Business property classification
Curious on how, if it is even possible, to bring a class "C" property up to a class "B"???
We have a nice single tennant, brick / EFIS building on one of the main highways in a small town. is a re-classifaction even possible / practical?
Shows you a gap in my knowledge, I'm not familiar with the classifications you refer to so I'm tagging this post in order to follow it. Thank you for asking the quesiton!
RJ
Is it office,retail,industrial,warehouse? What classifies quality depends on amenities and design features for that asset class.
You have the quality of the location A,B,C,D and then quality of the building itself A,B,C,D
Some areas are F but those are war zones where just a few percent of investors put money into owning there.
It is a medical office, built in early 70's, internally remodeled in mid 2000's and now this year built a a garage and did the EFIS. Next spring is a New roof.
Tim,
I'm trying to picture your property... have not been in Clay center for a few months. Now I'm envisioning a tasty pastry run in the near future!
I would engage an architect to give you some ideas for facade and landscaping improvements.
I'm currently in the process of bringing a B- property up to an A.
We are building an addition, refacing the exterior with limestone, changing the roofline and installing a metal roof, replacing concrete, new landscape and resurfacing the parking lot.
Phase 2 will be to add a parking canopy.
Wish you the best with this endeavor!