Has Your Apartment Building Been Cited Due to Having a Soft Story or Tuck Under Parking? We Can Help.

Has your apartment building been cited due to having a soft story or tuck under parking? Tens of Thousands of apartment building owners have been required to spend a significant amount of time and money on retrofitting their apartment buildings due to new city ordinances. Not only is this work extremely expensive, but it usually takes about a year or more to complete. You need to engage an engineering company to prepare the retrofit plans and submit them to the city for approval. Usually, it takes a couple rounds of revisions from the plan check department to finalize the engineering plans. Many of the local department of building & safety personnel are working from home, which is also causing further delays in the permitting and plan check process.

Once you have finally received your stamped set of plans, you can then work on bidding the retrofit job with contractors. From what we have seen this could cost anywhere from $50,000 – $100,000 on average to complete. Additionally, tenants residing in the property may need to be reimbursed for not having access to their parking area and may require further reimbursements depending on the structural work and inconvenience / disturbances to the tenants. Hard to believe cities are still requiring owners to complete the soft story retrofit work during an eviction moratorium where tenants’ cant be evicted due to nonpayment of rent.

Huntley Equities will buy your apartment building even if the soft story retrofit work has not been completed. We understand there may currently be a substandard lien recorded on your property’s title due to noncompliance of the city’s soft story retrofit ordinance. We will still be able to make you an offer for “top dollar” and buy your property.