You're mostly not double counting, you're mixing share classes. Non-traded REITs typically offer several classes of the same shares with different fee arrangements, and an investor holds one of them.
The pattern looks like this. Up-front selling commission and dealer manager fee come out of your subscription or are charged on top of it, and the class with the highest up-front load usually has the lowest ongoing servicing fee. The class with no up-front commission usually carries the highest annual stockholder servicing fee instead, often paid until a cap is reached. A class sold through fee-based advisors or institutions may have neither, because the advisor bills you separately. So your $50,000 doesn't pay 3.5% up front and 0.85% a year. It pays one of those arrangements.
On top of the class-level fees sit fees everyone pays regardless of class. An asset management fee on NAV, often somewhere near 1% to 1.25%. A performance or incentive allocation to the sponsor above a hurdle, commonly structured as a share of total return over something like 5%. Property-level costs like property management and acquisition expenses. Organization and offering costs.
The prospectus has a table titled something like estimated use of proceeds that shows what fraction of your dollar reaches investments. That single number is more useful than adding percentages yourself, and it's the one I'd pull first.
One thing that isn't in the fee table: the performance allocation is usually calculated on total return including unrealized NAV appreciation. So the sponsor can earn an incentive on appraised gains that no buyer has paid for yet. Whether that's fair depends on how conservative their appraisal process is, and the prospectus describes who does the appraising and how often.
