1831 Magazine StNew Orleans, LA 70130

Property Details for 1831 Magazine St

Year built

1880

Lot size

0.10 AC

Property size (Sq ft)

7,894 SF

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

411203306

APU

411203306

Description

This exceptional property at 1831 Magazine Street in New Orleans's vibrant Lower Garden District offers two distinct spaces ideal for retail or office use. The second floor, a ±2,200 square foot retail suite with an open floor plan, is immediately available under a NNN lease. This bright and spacious area benefits from excellent street frontage on Magazine Street, placing your business in the heart of a bustling neighborhood known for its high foot traffic of locals and students. The third floor, a ±1,800 square foot office suite, is slated for completion in January 2025 and will be available then under a modified gross lease. Currently under renovation, this space is receiving new HVAC, plumbing, electrical, and drywall. The entire building totals 8,872 square feet, with 4,000 square feet currently vacant. Located in Orleans Parish, this property is surrounded by a diverse mix of restaurants, shops, and amenities, creating a dynamic and desirable environment for any business. This presents a unique opportunity to establish a presence in one of New Orleans's most sought-after neighborhoods, offering flexibility in lease terms and a prime location to attract customers and employees. The property's address is 1831 Magazine Street, New Orleans, LA 70130.

• CAP approach

  CAP return

  Valuation

  6%

  $1,251,842

  6.5%

  $1,155,547

  7%

  $1,073,008

• Comparable approach

  Method

  Valuation

  Relative Method

  $602,161

  Geo Method

  $561,184

• Alternative Use

  Use

  Valuation

  Residential

  $1,432,878

  Hospitality

  $1,312,509

  Educational

  $1,091,992

  Medical

  $1,129,547

  Retail

  $1,698,654

Location Insight

City

New Orleans

County

Orleans

State

Louisiana

Latitude

29.9318

Longitude

-90.0739

CBSA code

35380

CBSA name

NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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