Mixed-Use Property with
For Sale
$795,000
1603 PRYTANIA Street, New Orleans, LA 70130
HU-MU zoning accommodates commercial, residential, or combined redevelopment, with an adjoining surface lot.
Property Size4,375 SF
Price / SF$181.71
Days on Market31
Property Features for 1603 PRYTANIA Street
General Information
Standard status
Active
Size
4,375 SF
Property subtype
COMMERCIAL
Zoning
HU-MU
Property Condition
Severity
Repairs Needed
Evidence
in need of renovation
Site & Location
Neighborhood
Lower Garden District
Mixed-Use Components
retail, residential
Tenancy & Operations
Currently Operating
Yes
Tenant in Place
Yes
Additional Details
Parking Facility Type
surface lot
Building Details
Building Size
4,375 SF
Year Built
1940
Buildings
1
Stories
2
Listing Agency:
FQR Realtors
Listed By:
Michael Wilkinson · License #000001640
(504) 491-0484
Source:
Joliburrell
Added: Sep 29
Changed: Oct 27
Last Checked: Oct 26 at 3:23PM
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 FQR Realtors
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Investment Insights
Based on property information with market context.
This Lower Garden District offering combines a two-story mixed-use building at 1607 Prytania with the adjoining corner parking lot at 1603 Prytania. The building is occupied by Ace Cleaners on a month-to-month lease; the business uses the space for drop-off and pickup, while cleaning is performed off-site. The residential area upstairs requires renovation.
The parking parcel measures 48 x 116 and accommodates more than a dozen vehicles. Both properties are zoned HU-MU, with potential for commercial, residential, or mixed-use redevelopment. The property information identifies the building’s year built as 1940.
The parking parcel measures 48 x 116 and accommodates more than a dozen vehicles. Both properties are zoned HU-MU, with potential for commercial, residential, or mixed-use redevelopment. The property information identifies the building’s year built as 1940.
Key Highlights
- Two contiguous Prytania properties combine a two‑story mixed‑use building and a corner surface parking lot
- Corner lot measures 48 x 116 and accommodates more than a dozen vehicles
- HU‑MU zoning; commercial, residential, and mixed‑use redevelopment options are identified
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,063
Cap Rate
7.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,181,260
$1.2M
Cap Rate 7%
$843,757
$843.8K
Cap Rate 9%
$656,256
$656.3K
Market Conditions
NOI Build-Up for 4,375 SF
Gross rent
$105.0K $24.00/SF
− Vacancy
−$10.5K −$2.40/SF
EGI
$94.5K $21.60/SF
− OpEx
−$35.4K −$8.10/SF
NOI
$59.1K $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%
$1,181,260
Cap Rate 7%
$843,757
Cap Rate 9%
$656,256
Alternative Uses
Best Use
Mixed Use
$843.8K
$738.3K – $984.4K
NOI $59,063 @ 7.0% cap · market cap 7.43%
Second Best
Retail
$771.8K
$675.3K – $900.4K
NOI $54,023 @ 7.0% cap · market cap 6.80%
Theoretical Best
Office A
$1.11M
$973.0K – $1.30M
NOI $77,839 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,044
Businesses Nearby
138k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 58%
Shops & Services 25%
Hotels & Casinos 9%
Office Supplies 4%
Exxon
Shops & Services
24,253 visits/mo
0.5 miles
Raising Cane's Chicken Fingers
Dining
19,194 visits/mo
0.2 miles
Houston's
Dining
15,342 visits/mo
0.2 miles
Wendy's
Dining
14,807 visits/mo
0.3 miles
Popeyes Louisiana Kitchen
Dining
12,559 visits/mo
0.3 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in New Orleans, LA
Frequently Asked Questions
What type of property is this?
Mixed-use property - HU-MU zoning accommodates commercial, residential, or combined redevelopment, with an adjoining surface lot.
Where is this mixed-use property located?
The property is located at 1603 PRYTANIA Street New Orleans, LA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Two contiguous Prytania properties combine a two‑story mixed‑use building and a corner surface parking lot; Corner lot measures 48 x 116 and accommodates more than a dozen vehicles; HU‑MU zoning; commercial, residential, and mixed‑use redevelopment options are identified
