Two-Unit Mixed-Use
For Sale
$2,195,000
1582 Magazine St, New Orleans, LA 70130
Renovated commercial property combines coworking space with a licensed upstairs short-term rental.
Property Size5,856 SF
Price / SF$374.83
Days on Market137
Property Features for 1582 Magazine St
General Information
Standard status
Active
Size
5,856 SF
Property subtype
Office
Zoning
HU-B1
Occupancy
100%
Additional Details
Furnished
No
Road Access
Yes
Office Units
1
Amenities
Power
Water
Sewer
Building Details
Year Built
2014
Year Renovated
2014
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
SVN Urban Properties
(703) 304-5335
Listed By:
Michael Bucher
(703) 304-5335
Source:
Lacdb.resimplifi
Added: Apr 15
Changed: Aug 28
Last Checked: Aug 29 at 6:00AM
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 SVN Urban Properties
Investment Insights
Based on property information with market context.
This two-story mixed-use building contains 5,856 SF across two units. The approximately 3,800-square-foot ground-floor space operates as an office and coworking facility, while the approximately 2,000-square-foot second floor is configured as a licensed commercial short-term rental with four bedrooms and three bathrooms. Both units are currently occupied.
The property underwent a full renovation in 2014, received additional updates in 2020, and was re-roofed in 2022. HU-B1 zoning supports commercial use, and the building fronts Magazine Street in New Orleans’ Lower Garden District. The office occupancy may be vacated at closing, allowing an owner-occupant to use the lower level while retaining the upstairs accommodation component. Furniture is excluded from the sale but may be purchased separately.
The property underwent a full renovation in 2014, received additional updates in 2020, and was re-roofed in 2022. HU-B1 zoning supports commercial use, and the building fronts Magazine Street in New Orleans’ Lower Garden District. The office occupancy may be vacated at closing, allowing an owner-occupant to use the lower level while retaining the upstairs accommodation component. Furniture is excluded from the sale but may be purchased separately.
Key Highlights
- 5,856 SF two‑story building with two units
- Ground‑floor office and coworking space is approximately 3,800sf
- Licensed second‑floor commercial STR includes four bedrooms and three baths
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
$86,319
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
3.93%
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%
$1,726,380
$1.7M
Cap Rate 7%
$1,233,129
$1.2M
Cap Rate 9%
$959,100
$959.1K
Market Conditions
NOI Build-Up for 5,856 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
$133.5K $22.80/SF
− Vacancy
−$18.4K −$3.15/SF
EGI
$115.1K $19.65/SF
− OpEx
−$28.8K −$4.91/SF
NOI
$86.3K $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%
$1,726,380
Cap Rate 7%
$1,233,129
Cap Rate 9%
$959,100
Alternative Uses
Best Use
Office B
$1.23M
$1.08M – $1.44M
NOI $86,319 @ 7.0% cap · market cap 3.93%
Second Best
Mixed Use
$1.13M
$988.2K – $1.32M
NOI $79,056 @ 7.0% cap · market cap 3.60%
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,342
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated commercial property combines coworking space with a licensed upstairs short-term rental.
Where is this mixed-use property located?
The property is located at 1582 Magazine St 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; Ground‑floor office and coworking space is approximately 3,800sf; Licensed second‑floor commercial STR includes four bedrooms and three baths
