Flex Space with Dock
For Sale
$650,000
500 N Hennessey Street, New Orleans, LA 70119
HU-MU-zoned property with three-phase power and a mixed-use setting near residential neighborhoods.
Property Size5,435 SF
Lot Size0.31 Acres
Price / SF$119.60
Days on Market84
Property Features for 500 N Hennessey Street
General Information
Standard status
Active
Size
5,435 SF
Lot size
0.31 Acres
Property subtype
Industrial
Zoning
HU-MU
Warehouse & Industrial
Clear Height
19.5 ft
Dock-High Doors
7
Three-Phase Power
Yes
Additional Details
Road Access
Yes
Building Details
Building Size
5,435 SF
Listing Agency:
NAI Rampart Commercial Real Estate New Orleans
(504) 812-2388
Listed By:
Daniel Marse · License ##BROK.995704349-ASA
(504) 812-2388
Source:
Lacdb.resimplifi
Added: Jun 9
Changed: Aug 30
Last Checked: Aug 30 at 7:31PM
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 Commercial Real Estate New Orleans
Investment Insights
Based on property information with market context.
Located at 500 N Hennessey Street, this flex space includes approximately 5,435 SF of improvements on approximately 13,312 SF of land. The building offers seven dock-high loading doors, an 18'11" to 19'6" clear height, and three-phase power. Supplemental parking is available on the site. The property is offered in its existing condition, with sale documents incorporating a Waiver of Redhibition.
The site is zoned HU-MU, or Neighborhood Mixed-Use District. This designation is intended for areas near residential neighborhoods and supports mixed-use development designed to relate to nearby land uses and pedestrian activity. District guidance encourages active retail and personal service uses at ground level with residential above, while also allowing a variety of residential dwellings and higher residential densities when significant public benefits are provided. Zoning, overlays, and intended use should be verified by the purchaser.
The site is zoned HU-MU, or Neighborhood Mixed-Use District. This designation is intended for areas near residential neighborhoods and supports mixed-use development designed to relate to nearby land uses and pedestrian activity. District guidance encourages active retail and personal service uses at ground level with residential above, while also allowing a variety of residential dwellings and higher residential densities when significant public benefits are provided. Zoning, overlays, and intended use should be verified by the purchaser.
Key Highlights
- Approximately 5,435 SF of building improvements
- Approximately 13,312 SF of land with supplemental parking
- Seven dock‑high loading doors
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
$43,712
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
6.72%
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%
$874,240
$874.2K
Cap Rate 7%
$624,457
$624.5K
Cap Rate 9%
$485,689
$485.7K
Market Conditions
NOI Build-Up for 5,435 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
$54.1K $9.96/SF
− Vacancy
−$2.7K −$0.50/SF
EGI
$51.4K $9.46/SF
− OpEx
−$7.7K −$1.42/SF
NOI
$43.7K $8.04/SF
Area
ZIP 70119
Vacancy
5.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$874,240
Cap Rate 7%
$624,457
Cap Rate 9%
$485,689
Alternative Uses
Best Use
Warehouse
$624.5K
$546.4K – $728.5K
NOI $43,712 @ 7.0% cap · market cap 6.72%
Second Best
Flex RnD
$569.3K
$498.1K – $664.2K
NOI $39,849 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,552 @ 7.0% cap · market cap 15.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19 ft
Clear height
7
Dock-high doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,730
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - HU-MU-zoned property with three-phase power and a mixed-use setting near residential neighborhoods.
Where is this flex space located?
The property is located at 500 N Hennessey Street New Orleans, LA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Approximately 5,435 SF of building improvements; Approximately 13,312 SF of land with supplemental parking; Seven dock‑high loading doors
