SCOPE OF WORK
SCOPE OF WORK FOR PROPERTY CONDITION AND ASSESSMENT REPORTS
Understanding the condition of a structure, as well as the major building systems and components, can be critical to determining the economic viability of a commercial real estate transaction. MEI has extensive resources including licensed engineers, registered architects, construction experts, and cost analysts to accurately assess the condition of a property and its systems. Our services may include:
- Property Condition Assessments (PCA’s)
- Property Acquisition Assessments
- Annual Property Inspections
- Seismic Risk Assessments
- Portfolio Services
Property Condition Assessment
MEI’s Property Condition Assessments are based on site visits, in which external and internal building components, department records, and plans are evaluated. The assessment also includes interviews with property managers and engineers. Replacement repair cost estimates are based on the physical condition of the components, their ages, expected useful life (EUL), significant defects, and deficiencies.
Property Acquisition Assessment
Due to the complexity and/or age of some properties, a more comprehensive assessment of some or all building systems may be in order. MEI can mobilize a team of construction professionals and other specialists to inspect a building. The assessment will identify, locate, and quantify significant defects, deferred maintenance, required upgrades, and obvious code violations at the property, including, but not limited to:
- Structural and building envelope integrity
- HVAC and other mechanical and electrical systems
- Fire and life safety provisions
- Architectural features and systems
- Zoning and building code compliance
- Site work, paving, landscaping, and utilities
- ADA Audit
Annual Property Inspections
Many of the parties involved in substantial commercial real estate transactions require periodic updates to property inspection reports. Ratings agencies, servicers, real estate investment trusts, and asset managers are often required to perform inspections on properties in their portfolios. MEI offers Commercial Mortgage Backed Securities Annual Property Inspections. These services are designed to assess property condition and potential environmental risk, as well as determine maintenance issues and evaluate maintenance operations.
Seismic Analysis (Probable Maximum Loss)
MEI conducts probabilistic studies of the expected loss to buildings from damage associated with earthquakes, and are used to characterize the earthquake vulnerability of buildings. The reports assess the probable loss potential. They are intended to allow the user to satisfy a critical part of the transactional due diligence requirements with respect to assessing a properties’ potential for building losses associated with earthquakes.
MEI has the staff, experience and an efficient report production process which ensures swift and accurate completion of portfolio work. We are capable of completing large national portfolios in record time. MEI’s approach is a model for the industry and delivers an outline of environmental issues as well as the maintenance costs per unit or square foot per asset.