Renovated Mixed-Use
For Sale
$679,000
323 VERRET Street, New Orleans, LA 70114
COMMERCIAL - New Orleans, LA
Property Size3,370 SF
Lot Size0.06 Acres
Price / SF$201.48
Days on Market57
Property Features for 323 VERRET Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HU-B1A
Lot features
Irregular
Subdivision
Algiers Point
Standard status
Active
APN
513101811
Size
3,370 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Description
SQ 17 REAR MOST PART OF LOT 8 AND LOT C OR NOW LOT X 45/12/27 X 70/59/32 323 VERRET ST
Legal Description
SQ 17 REAR MOST PART OF LOT 8 AND LOT C OR NOW LOT X 45/12/27 X 70/59/32 323 VERRET ST
Utilities
Water source
Public
Amenities
private rooftop
ADA features
Building Details
Year built
1910
Floors in Building
2
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Sally Crawford
(504) 235-6113
Added: Jun 17
Changed: Aug 4
Last Checked: Aug 12 at 8:06AM
MLS# 2563215
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-level mixed-use building totals 3,370 square feet and was renovated in 2022. The ground floor is leased to an established restaurant under a long-term NNN lease, with the restaurant business excluded from the sale. The upper level contains a renovated 1,315-square-foot residence with 2 bedrooms and 2 bathrooms, offering use as an owner's suite or rental. ADA features and a private rooftop are also included.
The property occupies 0.0642 acres at 323 Verret Street in New Orleans' Algiers Point, across the river from the French Quarter and near the Canal Street ferry. Zoning is HU-B1A, with public water service. The rooftop provides skyline and river views, and the building dates to 1910.
The property occupies 0.0642 acres at 323 Verret Street in New Orleans' Algiers Point, across the river from the French Quarter and near the Canal Street ferry. Zoning is HU-B1A, with public water service. The rooftop provides skyline and river views, and the building dates to 1910.
Key Highlights
- 3,370‑square‑foot three‑level mixed‑use building on 0.0642 acres
- Ground‑floor restaurant leased on a long‑term NNN lease; restaurant business excluded
- Renovated 1,315 SF upper‑level residence with 2BR/2BA layout
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
Lease Details
1
Residential units
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 - Restaurant tenancy and an updated upper-level residence create two distinct income components.
Where is this mixed-use property located?
The property is located at 323 VERRET Street 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: 3,370‑square‑foot three‑level mixed‑use building on 0.0642 acres; Ground‑floor restaurant leased on a long‑term NNN lease; restaurant business excluded; Renovated 1,315 SF upper‑level residence with 2BR/2BA layout
