Property near 2 gas stations and a dry cleaners. Environmental study?

[Chris Wyche]

Hey Guys,

I'm looking at this property in Philly which has 2 gas stations and a dry cleaner all within a block radius. It's an apartment building over 5 units. Will the lender require that I get an environmental phase 1 and maybe phase 2 study?

[Marshall Downs]

@Chris Wyche 

Some lenders will require and others will not, depends on how hip they are to environmental regs and surprisingly, some are not overly so.

If you are really considering, I would do as Joel recommended and look for other property owners nearby (closer the better) and see if they have had any studies done and if they would allow you to have a copy. Also, you can check with your county or city to see if there have been any publicly paid studies done that you can have access to. If it was paid with tax dollars, you can see it.

Last, call local env. companies to see if they have done a previous study for this property. Though you would technically need your own Phase I, it might indicate whether a Phase II was required and if it was fairly recent the company may offer you a discount.