For the Final Project, 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.
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