Triangular Restaurant Building
For Sale
Contact for pricing
3101 Esplanade Avenue, New Orleans, LA 70119
Shell-condition restaurant building on a triangular lot with HU-B1 zoning permitting full-service restaurant use by right.
Property Size1,961 SF
Price / SF$591.53
Days on Market64
Property Features for 3101 Esplanade Avenue
General Information
Standard status
Active
Size
1,961 SF
Property subtype
Retail, Office
Zoning
HU-B1
Listing Agency:
Newmark New Orleans
Listed By:
Timothy Thompson · License #LA 0995698769
Source:
Crexi
Added: Jun 8
Changed: Aug 8
Last Checked: Aug 10 at 4:49AM
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 Newmark New Orleans
Investment Insights
Based on property information with market context.
The property includes approximately 1,961 square feet of shell-condition building space positioned on a triangular 12,509 square foot lot. It is offered for sale as a restaurant-ready development site, with the improvements currently in shell condition, allowing an operator or buyer to tailor buildout to their specific concept.
The location is on historic Esplanade Avenue in the heart of the Esplanade Ridge. The property is zoned HU-B1 (Historic Urban Neighborhood Business District), a designation that explicitly permits full-service restaurant and food & beverage uses by right.
For a chef-driven neighborhood operator, this zoning framework supports a range of full-service food and beverage concepts without requiring use-specific approvals. The combination of shell-condition interior space and by-right restaurant permissions makes the site suitable for a new cafe, bistro, oyster bar, or neighborhood restaurant buildout, depending on the buyer’s plan for layout and final improvements.
The location is on historic Esplanade Avenue in the heart of the Esplanade Ridge. The property is zoned HU-B1 (Historic Urban Neighborhood Business District), a designation that explicitly permits full-service restaurant and food & beverage uses by right.
For a chef-driven neighborhood operator, this zoning framework supports a range of full-service food and beverage concepts without requiring use-specific approvals. The combination of shell-condition interior space and by-right restaurant permissions makes the site suitable for a new cafe, bistro, oyster bar, or neighborhood restaurant buildout, depending on the buyer’s plan for layout and final improvements.
Key Highlights
- 1,961 SF shell‑condition building space
- Triangular 12,509 SF lot
- HU‑B1 zoning permits full‑service restaurant and food & beverage uses by‑right
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
$33,208
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
2.86%
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%
$664,160
$664.2K
Cap Rate 7%
$474,400
$474.4K
Cap Rate 9%
$368,978
$369.0K
Market Conditions
NOI Build-Up for 1,961 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
$45.2K $23.04/SF
− Vacancy
−$904 −$0.46/SF
EGI
$44.3K $22.58/SF
− OpEx
−$11.1K −$5.64/SF
NOI
$33.2K $16.93/SF
Area
ZIP 70119
Vacancy
2.00%
Lease Rate
$23.04 /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%
$664,160
Cap Rate 7%
$474,400
Cap Rate 9%
$368,978
Alternative Uses
Best Use
Specialty Retail
$474.4K
$415.1K – $553.5K
NOI $33,208 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$513.1K
$449.0K – $598.7K
NOI $35,919 @ 7.0% cap · market cap 3.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,247
Businesses Nearby
10k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Shell
Shops & Services
10,096 visits/mo
0.1 miles
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 Retail 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?
Conventional restaurant - Shell-condition restaurant building on a triangular lot with HU-B1 zoning permitting full-service restaurant use by right.
Where is this conventional restaurant located?
The property is located at 3101 Esplanade Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $1,160,000.
What are key features of this property?
This property features: 1,961 SF shell‑condition building space; Triangular 12,509 SF lot; HU‑B1 zoning permits full‑service restaurant and food & beverage uses by‑right
