Mixed-Use Property in Prime
For Sale
Contact for pricing
Pending
232 N 3rd St, Baton Rouge, LA 70802
Mixed-use property featuring office and residential units with high-end finishes.
Property Size15,100 SF
Days on Market1095
Property Features for 232 N 3rd St
General Information
Standard status
Pending
Size
15,100 SF
Class
A
Property subtype
Mixed Use, Office
Lease Type
Modified Gross
Building Details
Tenancy
Multi
Listing Agency:
Land Hawk Commercial Real Estate
Listed By:
Cadie Myers · License #995706607
Source:
Crexi
Added: Aug 24, 2023
Changed: Aug 14
Last Checked: Aug 21 at 11:57AM
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 Land Hawk Commercial Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property is located in a prime location on 3rd Street. The first and second floors are currently leased to office tenants. The third floor features four residential units with high-end finishes and views of downtown and the Mississippi River. The property has a total size of 15,100 square feet.
Key Highlights
- Prime 3rd Street Location
- Third Floor: Four Residential Units With High‑end Finishes
- Great Views of Downtown Baton Rouge and the Mississippi River
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
$141,336
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
4.42%
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%
$2,826,720
$2.8M
Cap Rate 7%
$2,019,086
$2.0M
Cap Rate 9%
$1,570,400
$1.6M
Market Conditions
NOI Build-Up for 15,100 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
$235.6K $15.60/SF
− Vacancy
−$9.4K −$0.62/SF
EGI
$226.1K $14.98/SF
− OpEx
−$84.8K −$5.62/SF
NOI
$141.3K $9.36/SF
Area
Baton Rouge, LA
Vacancy
4.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
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%
$2,826,720
Cap Rate 7%
$2,019,086
Cap Rate 9%
$1,570,400
Alternative Uses
Best Use
Mixed Use
$2.02M
$1.77M – $2.36M
NOI $141,336 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.62M
$3.16M – $4.22M
NOI $253,142 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,501
Businesses Nearby
Explore this area
Business Placement
Demographics for 70802, LA
26,519
Population
13,887
Households
1.9
Avg Household Size
29
Median Age
24%
College-Educated
82%
High-School Grad
7.1 sq mi
ZIP Area
3,735
Density / Sq Mi
$34,082
Median Household Income
$23,215
Median Earnings
$935
Median Rent
$105,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property featuring office and residential units with high-end finishes.
Where is this mixed-use property located?
The property is located at 232 N 3rd St Baton Rouge, LA.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Prime 3rd Street Location; Third Floor: Four Residential Units With High‑end Finishes; Great Views of Downtown Baton Rouge and the Mississippi River
