1055 St Charles Ave New Orleans, LA 70130

Property Details for 1055 St Charles Ave

Year built

1962

Lot size

2.20 lot acres

Property type

Office Properties & Spaces

Description

K&B Plaza, located at 1055 St. Charles Avenue in New Orleans, Louisiana, presents a unique investment opportunity. This 70,446 square foot, Class B office building sits on a 2.2-acre lot and boasts 97% occupancy across 19 tenants. Built in 1962, the property is designated a historic landmark and enjoys a prime location within the Cultural Arts District, zoned for a variety of uses, including residential, hotel, retail, and restaurant. The site benefits from exceptional visibility due to its position on St. Charles Avenue, a major thoroughfare with approximately 112,000 vehicles per day, and proximity to the Pontchartrain Expressway and Carondelet Street. Its location along the iconic Mardi Gras parade route ensures unparalleled visibility during this world-renowned event. The existing structure and ample surface parking offer significant redevelopment potential, aligning perfectly with the city's vision for the Cultural Arts District as a vibrant cultural and entertainment hub. This opportunity is enhanced by its designation as an Opportunity Zone, providing substantial tax incentives, including capital gains deferral and potential tax-free appreciation. Furthermore, the property is eligible for federal and state historic tax credits, covering up to 45% of renovation costs. Its proximity to major attractions like the National WWII Museum and the Contemporary Arts Center, as well as educational institutions such as Tulane and Loyola Universities, further strengthens its appeal. The Warehouse Arts District's thriving arts scene and average annual property value appreciation of 5-7% underscore the investment potential. This property offers a compelling opportunity for significant returns, whether through enhancing the existing building or undertaking a visionary mixed-use redevelopment.