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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2941 Franklin Ave New Orleans, LA 70122

    • Office Properties & Spaces
    • 8,961 SF
    • 0.36 lot acres
    OFF-MARKET
    Last Sale
    May 12, 2021
    $1,700,000
    Value Estimations
    $1,580,000
    Show details
    Cap Rate Potential
    9.6%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US36-0515125
    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

    • Office Properties & Spaces

    Property Details for 2941 Franklin Ave

    Year built
    1960
    Lot size
    0.36 lot acres
    Property size
    8,961 SF
    Property type
    Office Properties & Spaces
    APN
    38W207106
    APU
    38W207106

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,405,000
      ML approach
      $1,515,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,250,000
      6.5%
      $2,080,000
      7%
      $1,930,000

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,190,000
      Current use
      RESTAURANT
      $1,695,000
      Change: +42% Conversion: Moderate
      RETAIL STORES
      $1,325,000
      Change: +11% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,050,000
      Change: -12% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,045,000
      Change: -12% Conversion: Easy
      MEDICAL BUILDING
      $1,035,000
      Change: -13% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Orleans
    State
    Louisiana
    Longitude
    -90.0489
    Latitude
    29.9888
    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
    $4,660
    $0.00
    $4,660
    -
    $46,600
    $159,500
    $206,100

    Comparable in this City

    • Value Estimation
      $1,590,000
      25,391 SF

      2909 Franklin Ave

      CONDOMINIUM OFFICES • 25,391 SF
      2909 Franklin Ave, New Orleans, LA 70122
      View Details
    • Value Estimation
      $1,600,000
      15,434 SF

      2935 Franklin Ave

      CONDOMINIUM OFFICES • 15,434 SF
      2935 Franklin Ave, New Orleans, LA 70122
      View Details
    • Value Estimation by Request
      74,965 SF

      3736 Gentilly Blvd

      Schools • 74,965 SF
      3736 Gentilly Blvd, New Orleans, LA 70122
      View Details
    • Value Estimation by Request
      1,584 SF

      2829 Frenchmen St

      OFFICE BUILDING • 1,584 SF
      2829 Frenchmen St, New Orleans, LA 70122-3630
      View Details
    • Value Estimation by Request
      4,263 SF

      3111 Saint Roch Ave

      OFFICE BUILDING • 4,263 SF
      3111 Saint Roch Ave, New Orleans, LA 70122
      View Details
    • Value Estimation by Request
      2,310 SF

      4002 Norman Mayer Ave

      OFFICE BUILDING • 2,310 SF
      4002 Norman Mayer Ave, New Orleans, LA 70122
      View Details

    Similar Nearby for Sale

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    • $50,000
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      Residential Lot in St. Bernard

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      Three residential lots sold as package in New Orleans, LA.
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    Similar Nearby for Lease

    • $22 SF/Yr
      1,800 SF

      Lake Oaks Plaza: Prime Retail Space

      1800 sq ft Executive Office/Retail
      6600 Franklin Ave, New Orleans, LA 70122
      View Details
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    • $31 SF/Yr
      793 SF

      Gentilly Blvd Retail/Office Sublease

      Retail or office space available for sublease on Gentilly.
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    • $22 SF/Yr
      17,500 SF

      Office Space For Rent

      17,500 sqft office space available for lease.
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      View Details
    • $25 SF/Yr
      1,975 SF

      Franklin Ave Retail End Cap

      New Construction, 1975 SF, Prime Location
      6750 Franklin Ave, New Orleans, LA 70122
      View Details
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    2941 Franklin Ave
    New Orleans, LA 70122
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    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
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