Renovated Office Building in New
For Sale
$1,532,258
1240 Camp Street, New Orleans, LA 70130
8,655 SF office building in the Lower Garden District.
Property Size8,655 SF
Price / SF$177.04
Days on Market151
Property Features for 1240 Camp Street
General Information
Standard status
Active
Size
8,655 SF
Property subtype
Office
Listing Agency:
CBRE New Orleans
(504) 427-2090
Listed By:
Bryce French · License #0995690959
(504) 427-2090
Source:
Cbre
Added: Mar 25
Changed: Aug 16
Last Checked: Aug 22 at 6:54AM
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 CBRE New Orleans
Investment Insights
Based on property information with market context.
The property at 1240 Camp St is an approximately 8,655 square foot office building with an attached parking garage. It is located in the Lower Garden District of New Orleans, three blocks from the Central Business District, at the corner of Camp Street and Thalia Street. The building has frontage on both Thalia St and Camp Street, providing excellent visibility. Camp Street is a two-way thoroughfare featuring well-marked, lighted crosswalks, a dedicated bike lane, and landscaped grounds. The building has been renovated beyond market standards, offering finishes and amenities. The surrounding area features traditional New Orleans residential architecture. There is an existing tenant in place through 2026.
Key Highlights
- Unparalleled finishes and amenities due to renovations exceeding market standards.
- Prime location in the Lower Garden District, only 3 blocks from the Central Business District.
- Existing tenant in place through 2026.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$127,576
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.33%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,551,520
$2.6M
Cap Rate 7%
$1,822,514
$1.8M
Cap Rate 9%
$1,417,511
$1.4M
Market Conditions
NOI Build-Up for 8,655 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$197.3K $22.80/SF
− Vacancy
−$27.2K −$3.15/SF
EGI
$170.1K $19.65/SF
− OpEx
−$42.5K −$4.91/SF
NOI
$127.6K $14.74/SF
Area
New Orleans, LA
Vacancy
13.80%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,551,520
Cap Rate 7%
$1,822,514
Cap Rate 9%
$1,417,511
Alternative Uses
Best Use
Office B
$1.82M
$1.59M – $2.13M
NOI $127,576 @ 7.0% cap · market cap 8.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.20M
$1.92M – $2.57M
NOI $153,987 @ 7.0% cap · market cap 10.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,609
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 Office in New Orleans, LA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 8,655 SF office building in the Lower Garden District.
Where is this office building located?
The property is located at 1240 Camp Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,532,258.
What are key features of this property?
This property features: Unparalleled finishes and amenities due to renovations exceeding market standards.; Prime location in the Lower Garden District, only 3 blocks from the Central Business District.; Existing tenant in place through 2026.
