Three-Story Mixed-Use
For Sale
$1,100,000
Pending
616 Conti St, New Orleans, LA 70130
VCC-2-zoned property with restaurant and retail plans, restored historic details, and approved courtyard enclosure rights.
Property Size4,609 SF
Days on Market227
Property Features for 616 Conti St
General Information
Standard status
Pending
Size
4,609 SF
Property subtype
Retail
Zoning
VCC-2
Building Details
Buildings
1
Stories
3
Listing Agency:
Corporate Realty - Main Office
(504) 236-7507
Listed By:
Sydney Anderson · License #995682176
(504) 236-7507
Source:
Lacdb.resimplifi
Added: Jan 16
Changed: Aug 29
Last Checked: Aug 30 at 1:53PM
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 Corporate Realty - Main Office
Investment Insights
Based on property information with market context.
This 4,609-square-foot, three-story mixed-use building is fully gutted and prepared for construction. Improvements include a newly installed slate roof, repointed interior brick, repaired and primed original millwork, and galleries that can be adapted for occupancy. Restaurant and bar drawings are approximately 85% complete, with architectural plans by NANO included in the sale. The property also carries approval to enclose an existing courtyard, creating the ability to add interior area while preserving exterior space. Double galleries on the second and third floors overlook the Louisiana Supreme Court building.
Located at 616 Conti St, the building sits between Royal and Chartres Streets, across from the Louisiana Supreme Court and three blocks from Jackson Square. Galleries, museums, antique shops, and destination restaurants surround the property. VCC-2 zoning and available state and federal historic tax credits further support redevelopment planning.
Located at 616 Conti St, the building sits between Royal and Chartres Streets, across from the Louisiana Supreme Court and three blocks from Jackson Square. Galleries, museums, antique shops, and destination restaurants surround the property. VCC-2 zoning and available state and federal historic tax credits further support redevelopment planning.
Key Highlights
- 4,609‑square‑foot, three‑story mixed‑use building at 616 Conti St
- VCC‑2 zoning with restaurant/bar drawings approximately 85% complete
- Architectural drawings by NANO included with the sale
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
$65,042
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
5.91%
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%
$1,300,840
$1.3M
Cap Rate 7%
$929,171
$929.2K
Cap Rate 9%
$722,689
$722.7K
Market Conditions
NOI Build-Up for 4,609 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
$88.5K $19.20/SF
− Vacancy
−$1.8K −$0.38/SF
EGI
$86.7K $18.82/SF
− OpEx
−$21.7K −$4.70/SF
NOI
$65.0K $14.11/SF
Area
New Orleans, LA
Vacancy
2.00%
Lease Rate
$19.20 /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%
$1,300,840
Cap Rate 7%
$929,171
Cap Rate 9%
$722,689
Alternative Uses
Best Use
Specialty Retail
$929.2K
$813.0K – $1.08M
NOI $65,042 @ 7.0% cap · market cap 5.91%
Second Best
Mixed Use
$888.9K
$777.8K – $1.04M
NOI $62,222 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,002 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9,769
Businesses Nearby
373k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 60%
Dining 14%
Groceries 11%
Shops & Services 8%
The Ritz-Carlton, New Orleans
Hotels & Casinos
59,768 visits/mo
0.2 miles
Rouses Market
Groceries
35,073 visits/mo
0.2 miles
Chevron
Shops & Services
23,516 visits/mo
0.3 miles
DoubleTree by Hilton Hotel New Orleans
Hotels & Casinos
18,904 visits/mo
0.4 miles
Dick's Last Resort
Dining
16,371 visits/mo
0.2 miles
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 Retail in New Orleans, LA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - VCC-2-zoned property with restaurant and retail plans, restored historic details, and approved courtyard enclosure rights.
Where is this mixed-use property located?
The property is located at 616 Conti St New Orleans, LA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 4,609‑square‑foot, three‑story mixed‑use building at 616 Conti St; VCC‑2 zoning with restaurant/bar drawings approximately 85% complete; Architectural drawings by NANO included with the sale
