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.
Valuation by Paperhouses methods
Valuation date:
Dec 11, 2024
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
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
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