Summit County real estate glossary
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Summit County Real Estate Glossary G
From General Contractor, General Contractor, to Ground Rent

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General contractor - The contractor who contracts for the overall construction of a building or project. A subcontractor contracts with the general contractor for a portion of the construction project. Besides hiring subcontractors, a general contractor coordinates all work, is responsible for paying the subcontractors and enforcing the subcontracts.

General partner - A member, sometimes the only active member, of a partnership who is authorized to bind and contract for the partnership and share in the partnership's profits or losses.

Going-in capitalization rate - The capitalization rate computed by taking a property's projected net operating income from the first year and dividing it by the property's value.

Graduated lease - A lease, generally long-term in nature, in which rent varies, usually increasing, depending upon future contingencies, such as inflation, operating expenses and taxes.

Gross building area - The sum of each floor's square footage, including basements, mezzanines and penthouses included within the main outside faces of the exterior walls. Does not include architectural setbacks or overhangs.

Gross investment in real estate (historic cost) - The total sum of equity and debt invested in a real estate property investment, including the gross purchase price, any acquisition expenses, and subsequent capital improvements, minus the proceeds from sales and partial sales of the property.

Gross leasable area - The portion of total floor area designed for tenant occupancy and exclusive use, including storage areas that produces rental income.

Gross lease - A lease in which the tenant pays a flat amount for rent. From this rent, the landlord pays all expenses such as taxes, insurance, maintenance, and utilities.

Gross real estate asset value - The total market value of all the real estate investments under management in a fund or individual accounts. Typically included are the total value of all equity positions, debt positions and ownership positions in joint ventures, and the amount of any mortgages or notes payable related to those assets.

Gross real estate investment value - The total market value of real estate investments in a portfolio not including debt, equal to the total of real estate investments as shown on a market-value basis on an assets and liabilities statement.

Gross returns - Returns generated from the operation of real estate without subtracting consulting or management fees.

Ground rent - Rent paid to a property's owner for use of land, usually on which to construct a building. Generally, the arrangement is that of a long-term or 99 year lease in which the lessor retains title to the land.

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Barrie Stimson
LIV Sotheby's International Realty
101 S. Main Street
P.O. Box 2619
Breckenridge, CO 80424


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