A standard OM contains an executive summary, investment thesis, asset description (year built, size, unit mix), market and submarket overview, rent roll and T-12, photographs, and offering process (call for offers, best-and-final timeline, deposit requirements). For pre-marketed deals you may also see a teaser before the OM is released.
Reading OMs well is a learned skill. The investment thesis on page two will sell you on the deal; the T-12 in the financials section will tell you whether the thesis is supported by actual operating history. Brokers and analysts who skip to the rent roll and T-12 before reading the narrative tend to come to better-calibrated views of pricing.
