Mixed-Use Corner
For Sale
$1,000,000
361 /363 Whitney Ave, Gretna, LA 70056
MUCD-zoned property combines commercial buildings and a residential structure beside an established regional shopping center.
Property Size6,485 SF
Price / SF$154.20
Days on Market42
Property Features for 361 /363 Whitney Ave
General Information
Standard status
Active
Size
6,485 SF
Building Details
Year Built
1950
Listing Agency:
Generations Realty Group, LLC
(504) 400-1893
Listed By:
Mary Cheramie · License #995713763
Source:
Fiorellaavenue
Added: Jul 21
Changed: Aug 31
Last Checked: Aug 31 at 3:58AM
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 Generations Realty Group, LLC
Investment Insights
Based on property information with market context.
This mixed-use property in Gretna includes two income-producing commercial buildings along Whitney Avenue and a vacant single-family residence on Costanza Drive. The improvements comprise a ±2,000 SF cement-block building with a ±450 SF addition at 361 Whitney Avenue, a ±1,500 SF cement-block building at 363 Whitney Avenue, and the brick residence at 124 Costanza Drive. The commercial buildings are leased to Fine Line, Inc. and Versatile Floors, respectively.
The ±1.3-acre corner site fronts approximately 142.7 feet on Whitney Avenue and approximately 400 feet on Costanza Drive. Its MUCD zoning supports a range of stated uses, including retail, office, medical, and hospitality. The property adjoins Oakwood Shopping Center, anchored by Dillard’s, JCPenney, and Dick’s Sporting Goods, and is approximately five minutes from Downtown New Orleans with access to the Westbank Expressway (US-90).
The ±1.3-acre corner site fronts approximately 142.7 feet on Whitney Avenue and approximately 400 feet on Costanza Drive. Its MUCD zoning supports a range of stated uses, including retail, office, medical, and hospitality. The property adjoins Oakwood Shopping Center, anchored by Dillard’s, JCPenney, and Dick’s Sporting Goods, and is approximately five minutes from Downtown New Orleans with access to the Westbank Expressway (US-90).
Key Highlights
- ±1.3‑acre corner parcel in Gretna, Louisiana
- Approximately 142.7 feet of frontage on Whitney Avenue and approximately 400 feet on Costanza Drive
- MUCD zoning allows retail, office, medical, hospitality, and other stated uses
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
$85,602
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
8.56%
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%
$1,712,040
$1.7M
Cap Rate 7%
$1,222,886
$1.2M
Cap Rate 9%
$951,133
$951.1K
Market Conditions
NOI Build-Up for 6,485 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
$155.6K $24.00/SF
− Vacancy
−$18.7K −$2.88/SF
EGI
$137.0K $21.12/SF
− OpEx
−$51.4K −$7.92/SF
NOI
$85.6K $13.20/SF
Area
Jefferson County, LA
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,712,040
Cap Rate 7%
$1,222,886
Cap Rate 9%
$951,133
Alternative Uses
Best Use
Retail
$1.46M
$1.28M – $1.71M
NOI $102,498 @ 7.0% cap · market cap 10.25%
Second Best
Mixed Use
$1.22M
$1.07M – $1.43M
NOI $85,602 @ 7.0% cap · market cap 8.56%
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,765 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,611
Businesses Nearby
198k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 43%
Shops & Services 34%
Dining 15%
Hotels & Casinos 7%
Dillard's
Apparel
45,292 visits/mo
0.3 miles
Shell
Shops & Services
22,444 visits/mo
0.4 miles
JCPenney
Apparel
21,413 visits/mo
0.1 miles
McDonald's
Dining
21,139 visits/mo
0.5 miles
Dollar Tree
Shops & Services
20,693 visits/mo
0.1 miles
Demographics for 70056, LA
41,498
Population
15,784
Households
2.6
Avg Household Size
36
Median Age
28%
College-Educated
87%
High-School Grad
6.8 sq mi
ZIP Area
6,103
Density / Sq Mi
$61,831
Median Household Income
$36,062
Median Earnings
$1,163
Median Rent
$223,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - MUCD-zoned property combines commercial buildings and a residential structure beside an established regional shopping center.
Where is this mixed-use property located?
The property is located at 361 /363 Whitney Ave Gretna, LA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: ±1.3‑acre corner parcel in Gretna, Louisiana; Approximately 142.7 feet of frontage on Whitney Avenue and approximately 400 feet on Costanza Drive; MUCD zoning allows retail, office, medical, hospitality, and other stated uses
