Two-Story Mixed-Use Rental
1582-84 Magazine Street New Orleans, LA 70130
1582-84 Magazine Street, New Orleans, LA, 70130
$2,195,000
For Sale
$2,195,000
Two-story building with a ground-floor coworking office and an upstairs licensed short-term rental, fully renovated and move-in ready.
Property Size5,856 SF
Price / SF$374.83
Days on Market95
Property Features for 1582-84 Magazine Street
General Information
- Standard status
- Active
- Size
- 5,856 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 2014
Listing agency
Urban Properties Real Estate, LLC
(703) 304-5335
Listed by
Michael Bucher
(703) 304-5335
Source
Nolalivingrealty
Added: Apr 20 Updated: Jul 21 at 7:42AM Checked: Jul 22 at 5:33AM
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 Urban Properties Real Estate, LLC
Investment Insights
Based on property information with market context.
1582-84 Magazine Street is a 5,856 SF, two-story building configured as two separate units and currently 100% occupied. The ground floor operates as a coworking space/office, while the second floor is a licensed four-bedroom, three-bath commercial short-term rental.
The property was fully renovated in 2014, updated again in 2020, and re-roofed in 2022, and it is presented in move-in-ready condition. HU-B1 zoning provides flexibility on commercial use, and the building has Magazine Street frontage.
Furniture is not included, but it can be sold separately. The office tenants can be vacated at closing if needed.
The property was fully renovated in 2014, updated again in 2020, and re-roofed in 2022, and it is presented in move-in-ready condition. HU-B1 zoning provides flexibility on commercial use, and the building has Magazine Street frontage.
Furniture is not included, but it can be sold separately. The office tenants can be vacated at closing if needed.
Key Highlights
- 5,856 SF two‑story building with two units, fully renovated and reported move‑in‑ready
- Ground floor operates as a coworking/office space (~3,800 SF)
- Second floor is a licensed four‑bedroom, three‑bath commercial short‑term rental (~2,000 SF)
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $133.5k | $22.80 |
| − Vacancy | −$18.4k | −$3.15 |
| EGI | $115.1k | $19.65 |
| − OpEx | −$28.8k | −$4.91 |
| NOI | $86.3k | $14.74 |
5,856 SF · lease $22.80/SF/yr · vacancy 13.80% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.23M
$1.08M – $1.44M
NOI $86,319 @ 7.0% cap · market cap 3.93%
Second Best
Apartment 5plus
$973.7K
$852.0K – $1.14M
NOI $68,157 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,188 @ 7.0% cap · market cap 4.75%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Short term rental ...
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FAQs
What type of property is this?
Short term rental property - Two-story building with a ground-floor coworking office and an upstairs licensed short-term rental, fully renovated and move-in ready.
Where is this short term rental property located?
The property is located at 1582-84 Magazine Street New Orleans, LA.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: 5,856 SF two‑story building with two units, fully renovated and reported move‑in‑ready; Ground floor operates as a coworking/office space (~3,800 SF); Second floor is a licensed four‑bedroom, three‑bath commercial short‑term rental (~2,000 SF)
