Flex Space with
For Sale
$725,000
2323 Iberville St, New Orleans, LA 70119
Versatile commercial facility combining warehouse capacity, offices, loft storage, parking, and supplemental outdoor space.
Property Size4,004 SF
Price / SF$181.07
Days on Market74
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Property Features for 2323 Iberville St
General Information
Standard status
Active
Size
4,004 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Outdoor Storage
Yes
Amenities
private entrance
full bathroom
kitchenette
wet bar
washer/dryer area
Building Details
Year Built
1920
Building Size
4,004 SF
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
Listed By:
Cassondra Larsen · License #000028198
(504) 628-4686
Source:
Fiorellaavenue
Added: Aug 3
Changed: Oct 1
Last Checked: Oct 7 at 2:43PM
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 KELLER WILLIAMS REALTY 455-0100
Investment Insights
Based on property information with market context.
Located at 2323 Iberville Street, this 4,004-square-foot flex property combines warehouse and office functions on an oversized site. The warehouse includes high ceilings, front and rear access, loft storage, and multiple parking areas. Additional side-lot and rear-yard space supports vehicle parking, equipment storage, outdoor work areas, or future expansion.
The finished office component has a private entrance, two offices, a full bathroom, kitchenette, wet bar, and washer/dryer area. Updated electrical service and under-slab plumbing are among the recent improvements. Built in 1920, the property is positioned in New Orleans’ Mid-City area, with access to Downtown, the BioMedical District, Interstate routes, and the Mid-City business corridor.
The finished office component has a private entrance, two offices, a full bathroom, kitchenette, wet bar, and washer/dryer area. Updated electrical service and under-slab plumbing are among the recent improvements. Built in 1920, the property is positioned in New Orleans’ Mid-City area, with access to Downtown, the BioMedical District, Interstate routes, and the Mid-City business corridor.
Key Highlights
- 4,004 SF of combined warehouse and office space
- Warehouse features high ceilings, loft storage, and front and rear access
- Additional side lot and rear yard provide vehicle and equipment storage areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,459
Cap Rate
8.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,189,180
$1.2M
Cap Rate 7%
$849,414
$849.4K
Cap Rate 9%
$660,656
$660.7K
Market Conditions
NOI Build-Up for 4,004 SF
Gross rent
$96.1K $24.00/SF
− Vacancy
−$16.8K −$4.20/SF
EGI
$79.3K $19.80/SF
− OpEx
−$19.8K −$4.95/SF
NOI
$59.5K $14.85/SF
Area
ZIP 70119
Vacancy
17.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,189,180
Cap Rate 7%
$849,414
Cap Rate 9%
$660,656
Alternative Uses
Best Use
Office B
$849.4K
$743.2K – $991.0K
NOI $59,459 @ 7.0% cap · market cap 8.20%
Second Best
Warehouse
$460.0K
$402.5K – $536.7K
NOI $32,203 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$1.05M
$916.8K – $1.22M
NOI $73,340 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,040
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in New Orleans, LA
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial facility combining warehouse capacity, offices, loft storage, parking, and supplemental outdoor space.
Where is this flex space located?
The property is located at 2323 Iberville St New Orleans, LA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 4,004 SF of combined warehouse and office space; Warehouse features high ceilings, loft storage, and front and rear access; Additional side lot and rear yard provide vehicle and equipment storage areas
