Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2623 Canal St New Orleans, LA 70119

    • Commercial land
    • 0.08 lot acres
    For Sale
    View listing
    $750,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US36-0455256
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial land

    Property Details for 2623 Canal St

    Lot size
    0.08 lot acres
    Property type
    Commercial land
    APN
    206203729
    APU
    206203729

    Description

    This exceptional 0.2-acre commercial land parcel presents a remarkable development opportunity in the heart of New Orleans. Located at 2623, 2625, and 2629 Canal Street, this property boasts 113 feet of frontage on the iconic Canal Street and approximately 157 feet of depth. Its strategic position adjacent to the bustling intersection of Canal and Broad Streets ensures high visibility and accessibility. The property comprises three parcels totaling approximately 17,748 square feet. The HU-MU zoning designation allows for a diverse range of uses, including medical facilities, restaurants, office spaces, and residential developments, providing significant flexibility for potential investors. This prime location, combined with the versatile zoning and substantial lot size, makes this an unparalleled investment prospect in a vibrant and rapidly growing market. All offers are subject to the approval of the Walgreens Real Estate Committee. The asking price for this exceptional property is $750,000, representing a land value of $1,840,771 per acre. This presents a unique chance to acquire a significant piece of New Orleans real estate in a highly desirable area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Orleans
    State
    Louisiana
    Longitude
    -90.0863
    Latitude
    29.9654
    CBSA code
    35380
    CBSA name
    NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $12,720
    $0.00
    $12,720
    -
    $127,200
    $0.00
    $127,200

    Comparable in this City

    • Value Estimation by Request
      0.08 Acres

      29 Ctr Of Sq

      VACANT COMMERCIAL LAND • 0.08 Acres
      29 Ctr Of Sq, New Orleans, LA 70119
      View Details
    • Value Estimation by Request
      0.69 Acres

      33322 Belfort St

      VACANT COMMERCIAL LAND • 0.69 Acres
      33322 Belfort St, New Orleans, LA 70119
      View Details
    • Value Estimation by Request
      0.07 Acres

      8 Belfort St

      VACANT COMMERCIAL LAND • 0.07 Acres
      8 Belfort St, New Orleans, LA 70119
      View Details
    • Value Estimation by Request
      0.10 Acres

      121 Norman C Francis Pkwy

      VACANT COMMERCIAL LAND • 0.10 Acres
      121 Norman C Francis Pkwy, New Orleans, LA 70119-6227
      View Details
    • Value Estimation by Request
      0.10 Acres

      117 Norman C Francis Pkwy

      VACANT COMMERCIAL LAND • 0.10 Acres
      117 Norman C Francis Pkwy, New Orleans, LA 70119-6227
      View Details
    • Value Estimation by Request
      0.07 Acres

      3407 Belfort Ave

      VACANT COMMERCIAL LAND • 0.07 Acres
      3407 Belfort Ave, New Orleans, LA 70119-2821
      View Details

    Similar Nearby for Sale

    • $549,000

      Mid-City Commercial Lot Opportunity

      Commercial lot in Mid-City, New Orleans, with development potential.
      3618 Bienville St, New Orleans, LA 70119
      View Details
    • $446,000

      Mid-City Development Opportunity

      HU-MU zoned lot suitable for retail, multi-family, or mixed-use.
      218 N Telemachus St, New Orleans, LA 70119
      View Details
    • $50,000
      0.03 Acres

      Corner Lot in Growing Area

      Prime corner lot near Lafitte Greenway and Downtown.
      2500 Orleans Ave, New Orleans, LA 70119
      View Details
    • $615,000

      Mid-City Development Opportunity

      10.575-acre site in vibrant Mid-City neighborhood.
      780 South Norman C Francis Pkwy, New Orleans, LA 70119
      View Details
    • $99,000

      Corner Lot on N. Broad

      Prime commercial development opportunity in vibrant Mid-City, New Orleans.
      840 N Broad St, New Orleans, LA 70119
      View Details
    • $1,200,000
      11,738 SF

      Corner Lot Near Trader Joe's

      Development opportunity near Trader Joe's, VA Hospital, and LSU Medical Center.
      2536-2542 Tulane Ave, New Orleans, LA 70119
      View Details

    Similar Nearby for Lease

    • $4 SF/Yr
      21,386 SF

      Lafitte Greenway Lot - Build to Suit

      Prime New Orleans commercial land, build-to-suit opportunity.
      2727 Conti St, New Orleans, LA 70119
      View Details
    • $44 SF/Yr
      2,800 SF

      Prime New Orleans Retail Space

      2,800 SF Restaurant/Retail w/Drive-Thru
      512 City Park Ave, New Orleans, LA 70119
      View Details
    • $22 SF/Yr
      36,000 SF

      Mid-City Office Space for Lease

      Four-story office building, flexible space.
      4176 Canal St, New Orleans, LA 70119
      View Details
    • $12 SF/Yr
      2,290 SF

      Mid-City Warehouse: 1,937 SF Available

      Freshly renovated warehouse space; ideal for mixed-use.
      2806 St Louis St, New Orleans, LA 70119
      View Details
    • $1,400 /Mo
      1,050 SF

      MidCity Apartment with Private Backyard

      Charming apartment near bars, restaurants, and Bayou St. John.
      3015 Baudin St, New Orleans, LA 70119
      View Details
    • $1,400 /Mo

      Renovated Mid-City Two-Bedroom Home

      Recently renovated two-bedroom, one-bath home in the heart of Mid-City.
      506 S Murat St, New Orleans, LA 70119
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2623 Canal St
    New Orleans, LA 70119
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.