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    The Largest CRE Database in the US with Over 1 Million Listings

    223 Magazine St New Orleans, LA 70130

    Sponsored
    For Lease
    $16 SF/Yr ($13,600 /Mo)

    Prime CBD location, 10,200 sq ft.

    Lot size:
    10,200 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    414
    This renovated three-story office building, totaling 10,200 square feet, is ideally situated at the corner of Magazine and Gravier Streets in New Orleans' Central Business District (CBD), just two blocks from Canal Boulevard and Harrah's. The building features a convenient elevator and two stairwells. Multiple leasing options are available: the entire building, individual floors (each approximately 3,400 square feet), or a smaller 1,500 square foot space on the ground floor. The ground floor, priced at $26 per square foot, offers 3,400 square feet with eight private offices, two large open areas, conference rooms, and two restrooms. This space also has the potential for a Magazine Street entrance, suitable for retail or restaurant use. The second and third floors, each 3,400 square feet and priced at $16 per square foot, offer flexible layouts with multiple private offices, restrooms, kitchens, and expansive open areas. The second floor includes three large offices, two restrooms, a kitchen, a conference room, and two large open areas. The third floor boasts seven private offices, two restrooms, a kitchen, and a unique two-level open area measuring 77 x 30 feet. Detailed floor plans are available upon request. The building is zoned CBD-2. The 1,500 square foot Suite 101 on the ground floor includes three private offices, a conference room, a large open cubicle area, and a restroom, with a private entrance from Gravier Street.

    Property Features for 223 Magazine St

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    10,200 SF
    Total Rate
    13600

    Unit(s) available at that property

    Space
    3rd floor
    Size
    3,400 SF
    Rate per SF
    $16
    Space
    Suite 101 Ground Floor
    Size
    1,500 SF
    Rate per SF
    $26
    Space
    1st floor
    Size
    3,400 SF
    Rate per SF
    $26
    Space
    2nd floor
    Size
    3,400 SF
    Rate per SF
    $16

    We can help!

    Listing Contact
    Robert Hand
    Robert Hand

    Learn more

    Property Insight Report
    Property Profile Location Intelligence

    Current Use by Public Records

    Emergency Dental LA Emergency Dental Service

    Suggested Use

    Realty agency Dental Office Spa & Massage Hair Salon Restaurant Nail Salon Building Supply Gym & Fitness Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Orleans
    State
    Louisiana
    Longitude
    -90.067662406703
    Latitude
    29.950661110812

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    FAQs

    What type of property is this?
    Office Property / Space - Prime CBD location, 10,200 sq ft.
    Where is this office property / space located?
    The property is located at 223 Magazine St New Orleans, LA.
    What is the lease rate?
    The lease rate is $16-$26 SF/Yr.
    Request Owner's contact information
    223 Magazine St New Orleans, LA 70130
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    New Orleans, LA 70130
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    223 Magazine St New Orleans, LA 70130
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    We can help!
    Listing Contact
    Robert Hand
    Robert Hand
    Real Estate License ID: LA 99564145
    Learn more
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