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Complete Self-Contained 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. The apartment units in the Lower Pontalba range in size from 1,200 to 1,530 square feet. In the French Quarter usage is based on number of rooms rather than number of bedrooms. The condition of the units ranges from average to excellent. There are two townhouse units fronting St. Ann Street, both in excellent condition. One unit is held vacant and is utilized by the “State Museum” as a complementary unit for overnight museum guests.. An individual analysis will be performed for each unit projecting a market rent and will include a floor plan and photo. Based upon the analysis and conclusions presented in the body of the report, as well as current economic conditions, it is our opinion the current market rent for the units ranges from $1.15 per square foot to $1.90 per square foot. A complete unit-by-unit analysis is contained within the report. 2010 Rent Study lower Pontalba.doc 2 Appraisal Report Lower Pontalba Apartments., New Orleans, La. Sam Rykels Page 2 The effective date of the rental study is April 13, 2010. Units were inspected between April 8, 2010 and April 13, 2010. Following are the projected rents for each apartment: Lower Pontalba Condition/ Projected Projected Unit # Size Current Current Tenant Quality Unit Rent Rent Total Rent Rent/SF (R) St. Ann 1- 503-2 1,530 $2,202 $1.44 Exc/Good $1.75 $2,675 2- 503-3 1,530 $1,977 $1.29 Good/Avg. $1.60 $2,450 3- 509-T 1,200 $1,930 $1.61 Excl./Excl. $1.90 $2,280 4- 511-2 1,450 $1,920 $1.32 Avg./Fair $1.20 $1,740 5- 511-3 1,450 $2,095 $1.44 Avg/Avg. $1.26 $1,825 6- 515-2 1,450 $1,920 $1.32 Avg/Fair $1.20 $1,740 7- 515-3 1,450 $2,095 $1.44 Avg/Good $1.32 $1,900 8- 519-2 1,450 $2,070 $1.43 Avg/Avg. $1.25 $1,815 9- 519-3 1,450 $1,845 $1.27 Good/Good $1.70 $2,465 10- 527-2 1,450 $2,070 $1.43 Avg/Avg. $1.30 $1,885 11- 527-3 1,450 $2,095 $1.44 Good/Good $1.70 $2,465 12- 531-2 1,450 $2,070 $1.43 Excl./Excl. $1.80 $2,600 13- 531-3 1,450 $2,045 $1.41 Avg/Avg. $1.20 $1,740 14- 535-2 1,450 $1,970 $1.36 Good/Avg. $1.60 $2,320 15- 535-3 1,450 $1,845 $1.27 Avg./Fair $1.15 $1,670 16- 539-2 1,450 $2,095 $1.44 Good/Avg. $1.65 $2,390 17- 539-3 1,450 $2,070 $1.43 Good/Avg. $1.60 $2,320 18- 541-t 1,200 $2,080 $1.73 Excl./Excl. $1.90 $2,280 19- 543-2 1,530 $2,177 $1.42 Good/Avg. $1.70 $2,600 20- 543-3 1,530 $2,052 $1.34 Good/Good $1.65 $2,525 Chartres 21- 806-2 1,200 N/A N/A Museum Good/Avg. $1.60 $1,920 22- 806-3 1,200 $1,730 $1.44 Avg./Avg. $1.20 $1,440 23- 810-2 1,200 $1,905 $1.59 Good/Avg. $1.60 $1,920 24- 810-3 1,200 $1,730 $1.44 Good/Avg. $1.55 $1,860 Decatur 25- 807-2 1,200 $1,905 $1.59 Good/Avg. $1.60 $1,920 26- 807-3 1,200 $1,730 $1.44 Vacant Avg./Avg. $1.20 $1,440 27- 811-2 1,200 $1,850 $1.54 Good/Avg. $1.65 $1,980 2010 Rent Study lower Pontalba.doc 3 Appraisal Report Lower Pontalba Apartments., New Orleans, La. 28- 811-3 1,200 $1,730 $1.44 Good/Avg. $1.55 $1,860 Sam Rykels Page 3 We hereby certify that we have no present or future contemplated interest in the subject property or any related third party interest in this property. This letter of transmittal only serves to report the final value estimate conclusion reached in the report, which follows, and must not be misconstrued to represent a complete appraisal in and of itself. This report is subject to the assumptions and limiting conditions as stated herein. We sincerely hope this report serves the needs of Louisiana State Museum adequately. If there are any questions or if we may be of further service, please feel free to call. Respectfully submitted, Gayle H. Boudousquie, MAI Bonnie R. Curry Louisiana Certified General Louisiana Certified General Real Estate Appraiser License, No. G0125 Real Estate License No. G1023 2010 Rent Study lower Pontalba.doc 4 Appraisal Report Lower Pontalba Apartments., New Orleans, La. CONSULTING CERTIFICATION We certify that, to the best of our knowledge and belief . - the statements of fact contained in this report are true and correct. - the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and is our personal, unbiased professional analyses, opinions, and conclusions. - We have no present or perspective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. - our compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. - the analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics of which the undersigned is a member of The Appraisal Institute. - the analyses, opinions, and conclusions were developed and this report prepared in conformity with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation and the Louisiana Certified Real Estate Appraisers Law. - the use of this report is subject to the requirements of the appraisal organizations of which the appraiser is a member relating to review by its duly authorized representatives. - We have made a personal inspection of the property that is the subject of this report. We have made an exterior inspection of the comparables that are used in this report. - no one other than associates in this office or outside consultants as noted provided significant professional assistance in the preparation of this report. - the consulting assignment was not based on a requested minimum valuation, or specific valuation or the approval of a loan. - the undersigned designated appraisers have completed the requirements under the continuing education program of the appraisal organizations for which he is a member. - We have completed previous consulting assignments of similar type properties. ___________________________________ _________________________________ GAYLE H. BOUDOUSQUIE, MAI BONNIE R. CURRY LOUISIANA CERTIFIED GENERAL LOUISIANA CERTIFIED GENERAL REAL ESTATE APPRAISER LICENSE No. G-0125 REAL ESTATE APPRAISER LICENSE NO. G1023 2010 Rent Study lower Pontalba.doc 5 Appraisal Report Lower Pontalba Apartments., New Orleans, La. QUALIFICATIONS OF THE APPRAISER/CONSULTANT APPRAISER: GAYLE H. BOUDOUSQUIE, MAI LOUISIANA CERTIFIED GENERAL REAL ESTATE APPRAISER LICENSE NO. G0125 BUSINESS ADDRESS: 228 St. Charles Ave. Suite 1331 New Orleans, LA 70130 BUSINESS TELEPHONE: (504) 525-5700 FAX (504) 525-5705 CELL (504) 495-2772 e-mail [email protected] EDUCATION Master of Business Administration, Concentration in Economics, Finance, and Management, University of New Orleans Bachelor of Science in Economics, Statistics Minor, Louisiana State University in New Orleans REAL ESTATE EDUCATION Various College Level Commercial Real Estate Courses in Financing and Investment Decisions. The American Institute of Real Estate Appraisers, Courses 1A-1, 1A- 2, 1B-A, 1B-B, 2-1, 2-2, and Standards of Professional Practice Seminars Include: Market Analysis Appraising Non-Profit Properties Hazardous Materials Institute Contemporary Appraisal Practice Real Estate Risk Analysis Understanding Limited Appraisals Subdivision Analysis The New URAR Form Business Valuation Future of Appraising The Appraiser’s Legal Liability The Internet and Appraisal Standards of Professional Practice 2009 Louisiana Real Estate Commission Developments in Income Property Attacking & Defending Appraisals Valuation - 2001 in Litigation - 1999 Tax Laws - 2001 Attacking & Defending Appraisals Partial Interests - Divided 2000 Part II - 2000 Easement Valuation - 2000 Valuation of Partial Interests Analyzing Commercial Lease Clauses - 2002 in Real Estate - 2003 2010 Rent Study lower Pontalba.doc 6 Appraisal Report Lower Pontalba Apartments., New Orleans, La.
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