- BOV
- Broker opinion of value: a broker's market estimate, not an appraisal.
- CAM
- Common-area maintenance charges.
- Cap rate
- Net operating income divided by price.
- CDC
- Certified Development Company: the SBA-approved lender for the 504 second loan.
- Modified gross lease
- A lease where some operating costs are included in the rent.
- NNN lease
- Triple-net lease: tenant pays taxes, insurance and maintenance plus base rent.
- NOI
- Net operating income: income minus vacancy and operating expenses, before debt service.
- Owner-user
- A business that buys and occupies its own building.
- Pro forma
- Projected numbers, as opposed to in-place (actual) numbers.
- Proposition 13
- California's 1% base property tax and ≤2% annual assessed-value increases.
- Sale-leaseback
- Selling a property and leasing it back to stay in place.
- SBA 504
- SBA program pairing a bank loan with a Certified Development Company loan for fixed assets.
- SBA 7(a)
- The SBA's general loan guarantee program.
- Supplemental assessment
- A separate property tax bill for the value increase after a change in ownership.
- Tenant improvements (TI)
- Build-out work for a tenant, sometimes paid by the landlord.