Corner Retail
For Sale
$550,000
2003 Saint Claude Ave, New Orleans, LA 70116
Three-unit commercial property with occupied spaces, an additional parcel, and HMC-2 zoning along the streetcar corridor.
Property Size2,892 SF
Lot Size0.07 Acres
Price / SF$190.18
Days on Market13
Property Features for 2003 Saint Claude Ave
General Information
Standard status
Active
Size
2,892 SF
Lot size
0.07 Acres
Zoning
HMC-2
Occupancy
100%
Site & Location
Corner Location
Yes
Utilities to Site
Yes
Building Details
Tenancy
Multi
Listing Agency:
Witry Collective, L.L.C.
(504) 291-2022
Listed By:
Katie Witry · License #995710150
(504) 919-8585
Source:
Exprealty
Added: Sep 2
Changed: Sep 13
Last Checked: Sep 13 at 2:41PM
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 Witry Collective, L.L.C.
Investment Insights
Based on property information with market context.
This corner commercial property includes three units totaling 2,892 square feet: a 628-square-foot storefront, a 688-square-foot unit, and a 1,226-square-foot upstairs unit. The building sits on a 31 x 62 parcel, with a separate 36 x 31 parcel at 1113 Touro included in the sale. The property has three electrical meters, one water meter, and no gas meter. One unit is leased to Dynamo, which has operated there for over a decade; the 2003 unit is owner occupied and will be vacated at closing.
The property is located on St. Claude Avenue in the Faubourg Marigny Historic District, on the streetcar line and within the St. Claude Corridor Cultural Products District. Both parcels are zoned Historic Marigny/Tremé/Bywater Commercial District (HMC-2). Permitted uses include retail, restaurant, catering kitchen, art gallery, recording studio, childcare, educational facility, cultural facility, hospitality center, social club or lodge, and place of worship. The property is in Flood Zone X.
The property is located on St. Claude Avenue in the Faubourg Marigny Historic District, on the streetcar line and within the St. Claude Corridor Cultural Products District. Both parcels are zoned Historic Marigny/Tremé/Bywater Commercial District (HMC-2). Permitted uses include retail, restaurant, catering kitchen, art gallery, recording studio, childcare, educational facility, cultural facility, hospitality center, social club or lodge, and place of worship. The property is in Flood Zone X.
Key Highlights
- Three occupied units totaling 2,892 sq. ft., including a 628 sq. ft. storefront, 688 sq. ft. unit, and 1,226 sq. ft. upstairs unit
- Separate 36 x 31 parcel at 1113 Touro included with the 31 x 62 building parcel
- Corner property on St. Claude Avenue along the streetcar line
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
$35,710
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
6.49%
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%
$714,200
$714.2K
Cap Rate 7%
$510,143
$510.1K
Cap Rate 9%
$396,778
$396.8K
Market Conditions
NOI Build-Up for 2,892 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
$52.1K $18.00/SF
− Vacancy
−$1.0K −$0.36/SF
EGI
$51.0K $17.64/SF
− OpEx
−$15.3K −$5.29/SF
NOI
$35.7K $12.35/SF
Area
New Orleans, LA
Vacancy
2.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$714,200
Cap Rate 7%
$510,143
Cap Rate 9%
$396,778
Alternative Uses
Best Use
Retail
$510.1K
$446.4K – $595.2K
NOI $35,710 @ 7.0% cap · market cap 6.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$735.1K
$643.2K – $857.6K
NOI $51,454 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,398
Businesses Nearby
97k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Dining 44%
Hotels & Casinos 9%
McDonald's
Dining
19,863 visits/mo
0.5 miles
Shell
Shops & Services
14,799 visits/mo
0.4 miles
Starbucks
Dining
12,255 visits/mo
0.1 miles
Family Dollar
Shops & Services
11,454 visits/mo
0.3 miles
Hampton Inn New Orleans French Quarter Market Area
Hotels & Casinos
9,002 visits/mo
0.4 miles
Demographics for 70116, LA
10,676
Population
9,620
Households
1.1
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
8,212
Density / Sq Mi
$45,580
Median Household Income
$34,849
Median Earnings
$1,190
Median Rent
$385,100
Median Home Value
Market
Vacancy Rate% for Retail in New Orleans, LA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Three-unit commercial property with occupied spaces, an additional parcel, and HMC-2 zoning along the streetcar corridor.
Where is this storefront property located?
The property is located at 2003 Saint Claude Ave New Orleans, LA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three occupied units totaling 2,892 sq. ft., including a 628 sq. ft. storefront, 688 sq. ft. unit, and 1,226 sq. ft. upstairs unit; Separate 36 x 31 parcel at 1113 Touro included with the 31 x 62 building parcel; Corner property on St. Claude Avenue along the streetcar line
