1418 Magazine StNew Orleans, LA 70130

Property Details for 1418 Magazine St

Year built

1870

Lot size

0.08 AC

Property size (Sq ft)

3,174 SF

Property type

Investment properties

Property subtype

Live-work space

APN

101104103

APU

101104103

Description

This exceptional mixed-use property at 1418 Magazine Street in New Orleans' coveted Garden District presents a compelling investment opportunity. The 3,174 square foot building boasts a blend of commercial and residential space, currently operating at full occupancy. The ground floor houses a thriving restaurant, Surrey's Cafe, under lease until 2026, enjoying a long-standing presence of over 18 years. Above, two residential units, each featuring balconies and exterior space overlooking Magazine Street, provide consistent rental income. The property sits on a 0.08-acre lot and is zoned HU-RD2 - Historic UR. With a current NOI of $59,047 and a 6.40% cap rate, this property offers a strong return on investment, further enhanced by a pro-forma cap rate of 8.00%. The asking price is $925,000, translating to $291.43 per square foot and $308,333 per unit. The prime location, coupled with the existing stable tenancy and potential for future rent increases, makes this a truly remarkable investment prospect in one of New Orleans' most desirable neighborhoods. The property's strong financial performance, combined with its location in close proximity to the Central Business District and major tourist attractions, ensures a secure and potentially lucrative investment. This is a rare opportunity to acquire a well-established, mixed-use property in the heart of the Garden District.

• CAP approach

  CAP return

  Valuation

  6%

  $503,338

  6.5%

  $464,619

  7%

  $431,432

• Comparable approach

  Method

  Valuation

  Relative Method

  $242,116

  Geo Method

  $225,640

• Alternative Use

  Use

  Valuation

  Residential

  $576,128

  Hospitality

  $527,730

  Educational

  $439,065

  Medical

  $454,165

  Retail

  $682,990

Location Insight

City

New Orleans

County

Orleans

State

Louisiana

Latitude

29.9358

Longitude

-90.0717

CBSA code

35380

CBSA name

NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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