Historic Mixed-Use
For Sale
Contact for pricing
508 Natchez St, New Orleans, LA 70130
Two vacant ground-floor retail spaces with four occupied residences in a CBD-2 historic mixed-use district.
Property Size7,800 SF
Price / SF$250
Days on Market105
Property Features for 508 Natchez St
General Information
Standard status
Active
Size
7,800 SF
Property subtype
Retail, Multifamily, Mixed Use
Zoning
CBD-2
Occupancy
66%
Lease Type
Gross
Investment Type
Value Add
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Buildings
1
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
NAI Rampart
Listed By:
Nicholas Lahaye · License #LA995689669
Source:
Crexi
Added: May 27
Changed: Sep 2
Last Checked: Sep 7 at 4:41AM
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.
Built circa 1900, this historic mixed-use building combines street-level commercial space with multi-family units above. The 1st floor includes two vacant commercial spaces totaling approximately 2,200 SF, while the 2nd and 3rd floors are comprised of four fully occupied residential units.
Located in the CBD on Natchez Street between Magazine and Camp, the property sits on a historic commercial alley that retains a late-19th-century industrial scale. The immediate area is described as a “quiet core” of the Central Business District, with proximity to the Federal Courts, the St. Charles Streetcar, and dining on Magazine Street.
For buyers or operators, the layout provides flexibility: a ground-floor component that is currently vacant for future retail or office use, paired with existing residential occupancy above. With the property currently zoned CBD-2 Historic Commercial and Mixed-Use District, the described intent of the district is to support reuse of existing structures and smaller floor plates for office, retail, institutional, and residential uses that help maintain the vitality of the Central Business District as a destination for residents and visitors.
Located in the CBD on Natchez Street between Magazine and Camp, the property sits on a historic commercial alley that retains a late-19th-century industrial scale. The immediate area is described as a “quiet core” of the Central Business District, with proximity to the Federal Courts, the St. Charles Streetcar, and dining on Magazine Street.
For buyers or operators, the layout provides flexibility: a ground-floor component that is currently vacant for future retail or office use, paired with existing residential occupancy above. With the property currently zoned CBD-2 Historic Commercial and Mixed-Use District, the described intent of the district is to support reuse of existing structures and smaller floor plates for office, retail, institutional, and residential uses that help maintain the vitality of the Central Business District as a destination for residents and visitors.
Key Highlights
- Built c. 1900 with a mixed‑use setup in a CBD‑2 historic commercial district.
- Approximately 2,200 SF total: two vacant first‑floor commercial spaces.
- Includes 4 fully occupied residential units on the 2nd and 3rd floors.
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
$105,300
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
5.40%
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%
$2,106,000
$2.1M
Cap Rate 7%
$1,504,286
$1.5M
Cap Rate 9%
$1,170,000
$1.2M
Market Conditions
NOI Build-Up for 7,800 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
$187.2K $24.00/SF
− Vacancy
−$18.7K −$2.40/SF
EGI
$168.5K $21.60/SF
− OpEx
−$63.2K −$8.10/SF
NOI
$105.3K $13.50/SF
Area
New Orleans, LA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,106,000
Cap Rate 7%
$1,504,286
Cap Rate 9%
$1,170,000
Alternative Uses
Best Use
Mixed Use
$1.50M
$1.32M – $1.76M
NOI $105,300 @ 7.0% cap · market cap 5.40%
Second Best
Multifamily LT 5
$1.41M
$1.23M – $1.65M
NOI $98,767 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,775 @ 7.0% cap · market cap 7.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
9,866
Businesses Nearby
Explore this area
Business Placement
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Two vacant ground-floor retail spaces with four occupied residences in a CBD-2 historic mixed-use district.
Where is this quadplex located?
The property is located at 508 Natchez St New Orleans, LA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Built c. 1900 with a mixed‑use setup in a CBD‑2 historic commercial district.; Approximately 2,200 SF total: two vacant first‑floor commercial spaces.; Includes 4 fully occupied residential units on the 2nd and 3rd floors.
