The McEnery Company completed an appraisal of the historic May and Ellis building located along Chartres Street in the French Quarter for a local lender. The 38,487 square foot structure was recently renovated and converted into a mixed-use development with upper floor apartments and ground floor retail space. Our analysis considered a localized competitive data set of similar multi-family properties in the immediate area in order to forecast an achievable gross rent and occupancy level for the property. Following the deduction of expenses, we capitalized the net operating income based on local and regional indicators of similar historic mixed-use structures.
