Frenchmen Street Development
421 Frenchmen St New Orleans, LA 70116
421 Frenchmen St, New Orleans, LA, 70116
Contact for pricing
For Sale
Contact for pricing
Prime corner parcel in vibrant entertainment district.
Property Size15,308 SF
Lot Size0.11 Acres
Price / SF$293.96
Days on Market721
Property Features for 421 Frenchmen St
General Information
- Standard status
- Active
- Size
- 15,308 SF
- Lot size
- 0.11 Acres
- Property subtype
- Retail, Office, Mixed Use
Listing Agency
NAI Rampart
(504) 288-4100
Listed by
Reed Wiley, CCIM · License #LA BROK.995704349-ASA
Source
Crexi
Added: Jul 31, 2024 Updated: Jul 10 at 3:41 pm Checked: Jul 21 at 7:06 am
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 Rampart
Investment Insights
Based on property information with market context.
An unparalleled development opportunity is available at the intersection of Frenchmen and Decatur Streets. Located at 421 Frenchmen Street, this property serves as the gateway to the lively Frenchmen Street entertainment district in the Faubourg Marigny, an area known for its vibrant atmosphere. The neighborhood features live music venues, diverse restaurants, bars, coffee shops, and local businesses, including record and book shops. This historic-tax-credit-eligible property offers approximately 15,308 square feet of improvements, supplemented by an elevator shaft, on a corner parcel of approximately 4,876 square feet. The site is zoned HMC-2 (Historic Marigny/Tremé/Bywater Commercial District) with RDO-1, AC-1, RIV overlays, allowing for a multitude of uses. The HMC-2 zoning is intended to permit more intensive commercial uses while protecting the historic character of the Marigny/Tremé/Bywater area. This district includes properties that front on major traffic arteries and can provide access for more intense commercial uses. The zoning also allows higher residential densities when a project provides significant public benefit.
Key Highlights
- Prime location at the intersection of Frenchmen and Decatur Streets, the gateway to the Frenchmen Street entertainment district.
- Substantial ±15,308 SF of improvements on a ±4,876 SF corner parcel.
- Historic‑tax‑credit‑eligible property.
Local Financial Insights For Mixed Use
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 | $367.4k | $24.00 |
| − Vacancy | −$36.7k | −$2.40 |
| EGI | $330.7k | $21.60 |
| − OpEx | −$124.0k | −$8.10 |
| NOI | $206.7k | $13.50 |
15,308 SF · lease $24.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$2.95M
$2.58M – $3.44M
NOI $206,658 @ 7.0% cap · market cap 4.59%
Second Best
Retail
$2.70M
$2.36M – $3.15M
NOI $189,023 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$3.89M
$3.40M – $4.54M
NOI $272,355 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Consumer Protection Law ...
Law Firm
New Orleans Music ...
Tour Operator
Louisiana Music Factory
(Bike/Boat/Book/etc) Store
Aphrodite Alcohol Programs ...
Counselor
Louisiana Citizens for Culture
Association Or Organization
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Prime corner parcel in vibrant entertainment district.
Where is this mixed-use property located?
The property is located at 421 Frenchmen St New Orleans, LA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Prime location at the intersection of Frenchmen and Decatur Streets, the gateway to the Frenchmen Street entertainment district.; Substantial ±15,308 SF of improvements on a ±4,876 SF corner parcel.; Historic‑tax‑credit‑eligible property.
