Former Restaurant with Grey-Shell
For Sale
$550,000
2940 ELYSIAN FIELDS Avenue, New Orleans, LA 70122
Vacant former restaurant delivered in grey-shell condition with walk-in freezer and cooler and 28 off-street parking spaces.
Property Size1,565 SF
Price / SF$351.44
Days on Market689
Property Features for 2940 ELYSIAN FIELDS Avenue
General Information
Standard status
Active
Size
1,565 SF
Total Parking Spaces
28
Property subtype
General Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Business Included
No
Amenities
walk-in freezer
walk-in cooler
3
HU-B1
Parking. Corner Lot.
Off Street, Lot.
108x102
Oversized Lot, Corner.
Building Details
Year Built
2012
Listing Agency:
Ben & Burka
(504) 301-1002
Listed By:
Aaron Kazanoff · License #0995700882
Source:
Xome
Added: Oct 4, 2024
Changed: Aug 23
Last Checked: Aug 22 at 11:51AM
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 Ben & Burka
Investment Insights
Based on property information with market context.
This vacant former Waffle House property is offered for sale and delivered in grey-shell condition, providing a flexible interior layout for a range of retail or restaurant uses. The existing improvements include a walk-in freezer and cooler, and the site is set up with 28 off-street parking spaces.
The property is positioned along Elysian Fields Avenue between I-610 and I-10, with access to a major commercial corridor.
Designed as a dedicated restaurant-style storefront, the building is ready for tenant improvements or redevelopment based on the next user’s concept.
The property is positioned along Elysian Fields Avenue between I-610 and I-10, with access to a major commercial corridor.
Designed as a dedicated restaurant-style storefront, the building is ready for tenant improvements or redevelopment based on the next user’s concept.
Key Highlights
- Vacant former Waffle House property delivered in grey‑shell condition
- Walk‑in freezer and cooler included
- 28 off‑street parking spaces
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
$23,978
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
4.36%
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%
$479,560
$479.6K
Cap Rate 7%
$342,543
$342.5K
Cap Rate 9%
$266,422
$266.4K
Market Conditions
NOI Build-Up for 1,565 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
$36.1K $23.04/SF
− Vacancy
−$1.8K −$1.15/SF
EGI
$34.3K $21.89/SF
− OpEx
−$10.3K −$6.57/SF
NOI
$24.0K $15.32/SF
Area
ZIP 70122
Vacancy
5.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
30.00%
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%
$479,560
Cap Rate 7%
$342,543
Cap Rate 9%
$266,422
Alternative Uses
Best Use
Retail
$342.5K
$299.7K – $399.6K
NOI $23,978 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$409.5K
$358.3K – $477.8K
NOI $28,666 @ 7.0% cap · market cap 5.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
488
Businesses Nearby
72k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 45%
Dining 43%
Shops & Services 12%
Lowe's
Home Improvements & Furnishings
32,456 visits/mo
0.3 miles
McDonald's
Dining
21,921 visits/mo
0.1 miles
Burger King
Dining
8,873 visits/mo
0.2 miles
Shell
Shops & Services
7,356 visits/mo
0.2 miles
Extra Space Storage
Shops & Services
894 visits/mo
0.1 miles
Demographics for 70122, LA
34,986
Population
17,131
Households
2
Avg Household Size
39
Median Age
37%
College-Educated
89%
High-School Grad
6.3 sq mi
ZIP Area
5,553
Density / Sq Mi
$47,613
Median Household Income
$38,248
Median Earnings
$1,196
Median Rent
$274,700
Median Home Value
Market
Vacancy Rate% for Retail in New Orleans, LA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Vacant former restaurant delivered in grey-shell condition with walk-in freezer and cooler and 28 off-street parking spaces.
Where is this storefront property located?
The property is located at 2940 ELYSIAN FIELDS Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Vacant former Waffle House property delivered in grey‑shell condition; Walk‑in freezer and cooler included; 28 off‑street parking spaces
