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    Medical Office Condo For Sale Title is generated by Realmo AI

    3525 Prytania St, New Orleans, LA 70115

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    Medical/Professional office condo for sale in Touro Medical Building.

    Type:Office
    Property size:
    911 SF
    Price / SF:
    $127/SF
    Added:
    Oct 1, 2024
    Days on Market:
    614
    Last Refresh:
    May 12 at 9:42 pm

    Property Features for 3525 Prytania St

    General Information

    Standard status
    Active
    Size
    911 SF
    Property subtype
    Office

    Building Details

    Year Built
    1975

    We can help!

    Listing Contact
    Kim Trosclair

    Listing agent Kim Trosclair License #LA, 73067

    Listing office NAI Latter & Blum New Orleans

    Listing date Oct 1, 2024

    Source Crexi

    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 NAI Latter & Blum New Orleans

    HighLights

    • Prime location across from Touro Infirmary and one block from St. Charles Avenue and the streetcar line.
    • Suitable for medical/healthcare/professional offices.
    • Condo fee includes janitorial services, utilities (excluding phone/internet), condo management, and building insurance.
    • Handicapped accessible bathroom and ramp/breezeway access to Touro Hospital from the third floor.
    • Potential to combine with Suites 320 & 321 for a total of 5918 SF (7005 SF w/ common).
    • Garage parking spaces available for lease.

    Overview

    Located on the third floor of the Touro Medical Office Building/Chase Building, this medical/professional office condo is available for sale. The property is situated across the street from Touro Infirmary, offering a convenient location on the corner of Prytania and Foucher Streets, with access from Prytania Street and one block off of St. Charles Avenue. It is also located one block off the street car line. The available space, Suite 319, is 777 square feet (911 square feet with common areas). The current configuration includes three offices, a handicapped-accessible bathroom, a waiting room, and a staff room, encompassing a total of six rooms, one of which is a bathroom. The condo fee covers janitorial services, utilities (excluding phone/internet), condo management, and condo building insurance. The property is located on the third floor with garage access and is the only floor in the building that has ramp/breezeway access to Touro Hospital. Adjacent garage parking spaces may be leased by the new owner/tenant. This space is suitable for medical, healthcare, and professional offices.
    Location Intelligence

    Current Use by Public Records

    Lane Robert E ... Dental Office Dr. Charles Silvia, ... Dental Office Mahroo Nazafarine DDS Dental Office Southern Oral Surgery ... Dental Office Glazer Family Dentistry Dental Office

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Magazine Street Animal Clinic — 3969 Tchoupitoulas St, New Orleans, LA 70115
    • Humane Society of New Orleans — 831 Bordeaux St, New Orleans, LA 70115
    • Saacks III Antoine DVM — 831 Bordeaux St, New Orleans, LA 70115
    • Dog Day Afternoon — 831 Bordeaux St, New Orleans, LA 70115
    • East Riverside Veterinary Hospital — 3969 Tchoupitoulas St, New Orleans, LA 70115

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Jefferson
    State
    Louisiana
    Longitude
    -90.0926309
    Latitude
    29.92676

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    FAQs

    What type of property is this?
    Medical Office Space - Medical/Professional office condo for sale in Touro Medical Building.
    Where is this medical office space located?
    The property is located at 3525 Prytania St New Orleans, LA.
    What is the asking price?
    The asking price for this property is $116,550.
    What are key features of this property?
    This property features: Prime location across from Touro Infirmary and one block from St. Charles Avenue and the streetcar line.; Suitable for medical/healthcare/professional offices.; Condo fee includes janitorial services, utilities (excluding phone/internet), condo management, and building insurance.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Kim Trosclair
    Real Estate License ID: LA, 73067
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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