<format type="json">{ "property_identifier": "string", "due_diligence_summary_date": "date", "analyst_firm": "string optional", "overall_risk_assessment": "string", "environmental_findings": { "phase1_status": "string", "recognized_environmental_conditions": "list[{rec_type: string, description: string, severity: string, remediation_required: boolean, estimated_cost: number optional}]", "wetlands_impact": "boolean", "hazardous_materials_on_site": "list[string] optional" }, "structural_integrity": { "assessment_date": "date", "overall_condition_rating": "string", "major_structural_issues": "list[{issue_type: string, location: string, repair_recommendation: string, estimated_repair_cost: number optional}]", "ada_compliance_notes": "string optional" }, "lease_analysis_summary": { "total_occupied_sqft": "number", "weighted_average_lease_term_years": "number", "major_tenants": "list[{tenant_name: string, lease_start_date: date, lease_end_date: date, annual_rent: number, rent_escalation_mechanism: string, renewal_options: number, option_term_years: number optional}]", "vacancy_rate_percentage": "number", "tenant_defaults_identified": "boolean" }, "title_and_legal": { "clear_title_confirmed": "boolean", "major_encumbrances": "list[{encumbrance_type: string, description: string, parties_involved: string optional}] optional", "pending_litigation_related_to_property": "boolean", "zoning_classification": "string", "zoning_compliance_confirmed": "boolean" } }</format> <data>**CONFIDENTIAL DUE DILIGENCE MEMORANDUM**

**DATE:** 2025-08-14
**SUBJECT PROPERTY:** 71837 Fry Lock, Lake Susan, Rhode Island 84333
**PREPARED BY:** Nielsen LLC

This report summarizes key findings from the due diligence conducted for the subject property. Our analysis, completed on 2025-08-14, indicates an overall risk profile assessed as **low-to-moderate** for a potential acquisition. The lead analyst, James Vazquez, noted the complexity of the file.

**Environmental Review:** The Phase I Environmental Site Assessment (ESA) is noted as **further_investigation_required**. Several Recognized Environmental Conditions (RECs) were identified. Key among these are a significant issue of vapor_intrusion_concern with potential remediation costs of $107580, a moderate issue of soil_contamination, a moderate issue of soil_contamination. The assessment found no evidence of direct wetlands impact. No significant quantities of hazardous materials were noted on-site.

**Structural and Physical Condition:** A Property Condition Assessment was performed on 2025-08-14, rating the property's overall condition as **'fair'**. The engineer's report highlighted several capital-intensive repairs. Specifically, foundation_settlement in the North wing, lower level requires attention with an estimated repair cost of $88,576. Specifically, electrical_system_outdated in the West wing, upper level requires attention with an estimated repair cost of $146,607. Specifically, electrical_system_outdated in the South wing, lower level requires attention with an estimated repair cost of $47,383. Furthermore, Threat whole girl after one. The inspection was briefly delayed due to a minor scheduling conflict with a vendor.

**Lease and Tenancy Analysis:** The property's financial stability appears robust, with tenants occupying 141,917 sqft of a total 161,471 sqft, implying a vacancy of 12.11%. The rent roll is anchored by major tenants such as Swanson, Martinez and Lowe and Richardson-Murillo. The weighted average lease term (WALT) is approximately 6.2 years, providing stable near-term cash flow. Rent escalation for key tenants is a mix of mechanisms, including fixed_steps. Our review found no evidence of current tenant defaults.

**Title and Legal Matters:** The preliminary title report review indicates that clear title is **not yet confirmed**. The property is zoned C-2 (Digitized empowering paradigm), and its current use is deemed non-compliant with local ordinances. We are not aware of any pending litigation concerning the property at this time. </data>
{
  "property_identifier": "71837 Fry Lock, Lake Susan, Rhode Island 84333",
  "due_diligence_summary_date": "2025-08-14",
  "overall_risk_assessment": "low-to-moderate",
  "environmental_findings": {
    "phase1_status": "further_investigation_required",
    "recognized_environmental_conditions": [
      {
        "rec_type": "vapor_intrusion_concern",
        "description": "Population also treat old south up bill item significant.",
        "severity": "significant",
        "remediation_required": true,
        "estimated_cost": 107580
      },
      {
        "rec_type": "soil_contamination",
        "description": "Account she guy side try find green.",
        "severity": "moderate",
        "remediation_required": true
      },
      {
        "rec_type": "soil_contamination",
        "description": "Computer call hard student occur hundred.",
        "severity": "moderate",
        "remediation_required": false
      }
    ],
    "wetlands_impact": false
  },
  "structural_integrity": {
    "assessment_date": "2025-08-14",
    "overall_condition_rating": "fair",
    "major_structural_issues": [
      {
        "issue_type": "foundation_settlement",
        "location": "North wing, lower level",
        "repair_recommendation": "Subject animal change answer least let.",
        "estimated_repair_cost": 88576
      },
      {
        "issue_type": "electrical_system_outdated",
        "location": "West wing, upper level",
        "repair_recommendation": "Late race action what describe wind. Commercial business former.",
        "estimated_repair_cost": 146607
      },
      {
        "issue_type": "electrical_system_outdated",
        "location": "South wing, lower level",
        "repair_recommendation": "Appear their card consider meeting baby matter.",
        "estimated_repair_cost": 47383
      }
    ],
    "ada_compliance_notes": "Threat whole girl after one."
  },
  "lease_analysis_summary": {
    "total_occupied_sqft": 141917,
    "weighted_average_lease_term_years": 6.2,
    "major_tenants": [
      {
        "tenant_name": "Swanson, Martinez and Lowe",
        "lease_start_date": "2021-02-16",
        "lease_end_date": "2030-07-09",
        "annual_rent": 280508,
        "rent_escalation_mechanism": "fixed_steps",
        "renewal_options": 1,
        "option_term_years": 5
      },
      {
        "tenant_name": "Richardson-Murillo",
        "lease_start_date": "2022-02-09",
        "lease_end_date": "2028-12-11",
        "annual_rent": 662796,
        "rent_escalation_mechanism": "cpi_indexed",
        "renewal_options": 3,
        "option_term_years": 3
      },
      {
        "tenant_name": "Weiss and Sons",
        "lease_start_date": "2018-05-23",
        "lease_end_date": "2027-02-08",
        "annual_rent": 978677,
        "rent_escalation_mechanism": "fixed_steps",
        "renewal_options": 0
      },
      {
        "tenant_name": "Bryant Ltd",
        "lease_start_date": "2018-05-15",
        "lease_end_date": "2025-04-20",
        "annual_rent": 211510,
        "rent_escalation_mechanism": "cpi_indexed",
        "renewal_options": 1,
        "option_term_years": 4
      }
    ],
    "vacancy_rate_percentage": 12.11,
    "tenant_defaults_identified": true
  },
  "title_and_legal": {
    "clear_title_confirmed": false,
    "pending_litigation_related_to_property": false,
    "zoning_classification": "C-2 (Digitized empowering paradigm)",
    "zoning_compliance_confirmed": false
  },
  "analyst_firm": "Nielsen LLC"
}