 16
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{What are mortgage payments made up of?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}principal \& interest} \tn 
% Row Count 20 (+ 2)
% Row 17
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{What do lenders typically have a buyer place in an escrow account?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}capital reserves} \tn 
% Row Count 23 (+ 3)
% Row 18
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{What is an underlying component of a cap rate?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}risk, sweat equity, cash} \tn 
% Row Count 25 (+ 2)
% Row 19
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Which property is risky as an investment?} \tn 
\mymulticolumn{1}{x{5.377cm}}{\hspace*{6 px}\rule{2px}{6px}\hspace*{6 px}duplex apartment house} \tn 
% Row Count 27 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}