Historic Tax Credit Opportunity

Office for Sale
Catylist Listing ID: 30144971
Property Subtypes: Governmental, High-Tech, Institutional, Mixed Use, Office Building
Building Size (RSF): 28,000 SF
Gross Land Area: 1.23 SF
Sale Price: $420,000
Unit Price: $15 PSF
Property Use Type: Vacant/Owner-User
Class of Space: Class C
Usable Size (USF): 28,000 SF
Sale Terms: Cash to Seller
Last Updated: 10/17/2017

Overview / Comments

This redevelopment opportunity has been verified with the State of LA as potentially qualifying for Historic Tax Credits (HTCs). 1229 Texas Avenue (separately listed) may also potentially qualify for HTCs, which provides upwards of 50,000 SF for redevelopment.

In addition, both 1229 & 1239 Texas Avenue are located in a qualified census tract for New Market Tax Credits (NMTCs). Layering the potential capital stack with HTCs and NMTCs provides significant, below market capital for a redevelopment.

- +/-28,000 SF Mixed-Use Redevelopment Opportunity
- Subject Property is Comprised of Two, Historic Buildings
- Buildings are Connected by Breezeways on Lower & Upper Levels
- Attractive, $15.00/SF Price Provides Substantial Upside
- Purchase 1229 Texas Ave. @ $11.11/SF for an Additional +/-27,000 SF
- Reopen a Sealed Breezeway b/w 1229 & 1239 to Connect All Three Buildings
- 1229 & 1239 Texas Ave. May Both Qualify for Historic Tax Credits
- Open Floor Plan Provides Flexibility (Office/Multi-Family/Retail/Event Space)
- Ample Surface Parking Wraps Around All Three Buildings
- Rooftops Could be Converted Into Usable Terraces w/ Downtown Views
- Original, Antique Elevator Cars - One is Still Operational
- Freight Elevator Shaft is Rare for this Vintage (Needs New Elevator)
- Potential for an even Larger Redevelopment w/ Adjacent Property Owners
- Zoned D-1-CMU (Downtown Commercial Mixed-Use Sub-District)
- $420,000.00 Asking Price for 1239 Texas Ave.
- $300,000.00 Asking Price for 1229 Texas Ave. (Separately Listed)

Additional Details

Nearest MSA: Shreveport-Bossier City
County: Caddo
Zoning: D-1-CMU
Property Visibility: Excellent
Area Description: Downtown Commercial Mixed-Use Sub-District
Total Number of Buildings: 2
Number of Stories: 3
Parking Description: Ample parking - wraps around all three buildings
Passenger Elevators: 2
Freight Elevators: 1

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,157 85,531 166,829
Median Age: 39.62 34.31 34.84
Households: 3,156 34,632 67,343

Contact

Photograph of Listing Agent

Michael Morrison

Vintage Realty Company Shreveport, LA 71101-3015
Not a member of MCAR CIE
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