Industrial Flex & Live-Work
221 N Galvez St New Orleans, LA 70119
For Sale
Contact for pricing
Industrial and mixed-use flexibility near major medical and institutional employers supports a range of workspace and housing concepts.
Property Size2,953 SF
Price / SF$133.76
Days on Market58
Property Features for 221 N Galvez St
General Information
- Standard status
- Active
- Size
- 2,953 SF
- Property subtype
- Industrial, Mixed Use
Listing Agency:
United Real Estate Partner
(504) 432-3435
Listed By:
Mike Mito · License #LA 995711004
Source:
Crexi
Added: May 30
Changed: Jul 10
Last Checked: Jul 25 at 2:37PM
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 Partner
Investment Insights
Based on property information with market context.
221 N. Galvez Street is a combined industrial and mixed-use property positioned in the heart of Mid-City New Orleans. The site is marketed as an investment opportunity with operational flexibility, with the ability to support multiple end uses including retail, office, or live-work configurations depending on the investor’s execution strategy. The offering also contemplates adaptive reuse as part of a value-add approach, with detailed financials and property specifications available upon execution of a confidentiality agreement.
The property sits near key institutional infrastructure, including the University Medical Center (UMC) and the Southeast Louisiana Veterans Health Care System (VA Medical Center), which the remarks describe as anchoring a medical corridor that generates steady day-to-day activity from employees, vendors, contractors, and support services. The surrounding area is also described as benefiting from connectivity to I-10 access and year-round economic activity associated with City Park and the Fair Grounds Race Course & Slots.
For tenants, buyers, and operators, the property’s mixed-use orientation is intended to accommodate users seeking an urban location and flexible space planning. For investors, the asset is presented as a candidate for repositioning or adaptive reuse that can align with workplace and workforce accommodation needs tied to the nearby medical corridor and regional construction and logistics activity.
The property sits near key institutional infrastructure, including the University Medical Center (UMC) and the Southeast Louisiana Veterans Health Care System (VA Medical Center), which the remarks describe as anchoring a medical corridor that generates steady day-to-day activity from employees, vendors, contractors, and support services. The surrounding area is also described as benefiting from connectivity to I-10 access and year-round economic activity associated with City Park and the Fair Grounds Race Course & Slots.
For tenants, buyers, and operators, the property’s mixed-use orientation is intended to accommodate users seeking an urban location and flexible space planning. For investors, the asset is presented as a candidate for repositioning or adaptive reuse that can align with workplace and workforce accommodation needs tied to the nearby medical corridor and regional construction and logistics activity.
Key Highlights
- 221 N. Galvez Street in Mid‑City New Orleans offering industrial/mixed‑use flexibility
- Minutes from the University Medical Center (UMC) and the Southeast Louisiana Veterans Health Care System (VA Medical Center)
- Positioned within a medical corridor supporting daily traffic from employees, vendors, contractors, and support‑service businesses
Financial Insights For Warehouse
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 | $29.4k | $9.96 |
| − Vacancy | −$1.5k | −$0.50 |
| EGI | $27.9k | $9.46 |
| − OpEx | −$4.2k | −$1.42 |
| NOI | $23.8k | $8.04 |
2,953 SF · lease $9.96/SF/yr · vacancy 5.00% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$339.3K
$296.9K – $395.8K
NOI $23,750 @ 7.0% cap · market cap 6.01%
Second Best
Flex RnD
$309.3K
$270.6K – $360.9K
NOI $21,651 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$772.7K
$676.1K – $901.5K
NOI $54,090 @ 7.0% cap · market cap 13.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Flex space
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FAQs
What type of property is this?
Flex space - Industrial and mixed-use flexibility near major medical and institutional employers supports a range of workspace and housing concepts.
Where is this flex space located?
The property is located at 221 N Galvez St New Orleans, LA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 221 N. Galvez Street in Mid‑City New Orleans offering industrial/mixed‑use flexibility; Minutes from the University Medical Center (UMC) and the Southeast Louisiana Veterans Health Care System (VA Medical Center); Positioned within a medical corridor supporting daily traffic from employees, vendors, contractors, and support‑service businesses
