PM Environmental, Inc. (PM) conducts Property Condition Assessments (PCA) in accordance with current ASTM E2018 guidelines for lenders and investors of real estate properties. Our Property Condition Assessments typically include a review of the following information:
Construction plans, repairs/renovation proposals, records of capital expenditures and historical repairs, and estimated budgets for improvements.
Site features including parking and flatwork, landscaping and site topography and drainage.
Roof coverings, flashing, expansion joints, drainage and parapet walls.
Building material and finishes including construction framework, foundation, interior/exterior walls and doors, finishes and windows.
Electrical systems including transformers, switchgears, distribution and emergency power.
Plumbing systems including piping material, water heaters, and drainage.
Conveyance systems including lifts, elevators and escalators.
Fire protection systems including suppression systems and alarms.
Utility connections, and refuse disposal.
ADA accessibility including parking, interior/exterior routing, restrooms and elevators.
PM’s PCA Reports
Everything that our team members find during a PCA is put together in an organized Property Condition Report (PCR). The report will summarize information on:
A summary describing overall property condition and relevant deficiencies discovered.
Lists of specific deficiencies classified as immediate or deferred maintenance items and recommended actions with budgetary costs.
Capital Needs/Replacement Reserves schedule within a client specified term length and budgetary costs.
Descriptive text describing site components and building construction types, material and systems.
Color photographs depicting major building systems, deficiencies and general property appearance.
The purpose of a Property Condition Assessment is to identify deficiencies that require immediate or short-term repair, or deferred maintenance items and to provide recommended actions with budgetary costs.
The ASTM (American Society for Testing and Materials) created the E2018-08 standard named the “Standard Guide for Property Condition Assessments: Baseline Property Condition Assessment Process”.
There are four important components of the E2018-08 that PM Environmental will complete.
1. Document Reviews and Interviews
PM Environmental will schedule meetings with stakeholders and key individuals of a property. These meetings will help our environmental consultants better understand the unique conditions and possible deficiencies of the property and make the Walk-Through survey more efficient.
Previous repairs, upgrades, recorded building code violations, recorded physical deficiencies and other information found by reviewing historical documents of the property is important for evaluating the overall condition of the building or property and will be included in the Property Condition Report (PCR).
2. Walk-Through Survey
Also commonly called property site inspections, the Walk-Through Survey phase aims to obtain information about material systems and components of a property. A PM Environmental field observer will identify any visible physical deficiencies. Random testing of mechanical, plumbing, ventilation and electrical systems, fixtures and equipment may also be conducted at this time.
3. Opinions of Probable Costs to Remedy Physical Defects
After completing the Walk-Through Survey, PM Environmental will prepare approximated costs associated with the remedy for physical deficiencies found with the building or property. These do not include repairs or improvements that would be considered cosmetic or decorative, part of a building renovation plan, enhancements to reposition the property or normal preventative maintenance.
These costs are not meant to be exact but give a stakeholder of the property a sense of costs involved in fixing physical deficiencies based on reliable sources.
4. Property Condition Report
After collecting all necessary information, PM Environmental will prepare a Property Condition Report (PCR) that conveys the physical condition and short and long term costs associated with the property. The report will detail physical deficiencies that require immediate action and include cost tables for fixing existing physical deficiencies.