Drug Store on Absolute NNN
For Sale
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3621 General De Gaulle Dr, New Orleans, LA 70114
Drug store leased to CVS under an absolute NNN structure with over 9.7 years remaining.
Property Size13,013 SF
Price / SF$409.59
Days on Market207
Property Features for 3621 General De Gaulle Dr
General Information
Standard status
Active
Size
13,013 SF
Property subtype
RETAIL
Additional Details
Traffic Count
30,000 vehicles/day
Building Details
Tenancy
Single
Listing Agency:
Lee & Associates | North San Diego County
(760) 929-9700
Listed By:
Ryan Bennett · License #01826517
(760) 519-0240
Source:
Moodyscre
Added: Feb 18
Changed: Aug 14
Last Checked: Sep 13 at 10:39AM
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 Lee & Associates | North San Diego County
Investment Insights
Based on property information with market context.
This drug store property is leased to CVS and structured as an absolute NNN lease. The lease term has over 9.7 years remaining, supporting long-term, passive income characteristics. CVS is identified as an investment-grade tenant with an S&P BBB credit rating.
The property is located in the city of New Orleans with frontage to General De Gaulle Drive, listed at 30,000 CPD. It is described as being on a major retail and travel corridor with only 4 miles to U.S. Hwy 90, listed at 60,000+ CPD, providing direct access to downtown New Orleans and serving a dense retail trade area.
With a total size of 13,013 square feet, the offering is presented as a pharmacy real estate opportunity positioned near medical centers and senior living facilities.
The property is located in the city of New Orleans with frontage to General De Gaulle Drive, listed at 30,000 CPD. It is described as being on a major retail and travel corridor with only 4 miles to U.S. Hwy 90, listed at 60,000+ CPD, providing direct access to downtown New Orleans and serving a dense retail trade area.
With a total size of 13,013 square feet, the offering is presented as a pharmacy real estate opportunity positioned near medical centers and senior living facilities.
Key Highlights
- Absolute NNN lease with CVS, S&P BBB credit rating
- Over 9.7 years remaining on the lease term
- Frontage to General De Gaulle Drive (30,000 CPD)
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
$183,639
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
3.45%
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%
$3,672,780
$3.7M
Cap Rate 7%
$2,623,414
$2.6M
Cap Rate 9%
$2,040,433
$2.0M
Market Conditions
NOI Build-Up for 13,013 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
$249.8K $19.20/SF
− Vacancy
−$5.0K −$0.38/SF
EGI
$244.9K $18.82/SF
− OpEx
−$61.2K −$4.70/SF
NOI
$183.6K $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%
$3,672,780
Cap Rate 7%
$2,623,414
Cap Rate 9%
$2,040,433
Alternative Uses
Best Use
Specialty Retail
$2.62M
$2.30M – $3.06M
NOI $183,639 @ 7.0% cap · market cap 3.45%
Second Best
Retail
$2.30M
$2.01M – $2.68M
NOI $160,685 @ 7.0% cap · market cap 3.01%
Theoretical Best
Office A
$3.31M
$2.89M – $3.86M
NOI $231,523 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
30,000 VPD
Traffic count
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
900
Businesses Nearby
127k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 54%
Shops & Services 42%
Electronics 4%
Beauty & Spa 1%
McDonald's
Dining
24,456 visits/mo
0.1 miles
Popeyes Louisiana Kitchen
Dining
14,604 visits/mo
0.4 miles
Capital One Bank
Shops & Services
12,744 visits/mo
0.3 miles
Dollar Tree
Shops & Services
12,361 visits/mo
0.3 miles
Exxon
Shops & Services
11,937 visits/mo
0.2 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in New Orleans, LA
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Frequently Asked Questions
What type of property is this?
Drug store - Drug store leased to CVS under an absolute NNN structure with over 9.7 years remaining.
Where is this drug store located?
The property is located at 3621 General De Gaulle Dr New Orleans, LA.
What is the asking price?
The asking price for this property is $5,330,000.
What are key features of this property?
This property features: Absolute NNN lease with CVS, S&P BBB credit rating; Over 9.7 years remaining on the lease term; Frontage to General De Gaulle Drive (30,000 CPD)
