For Sale
$4,995,000

401 St Joseph StNew Orleans, LA 70130

Prime NNN investment, high NOI.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional Class A, three-story office building, totaling 21,142 square feet, is situated in New Orleans' vibrant Warehouse District at 401 St. Joseph St, zip code 70130. Built in 1905 and extensively renovated in 2017, the property boasts 19,050 net rentable square feet and currently enjoys 75.8% occupancy with two tenants under 10-year NNN leases commencing November 1, 2016. The current asking price is $4,995,000, translating to $236.26 per square foot. The building features impressive 15-foot ceiling heights on the second and third floors, and benefits from a strong net operating income (NOI) of $285,204. The property's prime location offers excellent visibility and proximity to key attractions including the Convention Center, Gallery Row, and Lafayette Square Park. Contract parking is available in adjacent lots. The building is equipped with three-phase power and a fully sprinklered system. The roof features a single-ply Durolast Inc system with a 15-year manufacturer warranty installed in 2007. The first floor, currently vacant (4,614 sq ft), presents a significant opportunity for additional income. Lease terms include rent bumps, and lease options are available. The lot size is 7,751 square feet, and the building is zoned CBD-6. The rooftop is engineered to support a potential 4,000 square foot addition. Financial details, surveys, and floor plans will be provided upon execution of a Non-Disclosure Agreement.

Highlights

  • $4,995,000 asking price for a Class A, three-story, 21,142 square foot office building in New Orleans' Warehouse District.
  • Triple-net (NNN) lease investment with stable cash flow and a 75.8% occupancy rate.
  • Historic building renovated in 2017, featuring creative, executive, and traditional office spaces.
  • Convenient location near major attractions and with contract parking options available.

Property Details for 401 St Joseph St

Property type
Office properties, Office space
Square Feet
21,142 SF
Class
A
Year Built/Renovated
1905/2017
Stories
3

Location Insight

City
New Orleans
County
Orleans
State
Louisiana
Latitude
29.943633312462
Longitude
-90.06879203899
401 St Joseph St, New Orleans, Louisiana

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401 St Joseph St
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