Single-Tenant NNN
For Sale
$999,000
2231 Saint Claude Avenue, New Orleans, LA 70117
Fully leased hospitality asset with live entertainment permitting and recent capital improvements.
Property Size5,112 SF
Days on Market78
Property Features for 2231 Saint Claude Avenue
General Information
Standard status
Active
Size
5,112 SF
Property subtype
Commercial
Zoning
HMC-2
Occupancy
100%
Additional Details
Cap Rate
6.34%
Building Details
Building Size
5,112 SF
Year Built
1980
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Fqr Realtors
(504) 782-6883
Listed By:
Eric Wilkinson · License #995700355
(504) 782-6883
Source:
Nolalivingrealty
Added: Jun 8
Changed: Aug 23
Last Checked: Aug 23 at 8:05AM
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.
2231 Saint Claude Avenue is a 5,112-square-foot commercial property leased to Emporium Arcade Bar under a Triple NNN lease. The tenant occupies 100% of the building and operates under an active bar and live entertainment permit. The lease is currently in Year 5 of an initial 10-year term, with built-in rental escalations and a current 6.34% cap rate projected to increase to 7.14%. Capital improvements and tenant buildout were completed between 2021–2022, substantially modernizing the property. The tenant is expected to remain in place, while business operations are excluded from the sale. The property is located on Saint Claude Avenue in New Orleans, within an entertainment and redevelopment corridor.
Key Highlights
- 5,112‑square‑foot commercial property at 2231 Saint Claude Avenue
- 100% occupied by Emporium Arcade Bar
- Triple NNN lease in Year 5 of an initial 10‑year term
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
$72,141
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
7.22%
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%
$1,442,820
$1.4M
Cap Rate 7%
$1,030,586
$1.0M
Cap Rate 9%
$801,567
$801.6K
Market Conditions
NOI Build-Up for 5,112 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
$98.2K $19.20/SF
− Vacancy
−$2.0K −$0.38/SF
EGI
$96.2K $18.82/SF
− OpEx
−$24.0K −$4.70/SF
NOI
$72.1K $14.11/SF
Area
New Orleans, LA
Vacancy
2.00%
Lease Rate
$19.20 /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%
$1,442,820
Cap Rate 7%
$1,030,586
Cap Rate 9%
$801,567
Alternative Uses
Best Use
Specialty Retail
$1.03M
$901.8K – $1.20M
NOI $72,141 @ 7.0% cap · market cap 7.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $90,951 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,240
Businesses Nearby
109k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Shops & Services 46%
Hotels & Casinos 8%
McDonald's
Dining
19,863 visits/mo
0.3 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
0.4 miles
Hampton Inn New Orleans French Quarter Market Area
Hotels & Casinos
9,002 visits/mo
0.4 miles
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
Median Home Value
Market
Vacancy Rate% for Retail in New Orleans, LA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
NNN property - Fully leased hospitality asset with live entertainment permitting and recent capital improvements.
Where is this nnn property located?
The property is located at 2231 Saint Claude Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 5,112‑square‑foot commercial property at 2231 Saint Claude Avenue; 100% occupied by Emporium Arcade Bar; Triple NNN lease in Year 5 of an initial 10‑year term
