Office/Warehouse Units with Covered Rear
For Sale
$500,000
2114 Greenwood St, Kenner, LA 70062
Two office/warehouse suites with front and rear roll-up doors and covered exterior space behind, near MSY operations.
Property Size3,825 SF
Price / SF$130.72
Days on Market78
Property Features for 2114 Greenwood St
General Information
Standard status
Active
Size
3,825 SF
Property subtype
Industrial
Additional Details
Highway Access
Yes
Drive-In Doors
4
Building Details
Building Size
3,825 SF
Tenancy
Multi
Listing Agency:
Elifin Realty - New Orleans, LA
(504) 352-3783
Listed By:
Adrien Foley · License #955716500
(504) 352-3783
Source:
Elifinrealty
Added: Jun 16
Changed: Aug 26
Last Checked: Aug 31 at 2:05PM
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 Elifin Realty - New Orleans, LA
Investment Insights
Based on property information with market context.
2114 Greenwood St in Kenner is a functional office/warehouse property configured as two separate suites positioned directly along the MSY fence line. The overall offering includes a total 3,825 SF and supports separate occupancy options. The right suite totals 2,025 SF and includes a two-story office build-out designed to separate administrative space from warehouse operations. The left suite totals 1,800 SF and features a month-to-month tenant arrangement, with office space arranged on a single level and mezzanine storage for added warehouse capacity.
Both suites include a front and a rear roll-up door and a covered exterior area in the back, which can support loading, light distribution, or day-to-day storage needs. The location also provides strong connectivity to I-10 and the New Orleans/Kenner metro corridor, supporting access for employees and delivery traffic.
For tenants, the split office-and-warehouse layouts offer flexibility for businesses that need on-site administration along with straightforward loading access. For buyers, the property’s two-suite configuration supports different operational setups, including owner-occupancy with the option to lease one unit. Tenant pays utilities for their suite, and the right suite is offered on a modified gross lease type.
Both suites include a front and a rear roll-up door and a covered exterior area in the back, which can support loading, light distribution, or day-to-day storage needs. The location also provides strong connectivity to I-10 and the New Orleans/Kenner metro corridor, supporting access for employees and delivery traffic.
For tenants, the split office-and-warehouse layouts offer flexibility for businesses that need on-site administration along with straightforward loading access. For buyers, the property’s two-suite configuration supports different operational setups, including owner-occupancy with the option to lease one unit. Tenant pays utilities for their suite, and the right suite is offered on a modified gross lease type.
Key Highlights
- Total 3,825 SF office/warehouse property in two suites directly along the MSY fence line
- Right suite: 2,025 SF with two‑story office build‑out separating administrative space from warehouse operations
- Left suite: 1,800 SF with month‑to‑month tenant paying $1,800/month on a modified gross structure; tenant pays utilities
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
$29,807
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
5.96%
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%
$596,140
$596.1K
Cap Rate 7%
$425,814
$425.8K
Cap Rate 9%
$331,189
$331.2K
Market Conditions
NOI Build-Up for 3,825 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
$36.7K $9.60/SF
− Vacancy
−$1.7K −$0.43/SF
EGI
$35.1K $9.17/SF
− OpEx
−$5.3K −$1.38/SF
NOI
$29.8K $7.79/SF
Area
Jefferson County, LA
Vacancy
4.50%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
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%
$596,140
Cap Rate 7%
$425,814
Cap Rate 9%
$331,189
Alternative Uses
Best Use
Warehouse
$425.8K
$372.6K – $496.8K
NOI $29,807 @ 7.0% cap · market cap 5.96%
Second Best
Flex RnD
$400.6K
$350.6K – $467.4K
NOI $28,045 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office A
$1.01M
$883.0K – $1.18M
NOI $70,640 @ 7.0% cap · market cap 14.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Drive-in doors
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
565
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 70062, LA
16,627
Population
6,679
Households
2.5
Avg Household Size
38
Median Age
18%
College-Educated
77%
High-School Grad
7.1 sq mi
ZIP Area
2,342
Density / Sq Mi
$55,293
Median Household Income
$33,499
Median Earnings
$1,150
Median Rent
$197,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two office/warehouse suites with front and rear roll-up doors and covered exterior space behind, near MSY operations.
Where is this flex space located?
The property is located at 2114 Greenwood St Kenner, LA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Total 3,825 SF office/warehouse property in two suites directly along the MSY fence line; Right suite: 2,025 SF with two‑story office build‑out separating administrative space from warehouse operations; Left suite: 1,800 SF with month‑to‑month tenant paying $1,800/month on a modified gross structure; tenant pays utilities
