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HISPropertiesResponse <br />RE:05:RecentConstruction,Demolition,Improvements <br />Recently,weaddedawningstotheentiresouthsideofthebuilding. <br />Recently,weaddedasecurityfenceontheWestsideofthebuildingtoblockaccessfromthealley. <br />RE:06:Anyproblemswiththepropertythatcouldaffectvalue <br />ThebiggestfactorthataffectsthevalueCOVID19.WehadaTenantvacateinMarch2020, <br />andthespaceisstillvacant.Historically,wewouldfillthatspacewithin6090days,butourlistingagent <br />tellsmethathehashadalmostnoactivityorshowingsinmonths.Therentonthatspaceislistedat <br />$1.75/sf.Ouragentsaysthatifwewantedtoachieveanyinterest,wewouldneedtodroptherateto <br />$1.35/sf,triplenet,orlower. <br />ThereisaconsiderableamountofavailablecommercialrealestateinthedowntownSalemarea.Itis <br />ourhopethatwecanmaintainagoodrelationshipandtenancywithourexisting4tenants,butwe <br />understandifweloseanyofthosetenants,wewillberequiredtoeitherallowthespacetoremain <br />vacant,ordroptherentconsiderably. <br />Anotherfactorthataffectsthevalueistheexteriorsurface.Theexteriorofthebuildingis <br />sidedwithDryvit,anEIFS(exteriorinsulationandfinishsystem).Wehavehadanumberofleaks <br />developandhavebeenunabletopreventthem.Thisonewasoneofthemainreasonsfortheawning <br />install,butthatdidnotpreventtheleaks.Atthistime,wemayhavetoreplaceallofthesidingwith <br />anothersystemtoaddressthisissue.ThemainbuildingenvelopeisaCMU(concretemasonryunit) <br />structurewhichmeansouroptionsforbuildingsidingislimited. <br />Afinalfactorthathasaffectedthevalueisitslocationinthedowntowncorridornearthe <br />bridgesandhomelessencampments.OregonandSalemhavebothadoptedfairlylaxregulationsand <br />enforcementwhenitcomestothehomelesspopulation.Ourbuildingsitsadjacenttoanalleywaywhich <br />iscontrolledbytheCity,thispreventsusfrompolicingor <br />evictinghomelesscampswithoutCity <br />cooperation,somethingthatisnotalwaysforthcoming.Inaddition,thatalleyisadjacenttotwobridges <br />thatarecontrolledbytheState.Thismeans,inorderforustoremovehomelesscampsunderthe <br />bridge,wemustcontacttheStatePolice,whoevenhaveapresenceinourCity(asidefromthe <br />dutiesattheStateCapitol).Havingtwojurisdictionssoclosetooneanother,allowsthehomelessto <br />migratebackandforthbetweenthetwo.WhenwecalltheCity,theymovetotheStateland,andthe <br />Citycandonothing,whenwecalltheState,theymovetotheCityland,andagain,theStatecando <br />nothing.GettingboththeCityandtheStatetoshowupatthesametimeisimpossible.Thisissue <br />becamesobad3yrsago,thatwespent$40,000installingafullnonclimbablefenceontheWestsideto <br />preventthehomelessfromloiteringbackandforthontoourproperty.Thishasreducedsomeofthe <br />trashonourpropertybuthasnotreducedthepresencesincethatfenceabutsthealley,whichis <br />controlledbytheCity. <br /> <br />