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 Market29
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
(504) 628-4686
Listed By:
Cassondra Larsen · License #000028198
Source:
Fiorellaavenue
Added: Aug 3
Changed: Aug 29
Last Checked: Aug 30 at 7:13PM
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 = 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
$59,459
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
8.20%
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%
$1,189,180
$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
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
$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 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%
$1,189,180
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in New Orleans, LA
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 - 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
