Five-Story Office
For Sale
$6,200,000
2714 Canal Street, New Orleans, LA 70119
Transit-served office property with adaptable floorplates and an adjacent land assemblage for parking, services, or phased development.
Property Size43,000 SF
Price / SF$144.19
Days on Market351
Property Features for 2714 Canal Street
General Information
Standard status
Active
Size
43,000 SF
Property subtype
Office
Zoning
HU-MU
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Asking Price
$6,200,000
Building Details
Year Built
1969
Buildings
1
Stories
5
Building Size
43,000 SF
Listing Agency:
NAI Rampart Commercial Real Estate New Orleans
(504) 352-1492
Listed By:
Chris Ross
(504) 352-1492
Source:
Lacdb.resimplifi
Added: Sep 15, 2025
Changed: Aug 31
Last Checked: Aug 31 at 1:20PM
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 NAI Rampart Commercial Real Estate New Orleans
Investment Insights
Based on property information with market context.
The offering centers on a five-story office tower completed in 1969, with approximately 43,000 square feet of floor area and efficient floorplates suited to office or adaptive-reuse planning. The building has a prominent ground-level presence and is accompanied by vacant parcels forming a larger assemblage across Canal Street, South White Street, and Cleveland Avenue. Together, the improvements and land provide room for parking, service functions, and phased development while retaining the tower as the central building.
The property fronts Canal Street near the CBD and Mid-City and is served by transit. It is located within the HU-MU Neighborhood Mixed-Use District, which supports mixed-use development near residential areas and encourages active ground-floor retail and personal services with residential uses above. The building’s 1969 vintage and architectural character may support consideration of Historic Rehabilitation Tax Credits, subject to eligibility, contributing status, scope, and approvals.
The property fronts Canal Street near the CBD and Mid-City and is served by transit. It is located within the HU-MU Neighborhood Mixed-Use District, which supports mixed-use development near residential areas and encourages active ground-floor retail and personal services with residential uses above. The building’s 1969 vintage and architectural character may support consideration of Historic Rehabilitation Tax Credits, subject to eligibility, contributing status, scope, and approvals.
Key Highlights
- Five‑story office tower with approximately 43,000 SF
- Completed in 1969
- Vacant land assemblage spans Canal Street, South White Street, and Cleveland Avenue
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
$567,600
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
9.15%
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%
$11,352,000
$11.4M
Cap Rate 7%
$8,108,571
$8.1M
Cap Rate 9%
$6,306,667
$6.3M
Market Conditions
NOI Build-Up for 43,000 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
$1.03M $24.00/SF
− Vacancy
−$123.8K −$2.88/SF
EGI
$908.2K $21.12/SF
− OpEx
−$340.6K −$7.92/SF
NOI
$567.6K $13.20/SF
Area
ZIP 70119
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$11,352,000
Cap Rate 7%
$8,108,571
Cap Rate 9%
$6,306,667
Alternative Uses
Best Use
Office B
$9.12M
$7.98M – $10.64M
NOI $638,550 @ 7.0% cap · market cap 10.30%
Second Best
Mixed Use
$8.11M
$7.10M – $9.46M
NOI $567,600 @ 7.0% cap · market cap 9.15%
Theoretical Best
Office A
$11.25M
$9.85M – $13.13M
NOI $787,622 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,777
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 Office in New Orleans, LA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Transit-served office property with adaptable floorplates and an adjacent land assemblage for parking, services, or phased development.
Where is this office building located?
The property is located at 2714 Canal Street New Orleans, LA.
What is the asking price?
The asking price for this property is $6,200,000.
What are key features of this property?
This property features: Five‑story office tower with approximately 43,000 SF; Completed in 1969; Vacant land assemblage spans Canal Street, South White Street, and Cleveland Avenue
