The Pythian Mixed-Use
For Sale
Contact for pricing
234 Loyola Ave, New Orleans, LA 70112
Historic property combines apartments with commercial space under CBD-1 zoning.
Property Size123,266 SF
Days on Market395
Property Features for 234 Loyola Ave
General Information
Standard status
Active
Size
123,266 SF
Property subtype
Hospitality
Zoning
CBD-1
Additional Details
Public Transit
Yes
Multifamily Units
69
Building Details
Year Built
1909
Year Renovated
2017
Buildings
1
Tenancy
Multi
Listing Agency:
Corporate Realty - Main Office
Listed By:
Michael Siegel
(504) 518-5005
Source:
Lacdb.resimplifi
Added: Sep 17, 2025
Changed: Oct 15
Last Checked: Oct 14 at 7:33PM
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 Corporate Realty - Main Office
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Investment Insights
Based on property information with market context.
The Pythian Building is a historic mixed-use property at 234 Loyola Ave with 123,266 square feet and 69 residential apartments. Three commercial floors add varied operating components: office suites occupy the third floor, an event venue is located on the second, and the ground floor was formerly configured as a food hall. Renovation work completed in 2017 retained the building’s architectural character while updating the property.
Zoned CBD-1, the property supports a range of stated use possibilities, including hotel operations, short-term rental, and multifamily housing with workforce housing. The building sits on a streetcar line and is within walking distance of the French Quarter, Caesars Superdome, Smoothie King Center, the CBD office population, and the medical district.
Zoned CBD-1, the property supports a range of stated use possibilities, including hotel operations, short-term rental, and multifamily housing with workforce housing. The building sits on a streetcar line and is within walking distance of the French Quarter, Caesars Superdome, Smoothie King Center, the CBD office population, and the medical district.
Key Highlights
- 123,266‑square‑foot historic mixed‑use building completed in 1909
- 69 residential apartments above three floors of commercial space
- Renovated in 2017 with architectural character preserved
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,434,673
Suggested Prices Based on Cap Rates
Cap Rate 5%
$28,693,460
$28.7M
Cap Rate 7%
$20,495,329
$20.5M
Cap Rate 9%
$15,940,811
$15.9M
Market Conditions
NOI Build-Up for 123,266 SF
Gross rent
$2.87M $23.28/SF
− Vacancy
−$261.1K −$2.12/SF
EGI
$2.61M $21.16/SF
− OpEx
−$1.17M −$9.52/SF
NOI
$1.43M $11.64/SF
Area
New Orleans, LA
Vacancy
9.10%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$28,693,460
Cap Rate 7%
$20,495,329
Cap Rate 9%
$15,940,811
Alternative Uses
Best Use
Office B
$25.96M
$22.71M – $30.28M
NOI $1,816,965 @ 7.0% cap · market cap 181,696,500.00%
Second Best
Mixed Use
$23.77M
$20.80M – $27.73M
NOI $1,664,091 @ 7.0% cap · market cap 166,409,100.00%
Theoretical Best
Office A
$31.33M
$27.41M – $36.55M
NOI $2,193,109 @ 7.0% cap · market cap 219,310,900.00%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
69
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
11,503
Businesses Nearby
Explore this area
Business Placement
Demographics for 70112, LA
4,988
Population
3,711
Households
1.3
Avg Household Size
35
Median Age
44%
College-Educated
91%
High-School Grad
1.0 sq mi
ZIP Area
4,988
Density / Sq Mi
$23,052
Median Household Income
$36,029
Median Earnings
$1,063
Median Rent
$398,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in New Orleans, LA
Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic property combines apartments with commercial space under CBD-1 zoning.
Where is this mixed-use property located?
The property is located at 234 Loyola Ave New Orleans, LA.
What are key features of this property?
This property features: 123,266‑square‑foot historic mixed‑use building completed in 1909; 69 residential apartments above three floors of commercial space; Renovated in 2017 with architectural character preserved
