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&PCD Providence Consulting & Design PCD-CORP.com Site Visit Conducted by Mitch Abrams On November 3rd, 2020

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Providence

On Tuesday November 3rd, 2020 PC&D visited, to perform a walk through to provide a high-level overview of the physical condition of the above-mentioned property.

The intent of the walk through was to create a high-level budget based on the findings of visual observations as well as interviews conducted with some onsite staff. This visit was limited to visual findings only and is not all encompassing. This report does not address any environmental issues, nor does it address any potential hidden concerns that were not easily identified during the visual observations of the Duringtour.the tour, the maintenance director granted access to all of the mechanical rooms and service areas such as dietary and laundry. We were able to tour approx. 6-10 vacant resident rooms and visually observe another 10-20 from the hall. Due to resident privacy and Covid-19 concerns the resident room inspections were very limited and our findings are based simply on the sample size we were able to observe. This report is not a bid to perform work. This report is intended to give the management and ownership group an understanding of an anticipated budget range based on our visual findings.

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The reason for the wide range of some of the line items is due to the fact further observations and/ or investigation will be required to fully understand the extent of the line item. For example: of the approx. 20-30 rooms we observed every room had poorly worn carpet and appeared to be in need of painting, window blinds, lighting, and bathroom repairs. If, indeed, all 169 rooms need to be renovated the total price of room renovations may be a high number. If, however there are a large group of rooms that have been recently renovated or are in acceptable condition this number will

Providence Consulting & Design be much lower. Another item that may vary greatly is the resident restrooms. The restrooms we observed had peeling wallpaper, busted tiles, delaminating countertops etc. We were not able to tour, investigate or inspect all 169 rooms. That number may also vary greatly based on a 100% audit of the Onfacility.some line items we observed equipment not functioning at the time of our visit. We do not fully understand the extent of the repairs needed on certain pieces of equipment. An example of this would be the kitchen stove. At the time of our visit per an interview with the cookline staff, the kitchen stove had not been functional for some time. Our low-end estimate is working under the assumption this stove could possibly be repaired. However, if the stove is beyond repair, it may need to be replaced and will then fall under the high-end estimate. There are numerous such examples in the budget that will require more investigation to fully understand the extent of each line item.

One final example of a line item whose price can vary greatly would be the leaking Underground Storage Tank (UST). During an interview with the maintenance director, he mentioned the UST having a leak. He mentioned the fact that this UST could not be filled fully due to this leak. Clearly this is a concerning statement, yet we do not know the validity of his claims. We would need to perform soil samples per the EPA guidelines based on UST protocol to fully understand next steps for this one line item. If in fact this UST has leaked oil into the soil causing soil contaminations, the high end number of $50k may not be enough to cover the needed repairs. We simply do not have enough data at this point to make an educated guess and further exploratory efforts will be needed.

In order to conduct such thorough investigations, we will need to schedule a tour with the management company to perform such an audit of the interior space, which could take multiple days due to the size of the community. We will also need to bring in other specific experts and or trades to fully understand the extent of each line item listed. Our figures are based on square foot replacement costs that we experience across the nation as well as educated estimates based on our familiarity with the industry. PC&D has been involved in approx. 4,000,000 square feet of renovations across the nation over the past 20+ years. These estimates are based on that vast history of projects and experience. The following is intended to give the management company and ownership group a high-level snapshot at the conditions of the location and a price range of what to expect. Our typical model allows the management/ownership group to observe these budget figures and discuss next steps.

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PCD-CORP.com

Once an acceptable budget range has been established, we will then work with the needed design professionals to create a full scope of work and construction documents. We will then take those documents out to bid to establish “real numbers” based on contractor’s hard bids. We look forward to working with this facility to improve the physical plant for this community, its residents and staff.

This assessment was prepared as part of Client’s due diligence in evaluating a possible transaction concerning the property subject of this assessment. However, we make no representation as to the advisability or inadvisability the purchase of, investment in, or financing of the subject properties.

&PCD Providence Consulting & Design PCD-CORP.com Mitch FounderAbrams&CEO Providence Consulting & Cell:www.pcd-corp.comDesign561-301-9354

This assessment is subject to additional exceptions and limiting conditions set out in the Consulting Services Agreement with the Client.

&PCD Providence Consulting & Design PCD-CORP.com Item Lower End Unit Count Upper End Unit Count Price/Unit LowerExpenseEnd UpperExpenseEnd HVAC $142,500.00 $340,000.00 RTU's 5 10 $15,000.00 $75,000.00 $150,000.00 PTAC's 10 30 $1,000.00 $10,000.00 $30,000.00 New Boiler to replace Oil $20,000.00 $40,000.00 Boiler Heat Pop Off Valve $10,000.00 $30,000.00 EPA/Oil Leak $10,000.00 $50,000.00 HVAC in Laundry 1 2 $7,500.00 $7,500.00 $15,000.00 Misc Mechanical Devices/Basement $10,000.00 $25,000.00 Plumbing $55,000.00 $120,000.00 Sewer Line Replacement $50,000.00 $100,000.00 Kitchen Plumbing $5,000.00 $20,000.00 Electrical-Lighting-Generator $150,000.00 $275,000.00 Exterior Lighting Package $50,000.00 $75,000.00 Interior Lighting Package $100,000.00 $200,000.00 Kitchen $63,000.00 $207,500.00 Kitchen Ceiling $0.00 $15,000.00 Kitchen Stove $3,000.00 $7,500.00 Kitchen Walk-in $0.00 $60,000.00 Basement Below Kitchen 0.5 1 $100,000.00 $50,000.00 $100,000.00 Grease Trap $10,000.00 $25,000.00 Parking Lot $20,000.00 $75,000.00 Parking Lot Seal and Stripe $20,000.00 $75,000.00 Roof and Gutter $30,000.00 $450,000.00 Roof 5000 75000 $6.00 $30,000.00 $450,000.00 Exterior $205,000.00 $445,000.00 Exterior Paint/EIFS Repairs $100,000.00 $200,000.00 Porch Repair $10,000.00 $25,000.00 Exterior Doors 10 20 $2,000.00 $20,000.00 $40,000.00 Door Security 10 20 $3,500.00 $35,000.00 $70,000.00 Courtyard Flooding $5,000.00 $10,000.00 Landscaping $25,000.00 $75,000.00 Exterior Signage $10,000.00 $25,000.00 Structural $10,000.00 $20,000.00 Slab Repairs (carpet could hide) 5000 10000 $2.00 $10,000.00 $20,000.00

&PCD Providence Consulting & Design PCD-CORP.com Item Lower End Unit Count Upper End Unit Count Price/Unit LowerExpenseEnd UpperExpenseEnd Cosmetics $1,261,850.00 $3,036,000.00 Res Rooms Single Story 30 61 $3,000.00 $90,000.00 $183,000.00 Res Rooms Tower 20 108 $3,000.00 $60,000.00 $324,000.00 Res Room Bathroom 30 179 $6,000.00 $180,000.00 $1,074,000.00 Offices 20 20 $1,000.00 $20,000.00 $20,000.00 Penthouse $0.00 $50,000.00 Interior Door Replacement 50 100 $500.00 $25,000.00 $50,000.00 Door Hardware 179 400 $150.00 $26,850.00 $60,000.00 Interior Ceiling Tile 30000 40000 $3.00 $90,000.00 $120,000.00 Flooring 30000 40000 $6.00 $180,000.00 $240,000.00 Baseboards 30000 40000 $2.00 $60,000.00 $80,000.00 Sheetrock repair $40,000.00 $75,000.00 Cabinetry in Common Area $50,000.00 $100,000.00 Public Restrooms Small 6 6 $5,000.00 $30,000.00 $30,000.00 Public Restrooms Large 6 6 $15,000.00 $90,000.00 $90,000.00 Interior Signage $20,000.00 $40,000.00 FFE Package $300,000.00 $500,000.00 Life Safety $65,000.00 $420,000.00 Call System 0 1 $100,000.00 $0.00 $100,000.00 Wifi Upgrade 0 1 $40,000.00 $0.00 $40,000.00 Fire Penetrations in Mech Rooms 6 12 $2,500.00 $15,000.00 $30,000.00 Asbestos Contengency $50,000.00 $250,000.00 Laundry $5,000.00 $15,000.00 75 pound commercial washer 1 $15,000.00 $5,000.00 $15,000.00 Professional Design Services $50,000.00 $150,000.00 Sub-Total $2,157,350.00 $5,753,500.00 10% Contengency $215,735.00 $575,350.00 Sub-Total $2,373,085.00 $6,328,850.00 PM Fees $118,654.25 $316,442.50 Total $2,491,739.25 $6,645,292.50

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