Former Restaurant with Grey-Shell
2940 Elysian Fields Ave New Orleans, LA 70122
For Sale
Contact for pricing
Vacant former restaurant delivered in grey-shell condition with walk-in freezer and cooler and 28 off-street parking spaces.
Property Size1,565 SF
Price / SF$351.44
Days on Market232
Property Features for 2940 Elysian Fields Ave
General Information
Standard status
Active
Size
1,565 SF
Property subtype
RETAIL
Listing Agency:
ben + burka
(512) 799-3069
Listed By:
Aaron Kazanoff · License #0995700882
(512) 799-3069
Source:
Moodyscre
Added: Dec 10, 2025
Changed: Jul 28
Last Checked: Jul 29 at 1:46PM
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.
This vacant former Waffle House property is offered for sale and delivered in grey-shell condition, providing a flexible interior layout for a range of retail or restaurant uses. The existing improvements include a walk-in freezer and cooler, and the site is set up with 28 off-street parking spaces.
The property is positioned along Elysian Fields Avenue between I-610 and I-10, with access to a major commercial corridor.
Designed as a dedicated restaurant-style storefront, the building is ready for tenant improvements or redevelopment based on the next user’s concept.
The property is positioned along Elysian Fields Avenue between I-610 and I-10, with access to a major commercial corridor.
Designed as a dedicated restaurant-style storefront, the building is ready for tenant improvements or redevelopment based on the next user’s concept.
Key Highlights
- Vacant former Waffle House property delivered in grey‑shell condition
- Walk‑in freezer and cooler included
- 28 off‑street parking spaces
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $37.6k | $24.00 |
| − Vacancy | −$1.5k | −$0.96 |
| EGI | $36.1k | $23.04 |
| − OpEx | −$9.0k | −$5.76 |
| NOI | $27.0k | $17.28 |
1,565 SF · lease $24.00/SF/yr · vacancy 4.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$386.3K
$338.0K – $450.7K
NOI $27,043 @ 7.0% cap · market cap 4.92%
Second Best
Retail
$342.5K
$299.7K – $399.6K
NOI $23,978 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$409.5K
$358.3K – $477.8K
NOI $28,666 @ 7.0% cap · market cap 5.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Storefront property - Vacant former restaurant delivered in grey-shell condition with walk-in freezer and cooler and 28 off-street parking spaces.
Where is this storefront property located?
The property is located at 2940 Elysian Fields Ave New Orleans, LA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Vacant former Waffle House property delivered in grey‑shell condition; Walk‑in freezer and cooler included; 28 off‑street parking spaces
