Live-Work Property with
For Sale
$309,000
3027 Paris Avenue, New Orleans, LA 70119
Attached production space accommodates creative work, office functions, workshops, and storage.
Property Size1,988 SF
Days on Market62
Property Features for 3027 Paris Avenue
General Information
Standard status
Active
Size
1,988 SF
Property subtype
Commercial
Zoning
HU-B1
Building Details
Building Size
1,988 SF
Year Built
1951
Listing Agency:
The W Group Real Estate LLC
(504) 813-4667
Listed By:
Kyle Makepeace · License #995713786
(504) 813-4667
Source:
Nolalivingrealty
Added: Jun 8
Changed: Aug 6
Last Checked: Aug 8 at 12:58PM
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 W Group Real Estate LLC
Investment Insights
Based on property information with market context.
This live-work property combines a 1,988-square-foot main residence with an attached 1,700-square-foot workshop and studio. The primary space retains original hardwood floors, plaster walls, windows, and doors, along with ceilings higher than 9 feet. A peach tree and established garden add outdoor character.
The connected workshop and studio provides dedicated room for art production, music activities, woodworking, making, home business operations, or storage. HU-B1 zoning and an X flood zone designation are also part of the property profile. Built in 1951, the property is located at 3027 Paris Avenue, within reach of the Fair Grounds, Mid-City, Bayou St. John, and the French Quarter.
The connected workshop and studio provides dedicated room for art production, music activities, woodworking, making, home business operations, or storage. HU-B1 zoning and an X flood zone designation are also part of the property profile. Built in 1951, the property is located at 3027 Paris Avenue, within reach of the Fair Grounds, Mid-City, Bayou St. John, and the French Quarter.
Key Highlights
- 1,988‑square‑foot main residence with attached 1,700‑square‑foot workshop and studio
- Original hardwood floors, plaster walls, windows, and doors
- Ceilings measuring more than 9 feet high
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
$26,242
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
8.49%
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%
$524,840
$524.8K
Cap Rate 7%
$374,886
$374.9K
Cap Rate 9%
$291,578
$291.6K
Market Conditions
NOI Build-Up for 1,988 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
$47.7K $24.00/SF
− Vacancy
−$5.7K −$2.88/SF
EGI
$42.0K $21.12/SF
− OpEx
−$15.7K −$7.92/SF
NOI
$26.2K $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%
$524,840
Cap Rate 7%
$374,886
Cap Rate 9%
$291,578
Alternative Uses
Best Use
Office B
$421.7K
$369.0K – $492.0K
NOI $29,522 @ 7.0% cap · market cap 9.55%
Second Best
Mixed Use
$374.9K
$328.0K – $437.4K
NOI $26,242 @ 7.0% cap · market cap 8.49%
Theoretical Best
Office A
$520.2K
$455.2K – $606.9K
NOI $36,414 @ 7.0% cap · market cap 11.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
809
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Attached production space accommodates creative work, office functions, workshops, and storage.
Where is this live-work space located?
The property is located at 3027 Paris Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $309,000.
What are key features of this property?
This property features: 1,988‑square‑foot main residence with attached 1,700‑square‑foot workshop and studio; Original hardwood floors, plaster walls, windows, and doors; Ceilings measuring more than 9 feet high
