Urban Flex Space with Secured
For Sale
$545,000
213 N Galvez St, New Orleans, LA 70119
HU-B1-zoned property with connected work bays, vehicle access, and a fenced rear operating area.
Property Size3,172 SF
Lot Size0.15 Acres
Price / SF$171.82
Days on Market129
Property Features for 213 N Galvez St
General Information
Standard status
Active
Size
3,172 SF
Lot size
0.15 Acres
Property subtype
Industrial
Zoning
HU-B1
Site & Location
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Asking Price
$545,000
Drive-In Doors
2
Amenities
Dual roll-up garage doors
Two connected interior bays
Enclosed office with pass-through windows
Professional spray/paint booth
Large covered steel canopy structure
Fenced and gated rear yard
Detached accessory outbuilding
Art Deco stucco facade
Building Details
Buildings
2
Construction
CMU block
Listing Agency:
United Real Estate Partners, LLC
(504) 432-3435
Listed By:
Michael Mito · License #995711004
(504) 432-3435
Source:
Lacdb.resimplifi
Added: Apr 23
Changed: Aug 28
Last Checked: Aug 29 at 5:59AM
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 United Real Estate Partners, LLC
Investment Insights
Based on property information with market context.
This flex property at 213 N Galvez St combines two adjoining open work areas with poured concrete floors, dual roll-up doors, and a private office equipped with pass-through windows. A professional spray and paint booth, covered steel canopy, detached outbuilding, and gated rear yard expand the site’s functional utility. The building presents an Art Deco stucco exterior with CMU block construction.
The property includes two lots totaling 6,696 SF, with 54 feet of combined frontage. It is located one block from Canal Street and within walking distance of UMC, Tulane Medical Center, and the Lafitte Greenway. The CBD is approximately 0.5 mile away. HU-B1 zoning and the secured yard support a range of flex-oriented commercial operations, subject to applicable requirements.
The property includes two lots totaling 6,696 SF, with 54 feet of combined frontage. It is located one block from Canal Street and within walking distance of UMC, Tulane Medical Center, and the Lafitte Greenway. The CBD is approximately 0.5 mile away. HU-B1 zoning and the secured yard support a range of flex-oriented commercial operations, subject to applicable requirements.
Key Highlights
- 6,696 SF lot across two lots with 54' of combined frontage
- HU‑B1 zoning at 213 N Galvez St
- Two connected open bays with poured concrete floors
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
$50,135
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
9.20%
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%
$1,002,700
$1.0M
Cap Rate 7%
$716,214
$716.2K
Cap Rate 9%
$557,056
$557.1K
Market Conditions
NOI Build-Up for 3,172 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
$73.1K $23.04/SF
− Vacancy
−$1.5K −$0.46/SF
EGI
$71.6K $22.58/SF
− OpEx
−$21.5K −$6.77/SF
NOI
$50.1K $15.81/SF
Area
ZIP 70119
Vacancy
2.00%
Lease Rate
$23.04 /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%
$1,002,700
Cap Rate 7%
$716,214
Cap Rate 9%
$557,056
Alternative Uses
Best Use
Retail
$716.2K
$626.7K – $835.6K
NOI $50,135 @ 7.0% cap · market cap 9.20%
Second Best
Warehouse
$364.4K
$318.9K – $425.2K
NOI $25,511 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$830.0K
$726.3K – $968.4K
NOI $58,101 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,098
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - HU-B1-zoned property with connected work bays, vehicle access, and a fenced rear operating area.
Where is this flex space located?
The property is located at 213 N Galvez St New Orleans, LA.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: 6,696 SF lot across two lots with 54' of combined frontage; HU‑B1 zoning at 213 N Galvez St; Two connected open bays with poured concrete floors
