Second-Floor Spa
For Sale
$595,000
2-536 Bienville St, New Orleans, LA 70112
Commercially configured wellness space with treatment rooms, original hardwood, exposed brick, and a finished shower suite.
Property Size1,616 SF
Price / SF$368.19
Days on Market143
Property Features for 2-536 Bienville St
General Information
Standard status
Active
Size
1,616 SF
Zoning
VCC-2
Additional Details
Floor
2
Building Details
Year Built
1910
Buildings
1
Stories
4
Owner Occupied
Yes
Listing Agency:
FQR Realtors
(504) 491-0484
Listed By:
Michael Wilkinson · License #000001640
(504) 491-0484
Source:
Exprealty
Added: Apr 2
Changed: Aug 21
Last Checked: Aug 21 at 5:19AM
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
Investment Insights
Based on property information with market context.
Unit #2 occupies the full second floor of a four-story building at 534-536 Bienville Street in New Orleans’ French Quarter. The 1,616-square-foot suite is arranged for spa operations with approximately four private treatment rooms, a locker and robe room, and a finished shower suite. Original hardwood flooring, exposed brick, and tall windows add substantial architectural character.
Constructed circa 1910 and designed by architect Jordan McKenzie, the building reflects early 20th-century Austrian Secessionist design and retains three original concrete figures on its façade. VCC-2 zoning supports commercial or residential use, and the unit may be adapted for professional office, creative studio, or residential purposes. The current spa business, Spa Atlantis, is not included in the sale.
Constructed circa 1910 and designed by architect Jordan McKenzie, the building reflects early 20th-century Austrian Secessionist design and retains three original concrete figures on its façade. VCC-2 zoning supports commercial or residential use, and the unit may be adapted for professional office, creative studio, or residential purposes. The current spa business, Spa Atlantis, is not included in the sale.
Key Highlights
- 1,616 SF second‑floor unit occupying the entire floor
- Approximately four private treatment rooms with locker and robe room
- Finished shower suite, original hardwood floors, exposed brick, and tall windows
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
$23,820
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
4.00%
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%
$476,400
$476.4K
Cap Rate 7%
$340,286
$340.3K
Cap Rate 9%
$264,667
$264.7K
Market Conditions
NOI Build-Up for 1,616 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
$36.8K $22.80/SF
− Vacancy
−$5.1K −$3.15/SF
EGI
$31.8K $19.65/SF
− OpEx
−$7.9K −$4.91/SF
NOI
$23.8K $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%
$476,400
Cap Rate 7%
$340,286
Cap Rate 9%
$264,667
Alternative Uses
Best Use
Office B
$340.3K
$297.8K – $397.0K
NOI $23,820 @ 7.0% cap · market cap 4.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$410.7K
$359.4K – $479.2K
NOI $28,751 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
8,442
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 70112, LA
4,988
Population
3,711
Households
1.3
Avg Household Size
35
Median Age
44%
College-Educated
91%
High-School Grad
1.0 sq mi
ZIP Area
4,988
Density / Sq Mi
$23,052
Median Household Income
$36,029
Median Earnings
$1,063
Median Rent
$398,400
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.
Similar Off Market Nearby
- Caesar's New Orleans Health — 555 Convention Center Blvd, New Orleans, LA 70130
- Anders Ridge Wellness — 1107 Poydras St, New Orleans, LA 70112
- Hidden Root Acupuncture — 639 Julia St, New Orleans, LA 70130
- Southern Skin and Wellness — 644 Camp St, New Orleans, LA 70130
- Zen Therapies NOLA — 220 Julia St, New Orleans, LA 70130
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Commercially configured wellness space with treatment rooms, original hardwood, exposed brick, and a finished shower suite.
Where is this spa & wellness property located?
The property is located at 2-536 Bienville St New Orleans, LA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 1,616 SF second‑floor unit occupying the entire floor; Approximately four private treatment rooms with locker and robe room; Finished shower suite, original hardwood floors, exposed brick, and tall windows
