New Mixed-Use Property with
For Sale
$1,800,000
938 Thalia St, New Orleans, LA 70130
Three-story urban property combining flexible commercial space, a permitted short-term rental operation, and a landscaped courtyard with dipping pool.
Property Size3,906 SF
Price / SF$460.83
Days on Market29
Property Features for 938 Thalia St
General Information
Standard status
Active
Size
3,906 SF
Property subtype
Multi-Family
Amenities
courtyard
dipping pool
Building Details
Year Built
2023
Buildings
1
Tenancy
Multi
Listing Agency:
The McEnery Company
(318) 218-4860
Listed By:
Scott Weston · License #995684661
Source:
Dominionplace
Added: Aug 4
Changed: Aug 29
Last Checked: Aug 31 at 7:17PM
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 McEnery Company
Investment Insights
Based on property information with market context.
Built in 2023, this 3,906-square-foot mixed-use property combines commercial and short-term rental components within a newly constructed building. The ground level is configured for adaptable commercial occupancy, with potential applications identified for boutique retail, office, or hospitality use. A fully permitted commercial short-term rental occupies the second floor and includes in-place management. Upper-level accommodations feature white oak flooring and substantial natural light, with select spaces oriented toward downtown New Orleans views. A French Quarter-style courtyard with a small dipping pool provides a central outdoor amenity.
The property is located at 938 Thalia Street in New Orleans’ Lower Garden District, at the intersection of Constance and Thalia streets. The site is described as minutes from the CBD and surrounded by residential density and neighborhood retail. The building is part of the Constance & Thalia development by Inhab, with design by Studio BKA.
The property is located at 938 Thalia Street in New Orleans’ Lower Garden District, at the intersection of Constance and Thalia streets. The site is described as minutes from the CBD and surrounded by residential density and neighborhood retail. The building is part of the Constance & Thalia development by Inhab, with design by Studio BKA.
Key Highlights
- 3,906‑square‑foot mixed‑use property built in 2023
- Ground‑floor commercial space suited to boutique retail, office, or hospitality use
- Fully permitted commercial short‑term rental with in‑place management
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
$57,575
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
3.20%
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%
$1,151,500
$1.2M
Cap Rate 7%
$822,500
$822.5K
Cap Rate 9%
$639,722
$639.7K
Market Conditions
NOI Build-Up for 3,906 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
$89.1K $22.80/SF
− Vacancy
−$12.3K −$3.15/SF
EGI
$76.8K $19.65/SF
− OpEx
−$19.2K −$4.91/SF
NOI
$57.6K $14.74/SF
Area
New Orleans, LA
Vacancy
13.80%
Lease Rate
$22.80 /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%
$1,151,500
Cap Rate 7%
$822,500
Cap Rate 9%
$639,722
Alternative Uses
Best Use
Office B
$822.5K
$719.7K – $959.6K
NOI $57,575 @ 7.0% cap · market cap 3.20%
Second Best
Mixed Use
$753.3K
$659.1K – $878.9K
NOI $52,731 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$992.8K
$868.7K – $1.16M
NOI $69,494 @ 7.0% cap · market cap 3.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,899
Businesses Nearby
Explore this area
Business Placement
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 Office in New Orleans, LA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story urban property combining flexible commercial space, a permitted short-term rental operation, and a landscaped courtyard with dipping pool.
Where is this mixed-use property located?
The property is located at 938 Thalia St New Orleans, LA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 3,906‑square‑foot mixed‑use property built in 2023; Ground‑floor commercial space suited to boutique retail, office, or hospitality use; Fully permitted commercial short‑term rental with in‑place management
