5902 Read Blvd New Orleans, LA 70127-2615
Property Lookup
Property profile & analytics
5902 Read Blvd New Orleans, LA 70127-2615
- Drug stores
- 13,363 SF
- 2.40 lot acres
Property ID
US36-1128824
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.
Location Intelligence
Current Use by Public Records
- CVS Photo / (Bike/Boat/Book/etc) Store
- LibertyX Bitcoin ATM / Atm
- CDReload Instant Bitcoin / Crypto Atm
- Harmony Barnett / Pharmacy
- MoneyGram / Bank / Credit Union
Property Details for 5902 Read Blvd
- Year built
- 2013
- Lot size
- 2.40 lot acres
- Property size
- 13,363 SF
- Property type
- Drug stores
- APN
- 39W086408
- APU
- 39W086408
Description
This exceptional investment opportunity presents a fee-simple, absolute NNN leasehold interest in a 13,363 square foot CVS Pharmacy located at 5902 Read Blvd, New Orleans, LA 70127. The property, built in 2013, sits on an oversized 2.39-acre lot and boasts a strong remaining lease term of 14.2 years, extending to January 31, 2039, with ten five-year renewal options. The current lease commenced December 19, 2013, and features a corporate guarantee from CVS, the nation's largest pharmacy chain. The property enjoys a high occupancy rate of 100% and generates a substantial net operating income (NOI) of $363,039, translating to a compelling 6.95% cap rate and a price per square foot of $390.98. The asking price is $5,224,604. This strategically located property benefits from high traffic counts exceeding 28,014 vehicles per day at the busy intersection of Read Blvd and I-10 Service Road. Proximity to significant residential areas (over 84,378 residents within a 5-mile radius), Lake Forest Senior Apartments (less than 0.5 miles), and New Orleans East Hospital (less than 0.5 miles), along with substantial medical office space nearby, ensures consistent customer traffic. The recent acquisition of a former Lowe's by Goodwill, resulting in a large-scale operation nearby, further enhances the property's long-term value and potential. This is a rare opportunity to acquire a stable, high-performing asset with significant upside potential in a thriving New Orleans market.
Value Estimations
based on Realmo’s proprietary methodology
-
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $1,980,000 Current use
- RESTAURANT
- $2,525,000 Change: +28% Conversion: Easy
- APARTMENT HOUSE (5+ UNITS)
- $2,425,000 Change: +22% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- New Orleans
- County
- Orleans
- State
- Louisiana
- Longitude
- -89.9761
- Latitude
- 30.0355
- 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
$83,610
$688,970
$772,580
-
$836,100
$4,593,100
$5,429,200
