Property Condition Assessment on Structures

by AEI Consultants

AEI Consultants (AEI) was contracted by The Sisters of the Holy Family to conduct a Property Condition Assessment on the Subject Property: Sisters of the Holy Family Motherhouse located at 159 Washington Boulevard, in the City of Fremont, Alameda County, California.

The purpose of this survey and related report is to assist the Client in the evaluation of the physical aspects of the subject property and how its condition may affect the soundness of their financial decisions over time. For this assessment, the Project Manager has performed a reconnaissance assessment of the subject property and its improvements, evaluated the apparent physical conditions, reviewed available documentation, assessed the expected useful life (EUL), and estimated the cost for repairs, replacements, and significant maintenance items. The Project Manager assessed a representative sample of the buildings; the assessment typically included roofs, operational components, parking structures, and all common areas and exteriors.

The structures studied include the two two-story historic Starr House residences and, in the case of the Best House, associated single-story Carriage House with lofts finished circa 1927 The Best and Star Houses are provided with limited basement areas. They each contain approximately 10,000 square feet of space and are constructed of sawn timber framing and are currently surfaced with stucco and areas of wood trims. The Best Carriage House is similarly constructed and contains approximately 1,700 square feet of space, including loft spaces. The Best House is provided with garaged parking within the associated Carriage House while the remaining parking is provided in open spaces at the north, south and west of the subject properties. (Note: This parking is for the entire 14.82-acre property and would be available to the Subject Property only through a negotiated arrangement).

The windows of the subject buildings are the original wood framed windows in the Manor and the Carriage House. The Best House is located at the northwest portion of the area covered by this assessment. This house is provided with asphalt composite roof. The Starr House is located directly to the south of Best House and is provided with an original slate tile roof and a limited area of standing seam copper roof over the conservatory.

The Project Manager assessed a representative sample of the tenant spaces. The assessment also included the parking areas and structures, building operational and structural components, and all exterior and common areas. Based on the height, and the design and composition of the Tudor-style peaked roofs of the houses, roofs were not accessed but were surveyed from vantage points on the ground and upper levels.

Summary of Property Maintenance Costs

Recommendation of Immediate Repairs	$12,500
Present Value Cost to Maintain Historic Structures for 20 Years	$79,000 (unadjusted) $103,581 (2.5% inflation adjustment)

NOTE: Costs associated with the Motherhouse Property are NOT included herein.