24-Unit Apartment Property
$2,400,000
$657,793
$657,793
The property
A 24-unit apartment property spread across four buildings. The property includes a mix of one- and two-bedroom units with kitchens, laundry connections, decorative flooring, paved areas, landscaping, fencing, railings, and retaining improvements.
The study
Our team performed a detailed engineering review of the apartments and site. Assets identified for shorter recovery periods included appliances, kitchen cabinetry and countertops, laminate and decorative wood flooring, dedicated electrical and plumbing connections, paving, landscaping, fencing, railings, and retaining walls.
The result
The study reclassified approximately $658,000 into 5- and 15-year property, including more than $561,000 of 5-year assets. The accelerated classifications significantly increased the owner’s first-year depreciation deduction compared with the standard 27.5-year schedule.