Property Assessment

A portion of most large commercial real estate transactions is some level of assessment of the property prior to the deal to minimize risks of the unknown.

A team with engineers and other consultants is assembled with the appropriate expertise for the particular property and facility. Preliminary information, such as existing drawings, are gathered and general evaluations made to ascertain what additional survey and invistigations might be required. This is balanced against the investigation's budget, which could be minimal or significant depending on the property.

Frequently, a preliminary architectural survey is conducted to establish base building information. Then a second site visit with the entire team evaluates the condition of the facility. Deficiencies are identified, photographed, and mapped on the architectural survey.

Building code analysis may be a portion of the assessment. Evaluation could include accessibility, life safety, parking, change of use, renovations restrictions, and other particulars for the specific property.

Costs for repair of the deficiencies identified are assembled. At a minimum, these are based on the extent of effort required to achieve basic operability. For anticipated renovations, additional costs can be budgeted at this point to determine feasibility.

Finally, the entire assessment is collected into book form so that it can be distributed to applicable parties related to the property and its transaction.