Historic Spa
For Sale
$595,000
536 Bienville St Unit 2, New Orleans, LA 70130
Second-floor commercial unit with private treatment rooms and a layout adaptable to office or residential use.
Property Size1,616 SF
Price / SF$368.19
Days on Market28
Property Features for 536 Bienville St Unit 2
General Information
Standard status
Active
Size
1,616 SF
Zoning
VCC-2
Additional Details
Floor
2
Office Units
1
Building Details
Year Built
1910
Buildings
1
Stories
4
Construction
Austrian Secessionist
Tenancy
Single
Owner Occupied
Yes
Listing Agency:
FQR Realtors
(504) 491-0484
Listed By:
Michael Wilkinson · License #000001640
Source:
Dominionplace
Added: Aug 4
Changed: Aug 29
Last Checked: Aug 31 at 7:27PM
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 FQR Realtors
Investment Insights
Based on property information with market context.
Unit #2 occupies the full second floor of a four-story building at 536 Bienville St in New Orleans’ French Quarter. The 1,616-square-foot space retains original hardwood flooring, exposed brick, and tall windows, creating a distinctive interior suited to continued commercial use or a residential conversion.
The current spa configuration includes approximately four private treatment rooms, a locker and robe room, and a finished shower suite. The property is zoned VCC-2 for commercial or residential use. Built in 1910, the building features Austrian Secessionist architectural design by Jordan McKenzie, along with three original concrete gnome figures incorporated into the Bienville Street façade. The existing owner’s business, Spa Atlantis, is not included in the sale.
The current spa configuration includes approximately four private treatment rooms, a locker and robe room, and a finished shower suite. The property is zoned VCC-2 for commercial or residential use. Built in 1910, the building features Austrian Secessionist architectural design by Jordan McKenzie, along with three original concrete gnome figures incorporated into the Bienville Street façade. The existing owner’s business, Spa Atlantis, is not included in the sale.
Key Highlights
- Full second‑floor unit totaling 1,616 square feet
- Approximately four private treatment rooms, plus locker and robe room
- VCC‑2 zoning supports commercial or residential use
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
$23,820
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
4.00%
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%
$476,400
$476.4K
Cap Rate 7%
$340,286
$340.3K
Cap Rate 9%
$264,667
$264.7K
Market Conditions
NOI Build-Up for 1,616 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
$36.8K $22.80/SF
− Vacancy
−$5.1K −$3.15/SF
EGI
$31.8K $19.65/SF
− OpEx
−$7.9K −$4.91/SF
NOI
$23.8K $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%
$476,400
Cap Rate 7%
$340,286
Cap Rate 9%
$264,667
Alternative Uses
Best Use
Office B
$340.3K
$297.8K – $397.0K
NOI $23,820 @ 7.0% cap · market cap 4.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$410.7K
$359.4K – $479.2K
NOI $28,751 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
10,425
Businesses Nearby
Balanced
Demand for This Use
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 Office in New Orleans, LA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Zen Therapies NOLA — 220 Julia St, New Orleans, LA 70130
- Hidden Root Acupuncture — 639 Julia St, New Orleans, LA 70130
- Southern Skin and Wellness — 644 Camp St, New Orleans, LA 70130
- Caesar's New Orleans Health — 555 Convention Center Blvd, New Orleans, LA 70130
- Anders Ridge Wellness — 1107 Poydras St, New Orleans, LA 70112
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Second-floor commercial unit with private treatment rooms and a layout adaptable to office or residential use.
Where is this spa & wellness property located?
The property is located at 536 Bienville St Unit 2 New Orleans, LA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Full second‑floor unit totaling 1,616 square feet; Approximately four private treatment rooms, plus locker and robe room; VCC‑2 zoning supports commercial or residential use
