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    302 E RAILROAD Avenue Independence, LA 70443

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    For Lease
    $2,338/Mo $20 SF/Yr (calc)

    SINGLE_FAMILY - Independence, LA

    Type:Retail
    Property size:
    1,403 SF
    Added:
    Jan 9, 2026
    Days on Market:
    111
    Last Refresh:
    Apr 30 at 3:06 am

    Property Features for 302 E RAILROAD Avenue

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Zoning
    Comm
    Standard status
    Active
    APN
    3487601
    Size
    1,403 SF

    Taxes and HOA fees

    Expense value
    2336
    Expense
    SecurityDeposit
    Expense freq.
    One Time

    Utilities

    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1913
    Floors in Building
    2

    We can help!

    Listing Contact
    Bart Gillis

    Listing agent Bart Gillis

    Listing office Keller Williams Realty Services 1522 W. Causeway Approach, Mandeville, LA

    Listing date Jan 9, 2026

    MLS# 2536957

    Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Historic Retail Space For Lease

    This high-visibility, circa-1913 historic masonry building is available for lease. The property features exposed brick and 14-foot ceilings. It is ideally suited for a restaurant, but other retail options are also viable. Interior finishes are being completed, including some built-ins and a grease trap. Design changes are possible early in the renovation planning stage. Located in downtown Independence, the property benefits from foot traffic generated by nearby restaurants and businesses. A noted local restaurateur recently opened a restaurant across the street. Combining this space with the adjacent Unit B is also possible to create a larger space. The landlord is motivated to find the right tenant. Depending on the tenant's finishing requirements, a rent abatement of up to three months may be possible, or rent can be negotiated in exchange for the tenant undertaking a greater degree of renovation. The estimated date of availability is December 2026. The property offers approximately 1403 square feet of commercial space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Hotel & Motel Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    State
    Louisiana
    Longitude
    -90.5002405
    Latitude
    30.6358157

    Nearby Similar for Lease

    • $1,838/Mo

      Historic Retail Space in Independence

      Renovated retail space in historic building, available December 2026.
      302 E RAILROAD Avenue, Independence, LA 70443
      View Details
    • $1,015/Mo

      Charming Cottage-Style Duplex Apartment

      Charming duplex with modern amenities and convenient location.
      107 LARUSSA Lane #A, Independence, LA 70443
      View Details

    FAQs

    What type of property is this?
    Retail space - Renovated historic building, ideal for restaurant or retail business.
    Where is this retail space located?
    The property is located at 302 E RAILROAD Avenue Independence, LA.
    What is the lease rate?
    The lease rate is $2,338 /Mo.
    What are key features of this property?
    This property features: High‑visibility, historic location ideal for a restaurant or retail business.; Interior finishes are partially completed, including built‑ins and a grease trap.; **Circa‑1913 historic masonry building with exposed brick and 14' ceilings.**
    (985) 727-7000
    We can help!
    Listing Contact
    Bart Gillis
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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