Three-Level Mixed-Use
For Sale
$679,000
323 Verret St, New Orleans, LA 70114
Renovated property combines restaurant space, a two-bedroom residence, and rooftop space with skyline views.
Property Size3,370 SF
Price / SF$201.48
Days on Market63
Property Features for 323 Verret St
General Information
Standard status
Active
Size
3,370 SF
Property subtype
Hospitality
Zoning
HU-B1A
Amenities
Power
Water
Sewer
Natural Gas
Listing Agency:
eXp Realty
(504) 715-0115
Listed By:
Kasi Champagne · License #995685330
(504) 715-0115
Source:
Lacdb.resimplifi
Added: Jun 30
Changed: Aug 29
Last Checked: Aug 31 at 12:33PM
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 eXp Realty
Investment Insights
Based on property information with market context.
Renovated in 2022, this three-level mixed-use property at 323 Verret St. combines commercial and residential components within one building. The ground floor contains an established restaurant leased under a long-term triple-net arrangement. The restaurant business itself is excluded from the sale.
The upper portion includes a two-bedroom, two-bath residence with open living areas, updated finishes, and abundant natural light. A rooftop level provides views toward the New Orleans skyline, Crescent City Connection, and the surrounding historic district. Prior city approval was obtained for construction of a rooftop bar and deck. The property is located in Algiers Point and carries HU-B1A zoning.
The upper portion includes a two-bedroom, two-bath residence with open living areas, updated finishes, and abundant natural light. A rooftop level provides views toward the New Orleans skyline, Crescent City Connection, and the surrounding historic district. Prior city approval was obtained for construction of a rooftop bar and deck. The property is located in Algiers Point and carries HU-B1A zoning.
Key Highlights
- Renovated in 2022 and configured across three levels
- Ground‑floor restaurant subject to a long‑term triple‑net lease
- Two‑bedroom, two‑bath residence with open living areas
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
$47,557
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
7.00%
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%
$951,140
$951.1K
Cap Rate 7%
$679,386
$679.4K
Cap Rate 9%
$528,411
$528.4K
Market Conditions
NOI Build-Up for 3,370 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
$64.7K $19.20/SF
− Vacancy
−$1.3K −$0.38/SF
EGI
$63.4K $18.82/SF
− OpEx
−$15.9K −$4.70/SF
NOI
$47.6K $14.11/SF
Area
New Orleans, LA
Vacancy
2.00%
Lease Rate
$19.20 /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%
$951,140
Cap Rate 7%
$679,386
Cap Rate 9%
$528,411
Alternative Uses
Best Use
Specialty Retail
$679.4K
$594.5K – $792.6K
NOI $47,557 @ 7.0% cap · market cap 7.00%
Second Best
Mixed Use
$649.9K
$568.7K – $758.3K
NOI $45,495 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$856.5K
$749.5K – $999.3K
NOI $59,958 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
Explore this area
Business Placement
Demographics for 70114, LA
23,127
Population
11,860
Households
2
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
5.1 sq mi
ZIP Area
4,535
Density / Sq Mi
$41,435
Median Household Income
$31,743
Median Earnings
$1,113
Median Rent
$194,100
Median Home Value
Market
Vacancy Rate% for Retail in New Orleans, LA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated property combines restaurant space, a two-bedroom residence, and rooftop space with skyline views.
Where is this mixed-use property located?
The property is located at 323 Verret St New Orleans, LA.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Renovated in 2022 and configured across three levels; Ground‑floor restaurant subject to a long‑term triple‑net lease; Two‑bedroom, two‑bath residence with open living areas
