New Orleans Industrial
For Sale
Contact for pricing
2610 Second St, New Orleans, LA 70113
Well-maintained industrial property in New Orleans' Historic Urban District.
Property Size24,953 SF
Lot Size0.72 Acres
Price / SF$79.71
Days on Market165
Property Features for 2610 Second St
General Information
Standard status
Active
Size
24,953 SF
Lot size
0.72 Acres
Property subtype
Industrial
Zoning
HU-MU
Listing Agency:
The McEnery Company
Listed By:
Pat Browne · License #LA 0099563766
Source:
Crexi
Added: Feb 27
Changed: Aug 7
Last Checked: Aug 10 at 10:47AM
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 The McEnery Company
Investment Insights
Based on property information with market context.
This approximately 24,953 square foot light industrial property is located at 2610 2nd Street and 2605–09 3rd Street. Situated on approximately 0.72 acres in New Orleans’ Historic Urban Neighborhood Mixed-Use (HU-MU) District, the site features frontage along 2nd Street, 3rd Street, and South Robertson Street. The property consists of three interconnected warehouse buildings totaling nearly 25,000 square feet. Approximately 2,280 square feet of finished office space includes private offices, open work areas, a conference room, breakroom, storage, and multiple restrooms. The primary warehouse has clear heights of approximately ±12.5 feet and roll-up door access. A secure central concrete yard is accessible through a rolling gate on 3rd Street. Currently utilized for millwork operations, the property includes specialized ventilation and dust capture infrastructure. There is also approximately 7,000 square feet of mezzanine storage not included in the gross building area. This property offers functional utility for industrial users or investors and presents an opportunity for continued light industrial use or future mixed-use repositioning.
Key Highlights
- ±24,953 sq ft light industrial property on 0.72 acres in New Orleans' Historic Urban Neighborhood Mixed‑Use (HU‑MU) District.
- Extensive frontage on 2nd Street, 3rd Street, and South Robertson Street, offering excellent accessibility.
- Three interconnected warehouse buildings with approximately 2,280 sq ft of finished office space.
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
$182,300
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
9.17%
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%
$3,646,000
$3.6M
Cap Rate 7%
$2,604,286
$2.6M
Cap Rate 9%
$2,025,556
$2.0M
Market Conditions
NOI Build-Up for 24,953 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
$224.6K $9.00/SF
− Vacancy
−$10.1K −$0.41/SF
EGI
$214.5K $8.59/SF
− OpEx
−$32.2K −$1.29/SF
NOI
$182.3K $7.31/SF
Area
New Orleans, LA
Vacancy
4.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$3,646,000
Cap Rate 7%
$2,604,286
Cap Rate 9%
$2,025,556
Alternative Uses
Best Use
Office B
$5.25M
$4.60M – $6.13M
NOI $367,812 @ 7.0% cap · market cap 18.49%
Second Best
Warehouse
$2.60M
$2.28M – $3.04M
NOI $182,300 @ 7.0% cap · market cap 9.17%
Theoretical Best
Office A
$6.34M
$5.55M – $7.40M
NOI $443,956 @ 7.0% cap · market cap 22.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,440
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 70113, LA
8,569
Population
5,512
Households
1.6
Avg Household Size
37
Median Age
27%
College-Educated
74%
High-School Grad
0.9 sq mi
ZIP Area
9,521
Density / Sq Mi
$36,897
Median Household Income
$31,126
Median Earnings
$960
Median Rent
$258,500
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?
Warehouse - Well-maintained industrial property in New Orleans' Historic Urban District.
Where is this warehouse located?
The property is located at 2610 Second St New Orleans, LA.
What is the asking price?
The asking price for this property is $1,989,000.
What are key features of this property?
This property features: ±24,953 sq ft light industrial property on 0.72 acres in New Orleans' Historic Urban Neighborhood Mixed‑Use (HU‑MU) District.; Extensive frontage on 2nd Street, 3rd Street, and South Robertson Street, offering excellent accessibility.; Three interconnected warehouse buildings with approximately 2,280 sq ft of finished office space.
