631 Milam StShreveport, LA 71101

Property Details for 631 Milam St

Year built

1900

Property size (Sq ft)

49,242 SF

Property type

Mixed-use properties

Property subtype

Other office properties

Description

This exceptional mixed-use investment opportunity in Shreveport's vibrant downtown offers two historic buildings totaling 49,242 square feet. The property, located at 619 & 631 Milam Street, features a Class A, multi-tenant creative office building with 50% occupancy and a gross lease type. Built in 1900 and renovated in 2021, the buildings boast updated interior finishes, multiple split system HVAC units, and a new roof. Exterior improvements completed in 2019 include brick mortar cleaning and repointing, stucco rework, and repainting. The property includes 51 parking spaces, a significant advantage in the downtown area. Currently operating as a leased investment, this property presents a stabilized investment with a 7.00% cap rate and an asking price of $2,350,000 ($47.72/sq ft). Situated in a walkable area near popular restaurants, theaters, and Rhino Coffee, the property is zoned CBD and qualifies for historic tax credits, property tax abatement, and cost segregation. The larger building at 631 Milam Street is 18,996 square feet, while the second building at 619 Milam Street offers 30,246 square feet, including basement storage and office space. This presents a unique opportunity for an owner-occupant seeking investment income or a developer looking to create live/work spaces. The property's location within the Federal Opportunity Zone adds further investment appeal.

Location Insight

City

Shreveport

County

Caddo Parish

State

Louisiana

Latitude

32.5107

Longitude

-93.7508

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