Generally, product built within the last 10 years Generally, product built within the last 10 years High-rise product in select Central Business District may be over 20 years old Commands rents within the range of Class “A” rents in the submarket Well merchandised with landscaping, attractive rental office and/or club building High-end exterior and interior amenities as dictated by other Class “A” products in the market High quality construction with highest quality materials
Generally, product built within the last 20 years Exterior and interior amenity package is dated and less than what is offered by properties in the high end of the market Good quality construction with little deferred maintenance Commands rents within the range of Class “B” rents in the submarket
Generally, product built within the last 30 years Limited, dated exterior and interior amenity package Improvements show some age and deferred maintenance Commands rents below Class “B” rents in submarket Majority of appliances are “original”
Marginal construction quality and condition No amenity package offered Shorter remaining economic lives for the system components Generally, product over 30 years old, worn properties, operationally more transient, situated in fringe or mediocre locations Lower side of the market unit rent range, coupled with intensive use of the property (turnover and density of use) combine to constrain budget for operations