Wedding Venue with
1173 MAGAZINE Street, New Orleans, LA 70130
For Sale
$1,275,000
A three-unit property with landscaped outdoor areas and a mix of interior and balcony spaces.
Property Size4,063 SF
Price / SF$313.81
Days on Market162
Property Features for 1173 MAGAZINE Street
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Road Access
Units
Unit Mix
Multifamily Units
Additional Details
Currently Operating
Amenities
courtyards
wrap-around balcony
covered balcony
Building Details
Building Size
Year Built
Listing Agency:
The W Group Real Estate LLC
Listed By:
Shannon Meyer · License #995706058
(504) 944-9116
Source:
Wurthluxury
Added: Jun 1
Changed: Nov 8
Last Checked: Nov 8 at 8:50AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The W Group Real Estate LLC
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 4,063-square-foot Creole townhouse-style triplex dates to 1940 and is zoned HU-MU. The first-floor residence spans 2,000 square feet, with one bedroom, 1.5 bathrooms, exposed brick, high ceilings, and an open living and kitchen area with a custom island. It connects directly to the courtyards. The upper floors include one-bedroom units with kitchenettes, full bathrooms, and covered balconies.
The property has 1,500 square feet of courtyard space, lush landscaping, and a wrap-around balcony overlooking the outdoor areas. It is currently used as a wedding and event venue and sits on the corner of Magazine Street in New Orleans, near St. Pizza, Barrel Proof, and French Truck Coffee.
The property has 1,500 square feet of courtyard space, lush landscaping, and a wrap-around balcony overlooking the outdoor areas. It is currently used as a wedding and event venue and sits on the corner of Magazine Street in New Orleans, near St. Pizza, Barrel Proof, and French Truck Coffee.
Key Highlights
- Three‑unit Creole townhouse‑style property built in 1940
- 4,063 square feet; first‑floor residence includes 2,000 living square feet
- 1,500 square feet of courtyard space with lush landscaping
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$54,851
Cap Rate
4.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,097,020
$1.1M
Cap Rate 7%
$783,586
$783.6K
Cap Rate 9%
$609,456
$609.5K
Market Conditions
NOI Build-Up for 4,063 SF
Gross rent
$97.5K $24.00/SF
− Vacancy
−$9.8K −$2.40/SF
EGI
$87.8K $21.60/SF
− OpEx
−$32.9K −$8.10/SF
NOI
$54.9K $13.50/SF
Area
New Orleans, LA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,097,020
Cap Rate 7%
$783,586
Cap Rate 9%
$609,456
Alternative Uses
Best Use
Mixed Use
$783.6K
$685.6K – $914.2K
NOI $54,851 @ 7.0% cap · market cap 4.30%
Second Best
Multifamily LT 5
$735.0K
$643.1K – $857.5K
NOI $51,448 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$1.03M
$903.6K – $1.20M
NOI $72,288 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,585
Businesses Nearby
Explore this area
Business Placement
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Wedding venue - A three-unit property with landscaped outdoor areas and a mix of interior and balcony spaces.
Where is this wedding venue located?
The property is located at 1173 MAGAZINE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Three‑unit Creole townhouse‑style property built in 1940; 4,063 square feet; first‑floor residence includes 2,000 living square feet; 1,500 square feet of courtyard space with lush landscaping
