Multifamily Property Condition Assessment

Tampa | Multifamily Property Condition Assessment

Colony House Apartments

A Multifamily Property Condition Assessment

The Property

Colony House Apartments is located at 6408 N. Church Avenue, Tampa, Florida.  The complex of ten apartment buildings with 19 units was built in 1971.  Located minutes from the University of South Florida, the property is also close to Busch Gardens.

The Challenge

The purpose of the Property Condition Assessment was to observe and document any visible materials or building system defects which might affect the value of this forty year old property.  To determine if conditions existed which may have had a significant impact on the continued operation of the apartment complex, Greg Trotter performed the walk through survey. The assessment included a site visit, limited interviews with tenants, and visual observations of the following system components: site development, building structure, building exterior and interior areas; mechanical, electrical, and plumbing systems; conveyance systems, life safety/fire protection, and general ADA compliance.  This is typical for a Property Condition Assessment request.

 

Highlighted Findings

The condition of the property was deemed fair, but aging— and CBC verified the entire complex needed new roofing. Active leaks were observed. The complex had other minor issues. Commercial Building Consultants, LLC provided the client with a detailed Property Condition Report (PCR), highlighting any immediate needs, repairs, and deferred maintenance items.

This final report documented the site survey with photographs depicting the conditions of major systems and any visible deficiencies.  An itemized table also included estimates for the recommended repair and maintenance items.  This is typical for any Property Condition Assessment of a commercial or multifamily property performed by CBC.

  • Property Condition Assessments Revealing Leaking Roofs or other Water Intrusion sources 85%

Project Highlights

Typical shingled roofing throughout the complex.
Completion of changeout of disconnects is one recommendation in the Property Condition Report.

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