The McEnery Company was engaged on two separate occasions by a regional lender to appraise the Academy Multi-family property located on Dauphine Street in the heart of the French Quarter. This former St. Louis Cathedral Academy Parochial School and Nuns Convent was converted into a luxury multi-family property in 2017-2018. The improvements and parking areas were leased from the Roman Catholic Church of the Archdiocese of New Orleans on a long term agreement. Subsequently, the improvements were renovated and brought back into commerce as a multi-family property with a total of 23 units. Additionally, the plans called for 4 new townhome structures to be improved on the site. Our analysis relied on a localized data set of market rent comparables and expenses of similar multi-family developments in the French Quarter and CBD neighborhoods in order to complete an income approach to value, which accounted for the ground lease expense. The interest appraised within this report was of the leasehold estate. A restoration tax abatement was also valued within this report.
