718 Broad StNew Orleans, LA 70119

Property Details for 718 Broad St

Lot size

0.08 AC

Property type

Retail properties

Property subtype

Parking lots & garages

APN

207109824

APU

207109824

Description

This exceptional New Orleans investment opportunity encompasses four parcels totaling 11,760 square feet, strategically located at the high-traffic corner of Broad and Orleans Streets. The property boasts 248 feet of frontage and includes a well-maintained camelback double, a metal-fenced pavilion-style iron-frame warehouse, and ample parking accommodating 17-20 vehicles. Improvements also include income-producing billboards (removable). The package comprises 718-720 N. Broad St (28x120 carport-style iron structure), 2643 Orleans Ave (38x84 open warehouse/carport with mechanic shop), 2639-41 Orleans Ave (31x84 two-unit building with a new 2022 roof, partially renovated), and 2635-37 Orleans Ave (31x84 vacant lot). All parcels are fenced and paved. The two-unit building features a renovated unit with HVAC and a second unit used as semi-residential space. The property is zoned HU-MU and offers significant potential for various uses, given its high visibility and location next to the Zulu Social Aid & Pleasure Club. The asking price is $750,000, representing $130.75 per square foot for the 5,736 square feet of warehouse space. This is a rare chance to acquire a substantial mixed-use property in a vibrant New Orleans location.

• CAP approach

  CAP return

  Valuation

  6%

  $783,266

  6.5%

  $723,015

  7%

  $671,371

• Comparable approach

  Method

  Valuation

  Relative Method

  $645,886

  Geo Method

  $601,933

• Alternative Use

  Use

  Valuation

  Residential

  $609,890

  Hospitality

  $558,656

  Educational

  $464,795

  Medical

  $480,780

  Retail

  $723,015

Location Insight

City

New Orleans

County

Orleans

State

Louisiana

Latitude

29.9707

Longitude

-90.0824

CBSA code

35380

CBSA name

NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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