Office Building with Parking
For Sale
$1,250,000
3420 CANAL Street, New Orleans, LA 70119
Office building with off-street parking and commercial flexibility.
Property Size4,563 SF
Lot Size0.11 Acres
Price / SF$273.94
Days on Market814
Property Features for 3420 CANAL Street
General Information
Standard status
Active
Size
4,563 SF
Lot size
0.11 Acres
Property subtype
COMMERCIAL
Building Details
Building Size
4,563 SF
Year Built
1900
Listing Agency:
Southeast Commercial of MS, LLC
Listed By:
Matthew Eaton · License #000072493
(504) 339-2136
Source:
Burkbrokerage
Added: Jul 16, 2024
Changed: Oct 4
Last Checked: Oct 5 at 10:36PM
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 of MS, LLC
Investment Insights
Based on property information with market context.
The properties at 3420 and 3426 Canal are available for purchase together, offering an office building and off-street parking. The building at 3426 Canal is a 2,963 sq ft office building situated on a 4,800 sq ft lot. It features a full sprinkler system, a terracotta roof installed after Hurricane Katrina, a new sewerage line, and ADA accessibility features. The 3420 Canal property includes a 1,600 sq ft building in shell condition. This building was raised and shored after Hurricane Katrina, and a new roof was added after Hurricane Ida. Currently used for storage, the property also has a 1,100 sq ft clear span storage shed. The building at 3420 Canal could potentially be demolished, and the land used for off-street parking. Both properties are zoned HU-MU, providing flexibility for various commercial applications. The total property size is 4,563 sq ft.
Key Highlights
- HU‑MU zoning provides flexibility for various commercial applications.
- 2,963 sq ft office building with desirable features.**
- Off‑street parking potential.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,761
Cap Rate
5.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,355,220
$1.4M
Cap Rate 7%
$968,014
$968.0K
Cap Rate 9%
$752,900
$752.9K
Market Conditions
NOI Build-Up for 4,563 SF
Gross rent
$109.5K $24.00/SF
− Vacancy
−$19.2K −$4.20/SF
EGI
$90.3K $19.80/SF
− OpEx
−$22.6K −$4.95/SF
NOI
$67.8K $14.85/SF
Area
ZIP 70119
Vacancy
17.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,355,220
Cap Rate 7%
$968,014
Cap Rate 9%
$752,900
Alternative Uses
Best Use
Office B
$968.0K
$847.0K – $1.13M
NOI $67,761 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,580 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,435
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Office building with off-street parking and commercial flexibility.
Where is this office building located?
The property is located at 3420 CANAL Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: HU‑MU zoning provides flexibility for various commercial applications.; 2,963 sq ft office building with desirable features.**; Off‑street parking potential.
