Improvements Description and Analysis 44
Improvements Analysis — Building Improvements
Quality and Condition
The quality and condition of the subject is considered to be superior to that of competing properties. The interior and exterior building improvements are considered to be of good quality and in good condition based on our inspection.
Functional Utility
The improvements appear to be adequately suited to their current use, and there do not appear to be any significant items of functional obsolescence.
Deferred Maintenance
A few items of deferred maintenance were identified during our inspection and based on discussions with management. These include repairs and replacement to the parking garage ceiling, replacing the wooden deck on the upper level Building A, and re-facing various portions of the marina jettys. Note that a detailed description of the marina improvements will be discussed in the following section of this report. To estimate the cost to cure deferred maintenance, we rely on construction estimates from management as shown below.
Deferred Maintenance
Item Estimated Cost Parking garage ceiling $40,000 Wooden deck repair/replacement $25,000 Marina decking and fendering repair/replace $96,000
Total $161,000
*Values expressed in United States Dollars
Planned Capital Expenditures
From 2013 to 2015, a total of $771,460.93 has been spent on various capital expenditures. The major improvements over the past three years were $84,088 for exterior column replacement, $62,172 for security cameras, $62,013 for marina bathrooms, and $281,950 for hand rail replacement. Upcoming expenditures for various capital items considered to be necessary are identified in the following table. To estimate the amounts of these expenditures, we rely on discussions with management. Estimated capital expenditures are as follows.
IGY American Yacht Harbor Marina
HOUSE_OVERSIGHT_018855