Flex Space with Warehouse and
For Sale
$725,000
2323 IBERVILLE Street, New Orleans, LA 70119
Commercial, New Orleans, LA
Property Size4,004 SF
Price / SF$181.07
Days on Market143
Property Features for 2323 IBERVILLE Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HU-B1
Parking features
Covered
Lot features
Oversized
Standard status
Active
APN
2323-IBERVILLEST 2331-IBERVILLE
Taxes and HOA fees
Tax Description
SQ 302 IBERVILLE ST LOTS 17 & 18 27X106 LOT C 35X57 2323-25 IBERVILLE ST SQ 302 IBERVILLE LOT 16 27X106 2329-31 IBERVILL
Legal Description
SQ 302 IBERVILLE ST LOTS 17 & 18 27X106 LOT C 35X57 2323-25 IBERVILLE ST SQ 302 IBERVILLE LOT 16 27X106 2329-31 IBERVILL
Utilities
Water source
Public
Amenities
private entrance
two offices
full bathroom
kitchenette
wet bar
washer/dryer area
loft storage
Building Details
Year built
1920
Floors in Building
1
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
Cassondra Larsen · License #000028198
(504) 628-4686
Added: Apr 17
Changed: Aug 19
Last Checked: Sep 6 at 9:06AM
MLS# 2553315
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property combines approximately 4,004 square feet of warehouse and office improvements on an oversized site. The warehouse includes high ceilings, front and rear access, and loft storage. A separate office suite has its own 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.
The property also includes a side lot, rear yard, multiple parking areas, and covered parking. These outdoor areas support vehicle or equipment storage, fleet parking, and workspace uses. The site is located near Downtown New Orleans, the BioMedical District, Interstate access, and the Mid-City business corridor. Zoning is HU-B1, and the property has public water service. Built in 1920, it offers a combination of warehouse, office, and outdoor commercial space.
The property also includes a side lot, rear yard, multiple parking areas, and covered parking. These outdoor areas support vehicle or equipment storage, fleet parking, and workspace uses. The site is located near Downtown New Orleans, the BioMedical District, Interstate access, and the Mid-City business corridor. Zoning is HU-B1, and the property has public water service. Built in 1920, it offers a combination of warehouse, office, and outdoor commercial space.
Key Highlights
- Approximately 4,004 square feet of warehouse and office space
- Warehouse features high ceilings, loft storage, and front and rear access
- Office suite includes two offices, full bathroom, kitchenette, wet bar, and washer/dryer area
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
Yes
Utilities to site
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.
Similar Off Market Nearby
- La Cocinita Food Truck New Orleans — 234 loyola ave, new orleans, la 70112
- Just Delights NOLA
- DINE IN – TAKE OUT – CATERING — 2931 Tulane Ave, New Orleans, LA 70119
- Taste of Memphis BBQ Joint & Catering — 135 S Dorgenois St, New Orleans, LA 70119, United States
- Faubourg farms — 2617 Conti St, New Orleans, LA 70119
Frequently Asked Questions
What type of property is this?
Flex space - Oversized site offers added land for parking, equipment storage, outdoor work, or future expansion.
Where is this flex space located?
The property is located at 2323 IBERVILLE Street 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: Approximately 4,004 square feet of warehouse and office space; Warehouse features high ceilings, loft storage, and front and rear access; Office suite includes two offices, full bathroom, kitchenette, wet bar, and washer/dryer area
