You will be preparing a Property Management Plan for a property of your choice (apartment building, shopping center, or other commercial property). Each week you will complete a component of the Property Management Plan. In Week Two, you will be completing the property analysis section of the Property Management Plan.
Write a three- to-four page paper (excluding the title and reference pages) outlining your property analysis for a property of your choice. Please see the recommended readings section for resources to assist you with locating a property.
The property analysis is a review of the particular property itself: its physical condition and needs, its rent roll and lease structure, and its overall financial performance and condition. The property analysis, at a minimum, should explain each of the following:
Building size, location, accessibility
Physical condition and age of structure and grounds
Common area characteristics and condition
Tenant space characteristics and condition
Building occupancy and character of tenants
Curb appeal: visual impression, style
Building-to-land ratio: other possible uses or expansion on the site
Compliance status regarding relevant regulations
Current management strategy, policy, procedures
Current staffing adequacy
Financial integrity (including comparison of revenue and expenses with other similar buildings)
As you are preparing your property analysis and retrieving information from various sources, include the following:
A description of the property.
An analysis of what is needed to make the chosen property competitive.
A comparison of what data will be useful in comparing the financial integrity of the selected property with similar properties in the area.
An explanation of your tenant strategies. Who will be the tenants and how will you attract them?
The paper should be formatted according to APA guidelines and reference two scholarly sources in addition the textbook.