You and two business partners are considering the purchase of the following commercial investment property:
Estimated purchase price: $600,000 (building only) Type of property: Mixed-use Units: 3 residential second floor Apts. — (A)1,500 sq. ft., (B) 1,250 sq ft and (C) 850 sq. ft. 3 retail ground floor Units, with separate entrances, 1,200 sq. ft. each. Lease Information:
Residential Apartments: All residential units are rented. Retail Units-annual rental revenues: Each Retail Unit is under a month-to-month gross (MTM) lease. Other Information:
The property is subject to a 50 years ground lease (all property interests reverts to the seller at the end of the ground lease). The property purchaser with pay the seller an annual ground lease payment of $20,000. Each investor will purchase a 1/3 interest in the investment. Provide your business partners with the following information:
What type of leasehold estate is a ground lease? How does the ground lease impact their property ownership? Besides obligation to pay the ground lease rent, are there any other expenses they would have to pay? What happens to property / investment at the end of the ground lease term? Is there an option to renew the ground lease? If not, how may it be included? Identify the characteristics of other commercial lease types that may provide greater rental income by charging common area maintenance costs (CAM) to the tenants. Provide a recommendation of a lease type that will maximize their retum on investment.
n the early 1800’s, Irish immigration to America increased significantly, partly due to promotional advertisements placed in Irish newspapers and journals, posters displayed in Irish towns, as well as the continued oppression the Irish Catholics experienced daily. Many immigrants underwent the three-month long journey departing from ports all over Ireland, including Derry, Cork, Limerick, and Galway. Hundreds of emigrants were crammed into steerage of ships, also called “Coffin Ships.” The dismal conditions on board these vessels often caused disease and illness, such as typhoid, to spread like wildfire. Steerage was the most common class for the Irish to travel as it was the least expensive and sometimes free option for the immigrants, especially for those who agreed to become indentured servants upon arrival. By 1840, almost half of America’s immigrant population came from Ireland, settling in cities, such as Philadelphia and New York, along the east coast. Irish settlement into Canada and the United States ignited following the 1798 Rebellion, many arriving as political refugees from Northern Ireland. Of these immigrants, approximately 5,000 emigrated per year from Ulster alone arriving in Philadelphia, Newcastle, Wilmington, and New York. Many of the Irish had experience in construction, road working, tilling, and clearing land and would prove to be beneficial to the Americans during the Industrial Revolution. Since the Irish were experiencing better living conditions in both Canada and the United States after escaping oppression in Ireland, the immigration flow increased, and by the mid-1800’s, there were more Irish in Canada than British or Scots.  As yet it’s only natural I should feel lonesome in this country, ninety-nine out of every hundred who come to it are at first disappointed. Still, it’s a fine country and a much better place for a poor man tan Ireland. – John Doyle, a letter to his wife.  Irish immigration gained momentum during the mid-19th century in the United States and Canada. Thousands of Irish immigrants landed in these countries hoping for a better life for religious freedoms, opportunities both in the workplace and with their land, allowing them to raise their families free of oppression and harsh realities. However, in many instances, the protestants of the United States still frowned in disgust upon the Irish Catholics, portraying them as poor, drunk, and belligerent. Life in America was not always easy for the Irish settlers, though it did open new doors for the emigrants, allowing them to make significant impacts the world would see a half a century later: the color photograph, invented by John Joly of County Down; the monorail, invented by Louis Brennan of County Mayo; the submarine, invented by John Philip Holland>GET ANSWER