Property Condition & Building Systems Assessments
Understanding the condition of a structure as well as the major building systems and components can be critical to the evaluation of the economic viability of a transaction. Recommended replacement expenditures and deferred maintenance schedules become critical data not only during the due diligence phase of a transaction, but also during the management phase of a property. Reviewing construction cost estimates and construction progress monitoring provides an impartial third party review during preparation of construction budgets and confirms that the project is on schedule and materials are on-site prior to payment of invoices for goods and materials. Alpha's professional staff of licensed engineers, construction experts, and cost analysts is experienced in responding quickly and effectively to the detailed requirements and fast turnaround times demanded by our clients.
Property Condition Assessment
Alpha's Property Condition Assessments begin with a site visit during which an evaluation of external and internal elements of property improvements are made. These systems include the roof, foundations, structural frame, building envelope, HVAC, electrical, and plumbing. Alpha's inspection also includes ancillary items such as site drainage, pavement, sidewalks, and landscaping. Building department records and available as-built plans are reviewed to determine compliance with local zoning and building codes. Interviews are conducted with property managers and engineers to determine current and planned capital and operating budgets. Based on the physical condition of the components, their ages and expected useful life, significant defects, and deficiencies, replacement and repair cost estimates are prepared. The cost estimates are noted as immediate needs or capital needs over a period of time designed by our client (usually the finance term). Property Condition Assessments include the following tasks:
- Undertake on-site visual observation of the property to determine the overall condition of the site and all major building components.
- Identify and establish budget/reserve cost estimates for the repair and/or replacement of any damaged building components as well as immediate and/or deferred maintenance items.
- Verify code compliance and review other safety-related issues; provide cost-to-correct estimates as required.
- Identify obvious non-compliant ADA issues and provide recommendations and cost-to-cure estimates.
Building System Assessment
Due to the complexity and/or age of some properties, a more comprehensive audit of some building systems may be in order. This effort involves a more detailed analysis of building systems to meet specific objectives and typically employs the use of subcontracted construction professionals, including structural engineers, mechanical engineers, roofing specialists, and fire protection and elevator specialists. These assessments also utilize the specific expertise provided by some service vendors and manufacturer's representatives who possess personal knowledge of particular systems and equipment. The purpose of these assessments is to identify, locate and quantify significant defects, deferred maintenance, required upgrades and obvious code violations at the property. Typical building system assessments include evaluation of the following:
- Structural Integrity
- Probable Maximum Loss/Seismic Evaluations
- Building Envelope and Roofing Integrity
- HVAC Systems o BOMA Surveys o Elevator and Escalator Equipment
- Fire and Life Safety Provisions
- Accessibility Compliance - ADAAG Guidelines