Rent roll for multifamily vs commercial: unit-level, suite-level, CAM and NNN
A multifamily rent roll is unit-level: one row per apartment, short leases, rent stated monthly. A commercial rent roll is suite-level: one row per tenant space, multi-year leases, rent often stated annually and per square foot, with columns for expense recoveries such as CAM, taxes and insurance under NNN or modified gross leases.
Updated 28 October 2026. General information, not investment, lending, legal or tax advice. Practice differs by lender, program and jurisdiction.
Why the two rolls differ
Apartments are leased in bulk on short standard leases, and the building's income is the sum of many similar rents. The roll's job is to count units, rents and expiries. Commercial space is leased one tenant at a time on negotiated leases, and a handful of tenants can make up most of the income. The roll's job is to record each lease's terms.
CAM and NNN columns
In a triple net (NNN) lease the tenant typically pays base rent plus its share of common area maintenance (CAM), property taxes and insurance. In a modified gross lease the tenant typically pays increases over a base year. In a gross lease the rent typically covers the expenses. A commercial roll may show base rent and recoveries in separate columns, or only a total. Check which before comparing rolls.
Area drives more than occupancy
A tenant's share of recoveries is usually its area divided by the building's rentable area, so the area column feeds recoveries as well as occupancy and rent per square foot.
Mixed-use buildings
A building with apartments above and shops below carries both kinds of lease. Keep them on separate rolls, or add a column that says which is which, because the rent basis and the lease terms differ.
Reading a commercial rent roll in six steps
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Identify the lease type for each tenant
Gross, modified gross or NNN decides who pays expenses and how much of the rent is net to the landlord.
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Check the rent basis
Annual or monthly, per square foot or total, base rent or including recoveries. Write the basis next to the column.
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Add base rent and recoveries separately
Keep them in separate columns so NOI does not count recoveries twice.
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Check area and share
Confirm rentable area and each tenant's pro rata share against the building total.
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Read the steps and options
Rent increases, CPI adjustments, renewal options and termination rights change future income.
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Build the rollover table
Group expiries by year with area and rent. Tenant concentration shows up there.
Multifamily and commercial rent rolls side by side
These are general patterns. Individual properties and reports differ.
| Feature | Multifamily rent roll | Commercial rent roll |
|---|---|---|
| One row is | An apartment unit | A suite or tenant space |
| Typical lease | Often twelve months | Often several years, with options |
| Rent stated | Monthly | Annual, per square foot or monthly |
| Area | Secondary | Central to rent and recoveries |
| Expenses | Mostly the landlord's | Possibly reimbursed: CAM, taxes, insurance |
| Rent changes | At renewal or new lease | Contract steps, CPI or market resets |
| Vacancy measured by | Units | Square feet |
| Main income risk | Turnover and concessions | Rollover and tenant concentration |
What goes wrong
Reading monthly as annual, or the reverse
A commercial roll may print annual rent where an apartment roll prints monthly. Check the heading and the size of the numbers. A rent per square foot far from the market suggests the wrong basis.
Counting recoveries as base rent
CAM, tax and insurance recoveries are reimbursements, not base rent. Keep them apart so the income is not counted twice.
Adding rates per square foot
A rate per square foot is an average and cannot be added across suites. Multiply by area first, or divide total rent by total area.
Counting suites instead of area
Two 40,000 sq ft tenants and ten 1,000 sq ft tenants are not comparable. Use area and rent shares.
Ignoring the lease type
A gross lease and an NNN lease at the same rent leave the landlord with different income. Record the type for each tenant.
How RentRoll Engine helps
RentRoll Engine reads both kinds of roll. On commercial layouts it divides an annual rent column by 12 and flags the rows. It ignores rates per square foot and CAM, tax and insurance columns, which are not base rent, and names them as not used. It checks the rows against the printed rent and area totals. Free: 1 file per day, up to 10 pages, no account. Files over 10 pages are converted up to page 10 on the free allowance; a page code converts the whole file, up to 150 pages. See pricing.
Questions about multifamily and commercial rent rolls
What does NNN mean on a commercial rent roll?
Triple net. The tenant typically pays base rent plus its share of common area maintenance, property taxes and insurance. The roll may show base rent and recoveries in separate columns.
What is CAM?
Common area maintenance: the cost of running shared areas such as lobbies, parking and landscaping. In many leases tenants reimburse a pro rata share, usually their area divided by the building's area.
What is the difference between gross, modified gross and NNN leases?
In a gross lease the landlord typically pays operating expenses from the rent. In a modified gross lease the tenant typically pays increases over a base year. In an NNN lease the tenant typically pays its share of expenses. Terms vary by lease.
Why is area so important on a commercial rent roll?
Rent per square foot, occupancy by area and each tenant's share of recoveries all depend on it. Rentable and usable area differ, so confirm which one the roll shows.
Can one rent roll format cover both property types?
A fixed set of columns can: unit or suite, tenant, status, area, monthly rent, lease dates and deposit. Commercial details such as steps, options and recoveries then live in notes or on a second sheet.
How do I annualize each kind of roll?
Multiply monthly rent by twelve. A commercial roll that already prints annual rent needs no multiplication, and mixing the two gives a twelvefold error.