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Updated about 12 hours ago on . Most recent reply
![Laura Casner's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2440139/1698110379-avatar-laurac233.jpg?twic=v1/output=image/crop=721x721@0x84/cover=128x128&v=2)
Member percentage interest in condo used to calculate sq ft - Doesn't match actual
Condoized mixed use landlords: I could use some help navigating the complexities off member percentage interest sq footage vs actual.
The sq footage of the unit is listed as 1351 and a previous appraisal was based on this. The 1351 number was calculated by the initial developers as member percentage interest 3.9% of the total sq footage of the building: 34,648 and that's what the appraiser went by. But the actual measured sq footage is 1,116 (exterior to exterior) which is quite different.
My question is - when it comes to renting out the space and charging a price per sq ft., which calculation is it legally and customary to use? The member percentage interest calculation or the actual measured sq footage? I thought the member percentage interest was used predominately to calculate NNN costs/pro rata share and not sq footage...