Live-Work Property with Detached
For Sale
$299,900
427 Opelousas Avenue, New Orleans, LA 70114
HU-MU zoning, a gated driveway and a separate studio are among its practical features.
Property Size1,008 SF
Price / SF$297.52
Days on Market21
Property Features for 427 Opelousas Avenue
General Information
Standard status
Active
Size
1,008 SF
Total Parking Spaces
4
Property subtype
Commercial
Zoning
HU-MU
Site & Location
Neighborhood
Algiers Point
Utilities to Site
Yes
Mixed-Use Components
residential, office
Additional Details
Opportunity Zone
Yes
Amenities
covered patio
detached art studio/home office/bunkhouse
remote-controlled electronic security driveway gate
3-phase power
Building Details
Building Size
1,008 SF
Year Built
1960
Buildings
2
Stories
1
Construction
mid-century modern
Listing Agency:
Cypress Key Realty LLC
Listed By:
Christopher Romero
(504) 250-4848
Source:
Cypresskeyrealty
Added: Oct 4
Changed: Oct 23
Last Checked: Oct 23 at 4:00PM
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 Cypress Key Realty LLC
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Investment Insights
Based on property information with market context.
This 1,008-square-foot live-work property was built in 1960 and has served as both a commercial building and a two-bedroom, one-bath cottage. A detached structure has been used as an art studio, home office or bunkhouse. The property also includes a covered patio, a full-length driveway with a remote-controlled security gate, three-phase power and parking for up to four vehicles. HU-MU zoning applies.
The property is in Algiers Point, within the Algiers Point Historic District, the Opportunity Zone Overlay and the Old Algiers Cultural Arts District. The levee bike path and ferry service to Canal Street are nearby, as are Federal City, MARFORRES and USCG District Headquarters.
The property is in Algiers Point, within the Algiers Point Historic District, the Opportunity Zone Overlay and the Old Algiers Cultural Arts District. The levee bike path and ferry service to Canal Street are nearby, as are Federal City, MARFORRES and USCG District Headquarters.
Key Highlights
- 1,008‑square‑foot property built in 1960
- HU‑MU zoning
- Previously used as a two‑bedroom, one‑bath cottage and commercial building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,858
Cap Rate
4.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$297,160
$297.2K
Cap Rate 7%
$212,257
$212.3K
Cap Rate 9%
$165,089
$165.1K
Market Conditions
NOI Build-Up for 1,008 SF
Gross rent
$23.0K $22.80/SF
− Vacancy
−$3.2K −$3.15/SF
EGI
$19.8K $19.65/SF
− OpEx
−$5.0K −$4.91/SF
NOI
$14.9K $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 Rate 5%
$297,160
Cap Rate 7%
$212,257
Cap Rate 9%
$165,089
Alternative Uses
Best Use
Office B
$212.3K
$185.7K – $247.6K
NOI $14,858 @ 7.0% cap · market cap 4.95%
Second Best
Mixed Use
$194.4K
$170.1K – $226.8K
NOI $13,608 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$256.2K
$224.2K – $298.9K
NOI $17,934 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
574
Businesses Nearby
Explore this area
Business Placement
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
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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
Frequently Asked Questions
What type of property is this?
Live-work space - HU-MU zoning, a gated driveway and a separate studio are among its practical features.
Where is this live-work space located?
The property is located at 427 Opelousas Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,008‑square‑foot property built in 1960; HU‑MU zoning; Previously used as a two‑bedroom, one‑bath cottage and commercial building
