LOWER PONTALBA BUILDING REAL ESTATE COUNSELING MARKET RENTAL STUDY- 28 APARTMENT UNITS 503, 509, 511, 515, 519, 527, 531, 535, 539, 541, AND 543 ST. ANN STREET 806 AND 810 CHARTRES STREET AND 807 AND 811 DECATUR STREET NEW ORLEANS, LOUISIANA PREPARED FOR SAM RYKELS, DIRECTOR LOUISIANA STATE MUSEUM 751 CHARTRES STREET NEW ORLEANS, LOUISIANA APPRAISER GAYLE H. BOUDOUSQUIE, MAI LOUISIANA CERTIFIED GENERAL REAL ESTATE APPRAISER, LICENSE NO. G0125 AND BONNIE R. CURRY LOUISIANA CERTIFIED GENERAL REAL ESTATE APPRAISER LICENSE NO. G1023 AS OF APRIL 13, 2010 2010 Rent Study lower Pontalba.doc 1 Appraisal Report Lower Pontalba Apartments., New Orleans, La. Gayle Boudousquie & Associates 228 St. Charles Ave. Suite 1331 New Orleans, LA. 70130 (504) 525-5700 Fax (504) 525-5705 Cell (504) 495-2772 E-mail
[email protected] May 19, 2010 Mr. Sam Rykels, Director Louisiana State Museum 751 Chartres Street New Orleans, Louisiana 70116 Our File No. Lower Pontalba 2010 Re: Real Estate Counseling Market Rent Study Lower Pontalba Building 503-543 St. Ann Street 806-810 Chartres Street 807-811 Decatur Street New Orleans, Louisiana Dear Mr. Rykels: In accordance with your letter of instruction, we have physically inspected the above referenced property, and analyzed data relevant to the estimation of current market rent as defined in the body of this report for each of the 28 individual units. The assignment is to determine the current market rent for 28 separate apartment units on the 2nd and 3rd floors of the Lower Pontalba Apartments. The Lower Pontalba (owned by the State of Louisiana) and the Upper Pontalba (owned by the city of New Orleans, directly on the other side of Jackson Square), are believed to be the first commercially rented apartment buildings in the United States.