Can I claim depreciation on a condo?

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Hello BP, 

We are considering moving out of our condo and into another property.  We're entertaining the thought of keeping the condo and turning it into a rental.  I'm wondering if, in the state of CA, we can claim depreciation on our condo since, technically, owners of a condo do not actually own any part of the physical building, just the airspace between the walls. 

Secondly, if we can claim depreciation on our condo once we put it "in service" (IRS jargon for renting it out), from which value would the depreciation be based? We bought a few years ago and we have since experienced some nice appreciation.  Will the depreciation be based on the value of the home at the time we rent it out, or will it be based on the original purchase price?