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    502 Frenchmen St New Orleans, LA 70116

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    For Sale
    Contact for pricing

    Historic New Orleans Hotel, Prime Location

    Property size:
    11,456 SF

    Property Features for 502 Frenchmen St

    General Information

    Property type
    Hotels
    Square Feet
    11,456 SF

    We can help!

    Listing Contact
    Parke Mcenery
    Parke Mcenery

    Listing Agency: The McEnery Company Listing Agent: Parke Mcenery

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional investment opportunity presents a 34-room boutique hotel located at 502 Frenchmen Street in the vibrant Marigny District of New Orleans, Louisiana. The property boasts 11,456 square feet across three stories, featuring classic New Orleans architecture, high ceilings, and an ornate façade. Currently zoned HMC-2, this iconic building is ideally suited for adaptive reuse, with the ground floor perfect for a bar, restaurant, or jazz club, and the upper floors approved for a 34-room hotel. Situated on the most popular stretch of Frenchmen Street, renowned for its live music, art galleries, and bustling nightlife, the property benefits from exceptionally high foot traffic and close proximity to the French Quarter. The substantial size of approximately 26,598 square feet offers immense potential for redevelopment and significant returns. Furthermore, the property may qualify for state and federal historic tax credits, offering substantial financial incentives for restoration and renovation. This unique opportunity allows developers to establish a lasting presence within New Orleans' thriving real estate market, capitalizing on Frenchmen Street's unique cultural energy and growing demand. The asking price for this remarkable property is $6,750,000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hotels

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Orleans
    State
    Louisiana
    Longitude
    -90.057666513501
    Latitude
    29.962316248073

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    FAQs

    What type of property is this?
    Hotel - Historic New Orleans Hotel, Prime Location
    Where is this hotel located?
    The property is located at 502 Frenchmen St New Orleans, LA.
    What is the asking price?
    The asking price for this property is $6,750,000.
    What are key features of this property?
    This property features: 34-room boutique hotel in New Orleans' Marigny District.; 11,456 square feet across three stories with classic New Orleans architecture.; HMC-2 zoning, ideal for adaptive reuse (ground floor commercial, upper floors hotel).
    (504) 274-2701 Call to check price and availability
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    502 Frenchmen St New Orleans, LA 70116
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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
    502 Frenchmen St New Orleans, LA 70116
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Parke Mcenery
    Parke Mcenery
    (504) 274-2701
    Learn more
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