Restaurant Condominium in Arts
For Sale
$4,590,000
746 Tchoupitoulas St, New Orleans, LA 70130
Restaurant space in the Arts & Warehouse District for sale.
Property Size10,815 SF
Price / SF$424.41
Days on Market104
Property Features for 746 Tchoupitoulas St
General Information
Standard status
Active
Size
10,815 SF
Listing Agency:
Compass Mandeville (COMP15)
(228) 216-8456
Listed By:
Herbert Dubuisson · License #912124852
(228) 216-8456
Source:
Exprealty
Added: May 13
Changed: Aug 23
Last Checked: Aug 22 at 8:55AM
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 Compass Mandeville (COMP15)
Investment Insights
Based on property information with market context.
The ground floor restaurant condominium is available for purchase within the Julia Place Condominiums, a 5-story residential complex. The property is currently 100% leased to a single tenant operating as two restaurants: LeMoyne Bistro and Maria’s Oyster Bar. Historically, the space was occupied by Tommy’s Cuisine & Wine Bar under the same owner and business, functioning as a restaurant, bar, and event space. The property comprises three connected commercial condominium units, featuring multiple dining areas, two bars, and a kitchen. The property is located at the intersection of Tchoupitoulas Street and Julia Street, across from Emeril’s Restaurant in the Arts & Warehouse District. It is within walking distance of the Ernest C. Memorial Convention Center and minutes from the French Quarter.
Key Highlights
- Prime location in the Arts & Warehouse District, across from Emeril's Restaurant.
- Currently 100% leased to a single tenant operating two restaurants.
- Historically used as a successful restaurant, bar, and event space.
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
$152,621
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
3.33%
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%
$3,052,420
$3.1M
Cap Rate 7%
$2,180,300
$2.2M
Cap Rate 9%
$1,695,789
$1.7M
Market Conditions
NOI Build-Up for 10,815 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
$207.6K $19.20/SF
− Vacancy
−$4.2K −$0.38/SF
EGI
$203.5K $18.82/SF
− OpEx
−$50.9K −$4.70/SF
NOI
$152.6K $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%
$3,052,420
Cap Rate 7%
$2,180,300
Cap Rate 9%
$1,695,789
Alternative Uses
Best Use
Specialty Retail
$2.18M
$1.91M – $2.54M
NOI $152,621 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.75M
$2.41M – $3.21M
NOI $192,417 @ 7.0% cap · market cap 4.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,195
Businesses Nearby
304k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 66%
Groceries 16%
Shops & Services 11%
Dining 7%
Rouses Market
Groceries
49,050 visits/mo
0.5 miles
New Orleans Marriott Warehouse Arts District
Hotels & Casinos
29,429 visits/mo
0.2 miles
Exxon
Shops & Services
24,253 visits/mo
0.4 miles
Hotel Fontenot
Hotels & Casinos
20,339 visits/mo
0.3 miles
DoubleTree by Hilton Hotel New Orleans
Hotels & Casinos
18,904 visits/mo
0.4 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?
Restaurant - Restaurant space in the Arts & Warehouse District for sale.
Where is this restaurant located?
The property is located at 746 Tchoupitoulas St New Orleans, LA.
What is the asking price?
The asking price for this property is $4,590,000.
What are key features of this property?
This property features: Prime location in the Arts & Warehouse District, across from Emeril's Restaurant.; Currently 100% leased to a single tenant operating two restaurants.; Historically used as a successful restaurant, bar, and event space.
