Office for Sale
Catylist Listing ID: 29997690
Property Subtypes: Business Park, High-Tech, Medical, Office Building
Building Size (RSF): 27,900 SF
Gross Land Area: 3.50 Acres
Sale Price: $2,550,000
Unit Price: $91.40 PSF
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User
Building Name: Former ITT Building
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/3/2019

Overview / Comments

Amazing opportunity for an Owner/User who wants a modern, one story office building in the finest business park setting in metro New Orleans, James Business Park.

All one story, brick construction. Over 200 paved parking spots. Campus like setting with outdoor space, back patio, and fully landscaped. It was custom built for ITT Tech Center and is about 40% office/admin area and about 60% open layout for large classrooms.

There is an over-supply of HVAC tonnage due to the prior high-density use.

The building could be used for office/administrative uses, as a call center, data center, etc. There is nothing in the city like it in terms of being a modern one story building with a ton of land/paved parking that can run 24/7. ITT completed a $250,000 renovation of the interiors in mid 2016.

Priced at half of estimated reproduction cost value. Furniture may be included for the right credit tenant or buyer.

Richard Juge is a part-owner/agent. BONUS COMMISSION IF SOLD IN '18

Additional Details

Nearest MSA: New Orleans-Metairie
County: Saint Charles
Submarket/Township: St Charles Parish
Tax ID/APN: 552400200005
Property Located Between: I-310 and Airport Service Rd.
Highway Access: US 61
Airports: MSY
Site Description: 3.5 acre lot, mostly paved and landscaped in accordance with business park standards.
Area Description: James Business Park, the only business park of its kind in metro New Orleans.
Total Number of Buildings: 1
Number of Stories: 1
Year Renovated: 2016
Roof Type: Flat
Construction/Siding: Brick
Parking Ratio: 140 (per 1000 SF)
Parking Description: The best parking ratio in the city!
Total Parking Spaces: 201

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,288 49,977 158,652
Median Age: 35.47 36.3 39.75
Households: 1,175 18,277 60,640


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