Historic Mixed-Use
For Sale
$695,000
4223 SAINT CLAUDE Avenue, New Orleans, LA 70117
Commercial, New Orleans, LA
Property Size2,828 SF
Price / SF$245.76
Days on Market339
Property Features for 4223 SAINT CLAUDE Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HMC-2
Lot features
Regular
Subdivision
Bywater
Standard status
Active
APN
SQ 413 LOT 1 OR 7
Size
2,828 SF
Taxes and HOA fees
Tax Description
SQ 413 LOT 1 OR 7 ST CLAUDE 27X120 GEN BUS.1380 SF FT 4. RES 1380 SQ FT 5. 2/STORY FR STORE
Legal Description
SQ 413 LOT 1 OR 7 ST CLAUDE 27X120 GEN BUS.1380 SF FT 4. RES 1380 SQ FT 5. 2/STORY FR STORE
Utilities
Water source
Public
Amenities
seating area
built-in counter service
large pantry/storage
covered porches
central systems
outdoor plumbing
Building Details
Year built
1926
Floors in Building
2
Listing Agency:
Witry Collective, L.L.C.
(504) 291-2022
Listed By:
Katie Witry · License #995710150
(504) 919-8585
Added: Oct 13, 2025
Changed: Sep 14
Last Checked: Sep 16 at 12:06AM
MLS# 2526354
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property at 4223 Saint Claude Avenue combines a renovated café buildout with a three-bedroom apartment above. The commercial level features storefront glazing, large windows, 11-foot ceilings, seating, built-in counter service, two half baths including one ADA-accessible restroom, pantry and storage areas, and natural-gas cooking equipment with a 60-inch range, six burners, a 24-inch griddle, and two ovens. The upper level includes original wood flooring, two covered porches, an open kitchen with an original chimney, one full bathroom, 9-foot ceilings, and two central systems.
The property is zoned HMC-2 within the Historic Marigny/Tremé/Bywater Commercial District and is identified as eligible for state and federal historic tax credits. Additional features include 78 square feet of exterior storage, outdoor plumbing, public water, Flood Zone X designation, a termite contract, and abundant natural light. The building was renovated into a café in 2016.
The property is zoned HMC-2 within the Historic Marigny/Tremé/Bywater Commercial District and is identified as eligible for state and federal historic tax credits. Additional features include 78 square feet of exterior storage, outdoor plumbing, public water, Flood Zone X designation, a termite contract, and abundant natural light. The building was renovated into a café in 2016.
Key Highlights
- Three‑bedroom apartment above a renovated café space
- HMC‑2 zoning in the Historic Marigny/Tremé/Bywater Commercial District
- Café buildout includes a 60‑inch range, six burners, 24‑inch griddle, and two ovens
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
Lease Details
11 ft
Clear height
1
Residential units
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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Cap Rate, Value Estimation, Potential NOI and more
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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 café space pairs with an upstairs apartment for an owner-occupant configuration.
Where is this mixed-use property located?
The property is located at 4223 SAINT CLAUDE Avenue 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: Three‑bedroom apartment above a renovated café space; HMC‑2 zoning in the Historic Marigny/Tremé/Bywater Commercial District; Café buildout includes a 60‑inch range, six burners, 24‑inch griddle, and two ovens
