Raised Flex Space with
For Sale
$989,000
3523 Tchoupitoulas St, New Orleans, LA 70115
Upper-level office and residential areas sit above covered parking and warehouse space in a mixed-use commercial configuration.
Property Size5,835 SF
Price / SF$169.49
Days on Market14
Property Features for 3523 Tchoupitoulas St
General Information
Standard status
Active
Size
5,835 SF
Property subtype
Office
Zoning
HU-MU
Warehouse & Industrial
Warehouse Space
3,400 SF
Drive-In Doors
1
Amenities
Power
Water
Sewer
Natural Gas
Building Details
Year Built
1910
Year Renovated
2022
Stories
2
Listing Agency:
Sunshine Brokers
(504) 236-8069
Listed By:
Robert Brent · License #000053159
(504) 236-8069
Source:
Lacdb.resimplifi
Added: Aug 19
Changed: Aug 31
Last Checked: Aug 31 at 12:44PM
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 Sunshine Brokers
Investment Insights
Based on property information with market context.
This flex-space property combines an elevated office and residential component with warehouse and covered parking below. The upper level measures 2435 ft² and includes an office, five bedrooms, and four bathrooms. The lower level provides 3400 ft² of warehouse and parking area, along with a full bathroom. A vehicle-accessible garage door allows approximately five cars to be stored beneath the structure.
The original building dates to 1910, with an addition completed in 2022. The home is raised 9 feet above Sea Level and is located in Flood Zone X. HU-MU zoning supports the property’s mixed-use configuration. The property is being sold with neighboring 117 Foster Street.
The original building dates to 1910, with an addition completed in 2022. The home is raised 9 feet above Sea Level and is located in Flood Zone X. HU-MU zoning supports the property’s mixed-use configuration. The property is being sold with neighboring 117 Foster Street.
Key Highlights
- 2435 ft² upper‑level office and residential area
- 3400 ft² warehouse and covered parking area below
- Vehicle‑accessible garage accommodates approximately five cars
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
$68,613
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
6.94%
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%
$1,372,260
$1.4M
Cap Rate 7%
$980,186
$980.2K
Cap Rate 9%
$762,367
$762.4K
Market Conditions
NOI Build-Up for 5,835 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
$103.6K $17.76/SF
− Vacancy
−$12.1K −$2.08/SF
EGI
$91.5K $15.68/SF
− OpEx
−$22.9K −$3.92/SF
NOI
$68.6K $11.76/SF
Area
ZIP 70115
Vacancy
11.72%
Lease Rate
$17.76 /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%
$1,372,260
Cap Rate 7%
$980,186
Cap Rate 9%
$762,367
Alternative Uses
Best Use
Office B
$980.2K
$857.7K – $1.14M
NOI $68,613 @ 7.0% cap · market cap 6.94%
Second Best
Flex RnD
$777.6K
$680.4K – $907.2K
NOI $54,434 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $107,761 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,687
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
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.
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Frequently Asked Questions
What type of property is this?
Flex space - Upper-level office and residential areas sit above covered parking and warehouse space in a mixed-use commercial configuration.
Where is this flex space located?
The property is located at 3523 Tchoupitoulas St New Orleans, LA.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: 2435 ft² upper‑level office and residential area; 3400 ft² warehouse and covered parking area below; Vehicle‑accessible garage accommodates approximately five cars
