IFB 25-068 Sale of Surplus Immovable Property - Formerly Comm. Dev. - 401 Texas Street

Agency:	City of Shreveport
State:	Louisiana
Type of Government:	State & Local
NAICS Category:	531210 - Offices of Real Estate Agents and Brokers 531390 - Other Activities Related to Real Estate 541611 - Administrative Management and General Management Consulting Services
Posted Date:	Nov 3, 2025
Due Date:	Dec 4, 2025
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Appraiser File # 5032

An Appraisal Report

Real Property

A Four Story Office Building

401 Texas Street

Shreveport, Louisiana 71101

USA

As of

December 2, 2024

Prepared for

Mr. Malcolm Stadtlander, Administrator

Property Management Section

City of Shreveport

505 Travis Street, Suite 300

Shreveport, Louisiana 71101

Client File: Department of Community Development

Prepared By

Robert L. Russell, MAI, SRA, AI-GRS

Real Estate Appraisal, Valuation, and Review

9657 Catawba Drive

Shreveport, Louisiana 71115

email:

rob@rlr-appraisals.com

website:

www.rlr-appraisals.com

USPAP 2024

ROBERT L. RUSSELL, MAI ®, SRA ®, AI-GRS ®

Real Estate Appraisal and Review

Mailing Address:

9657 Catawba Drive

Shreveport, Louisiana 71115

Certified General Appraiser

Louisiana License #2

MAI, SRA, AI-GRS- Appraisal Institute

email: rob@rlr-appraisals.com

website: www.rlr-appraisals.com

Telephone: +1.318.455.7390

Cell: +1.318.455.7390

Text: 1.318.455.7390

July 29, 2025

Mr. Malcolm Stadtlander, Administrator

Property Management Section

City of Shreveport

505 Travis Street, Suite 300

Shreveport, Louisiana 71101

318-673-6048

malcolm.stadtlander@shreveportla.gov

Re: Department of Community Development

Appraiser File # 5032

Appraisal Report- Corrected Version

Real Property

Four Story Office Building

401 Texas Street

Shreveport, Louisiana 71101

Dear Mr. Stadtlander:

In this report, one finds analysis of real property assignment results including opinions regarding value,

and limitations, and assumptions, which affect the findings. This letter and report, contains an

introduction, 68 numbered pages, plus other pages, addenda, and related exhibits.

The property is as follows.

The site contains approximately 12,057 square feet, described without benefit of a survey, and the shape

is rectangular. It fronts about 80.38 feet on the south side of Texas Street, with a depth of brand150 feet,

on the west side of Edwards Street, a corner site. The valuer is not aware of any adverse easements or

encroachments. The site is level and at grade. It has service by public utilities. It is zoned D-1-CBD

Downtown Core Sub-District, and the current use seems compliant.

Improvements include an existing 61,800 square foot property that includes a Four Story Office Building

with 37,370 square feet of finished office area and 9,800 square feet of unfinished area, described with

benefit of plans, but no written specifications. The municipal address is 401 Texas Street. The

construction is concrete and steel with finished marble and concrete exterior walls. The interior includes

predominantly painted and vinyl papered panels and drywall, and the flooring is predominantly tile, and

carpet. Site improvements include concrete parking and drive area, in the basement, which once served as

a drive up banking teller area. The property is in average condition, excepting that the fourth floor is about

82% unfinished. The type of construction is similar to average quality, “steel reinforced masonry”

construction.

Appraisers, also known as valuers are not professionals in inspection, law, or engineering. One assumes

an intended user obtains relevant opinions regarding flood status, ownership, property descriptions, and

zoning conformance.

Four Story Office Building

File # 5032

Page

This report offers no opinion on structural soundness, or the condition and adequacy of mechanical

systems, and presumes them operational, unless otherwise noted. This analysis offers no opinions

regarding physical, legal, or regulatory issues. One should have the property inspected, for verification.

The building, as those used in comparison, was in typical condition, as compared with structures of

similar vintage and utility. This valuer is aware of some deferred maintenance, possible needed finish

work on the fourth floor.

The property description:

Lots Fifteen (15) and Sixteen (16), Block 32, City of Shreveport in Caddo Parish, Louisiana, as per plat

thereof recorded in Book L, Page 444, and re-recorded in Book 250, Page 100 of the Conveyance Records

of Caddo Parish, Louisiana

The undersigned visually examined this property, inside and out, on September 9, 2024. This appraiser

most recently viewed it on December 2, 2024, from the exterior only. Physical observation assists in

identifying relevant property characteristics in valuation services. Practically speaking, with any typical

visit, observation is limited.

The market suggests that this property, as vacant land, should sell after 12-36 months of proper

marketing. Development of viable tracts generally occurs at about 3-5 years or so, after purchase.

Construction is usually either for owner use or as parking lots, both relatively immediate. Speculative

construction is not likely, and for moderate sized projects, absorption taking longer than 36-months is less

likely to be feasible. As of the date of value, the most probable buyer of this site, as if vacant, is a local,

user; that is a developer or speculator. The likely use is as a specialty property, with construction

commensurate with the site size and location profile.

This property, as currently improved, does not have apparent excess or surplus land. The market

suggests that the property, as developed, should sell after 12-36 months of proper marketing. Purchase is

usually either for owner occupancy or pre-leased tenancy, both relatively immediate. Speculative

purchase is less likely, and for moderate sized projects, absorption taking longer than 24-months is less

likely to be feasible. As of the date of value, the most probable buyer of this property is a local user; that

is a developer or speculator. The likely use is as a converted renovation property.

The property uses in the vicinity are typical of the neighborhood. They include no recent construction of

retail or offices in the immediate vicinity. Some older mercantile buildings have converted to apartments

and residential condominiums. As a vacant site, the highest and best use is speculative, with construction

possible in the future. The site currently includes a Four Story Office Building. This value opinion

considers the highest and best use of the property. As of the effective date of analysis, the highest and best

use is use as a single or multi-tenant or owner occupied Four Story Office Building with possible finish of

any unfinished space. The interest appraised impacts valuation analysis. The interest appraised herein is

the fee simple estate, excluding minerals. No deviations from typical professional practice appear in this

analysis.

Valuers rely on the opinions of others, for the detection and analysis of hazardous substances. Viewing of

this property did not reveal any signs of contaminants, with none anticipated. The assumption made in

developing the opinion of value; no adverse environmental issues are present. Refer to the

Certification on page 1 of the attached report; followed by the General Assumptions and Limiting

Conditions, as both are critical to understanding this analysis, in addition the Scope of Work discussed in

the report body describes methodology employed developing the value opinion.

Exposure time for this property type, in the local market, assuming proper pricing, is 12-36 months. The

procedures necessary to arrive at credible conclusions are considered. The intended use of this report is

for buy/sell purposes, as identified by the appraiser based on communication with the client at the time of

the assignment. That is the intended use, with no other uses contemplated by the undersigned, with

City of Shreveport

September 9, 2024

Real Property Appraisal Report

Four Story Office Building

File # 5032

Page

iii

litigation not anticipated. The report considers flood zone maps. However, those maps can be ambiguous,

difficult to interpret, and subject to periodic change. The site does not appear in a FEMA identified

special flood hazard area, according to FEMA Maps, but valuers are not experts at flood plain

determination. One notes being in a flood zone does not indicate that a property will flood, and conversely

not being in a flood plain does not indicate that one will not flood. This opinion considers data contained

on map panel Number 22017C0388H, effective as of May 19, 2014.

The effective date of the opinion of market value of the property is December 2, 2024 . The market value

is as of the most recent inspection, on December 2, 2024.

The analysis makes some assumptions that are assignment specific.

This analysis is for the sole use and benefit of City of Shreveport, the intended user. This fee simple

analysis is consistent with use by an owner or investor. It also assumes that no ADA compliance issues

will arise due to construction or alteration. The analysis presumes conformity to Building Codes, Zoning,

Deed Restrictions and any applicable Historic or Preservation Regulations, except as noted. It assumes

any information provided by the owner, client, or any others is accurate. With non-realty, business value,

and intangibles considered, this analysis estimated none applicable to this analysis. The intended user

should know extraordinary assumptions and hypothetical conditions do affect the reported assignment

results. This analysis does not consider mineral interests of any kind.

Valuers, as a matter of Standards, disclose and note in the Report Certification, any services regarding the

property, provided in any capacity, during the three years prior to accepting a new assignment. It last

transacted in 2003 for $750,000 when purchased by the City of Shreveport. The undersigned has

performed no services, as an appraiser or in any other capacity, regarding the property valued in this

report, within the three-year period, immediately preceding acceptance of this assignment, but has

appraised it previously outside of that time frame. The client in any analysis may be an individual, an

entity, or a group, and may communicate with the undersigned directly or through an agent. This report is

for the sole use and benefit of City of Shreveport, the client, and its representatives and employees, most

prominently, the addressee. With no other users anticipated by the undersigned, one should know that

possession of the report implies no status as an intended user. Robert L. Russell developed the

conclusions found herein. Thank you for allowing this firm the opportunity to be of service to you.

Sincerely,

City of Shreveport

September 9, 2024

Real Property Appraisal Report

Contents

INTRODUCTION-Preface- Letter of Transmittal- Table of Contents

Page

Certification .........................................................................................................................................................................................................1

General Assumptions and Limiting Conditions....................................................................................................................................................2

Professional Qualifications...................................................................................................................................................................................3

Robert L. Russell, MAI, SRA, AI-GRS ..........................................................................................................................................................3

Summary of Conclusions .....................................................................................................................................................................................4

Identification of the Appraisal Problem ...............................................................................................................................................................6

Elements of the Assignment............................................................................................................................................................................6

Scope of Work......................................................................................................................................................................................................7

Possible Solution to Problem by Analysis ......................................................................................................................................................8

Application of Solution by Analysis ...............................................................................................................................................................8

Definition of Market Value ................................................................................................................................................................................10

Marketing Period and Exposure Time................................................................................................................................................................11

Location, Market Area, and Neighborhood Data ...............................................................................................................................................12

Geographic Location.....................................................................................................................................................................................12

Recently in The Market.................................................................................................................................................................................14

Market Area Data..........................................................................................................................................................................................15

Neighborhood Data.......................................................................................................................................................................................20

Land Description ................................................................................................................................................................................................23

Zoning ................................................................................................................................................................................................................25

Improvement Description...................................................................................................................................................................................27

Taxes and Assessment Data ...............................................................................................................................................................................29

Photographs of Property.....................................................................................................................................................................................30

Analysis of Data and Conclusions......................................................................................................................................................................35

Statistical Analysis........................................................................................................................................................................................35

Market Study......................................................................................................................................................................................................38

Financial Trends............................................................................................................................................................................................38

Location Trends ............................................................................................................................................................................................39

Office Trends ................................................................................................................................................................................................40

Medical Trends .............................................................................................................................................................................................41

Highest and Best Use .........................................................................................................................................................................................42

Land Value.........................................................................................................................................................................................................47

Comparable Land Sales Map ........................................................................................................................................................................49

Comparable Land Sales Adjustment Chart ...................................................................................................................................................51

Application of The Sales Comparison Approach-Land Value ......................................................................................................................53

Sales Comparison Approach ..............................................................................................................................................................................58

Comparable Improved Sales Map .................................................................................................................................................................61

Comparable Improved Sales Adjustment Chart ............................................................................................................................................62

Application of The Sales Comparison Approach ..........................................................................................................................................64

Income Capitalization Approach........................................................................................................................................................................65

Cost Approach....................................................................................................................................................................................................65

Real Property Value Allocation..........................................................................................................................................................................65

Personal Property ..........................................................................................................................................................................................65

Business Value..............................................................................................................................................................................................65

Identification of Intangibles ..........................................................................................................................................................................65

Reconciliation of the Value Indications and Final Opinion of Value .................................................................................................................66

Sales History .................................................................................................................................................................................................66

Bibliography.......................................................................................................................................................................................................68

Websites of Interest.......................................................................................................................................................................................68

ADDENDA

Engagement ............................................................................................................................................................................................................. Exhibit “A”

Real Estate Appraisal License .................................................................................................................................................................................Exhibit “B”

Floor Plan, Flood Map, Zoning Map, & Other Photos ............................................................................................................................................Exhibit “C”

Comparable Improved Sales ................................................................................................................................................................................... Exhibit “D”

This page summarizes the opportunity, including an overview and a preview of the attached documents.

IFB 25-068 Sale of Surplus Immovable Property - Formerly Comm. Dev. - 401 Texas Street

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