Mixed Use Investment 100% Occupied

Retail-Commercial for Sale
Catylist Listing ID: 30035114
Property Subtypes: Free-Standing Building, Mixed Use, Street Retail
Building Size (RSF): 5,649 SF
Gross Building Area: See Agent
Sale Price: $615,000
Unit Price: $108.87 PSF
Property Use Type: Investment, Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: 8.0%
Last Updated: 12/14/2017

Overview / Comments

Features: Ground floor retail, three residential units upstairs. Ample off street parking at S. Broad Ave. and Fourth St. Fully renovated from studs out in 2016. 5,649 (+/-) total square footage.

Retail: Downstairs unit approximately 2,825 square feet on ground floor leased $3,500/month, gross

Residential: Three upstairs residential units on second floor. Each housing 2 bedrooms and 1 bathroom.
Unit A is occupied in a one year lease for $1,000 per month
Unit B is occupied in a one year lease for $900 per month
Unit C is occupied in a one year lease for $750 per month

Zoning: HU-B1. This zoning allows short term rentals for Air BnB type units. Transitioning long term leases to short term rentals can significantly increase property income.

Retail Rental
Rate: Retail tenant in month to month lease. Will stay or can vacate. Currently asking $4,000 per month, gross ($16.99 psf)

Cap Rate: 8% (current gross rents are $73,800 annual)

Sale Price $615,000 ($108.87 psf)

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Uptown-Garden District

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 29,666 189,275 414,535
Median Age: 31.51 36.54 37.3
Households: 10,053 84,590 176,792

Contact

Photograph of Listing Agent

Bryce French

Max J Derbes Inc New Orleans, LA 70123-3229
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