Mixed-Use Building with
For Sale
$1,050,000
5924 Magazine St, New Orleans, LA 70115
Street-level retail space is paired with two furnished residential units above.
Property Size3,849 SF
Price / SF$272.80
Days on Market356
Property Features for 5924 Magazine St
General Information
Standard status
Active
Size
3,849 SF
Property subtype
Retail
Zoning
HU-B1
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Amenities
courtyard
shed
Building Details
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Southeast Commercial Real Estate
(504) 339-2136
Listed By:
Matt Eaton, CCIM · License #0000072493
(504) 339-2136
Source:
Lacdb.resimplifi
Added: Sep 9, 2025
Changed: Aug 29
Last Checked: Aug 26 at 12:18PM
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 Southeast Commercial Real Estate
Investment Insights
Based on property information with market context.
This 3,849-square-foot mixed-use building combines ground-floor retail space with two furnished residential units on the second floor. Each apartment contains 1 bedroom and 1 bathroom within 962 square feet, with hardwood floors, renovated kitchens, and large windows oriented toward Magazine Street. Residents also have access to a courtyard and shed.
The property is located at 5924 Magazine Street in New Orleans and was built in 1950. Exterior information identifies HU-B1 and no on-site parking. The lease structure is NNN, and the building’s configuration accommodates commercial space at street level with residential occupancy above.
The property is located at 5924 Magazine Street in New Orleans and was built in 1950. Exterior information identifies HU-B1 and no on-site parking. The lease structure is NNN, and the building’s configuration accommodates commercial space at street level with residential occupancy above.
Key Highlights
- 3,849‑square‑foot mixed‑use building with retail space and residential units
- Two furnished 1BR/1BA apartments, each measuring 962 SF
- Apartments feature hardwood floors, renovated kitchens, and large windows
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
$46,765
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
4.45%
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%
$935,300
$935.3K
Cap Rate 7%
$668,071
$668.1K
Cap Rate 9%
$519,611
$519.6K
Market Conditions
NOI Build-Up for 3,849 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
$83.1K $21.60/SF
− Vacancy
−$8.3K −$2.16/SF
EGI
$74.8K $19.44/SF
− OpEx
−$28.1K −$7.29/SF
NOI
$46.8K $12.15/SF
Area
ZIP 70115
Vacancy
10.00%
Lease Rate
$21.60 /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%
$935,300
Cap Rate 7%
$668,071
Cap Rate 9%
$519,611
Alternative Uses
Best Use
Mixed Use
$668.1K
$584.6K – $779.4K
NOI $46,765 @ 7.0% cap · market cap 4.45%
Second Best
Retail
$479.8K
$419.8K – $559.8K
NOI $33,586 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$1.02M
$888.5K – $1.18M
NOI $71,083 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,605
Businesses Nearby
104k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 60%
Dining 18%
Shops & Services 16%
Beauty & Spa 4%
Whole Foods Market
Groceries
35,673 visits/mo
0.2 miles
Winn-Dixie
Groceries
27,134 visits/mo
0.5 miles
Shell
Shops & Services
11,566 visits/mo
0.4 miles
Starbucks
Dining
7,234 visits/mo
0.1 miles
Wendy's
Dining
5,390 visits/mo
0.5 miles
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
Median Home Value
Market
Vacancy Rate% for Retail in New Orleans, LA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level retail space is paired with two furnished residential units above.
Where is this mixed-use property located?
The property is located at 5924 Magazine St New Orleans, LA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 3,849‑square‑foot mixed‑use building with retail space and residential units; Two furnished 1BR/1BA apartments, each measuring 962 SF; Apartments feature hardwood floors, renovated kitchens, and large windows
