Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2623 Washington Ave New Orleans, LA 70113-2659
    Back to Search
    Property profile & analytics

    2623 Washington Ave, New Orleans, LA 70113-2659

    View on Map
    • Investment properties
    • 2,862 SF
    • 0.08 lot acres
    Off-Market
    Property ID
    US36-0777005
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Barber's Beauty Gossip / Barber Shop

    Property Details for 2623 Washington Ave

    Year built
    1940
    Lot size
    0.08 lot acres
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    412303411
    APU
    412303411

    Description

    This exceptional three-unit mixed-use property at 2623 Washington Ave, New Orleans, LA 70113, is offered at $420,000. The 2,862 square foot building sits on a 0.08-acre lot and features one ground-floor retail space and two residential units, each boasting two bedrooms and one bathroom. Currently vacant, this presents a significant value-add opportunity with substantial income potential. The property's prime location is just three blocks from the bustling S. Claiborne Avenue corridor, home to numerous national retailers including Raising Cane's, McDonald's, TJ Maxx, and more, ensuring high visibility and foot traffic. Convenient access to I-10 and the Central Business District within 10-15 minutes adds to its appeal. The property also benefits from a large fenced rear yard and ample on-street parking. The permitted zoning is HU-MU, offering flexibility for future development. The property's APN is 412303411. This is a rare opportunity to acquire a well-positioned mixed-use property in a thriving New Orleans neighborhood. The building is a two-story structure, offering a unique blend of retail and residential space. Don't miss this chance to capitalize on the strong rental market and create a lucrative investment portfolio.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Orleans
    State
    Louisiana
    Longitude
    -90.0923
    Latitude
    29.9399
    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
    $2,850
    $23,020
    $25,870
    -
    $28,500
    $170,500
    $199,000

    Comparable in this City

    • Value Estimation by Request
      1,727 SF

      2200 Rev John Raphael Jr Way

      OFFICE/RESIDENTIAL (MIXED USE)
      2200 Rev John Raphael Jr Way, New Orleans, LA 70113-2422
      View Details
    • Value Estimation
      $890,000
      27,270 SF

      943 Lafayette St

      OFFICE/RESIDENTIAL (MIXED USE)
      943 Lafayette St, New Orleans, LA 70113
      View Details
    • Value Estimation by Request
      2,892 SF

      2519 Loyola Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      2519 Loyola Ave, New Orleans, LA 70113-1643
      View Details
    • Value Estimation by Request
      4,848 SF

      2700 Lasalle St

      OFFICE/RESIDENTIAL (MIXED USE)
      2700 Lasalle St, New Orleans, LA 70113-2620
      View Details
    • Value Estimation by Request
      3,760 SF

      2445 1st St

      OFFICE/RESIDENTIAL (MIXED USE)
      2445 1st St, New Orleans, LA 70113-2513
      View Details
    • Value Estimation by Request
      5,460 SF

      1601 Baronne St

      OFFICE/RESIDENTIAL (MIXED USE)
      1601 Baronne St, New Orleans, LA 70113-1303
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,460 SF

      Luxury Condo in South Market

      Historic warehouse transformed into luxury mixed-use property, permitted for short-term rental.
      888 Girod St, New Orleans, LA 70113
      View Details
    • $2,335,000
      6,849 SF

      Renovated Six-Unit Compound in New Orleans

      Fully renovated six-unit compound with gated parking and MU-2 zoning.
      1201 Baronne St, New Orleans, LA 70113
      View Details
    • New
      $850,000
      7,756 SF

      Historic Corner Retail and Office Building

      All-brick two-level building with MU-2 mixed-use flexibility, off-street parking, and strong corner visibility on a value-add renovation canvas.
      1501 Oretha C. Haley Blvd, New Orleans, LA 70113
      View Details
    • $9,950,000

      New Orleans Hospitality Investment Opportunity

      Licensed hotel with 40 bedrooms in central New Orleans location.
      1726-30 Clio St, New Orleans, LA 70113
      View Details
    • $160,000
      2,409 SF

      Three-Unit Multifamily Property

      Three-unit property with potential for investment or owner occupancy.
      2429 Clara St, New Orleans, LA 70113
      View Details
    • $79,900
      0.07 Acres

      Cleared Corner Lot Investment

      Cleared corner lot ready for development in New Orleans.
      2139 S Liberty St, New Orleans, LA 70113
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Mixed-Use Development in Downtown New Orleans

      Mixed-use development with retail, restaurants, and entertainment in Downtown.
      1000 Girod St, New Orleans, LA 70113
      View Details
    • Contact for pricing

      Mixed-Use Retail Space in Downtown

      Mixed-use development in the heart of Downtown New Orleans.
      1001 Julia St, New Orleans, LA 70113
      View Details
    • Contact for pricing

      Downtown New Orleans Mixed-Use Space

      Mixed-use development in the heart of Downtown New Orleans.
      611 O'keefe Ave, New Orleans, LA 70113
      View Details
    • Contact for pricing

      Restaurant Space on OC Haley

      Fully built-out restaurant space available for lease.
      1800 Oretha Castle Haley Blvd, New Orleans, LA 70113
      View Details
    • Contact for pricing

      Turnkey Restaurant and Event Space

      Fully furnished and equipped restaurant and event space for lease.
      514 S Rampart St, New Orleans, LA 70113
      View Details
    • Contact for pricing

      Historic Building in Arts District

      Renovated building featuring luxury apartments and museum space.
      818 Howard Ave, New Orleans, LA 70113
      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 Washington Ave
    New Orleans, LA 70113-2659
    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

    Thank You for Inquiry
    2623 Washington Ave, New Orleans, LA, 70113
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!