Question of the Month: I want to invest in an office building. How much money will I need for ongoing maintenance?

You can find out via a property condition assessment, which will give you an idea of the estimated useful life (EUL) and remaining useful life (RUL) of the building's major components, along with an estimated cost to repair or replace each item. The following are common to office buildings: Pavement EUL: 20 years. Unit cost: $12-$35/SY. Asphalt pavement is subject to ongoing damage; as such, it typically requires a 1½" overlay after 20 years or complete full-depth replacement if there is more widespread damage. Harsh winters, de-icing salts, sunlight and heavy trucking can shorten the EUL. Re-sealing façades EUL: 12 years. Unit cost: $3.50-$5/LF. The sealants and caulking used to maintain a watertight envelope begin to break down several years after application. After about 12 years, they'll need to be scraped out and replaced. Curtainwall systems with gaskets or wet seal systems may last 20 years and costs can approach $5 - $10/LF. Façade system-specific repairs EUL: 7-35 years. Unit cost: $1-$50 per s/f. This type of repair varies widely by type. Brick buildings typically require re-pointing after about 35 years at $25 per s/f, although if entire sections must be restored or replaced, costs can approach $50 per s/f. By contrast, curtainwall gaskets and seals need to be replaced every 15 to 25 years at $5-$10/LF, and concrete and wood exteriors need repainting approximately every seven years at a cost of $1 per s/f. You'll need to recoat the acrylic finish on an EIFS (Exterior Insulation and Finish System) façade every 20-25 years at a cost of about $4 per s/f for moderate height properties with no substrate issues. Roofing EUL: 20-35 years. Unit cost: $6-$25 per s/f. Expect to replace your roof after 15-30 years. Asphalt shingles tend to have the shortest life span at 20 years, while newer multi-layer architectural shingles can approach 30 years. In the middle are single-ply membrane roofs and elastomeric coatings, which have an EUL of 20-25 years. Metal standing seam roofs and inverted roof membrane assemblies (IRMA) tend to last the longest of all - 35 years or more. Asphalt shingles are generally the least expensive to replace. A mid-level, commercial grade shingle will set you back about $6 per s/f. Single ply membranes cost $8-$10 per s/f. Metal standing seams roofs can cost $12 per s/f and up; IRMA roofs are the most expensive at $25 per s/f. Removal of an existing roof or significant repair to address water damage, add insulation, and repair flashings, can add another $3-$15 per s/f depending on location, asbestos content and other factors. Flooring EUL: 7-15 years. Unit cost: $2-$5 per s/f. Terrazzo, porcelain and ceramic tile floors tend to last a long time if installed properly and generally do not require replacement during the reserve term. By contrast, carpet and vinyl tile floors will wear out relatively quickly and require replacement every 7-15 years. Vinyl tile is relatively inexpensive at $2 per s/f, while carpet prices vary from $2-$5 per s/f depending on quality. Water heater EUL: 15-20 years. Cost: $1,800-$2,500 each. In most office spaces, there is one central water heater that produces hot water for the common restrooms. The cost of a commercial grade unit starts around $1,800. MEP systems EUL: 20-30 years. Unit cost: $1.50-$3.50 per s/f. Mechanical, electrical and plumbing systems vary widely. For office buildings, the most fundamental type of central HVAC consists of a boiler, chiller, and cooling tower. You also commonly see packaged rooftop units serving individual tenant spaces for smaller properties. You can expect gas fired boilers to last about 30 years; after that you'll spend $30,000-$300,000 to replace them. Chiller units need to be replaced every 20-25 years and will set you back $500-$1,500 per ton. If you have a packaged rooftop unit, expect it to last about 20 years and cost $10,000-$100,000 to replace depending on the size and type of unit. Equipment location within the building and access are key variables in cost. Elevator cab finishes EUL: 15 years. Unit cost: $10,000- $50,000 per elevator. With normal use, cab finishes wear out after about 15 years. Replacement costs vary widely based on the level of finish; high-end cabs can cost over $50,000. Note that cab replacement may be a common area maintenance item and therefore excluded from consideration. Elevator motor/controller EUL: 20-30 years. Cost: $25,000-$350,000 per elevator. The cost to replace worn out elevator motors and controllers varies by type. Hydraulic elevators serving low- and mid-rise office spaces will need their motor replaced after 20-25 years at a minimum of $25,000 to $100,000 per elevator. Traction elevators serving high rise buildings require new controllers every 25-30 years. Costs can reach $350,000 for a full elevator equipment modernization. Keep in mind that these are estimates and that costs and schedules can vary widely. It's crucial to have your building evaluated prior to inking a deal. Joseph Bonifacio, R.A., is a senior project manager with IVI International, Inc., White Plains, N.Y.