800 Canal StNew Orleans, LA 70112

Property Details for 800 Canal St

Year built

1920

Lot size

0.26 AC

Property size (Sq ft)

51,338 SF

Property type

Retail properties

Property subtype

Drug stores

APN

105101501

APU

105101501

Description

This exceptional redevelopment opportunity presents the upper floors (partial 2nd, full 3rd & 4th) of the historic Gus Mayer Building, totaling approximately 28,943 square feet, located at the coveted intersection of Canal and Carondelet Streets in New Orleans, Louisiana (70112). Directly across from Bourbon Street, this property boasts a prime location within the city's central business district (CBD-2 zoning). The building, constructed in 1949 and featuring three stories, offers significant potential. While CVS will retain a portion of the second floor for storage, the remaining space is available for immediate development. The existing structure is in excellent condition, possessing "great bones" and ready for immediate repurposing. The building includes two sprinkler standpipes, two elevator banks, and two stairwells, accessible from both Canal and Carondelet Streets. The roof is also developable, allowing for potential expansion up to a 120-foot height limit. This opportunity is further enhanced by the availability of historic tax credits. This sale excludes the first floor, which will remain occupied by CVS. This is a truly unique chance to acquire a landmark property in a vibrant and high-demand area.

• CAP approach

  CAP return

  Valuation

  6%

  $11,967,648

  6.5%

  $11,047,060

  7%

  $10,257,984

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,868,593

  Geo Method

  $9,197,038

• Alternative Use

  Use

  Valuation

  Residential

  $9,318,608

  Hospitality

  $8,535,795

  Educational

  $7,101,681

  Medical

  $7,345,919

  Retail

  $11,047,060

Location Insight

City

New Orleans

County

Orleans

State

Louisiana

Latitude

29.9535

Longitude

-90.0705

CBSA code

35380

CBSA name

NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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