Prime French Quarter Property For Sale

Retail-Commercial for Sale
Catylist Listing ID: 30215229
Property Subtypes: Restaurant
Building Size (RSF): 12,955 SF
Gross Building Area: 13,499 SF
Sale Price: $5,990,000
Unit Price: $462.37 PSF
Property Use Type: Net Leased Investment (NNN)
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 3/5/2018

Overview / Comments

429 Decatur is a 4-story, single-tenant building comprised of approximately 12,955-net-square-feet. Located in a prime area of the Decatur Street tourist corridor in the New Orleans French Quarter. The building has housed Bubba Gump Shrimp Company since 1997, and the tenant remains under an existing lease.

Well situated across from H&M, Urban Outfitters and other high-profile retailers and restaurants, over 20,000 vehicles pass per day with an abundance of tourist pedestrian traffic.

The property is subject to VCC-2 Zoning (future zoning is HU-MU) and all Vieux Carre’ Commission and HDLC codes, however, the building has been sufficiently improved, is in excellent condition, and does not need renovation to place it into commerce.

The property offers immediate cash flow, potential re-let, or future owner-occupied use.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: French Quarter
Tax ID/APN: 41023383
Zoning: VCC-2
Retail Clientele: General, Family, Traveler, Tourist, Convention
Property Located Between: Conti and St. Louis
Property Visibility: Excellent
Feet of Frontage: 42
Traffic/Vehicle Count: 20,000
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 4
Property Condition: Excellent
Construction/Siding: Stucco
Exterior Description: Foundation is a concrete slab, and the structure is masonry with wood frame. The roof is pitched slate and built-up flat composite.
Parking Description: No on-site parking available, however, the property is located directly across from multiple paid parking lots.
Passenger Elevators: 1
Interior Description: The first floor is a front dining/bar area with a small retail store, a rear kitchen, and a patio used for outdoor seating. The second floor includes additional dining and bar areas, while the third floor serves as office space, as well as extra dry storage. Finally, the fourth floor is unfinished storage space. Interior is painted sheetrock with exposed brick walls, exposed joist, and sheetrock ceilings.
Lot Frontage: 42
Lot Depth: 133
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 20,519 183,935 397,933
Median Age: 42.22 36.07 36.84
Households: 11,320 81,251 166,741


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