231 Carondelet StNew Orleans, LA 70130

Property Details for 231 Carondelet St

Year built

1920

Lot size

0.05 AC

Property size (Sq ft)

17,052 SF

Property type

Office properties

Property subtype

Other office properties

APN

105101615

APU

105101615

Description

This exceptional seven-story, 27,790-square-foot building presents a unique investment opportunity in the heart of New Orleans' Central Business District. Ideally situated on a prime corner lot, this historic structure boasts a prominent location directly facing the St. Charles Avenue streetcar line, placing it within easy walking distance of Canal Street, the French Quarter, numerous office buildings, hotels, and restaurants. Previously utilized as a bank and hotel, the building offers versatile space adaptable to various uses. The first and second floors, formerly occupied by a bank branch and its back offices, are currently available for lease, offering flexible configurations to suit diverse tenant needs. The building's prominent location allows for prominent exterior signage, enhancing visibility and brand recognition. Ample parking options are readily available nearby, with numerous parking garages and metered street parking within close proximity. This property's rich history, combined with its strategic location and adaptable space, makes it an exceptional opportunity for businesses seeking a high-profile presence in the vibrant New Orleans CBD. The building's proximity to major hotels such as the AC Hotel by Marriott New Orleans French Quarter, Hilton Garden Inn French Quarter/CBD, Hampton Inn & Suites, and Holiday Inn Club Vacations, further enhances its appeal and potential for success. The surrounding area also includes several apartment complexes, indicating a strong residential presence. This property offers a blend of historical charm and modern convenience, making it an ideal location for a variety of commercial ventures.

• CAP approach

  CAP return

  Valuation

  6%

  $2,704,132

  6.5%

  $2,496,122

  7%

  $2,317,827

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,300,742

  Geo Method

  $1,212,227

• Alternative Use

  Use

  Valuation

  Residential

  $3,095,191

  Hospitality

  $2,835,178

  Educational

  $2,358,835

  Medical

  $2,439,959

  Retail

  $3,669,299

Location Insight

City

New Orleans

County

Orleans

State

Louisiana

Latitude

29.9522

Longitude

-90.0714

CBSA code

35380

CBSA name

NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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