HRI Properties, a lead real estate development company in the Gulf South, engaged The McEnery Company to provide an AS IS opinion of market rent of a long-term leasehold estate with the City of New Orleans which supported a total of 87 apartments and 29,846 square feet of commercial space. The leasehold exists within an approximately 128,584 square foot historic building in the French Quarter – the former DH Holmes Department Store. The analysis required careful study of a highly complex and exhaustive lease agreement with the City, in addition to a market rent potential analysis of the leasehold improvements as this market supported NOI dictated a residual rent to the building shell.
