Mixed-Use Building with Cafe and
New
For Sale
$695,000
4223 Saint Claude Ave, New Orleans, LA 70117
Renovated commercial-and-residential property with a cafe layout, upstairs apartment, covered porches, and HMC-2 zoning.
Property Size2,828 SF
Price / SF$245.76
Days on Market3
Property Features for 4223 Saint Claude Ave
General Information
Standard status
Active
Size
2,828 SF
Zoning
HMC-2
Amenities
covered porches
exterior storage
Building Details
Year Built
1926
Year Renovated
2016
Buildings
1
Listing Agency:
Witry Collective, L.L.C.
Listed By:
Katie Witry · License #995710150
(504) 919-8585
Source:
Dominionplace
Added: Sep 21
Last Checked: Sep 21 at 2:25PM
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 Witry Collective, L.L.C.
Investment Insights
Based on property information with market context.
This mixed-use property combines a first-floor cafe with a three-bedroom apartment above. The commercial level includes storefront glass, large windows, 11-foot ceilings, built-in counter service, seating areas, two half baths including one ADA-accessible restroom, and a substantial pantry and storage area. Food-service equipment includes a natural gas 60-inch range with six burners, a 24-inch griddle, and two ovens. The upper level features original wood floors, three independent bedrooms, a large bathroom, an open kitchen, two covered porches, and 9-foot ceilings. Two central systems serve the building, which also includes 78 square feet of exterior storage and outdoor plumbing.
Located on Saint Claude Avenue in New Orleans’ Upper 9th Ward, the property is within the St. Claude Main Street Program and is zoned HMC-2 within the Historic Marigny/Treme/Bywater Commercial District. The property qualifies for state and federal historic tax credits, and the zoning supports a range of permitted uses. Total area is 3,217 square feet, including the covered porches.
Located on Saint Claude Avenue in New Orleans’ Upper 9th Ward, the property is within the St. Claude Main Street Program and is zoned HMC-2 within the Historic Marigny/Treme/Bywater Commercial District. The property qualifies for state and federal historic tax credits, and the zoning supports a range of permitted uses. Total area is 3,217 square feet, including the covered porches.
Key Highlights
- 3,217 total square feet including covered porches
- First‑floor cafe with built‑in counter service, seating, pantry, and storage
- Three‑bedroom apartment with two covered porches above the commercial space
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
$41,685
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
6.00%
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%
$833,700
$833.7K
Cap Rate 7%
$595,500
$595.5K
Cap Rate 9%
$463,167
$463.2K
Market Conditions
NOI Build-Up for 2,828 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
$64.5K $22.80/SF
− Vacancy
−$8.9K −$3.15/SF
EGI
$55.6K $19.65/SF
− OpEx
−$13.9K −$4.91/SF
NOI
$41.7K $14.74/SF
Area
New Orleans, LA
Vacancy
13.80%
Lease Rate
$22.80 /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%
$833,700
Cap Rate 7%
$595,500
Cap Rate 9%
$463,167
Alternative Uses
Best Use
Office B
$595.5K
$521.1K – $694.8K
NOI $41,685 @ 7.0% cap · market cap 6.00%
Second Best
Specialty Retail
$570.1K
$498.9K – $665.2K
NOI $39,909 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$718.8K
$628.9K – $838.6K
NOI $50,315 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
801
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
Median Home Value
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Market
Vacancy Rate% for Office in New Orleans, LA
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated commercial-and-residential property with a cafe layout, upstairs apartment, covered porches, and HMC-2 zoning.
Where is this mixed-use property located?
The property is located at 4223 Saint Claude Ave New Orleans, LA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 3,217 total square feet including covered porches; First‑floor cafe with built‑in counter service, seating, pantry, and storage; Three‑bedroom apartment with two covered porches above the commercial space
