A national hospital operator recently constructed a brand new building in place of an older facility. Upon opening, the old facility was vacated except for a minor amount of space for office use. The old hospital was functionally obsolete, having arrived at the end of its economic life as an acute health care facility. Local assessors maintained the same value on the former hospital even after it was vacated and no longer operational. As a result, PVS worked to revalue the former hospital facility by quantifying functional obsolescence.
Commercial Real Estate
In 2018, an assisted living facility was constructed in Michigan, opening shortly before the global pandemic. The facility faced issues filling the facility and paying expenses due to the worldwide pandemic. The property tax experts at PVS helped quantify this external obsolescence to calculate the true market value of the facility, given the circumstances of the pandemic.