Historic Office Building with
New
For Sale
$625,000
2926 Canal St, New Orleans, LA 70119
Two-level layout combines treatment rooms, workspace, restrooms, storage, and a front porch.
Property Size3,579 SF
Price / SF$174.63
Days on Market2
Property Features for 2926 Canal St
General Information
Standard status
Active
Size
3,579 SF
Site & Location
Road Access
Yes
Public Transit
Yes
Amenities
breakroom
large front porch
storage
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Ben & Burka
(504) 301-1002
Listed By:
Aaron Kazanoff · License #0995700882
Source:
Fiorellaavenue
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 8:41AM
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 Ben & Burka
Investment Insights
Based on property information with market context.
Built in 1920, this 3,579-square-foot office property offers distinct layouts across two levels. The lower floor includes three private treatment rooms, an open work area, two restrooms, a breakroom, and storage, with lower ceilings suited to its former chiropractic-practice configuration. The upper level adds high ceilings, original wood floors, historic architectural details, two more restrooms, and a large front porch.
Parking is available in front of the building, with driveway access extending to a rear lot. The property fronts the streetcar line and sits opposite the RTA hub. Broad Street and Carrollton Avenue are a few blocks away, while downtown New Orleans and the Courthouse are accessible by commute.
Parking is available in front of the building, with driveway access extending to a rear lot. The property fronts the streetcar line and sits opposite the RTA hub. Broad Street and Carrollton Avenue are a few blocks away, while downtown New Orleans and the Courthouse are accessible by commute.
Key Highlights
- 3,579 SF office building constructed in 1920
- Three private treatment rooms, open workspace, two restrooms, breakroom, and storage on the lower level
- Upper floor features high ceilings, original wood floors, historic details, two restrooms, and a large front porch
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
$53,148
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
8.50%
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%
$1,062,960
$1.1M
Cap Rate 7%
$759,257
$759.3K
Cap Rate 9%
$590,533
$590.5K
Market Conditions
NOI Build-Up for 3,579 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
$85.9K $24.00/SF
− Vacancy
−$15.0K −$4.20/SF
EGI
$70.9K $19.80/SF
− OpEx
−$17.7K −$4.95/SF
NOI
$53.1K $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%
$1,062,960
Cap Rate 7%
$759,257
Cap Rate 9%
$590,533
Alternative Uses
Best Use
Office B
$759.3K
$664.4K – $885.8K
NOI $53,148 @ 7.0% cap · market cap 8.50%
Second Best
Healthcare Medical
$745.5K
$652.3K – $869.7K
NOI $52,182 @ 7.0% cap · market cap 8.35%
Theoretical Best
Office A
$936.5K
$819.5K – $1.09M
NOI $65,556 @ 7.0% cap · market cap 10.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,704
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 - Two-level layout combines treatment rooms, workspace, restrooms, storage, and a front porch.
Where is this office building located?
The property is located at 2926 Canal St New Orleans, LA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 3,579 SF office building constructed in 1920; Three private treatment rooms, open workspace, two restrooms, breakroom, and storage on the lower level; Upper floor features high ceilings, original wood floors, historic details, two restrooms, and a large front porch
