Free Real Estate Capital Expenditure (CapEx) Approval Form Template

Real Estate Capital Expenditure (CapEx) Approval Form

The Real Estate Capital Expenditure (CapEx) Approval Form serves as a structured document for proposing and obtaining approval for significant investment projects related to real estate properties. It outlines the details of the proposed project, including its justification, budget, potential impacts, and risk analysis, facilitating informed decision-making by stakeholders.

Property Information

Property Name:

Parkview Apartments

Property Address:

3249 Feathers Hooves Drive, Scarsdale, NY 10583

Property Type:

Multi-family Residential

Property Size:

50 Units

Current Condition:

Good Condition

Project Description

The proposed project involves renovating the common areas of Parkview Apartments, including the lobby, fitness center, and outdoor recreation spaces, to enhance the overall appeal and tenant experience.

Budget

Item

Estimated Cost

Materials

$50,000

Labor

$30,000

Equipment

$10,000

Other Expenses

$5,000

Total

$95,000

Justification

The capital expenditure is necessary to attract and retain tenants by modernizing the common areas, creating a more welcoming and functional environment. The renovation is expected to increase tenant satisfaction, leading to higher occupancy rates and improved property value.

Impact Assessment

  • Increased Revenue

  • Improved Property Value

  • Enhanced Tenant Satisfaction

Risk Analysis

  • Financial Risks

  • Operational Risks

  • Market Risks

  • Regulatory Risks

Mitigation Strategy

Engage reputable contractors with proven track records to minimize operational risks, and ensure compliance with local regulations.

Approval Process

The project will be reviewed and approved by the Property Management Committee. Required documentation includes this completed CapEx Approval Form, along with detailed project plans and contractor proposals.

Timeline

Commencement Date

April 15, 2024

Completion Date

June 30, 2024

Alternative Considered

Alternative:

Minor repairs and touch-ups

Reason:

Insufficient to address tenant demands for modern amenities and aesthetics.

Recommendation

I recommend approving the proposed capital expenditure for the renovation of Parkview Apartments' common areas.

Submitted By:

[Your Name]

[Title]

[Date]

Approval Signatures:

[Approver Name]

[Date]

[Approver Name]

[Date]

[Approver Name]

[Date]

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