Historic Office Building For
For Sale
Contact for pricing
Pending
616 Girod St, New Orleans, LA 70130
Three-story historic building in downtown New Orleans, ideal for redevelopment.
Property Size10,300 SF
Days on Market1009
Property Features for 616 Girod St
General Information
Standard status
Pending
Size
10,300 SF
Property subtype
Office
Zoning
CBD-5
Building Details
Year Built
1873
Buildings
1
Stories
3
Listing Agency:
Corporate Realty
(504) 581-5005
Listed By:
William Sadler · License #LA SALE.0995692597-ACT
Source:
Crexi
Added: Nov 27, 2023
Changed: Aug 26
Last Checked: Aug 31 at 8:37AM
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
Investment Insights
Based on property information with market context.
This three-story historic building is located on the corner of Girod and Church streets in downtown New Orleans. Its central location places it directly across from the F. Edward Hebert Federal Building and near Lafayette Square Park, the Hale Boggs Federal Building, and the U.S. Court of Appeals. The property is situated half a block from both the uptown and downtown St. Charles streetcars and is close to hotels, restaurants, Class A office towers, and the Warehouse District art galleries and museums. The building is in excellent condition and offers 10,300 square feet of space. This property presents an opportunity for an owner-user for office use or redevelopment.
Key Highlights
- Highly desirable central downtown New Orleans location.
- Proximity to federal buildings, Lafayette Square Park, and the U.S. Court of Appeals.
- Half a block from both uptown and downtown St. Charles streetcars.
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
$151,824
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
6.25%
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%
$3,036,480
$3.0M
Cap Rate 7%
$2,168,914
$2.2M
Cap Rate 9%
$1,686,933
$1.7M
Market Conditions
NOI Build-Up for 10,300 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
$234.8K $22.80/SF
− Vacancy
−$32.4K −$3.15/SF
EGI
$202.4K $19.65/SF
− OpEx
−$50.6K −$4.91/SF
NOI
$151.8K $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%
$3,036,480
Cap Rate 7%
$2,168,914
Cap Rate 9%
$1,686,933
Alternative Uses
Best Use
Office B
$2.17M
$1.90M – $2.53M
NOI $151,824 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.62M
$2.29M – $3.05M
NOI $183,254 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9,016
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 Office in New Orleans, LA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Three-story historic building in downtown New Orleans, ideal for redevelopment.
Where is this office building located?
The property is located at 616 Girod St New Orleans, LA.
What is the asking price?
The asking price for this property is $2,430,000.
What are key features of this property?
This property features: Highly desirable central downtown New Orleans location.; Proximity to federal buildings, Lafayette Square Park, and the U.S. Court of Appeals.; Half a block from both uptown and downtown St. Charles streetcars.
