A commercial unit sold with a tenant already paying rent under a lease. The buyer becomes the landlord and takes over the lease, including the duty to return the tenant's security deposit.
How it works and what to check
The buyer gets an income from day one, so the price is usually discussed as a yield: annual rent divided by price. The yield is only as good as the tenant and the lease, so read the lease itself: the remaining term, lock-in, escalation and who pays maintenance and tax.
Check that the seller passes on the tenant's security deposit or adjusts it in the price, and that the tenant is told about the change of landlord.