Flex Space with Retail and
For Sale
$2,750,000
3619 S Carrollton Ave, New Orleans, LA 70118
MU-1-zoned property combines customer-facing retail space with interconnected commercial and warehouse improvements.
Property Size17,172 SF
Lot Size0.53 Acres
Price / SF$160.14
Days on Market113
Property Features for 3619 S Carrollton Ave
General Information
Standard status
Active
Size
17,172 SF
Lot size
0.53 Acres
Property subtype
Retail
Zoning
MU-1
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Opportunity Zone
Yes
Warehouse Space
5,180 SF
Building Details
Year Built
1951
Buildings
3
Listing Agency:
Corporate Realty - Main Office
(504) 518-5005
Listed By:
Michael Siegel · License #SALE.995719532
(504) 518-5005
Source:
Lacdb.resimplifi
Added: May 11
Changed: Aug 29
Last Checked: Aug 30 at 1:54PM
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 Corporate Realty - Main Office
Investment Insights
Based on property information with market context.
This MU-1 property brings together three connected commercial components: a 4,500-square-foot retail building, a two-story 7,492-square-foot general commercial building, and a 5,180-square-foot warehouse. The improvements total 17,172 square feet on 0.532 acres, with the retail structure facing South Carrollton Avenue and the warehouse located on Stroelitz Street. Built in 1951, the property is currently occupied by Modern Flooring.
The site is positioned along South Carrollton Avenue in New Orleans, within a retail corridor that includes Costco, CVS, Family Dollar, and Raising Cane’s. Xavier University is adjacent to the property and has a student population of over 3,200. Access to I-10 supports connectivity for the warehouse component, while reported traffic volume is 61,753 vpd. The property is also located within an opportunity zone.
The site is positioned along South Carrollton Avenue in New Orleans, within a retail corridor that includes Costco, CVS, Family Dollar, and Raising Cane’s. Xavier University is adjacent to the property and has a student population of over 3,200. Access to I-10 supports connectivity for the warehouse component, while reported traffic volume is 61,753 vpd. The property is also located within an opportunity zone.
Key Highlights
- 17,172‑square‑foot commercial property on 0.532 acres
- 4,500‑square‑foot retail building fronting South Carrollton Avenue
- Interconnected 7,492‑square‑foot, 2‑story general commercial building
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
$212,040
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
7.71%
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%
$4,240,800
$4.2M
Cap Rate 7%
$3,029,143
$3.0M
Cap Rate 9%
$2,356,000
$2.4M
Market Conditions
NOI Build-Up for 17,172 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
$309.1K $18.00/SF
− Vacancy
−$6.2K −$0.36/SF
EGI
$302.9K $17.64/SF
− OpEx
−$90.9K −$5.29/SF
NOI
$212.0K $12.35/SF
Area
New Orleans, LA
Vacancy
2.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$4,240,800
Cap Rate 7%
$3,029,143
Cap Rate 9%
$2,356,000
Alternative Uses
Best Use
Retail
$3.03M
$2.65M – $3.53M
NOI $212,040 @ 7.0% cap · market cap 7.71%
Second Best
Flex RnD
$2.33M
$2.04M – $2.71M
NOI $162,806 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$4.36M
$3.82M – $5.09M
NOI $305,519 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,257
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Mayas Food Connection — 4301 Tulane Ave, New Orleans, LA 70119
Frequently Asked Questions
What type of property is this?
Flex space - MU-1-zoned property combines customer-facing retail space with interconnected commercial and warehouse improvements.
Where is this flex space located?
The property is located at 3619 S Carrollton Ave New Orleans, LA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 17,172‑square‑foot commercial property on 0.532 acres; 4,500‑square‑foot retail building fronting South Carrollton Avenue; Interconnected 7,492‑square‑foot, 2‑story general commercial building
