CAP’s Marc Insul contributes to this feature article in Buildings Magazine. Click to read full article.
Chances are you’re familiar with old, abandoned buildings – hopefully not because one is in your portfolio, but perhaps there’s one in your neighborhood. The roof is caving. It’s infested with rodents. Debris litters the lot. You probably wonder how the property came to be in its present state and why the owner isn’t keeping it in better shape. It’s at this point that onlookers may call the city and make a formal complaint.
When a property of yours becomes unoccupied, keep your eye on it or risk it becoming an eyesore or worse. Maintenance and preservation techniques prevent vandalism, physical deterioration, and citation from local authorities.
However, the troubling truth is that owners aren’t familiar with best practices for maintaining vacant properties. From whom to notify and which inspections to perform, owners feel as hopeless and abandoned as the building itself.
“Maintaining a vacant property can be an unpleasant full-time job,” says Marc Insul, president of Commercial Asset Preservation (CAP), a firm that maintains and oversees vacant properties. “But doing so is a necessary task any owner or lender of commercial property needs to consider if they want to preserve equity while preparing the property for its next use.”