Four-Story Office Building with
416 GRAVIER Street New Orleans, LA 70130
For Sale
$3,200,000
Four-story office building with a rear courtyard, positioned in the Picayune Place Historic District.
Property Size15,939 SF
Price / SF$200.77
Days on Market651
Property Features for 416 GRAVIER Street
General Information
- Standard status
- Active
- Size
- 15,939 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1960
Listing Agency:
Studio LACO LLC
(303) 956-5620
Listed By:
Laura Amann
(303) 956-5620
Source:
Xome
Added: Oct 12, 2024
Changed: Jul 23
Last Checked: Jul 23 at 8:15AM
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 Studio LACO LLC
Investment Insights
Based on property information with market context.
This four-story office building was used for many years as a law firm and includes a rear courtyard. The property presents a redevelopment opportunity within the Picayune Place Historic District.
Located at 416 Gravier Street in New Orleans, the building offers proximity to the Windsor Court Hotel, Caesars Casino, the French Quarter, and the Ernest N. Morial Convention Center.
According to the provided remarks, the highest and best uses are described as a boutique hotel or a residential conversion.
Located at 416 Gravier Street in New Orleans, the building offers proximity to the Windsor Court Hotel, Caesars Casino, the French Quarter, and the Ernest N. Morial Convention Center.
According to the provided remarks, the highest and best uses are described as a boutique hotel or a residential conversion.
Key Highlights
- Four‑story office building with a rear courtyard
- Located in the Picayune Place Historic District
- Zoned CBD2
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $363.4k | $22.80 |
| − Vacancy | −$50.2k | −$3.15 |
| EGI | $313.3k | $19.65 |
| − OpEx | −$78.3k | −$4.91 |
| NOI | $234.9k | $14.74 |
15,939 SF · lease $22.80/SF/yr · vacancy 13.80% · expense 25.00%
Alternative Uses
Best Use
Office B
$3.36M
$2.94M – $3.92M
NOI $234,944 @ 7.0% cap · market cap 7.34%
Second Best
Hotel Hospitality
$856.6K
$749.5K – $999.4K
NOI $59,963 @ 7.0% cap · market cap 1.87%
Theoretical Best
Office A
$4.05M
$3.54M – $4.73M
NOI $283,582 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Cummings Cummings & Dudenhefer
Law Firm
Richard A. Weigand APLC
Law Firm
FAQs
What type of property is this?
Office building - Four-story office building with a rear courtyard, positioned in the Picayune Place Historic District.
Where is this office building located?
The property is located at 416 GRAVIER Street New Orleans, LA.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Four‑story office building with a rear courtyard; Located in the Picayune Place Historic District; Zoned CBD2
