Property Condition Assessments

Identifying significant physical deficiencies or deferred maintenance of Site improvements is crucial to assessing the economic viability of commercial real estate transactions. Building code compliance, zoning, and accessibility requirements (ADA) are also important to evaluate during the due diligence process.

The Javelin Group’s professional staff is experienced in conducting property condition assessments on commercial, industrial, multi-family, and office facilities.

We have significant experience with industry protocols, including ASTM, Fannie Mae, Freddie Mac, Standard & Poor, and institutional investors. We understand the nature of real estate transactions and respond quickly and effectively to the due diligence requirements of our clients.

Property Condition Assessment Report

The purpose of the Property Condition Assessment is to document the physical condition of the property and to identify material physical deficiencies of building systems and components. Typically these systems include, the structural frame and building envelope, roofing, plumbing, HVAC, electrical, vertical transportation, life safety/fire protection, and interior elements. Additionally Javelin inspects site conditions including, storm water drainage, paving, sidewalks, landscaping, and any recreational facilities.

The Javelin Group’s Property Condition Assessment meets or exceeds the ASTM requirements and includes the following components:

Documentation Review and Interviews

Javelin reviews government agency records including the base building certificate of occupancy, building code violations, and fire code violations. We also conduct interviews of owners and property managers and review any documents regarding the physical condition of the property in accordance with ASTM protocol.

Walk-through Survey

Javelin conducts an on-site visual reconnaissance to observe the overall general physical condition of the property and identify observable physical deficiencies of building systems and components.

Property Condition Report

Javelin prepares a concise, clear written report of findings and opinions in accordance with ASTM, Fannie Mae, Freddie Mac, or rating agency protocols.

Opinions of Probable Cost

Javelin develops cost estimates for immediate or near-term repair of building components due to damage, deferred maintenance, or life safety issues. Based on condition, age of components, and estimated useful life, we also develop capital reserve cost estimates over the finance term for major future capital expenditures.

Third Party Desktop Review

Javelin provides third party review of reports to evaluate compliance with ASTM, Fannie Mae, Freddie Mac, or other industry protocols. Cost estimates for immediate repair needs or replacement reserve schedules proposed by other consultants can be reviewed and verified by Javelin’s experienced staff.

Construction Monitoring and Inspection

Javelin performs periodic site observations to document that construction is progressing as planned and is in substantial compliance with plans, specifications, and applicable building codes.

Our Construction Monitoring and Inspection services include:

  • Verification of conformance with plans and specifications and building codes

  • Review of the quality of materials and workmanship

  • Review of change orders and evaluation of impact to total project cost

  • Verification and approval of progress payment requests

  • Documentation of quantities of materials stored on-site or off-site

  • Preparation of final project punch list