3401 Tulane AveNew Orleans, LA 70119

Property Details for 3401 Tulane Ave

Year built

1930

Lot size

0.10 AC

Property size (Sq ft)

11,247 SF

Property type

Office properties

Property subtype

Office buildings

APN

105300501

APU

105300501

Description

This exceptional three-story, 10,830 square foot mixed-use building is situated on a 4,356 square foot lot at the highly visible intersection of Tulane Avenue and Norman C. Francis Parkway in New Orleans' Mid-City neighborhood. The property, originally constructed in the 1940s, boasts a prime location along a major corridor connecting the Central Business District and BioMedical District to Metairie, offering excellent accessibility and high visibility. Its strategic position is further enhanced by proximity to I-10 and Airline Drive (approximately half a mile away), and a vibrant surrounding area featuring numerous restaurants and retail establishments, including upcoming developments. Currently, the ground floor houses two retail tenants, Russell's Cleaners and Poree's Embroidery. The upper two floors, totaling 7,220 square feet of shell space, present a significant redevelopment opportunity for multifamily or office use. The building is pre-approved for both State and Federal historic tax credits, offering substantial potential for cost savings and investment returns. The asking price is $975,000, translating to $90.03 per square foot. The property is zoned MU-1 and is offered under a NNN lease structure with multiple tenants. This presents a unique chance to acquire a well-located, historic building with significant upside potential in a rapidly growing area.

• CAP approach

  CAP return

  Valuation

  6%

  $1,783,566

  6.5%

  $1,646,369

  7%

  $1,528,771

• Comparable approach

  Method

  Valuation

  Relative Method

  $857,931

  Geo Method

  $799,549

• Alternative Use

  Use

  Valuation

  Residential

  $2,041,497

  Hospitality

  $1,870,000

  Educational

  $1,555,818

  Medical

  $1,609,326

  Retail

  $2,420,162

Location Insight

City

New Orleans

County

Orleans

State

Louisiana

Latitude

29.9657

Longitude

-90.0987

CBSA code

35380

CBSA name

NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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