French Quarter Mixed-Use
For Sale
$5,750,000
222-224 CHARTRES Street, New Orleans, LA 70130
Two connected historic buildings combine leased retail space with existing condominiums and areas planned for additional residential units.
Property Size19,035 SF
Price / SF$302.08
Days on Market265
Property Features for 222-224 CHARTRES Street
General Information
Standard status
Active
Size
19,035 SF
Zoning
VCC-2
Additional Details
Asking Price
$5,750,000
Building Details
Building Size
19,035 SF
Year Built
1860
Buildings
2
Tenancy
Multi
Listing Agency:
Talbot Realty Group
(504) 237-3744
Listed By:
Ross Talbot · License #995709969
Source:
Talbot-realty
Added: Dec 10, 2025
Changed: Aug 30
Last Checked: Sep 1 at 2:29PM
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 Talbot Realty Group
Investment Insights
Based on property information with market context.
This mixed-use offering comprises two adjacent buildings totaling 19,035 square feet at 222-224 Chartres Street. Built in 1860, the property includes two leased retail spaces, four existing residential condominium units, and unimproved areas identified for seven additional residential units. The building at 222 Chartres Street includes the Legendairy Milkshake Bar and proposed condominiums, while 224 Chartres Street includes Pepper Palace, Inc. and four residential condominiums.
The property is located in New Orleans’ French Quarter and is zoned VCC-2 within the Vieux Carre Commercial District. The combination of established retail occupancy, residential condominium units, and additional unimproved building areas creates a varied mixed-use configuration across the two addresses.
The property is located in New Orleans’ French Quarter and is zoned VCC-2 within the Vieux Carre Commercial District. The combination of established retail occupancy, residential condominium units, and additional unimproved building areas creates a varied mixed-use configuration across the two addresses.
Key Highlights
- 19,035 SF across two adjacent buildings at 222‑224 Chartres Street
- Built in 1860 in New Orleans’ French Quarter
- Two leased retail spaces, including Legendairy Milkshake Bar and Pepper Palace, Inc.
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
$256,973
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
4.47%
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%
$5,139,460
$5.1M
Cap Rate 7%
$3,671,043
$3.7M
Cap Rate 9%
$2,855,256
$2.9M
Market Conditions
NOI Build-Up for 19,035 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
$456.8K $24.00/SF
− Vacancy
−$45.7K −$2.40/SF
EGI
$411.2K $21.60/SF
− OpEx
−$154.2K −$8.10/SF
NOI
$257.0K $13.50/SF
Area
New Orleans, LA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$5,139,460
Cap Rate 7%
$3,671,043
Cap Rate 9%
$2,855,256
Alternative Uses
Best Use
Mixed Use
$3.67M
$3.21M – $4.28M
NOI $256,973 @ 7.0% cap · market cap 4.47%
Second Best
Retail
$3.36M
$2.94M – $3.92M
NOI $235,044 @ 7.0% cap · market cap 4.09%
Theoretical Best
Office A
$4.84M
$4.23M – $5.64M
NOI $338,665 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
10,425
Businesses Nearby
438k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 66%
Dining 11%
Groceries 9%
Shops & Services 7%
The Ritz-Carlton, New Orleans
Hotels & Casinos
59,768 visits/mo
0.2 miles
Rouses Market
Groceries
35,073 visits/mo
0.3 miles
Chevron
Shops & Services
23,516 visits/mo
0.4 miles
Holiday Inn New Orleans-Downtown Superdome
Hotels & Casinos
20,500 visits/mo
0.5 miles
Hotel Fontenot
Hotels & Casinos
20,339 visits/mo
0.4 miles
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
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?
Mixed-use property - Two connected historic buildings combine leased retail space with existing condominiums and areas planned for additional residential units.
Where is this mixed-use property located?
The property is located at 222-224 CHARTRES Street New Orleans, LA.
What is the asking price?
The asking price for this property is $5,750,000.
What are key features of this property?
This property features: 19,035 SF across two adjacent buildings at 222‑224 Chartres Street; Built in 1860 in New Orleans’ French Quarter; Two leased retail spaces, including Legendairy Milkshake Bar and Pepper Palace, Inc.
