Providing the medically underserved in Cleveland with healthcare services for more than 35 years, Care Alliance Health Center recognized the need for another facility. The team leveraged its existing partnership with Allegro to identify and secure a contract with an ideal property.
Formerly a grocery store, then a dollar store, the now-vacant 23,000 square-foot facility would require a complete renovation after acquisition. Before the transaction was complete, however, Care Alliance wanted to evaluate the physical condition of the building.
To determine if the building had any fundamental issues with its structure, roof, electrical, or plumbing, Care Alliance asked the Allegro team to conduct a property condition assessment.
Conducting Meticulous Tour Ahead of Building Renovation
To acquire the most in-depth property information possible, Allegro assembled a team of experienced contractors, including a roofing professional, electrician, HVAC contractor, plumber, and asphalt and concrete contractor.
Allegro toured the building on three different occasions with the team of contractors. And in this case, since the building was going to be completely renovated, Allegro focused most on components of the property that would remain after construction, including the:
- Roof.
- Building shell.
- Floor.
- Parking lot.
- Plumbing.
- Electrical services.
Throughout the inspections, Allegro also took several photos and assessed the building’s exterior, interior finishes, doors, and windows.
Calculating Deferred Maintenance Costs Based on Inspection Findings
Following the inspections, Allegro compiled all contractor findings and photographs into one comprehensive report. The condition of each building component was noted, along with recommended immediate and long-term repairs, and the estimated cost for each. The report also included aerial maps, the county building data summary, and tax parcel map.
All compiled data ultimately influenced the recommendations and action plan Allegro developed for Care Alliance. In this case, Allegro recommended that they move forward with the acquisition of the facility.
Acquiring a New Building With Confidence
Allegro met with Care Alliance to discuss the final assessments and recommendations for the building. Any property improvements and their associated costs were evaluated during this time as well. With minimal issues uncovered, Care Alliance agreed to acquire the building.
This thorough property condition assessment not only informed Care Alliance of the state of their new facility, but also enabled them to confidently move forward with a significant acquisition.
Need a property condition assessment completed for a potential acquisition? We can help. Contact us to discuss your real estate needs today.
