New Construction Flex
For Sale
$2,400,000
824 Reverend Richard Wilson Dr, Kenner, LA 70062
L-I zoning and a configurable layout support a range of industrial and commercial uses.
Property Size11,400 SF
Price / SF$210.53
Days on Market43
Property Features for 824 Reverend Richard Wilson Dr
General Information
Standard status
Active
Size
11,400 SF
Zoning
L-I
Site & Location
Road Access
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Warehouse Space
9,500 SF
Office Build-Out
1,800 SF
Drive-In Doors
4
Building Details
Year Built
2026
Buildings
1
Building Size
11,400 SF
Listing Agency:
The Agency of M. Grass Group, LLC
(504) 644-4127
Listed By:
Matthew Grass · License #23286
Source:
Fiorellaavenue
Added: Jul 21
Changed: Aug 31
Last Checked: Aug 31 at 7:31PM
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 The Agency of M. Grass Group, LLC
Investment Insights
Based on property information with market context.
This 11,400 SF flex building is identified as a 2026 construction project, with approximately 9,500 SF allocated to warehouse space and approximately 1,800 SF to offices. The interior can serve a single user or be divided into as many as four units. Four grade-level roll-up doors provide direct access for loading and daily operations.
The property is at 824 Reverend Richard Wilson Dr in Kenner, Louisiana, near the Mississippi River industrial corridor and minutes from Louis Armstrong New Orleans International Airport. L-I zoning supports industrial and commercial use flexibility. The site also includes yard area for storage, parking, or future expansion.
The property is at 824 Reverend Richard Wilson Dr in Kenner, Louisiana, near the Mississippi River industrial corridor and minutes from Louis Armstrong New Orleans International Airport. L-I zoning supports industrial and commercial use flexibility. The site also includes yard area for storage, parking, or future expansion.
Key Highlights
- 11,400 SF flex building with approximately 9,500 SF of warehouse space
- Approximately 1,800 SF of office area within the building
- Layout can accommodate one user or be divided into up to four separate units
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
$158,168
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
6.59%
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%
$3,163,360
$3.2M
Cap Rate 7%
$2,259,543
$2.3M
Cap Rate 9%
$1,757,422
$1.8M
Market Conditions
NOI Build-Up for 11,400 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
$257.2K $22.56/SF
− Vacancy
−$46.3K −$4.06/SF
EGI
$210.9K $18.50/SF
− OpEx
−$52.7K −$4.62/SF
NOI
$158.2K $13.87/SF
Area
Jefferson County, LA
Vacancy
18.00%
Lease Rate
$22.56 /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%
$3,163,360
Cap Rate 7%
$2,259,543
Cap Rate 9%
$1,757,422
Alternative Uses
Best Use
Office B
$2.26M
$1.98M – $2.64M
NOI $158,168 @ 7.0% cap · market cap 6.59%
Second Best
Warehouse
$1.27M
$1.11M – $1.48M
NOI $88,838 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$3.01M
$2.63M – $3.51M
NOI $210,535 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 70062, LA
16,627
Population
6,679
Households
2.5
Avg Household Size
38
Median Age
18%
College-Educated
77%
High-School Grad
7.1 sq mi
ZIP Area
2,342
Density / Sq Mi
$55,293
Median Household Income
$33,499
Median Earnings
$1,150
Median Rent
$197,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Gate Gourmet — 505 E Airline Hwy, Kenner, LA 70062
Frequently Asked Questions
What type of property is this?
Flex space - L-I zoning and a configurable layout support a range of industrial and commercial uses.
Where is this flex space located?
The property is located at 824 Reverend Richard Wilson Dr Kenner, LA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 11,400 SF flex building with approximately 9,500 SF of warehouse space; Approximately 1,800 SF of office area within the building; Layout can accommodate one user or be divided into up to four separate units
