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Real Estate Dictionary

Affordable Housing Operating Costs

The Operating Expense Ratio (OpEx Ratio) for affordable housing typically ranges from 40% to 70% of Effective Gross Income (EGI), with costs varying based on regulatory compliance, resident services, property age, and utility responsibilities, leading to annual per-unit expenses of $4,000 - $12,000.

February 13, 2025

What is a Corporate Tenant in Multifamily?

A corporate tenant in multifamily real estate is a business that leases apartment units—often furnished and short-term—for employees, executives, or temporary housing, offering property owners stable rent payments but with potential turnover and wear-and-tear risks.

February 13, 2025

What's the Difference Between Residential and Commercial Properties?

Residential properties are used for living and have simpler financing, lower risk, and shorter leases, while commercial properties are used for business, have income-based valuation, complex financing, and higher potential returns with longer leases.

February 13, 2025

How Much Does it Cost to Demolish a Multifamily Building?

The cost to demolish a multifamily building ranges from $4 - $10 per square foot (or $15,000 - $1M+ depending on size), with factors like location, asbestos removal, demolition method, and disposal fees influencing the total price.

February 13, 2025

What is ULA Tax in Real Estate?

The ULA Tax (Mansion Tax) in Los Angeles imposes a 4%–5.5% transfer tax on properties over $5 million, leading to a sharp decline in high-end sales, lower-than-expected revenue, legal challenges, and a shift in luxury market activity to nearby areas like Beverly Hills.

February 11, 2025

What Does it Mean to Swap Surveys in Multifamily?

In multifamily real estate, swapping surveys refers to the exchange of market survey data between property managers to gain insights into rents, occupancy, and concessions, but it can raise concerns about accuracy, regulatory compliance, and data reliability - challenges HelloData address by using 100% publicly available data.

February 11, 2025

What is HUD MPR?

HUD Minimum Property Requirements (MPR) are standards set by HUD to ensure homes purchased with FHA loans are safe, structurally sound, and habitable, covering aspects like roofing, foundation, utilities, and health hazards.

February 11, 2025

What is the HUD Section 202 Housing List?

The HUD Section 202 Housing List is a directory of affordable, HUD-subsidized housing for low-income seniors (62+), where residents pay 30% of their income for rent, with properties managed by nonprofits or housing agencies.

February 11, 2025

What are Davis-Bacon Wages?

Davis-Bacon Wages are federally mandated prevailing wages that must be paid to workers on federally funded or assisted construction projects, ensuring fair compensation based on local labor standards.

February 11, 2025

What is the HUD 241(a) Program?

The HUD 241(a) Program provides supplemental FHA-insured financing for improvements or expansions of existing FHA-backed multifamily and healthcare properties, offering low fixed rates and high LTV ratios but requiring HUD approval, compliance with Davis-Bacon wages, and the ability to support additional debt.

February 11, 2025
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