Evaluation of non-physical assets
PHASE II DUE DILIGENCE: BOOKS AND RECORDS
Books and Records, the second phase of Due Diligence is vital. Fail here and the cash cow you thought you had just might be a profit eating alligator. Books and Records are the Seller provider documentation of the historic performance of the asset. These will often include Profit/Loss Statements, Income/Expense Statements, Rent Roll for the most recent month, check registers, Service Contracts, Roofing Guarantees, Phase I and II Environmental Reports, Certificate of Occupancy (CO), copies of leases, Security Deposit Spreadsheet, Elevator Permits, Safety Inspection Reports, etc.
Books & Records evaluations tends to be low or no cost. As such I always complete them to the point at which I know it makes sense to proceed further before I do the Physical Inspection. Physical Inspections almost always cost more money.
REVENUES: I recently underwrote a small shopping center for sale in one of Oregon’s most desirable areas. I was shocked when I looked over the income and expense statement. The best properties in the area were renting at yearly rates of $32 to $34/sf. I felt the subject was a $25 to $27/sf per year property. When I learned that it was averaging less than $19.50 I knew I had found a gem. Walking the rents up on renewals is pretty close to a guaranteed way to create a huge increase in cash flow. I also feel that the Cap Rate was at the high-end of the market and that in a few years this area should see Cap consolidation. Knowing 1.) The Market Cap Rate and 2.) Market Rents allowed me to be confident in suggesting my client make a full price offer. Note: You don’t often find “pride of ownership” flagship assets being sold below market. When you do find them…write an offer!
Source: Rose City Commercial Real Estate
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- Evaluation of non-physical resources
- Definition of non-physical assets
- Explanation of non-physical assets