Boutique Hotel Redevelopment
1607 PRYTANIA Street New Orleans, LA 70130
1607 PRYTANIA Street, New Orleans, LA, 70130
$995,000
For Sale
$995,000
Portion of a hospitality portfolio with conceptual boutique hotel plan and prominent streetcar-frontage visibility.
Property Size4,375 SF
Price / SF$227.43
Days on Market462
Property Features for 1607 PRYTANIA Street
General Information
- Standard status
- Active
- Size
- 4,375 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1940
Listing agency
Ben & Burka
(504) 301-1002
Listed by
Aaron Kazanoff · License #0995700882
Source
Xome
Added: Apr 18, 2025 Updated: Jul 22 at 4:28PM Checked: Jul 22 at 4:28PM
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.
1607 Prytania represents a unique acquisition opportunity within a larger hospitality portfolio. The listing is for a portion of the overall package, specifically the Prytania Building with the associated Prytania lot. All buildings within the overall offering are currently vacant or occupied on a month-to-month basis, which may support near-term redevelopment flexibility.
Conceptual plans and preliminary zoning analysis support a boutique hotel with an on-site bar and restaurant, plus an outdoor pool/lounge area and on-site parking. The property is described as having prominent frontage on historic St. Charles Avenue and the streetcar line, along with strong visibility along Prytania Street.
Ownership is considering selling the entire package or separate components, including the St. Charles Frontage with Terpsichore lots and the Prytania frontage component included with this offering.
Conceptual plans and preliminary zoning analysis support a boutique hotel with an on-site bar and restaurant, plus an outdoor pool/lounge area and on-site parking. The property is described as having prominent frontage on historic St. Charles Avenue and the streetcar line, along with strong visibility along Prytania Street.
Ownership is considering selling the entire package or separate components, including the St. Charles Frontage with Terpsichore lots and the Prytania frontage component included with this offering.
Key Highlights
- Zoned HU‑MU and located in the Lower Garden District commercial corridor.
- Frontage on historic St. Charles Avenue and the streetcar line, with visibility along Prytania Street.
- Corner lot with oversized lot features and lot dimensions of 73x116.
Local Financial Insights For Specialty Retail
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 | $84.0k | $19.20 |
| − Vacancy | −$1.7k | −$0.38 |
| EGI | $82.3k | $18.82 |
| − OpEx | −$20.6k | −$4.70 |
| NOI | $61.7k | $14.11 |
4,375 SF · lease $19.20/SF/yr · vacancy 2.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$882.0K
$771.8K – $1.03M
NOI $61,740 @ 7.0% cap · market cap 6.21%
Second Best
Hotel Hospitality
$235.1K
$205.7K – $274.3K
NOI $16,459 @ 7.0% cap · market cap 1.65%
Theoretical Best
Office A
$1.11M
$973.0K – $1.30M
NOI $77,839 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Ace Cleaners
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
FAQs
What type of property is this?
Hotel - Portion of a hospitality portfolio with conceptual boutique hotel plan and prominent streetcar-frontage visibility.
Where is this hotel located?
The property is located at 1607 PRYTANIA Street New Orleans, LA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Zoned HU‑MU and located in the Lower Garden District commercial corridor.; Frontage on historic St. Charles Avenue and the streetcar line, with visibility along Prytania Street.; Corner lot with oversized lot features and lot dimensions of 73x116.
