Mixed Use Mid-City Property

Retail-Commercial for Sale
Catylist Listing ID: 30184496
Property Subtypes: Free-Standing Building, Mixed Use, Restaurant
Building Size (RSF): 5,085 SF
Gross Land Area: 5,308 SF
Sale Price: $830,000
Unit Price: $163.23 PSF
Property Use Type: Investment, Vacant/Owner-User
Usable Size (USF): 5,085 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 2/15/2018

Overview / Comments

Beautifully renovated two story building in Mid-City. The first floor features an approximately 2,140sf turnkey commercial kitchen with a 13' vent hood, 500 gallon subsurface grease trap and a built-in 6'x8' walk-in cooler. The second floor is a 1,645sf, 4 bedroom 1 bath apartment. The property has gated off street parking for two vehicles and also features an unfinished approximately 1,300sf brick and cinderblock structure currently being used as storage.

The main building was extensively renovated in 2012 including new stucco exterior walls and replacements/upgrades to all mechanical systems.

The upstairs apartment is rented for $1,600 per month on a month-to-month basis. The ground floor had been occupied by the owner but will be delivered vacant and ready for use by an owner-occupant or tenant.

The property's location is central to most areas of the city. The building sits across from the Domain Companies' Preserve (183 apartments) and around the corner from their Gold Seal Lofts (31 apartments). It is also in close proximity to the Nike Outlet Store anchored center at South Carrollton & Tulane Avenue. Easy access to other parts of the city is provided via South Carrollton, Tulane, Airline Highway and the Pontchartrain Expressway.

Current property taxes are $5,868; flood and hazard insurance run $4,295 and $4,076, respectively.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Greater New Orleans
Tax ID/APN: 41036258
Zoning: HU-B1A
Retail Clientele: General
Property Located Between: Ulloa & D'Hemecourt Streets
Property Visibility: Good
Area Description: Mid-City is a historic neighborhood whose boundaries are City Park Avenue, Toulouse Street, North Carrollton, Orleans Avenue, Bayou St. John and St. Louis Street to the north, North Broad Street to the east, and the Pontchartrain Expressway to the west. It is also a historic district on the National Register of Historic Places.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 2
Property Condition: Excellent
Year Renovated: 2012
Roof Type: Hip
Construction/Siding: Block, Brick, Stucco
Total Parking Spaces: 2
Parking Type: Surface
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Lot Frontage: 50
Lot Depth: 106
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Square 796, Lots 21 & A (to be verified by purchaser)

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 27,312 186,082 381,625
Median Age: 33.56 37.14 37.45
Households: 10,354 81,876 165,798

Contact

Photograph of Listing Agent

Jonathan D Shaver

RE/MAX Commercial Brokers Inc Metairie, LA 70002
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