Building Details

Year Built 1947

Listing Agency: Property One, Inc.

Listed By: Mike D'Amico · License #000072272 Show Phone

Source: Dominionplace

Added: Aug 17 Changed: Oct 5 Last Checked: Oct 5 at 10:21PM

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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 Property One, Inc.

Investment Insights

Based on property information with market context.

This income-producing mixed-use building includes multifamily space on the second floor. The property is zoned MU-2 High Intensity Mixed-Use District, providing a defined mixed-use land-use designation. The reported capitalization rate is 8.82 percent.

Located on Tulane Ave in New Orleans, the building is across the street from a new Trader Joe’s facility and in the area of the Department of Veterans Affairs Medical Center. A vacant lot may also be available for purchase, and the building next door is separately offered for sale.

Key Highlights

• Multifamily space occupies the second floor
• MU‑2 High Intensity Mixed‑Use District zoning
• Reported cap rate of 8.82 percent

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$53,259

Cap Rate

8.88%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,065,180 $1.1M

Cap Rate 7%

$760,843 $760.8K

Cap Rate 9%

$591,767 $591.8K

Market Conditions

NOI Build-Up for 4,576 SF

Gross rent

$106.5K $23.28/SF

− Vacancy

−$9.7K −$2.12/SF

EGI

$96.8K $21.16/SF

− OpEx

−$43.6K −$9.52/SF

NOI

$53.3K $11.64/SF

Area

ZIP 70119

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%

$1,065,180

Cap Rate 7%

$760,843

Cap Rate 9%

$591,767

Alternative Uses

Best Use

Mixed Use

$862.9K

$755.0K – $1.01M (±1% cap)

NOI $60,403 @ 7.0% cap · market cap 10.07%

Second Best

Apartment 5plus

$760.8K

$665.7K – $887.7K (±1% cap)

NOI $53,259 @ 7.0% cap · market cap 8.88%

Theoretical Best

Office A

$1.20M

$1.05M – $1.40M (±1% cap)

NOI $83,818 @ 7.0% cap · market cap 13.97%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Open Analytics

Current Use

Mixed-use properties

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store HVAC Service Pet Grooming Service Veterinary Clinic Bakery Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

4,235

Businesses Nearby

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 Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two-level property with multifamily space above and MU-2 High Intensity Mixed-Use District zoning.

Where is this mixed-use property located?

The property is located at 2514 Tulane Ave New Orleans, LA.

What is the asking price?

The asking price for this property is $600,000.

What are key features of this property?

This property features: Multifamily space occupies the second floor; MU‑2 High Intensity Mixed‑Use District zoning; Reported cap rate of 8.82 percent