Three-Story Office
For Sale
$1,200,000
301303 BROAD Street, New Orleans, LA 70119
Three-story office building with an elevator, 22 gated parking spaces, and leased first and third floors.
Property Size6,150 SF
Price / SF$195.12
Days on Market265
Property Features for 301303 BROAD Street
General Information
Standard status
Active
Size
6,150 SF
Total Parking Spaces
22
Property subtype
General Commercial
Zoning
HU-MU
Amenities
Burmese Ironwood flooring
new roof
commercial-grade elevator
detached storage building with roll-up garage door
restrooms on multiple levels
3
100x102
Building Details
Year Built
1989
Stories
3
Tenancy
Multi
Listing Agency:
Keller Williams Realty New Orleans
(504) 300-5179
Listed By:
Brittany Picolo · License #995687117
(504) 300-5179
Source:
Xome
Added: Nov 16, 2025
Changed: Aug 8
Last Checked: Aug 8 at 3:49AM
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 Keller Williams Realty New Orleans
Investment Insights
Based on property information with market context.
This three-story commercial office building features Burmese Ironwood flooring, a newer roof, and a commercial-grade elevator. Restrooms are provided on multiple levels, and the building includes a detached storage building with a roll-up garage door. According to the seller, the first and third floors are currently leased, while the second floor is available for lease.
The property is zoned HU-MU and is described as centrally located steps from Canal Street, the Lafitte Greenway, and nearby shops and restaurants. The building also offers 22 gated off-street parking spaces.
For buyers seeking a building with existing income and a potential leased second-floor component, the current configuration includes both tenant-occupied space and an available floor within the same office structure.
The property is zoned HU-MU and is described as centrally located steps from Canal Street, the Lafitte Greenway, and nearby shops and restaurants. The building also offers 22 gated off-street parking spaces.
For buyers seeking a building with existing income and a potential leased second-floor component, the current configuration includes both tenant-occupied space and an available floor within the same office structure.
Key Highlights
- Three‑story commercial building built in 1989 with a commercial‑grade elevator
- First and third floors are leased for $6,800/month; second floor is available for lease or owner occupancy
- Zoned HU‑MU with 22 gated off‑street parking spaces
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
$91,328
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
7.61%
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%
$1,826,560
$1.8M
Cap Rate 7%
$1,304,686
$1.3M
Cap Rate 9%
$1,014,756
$1.0M
Market Conditions
NOI Build-Up for 6,150 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
$147.6K $24.00/SF
− Vacancy
−$25.8K −$4.20/SF
EGI
$121.8K $19.80/SF
− OpEx
−$30.4K −$4.95/SF
NOI
$91.3K $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%
$1,826,560
Cap Rate 7%
$1,304,686
Cap Rate 9%
$1,014,756
Alternative Uses
Best Use
Office B
$1.30M
$1.14M – $1.52M
NOI $91,328 @ 7.0% cap · market cap 7.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,648 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,890
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 - Three-story office building with an elevator, 22 gated parking spaces, and leased first and third floors.
Where is this office building located?
The property is located at 301303 BROAD Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑story commercial building built in 1989 with a commercial‑grade elevator; First and third floors are leased for $6,800/month; second floor is available for lease or owner occupancy; Zoned HU‑MU with 22 gated off‑street parking spaces
