Mixed-Use Property with Five
For Sale
$2,686,000
631 Toulouse Street, New Orleans, LA 70130
VCC-2-zoned property combines a leased commercial space with residential units in two masonry buildings.
Property Size5,655 SF
Lot Size0.08 Acres
Price / SF$474.98
Days on Market1016
Property Features for 631 Toulouse Street
General Information
Standard status
Active
Size
5,655 SF
Net Rentable
5,655 SF
Lot size
0.08 Acres
Property subtype
Retail
Zoning
VCC-2
Additional Details
Multifamily Units
5
Amenities
Water
Sewer
Building Details
Buildings
2
Stories
3
Construction
brick and masonry
Tenancy
Multi
Listing Agency:
NAI Rampart Commercial Real Estate New Orleans
Listed By:
Reed Wiley · License ##BROK.995704349-ASA
(504) 236-7816
Source:
Lacdb.resimplifi
Added: Jan 5, 2024
Changed: Oct 15
Last Checked: Oct 16 at 5:48AM
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 NAI Rampart Commercial Real Estate New Orleans
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Investment Insights
Based on property information with market context.
This mixed-use property at 631 Toulouse Street includes one commercial unit and five apartments across two separate buildings. The front structure rises three stories and provides an approximately 1,250.5-square-foot ground-floor retail space, along with one apartment on each upper level. A second three-story building at the rear adds three apartments, with one located on each floor. The improvements are brick and masonry construction and date back approximately 190 years.
The property occupies an approximately 3,354-square-foot parcel in New Orleans’ French Quarter, near the corner of Toulouse Street and Royal Street. It contains approximately 5,654.9 square feet of net rentable area and approximately 7,502.6 square feet of total area. The site is designated VCC-2, or Vieux Carre Commercial District. The commercial unit is recently leased.
The property occupies an approximately 3,354-square-foot parcel in New Orleans’ French Quarter, near the corner of Toulouse Street and Royal Street. It contains approximately 5,654.9 square feet of net rentable area and approximately 7,502.6 square feet of total area. The site is designated VCC-2, or Vieux Carre Commercial District. The commercial unit is recently leased.
Key Highlights
- Approximately 5,654.9 SF of net rentable area and approximately 7,502.6 SF of total area
- One commercial unit and five apartments across two three‑story buildings
- Approximately 1,250.5 SF ground‑level commercial/retail space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$76,343
Cap Rate
2.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,526,860
$1.5M
Cap Rate 7%
$1,090,614
$1.1M
Cap Rate 9%
$848,256
$848.3K
Market Conditions
NOI Build-Up for 5,655 SF
Gross rent
$135.7K $24.00/SF
− Vacancy
−$13.6K −$2.40/SF
EGI
$122.1K $21.60/SF
− OpEx
−$45.8K −$8.10/SF
NOI
$76.3K $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%
$1,526,860
Cap Rate 7%
$1,090,614
Cap Rate 9%
$848,256
Alternative Uses
Best Use
Mixed Use
$1.09M
$954.3K – $1.27M
NOI $76,343 @ 7.0% cap · market cap 2.84%
Second Best
Retail
$997.5K
$872.9K – $1.16M
NOI $69,828 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,612 @ 7.0% cap · market cap 3.75%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
7,908
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - VCC-2-zoned property combines a leased commercial space with residential units in two masonry buildings.
Where is this mixed-use property located?
The property is located at 631 Toulouse Street New Orleans, LA.
What is the asking price?
The asking price for this property is $2,686,000.
What are key features of this property?
This property features: Approximately 5,654.9 SF of net rentable area and approximately 7,502.6 SF of total area; One commercial unit and five apartments across two three‑story buildings; Approximately 1,250.5 SF ground‑level commercial/retail space
