Condition information is essential to develop effective facility management (FM) strategies. Visual inspections and walk-through surveys are common practices of condition assessment (CA), generally resulting in qualitative and subjective outcomes such as “poor”, “good”, etc. Furthermore, limited resources of the FM process demand that CA practices be efficient. Given these, the purpose of this study is to develop a resource efficient quantitative CA framework that can be less subjective in establishing a condition rating. The condition variables of the study—mean time between failures, age-based obsolescence, facility condition index, occupant feedback, and preventive maintenance cycle—are identified through different sources, such as a computerized maintenance management system, expert opinions, occupants, and industry standards. These variables provide proxy measures for determining the condition of equipment with the implementation example for heating, ventilating, and air conditioning equipment. Fuzzy sets theory is utilized to obtain a quantitative condition rating while minimizing subjectivity, as fuzzy sets theory deals with imprecise, uncertain, and ambiguous judgments with membership relations. The proposed CA framework does not require additional resources, and the obtained condition rating value supports decision-making for building maintenance management and strategic planning in FM, with a comprehensive and less subjective understanding of condition.