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

    651 Richard St New Orleans, LA 70130-4556

    • Office buildings
    • 16,513 SF
    • 0.55 lot acres
    OFF-MARKET
    Last Sale
    May 26, 2023
    Value Estimations
    $195,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US36-0282908
    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

    • Peel & Company / Rug Store / Oriental Rug Store
    • Strong Films NOLA / Video Production Service
    • Richard Street Studios / Video Production Service
    • Kenny Morrison / Video Production Service
    • Alibi Stories / Video Production Service / Video Editing Service

    Property Details for 651 Richard St

    Year built
    1900
    Lot size
    0.55 lot acres
    Property size
    16,513 SF
    Property type
    Office buildings
    APN
    101101605
    APU
    101101605

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $195,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Orleans
    State
    Louisiana
    Longitude
    -90.0679
    Latitude
    29.9316
    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
    $47,990
    $109,460
    $157,450
    -
    $479,900
    $729,700
    $1,209,600

    Comparable in this City

    • Value Estimation
      $250,000
      3,837 SF

      328 Lafayette St

      OFFICE BUILDING • 3,837 SF
      328 Lafayette St, New Orleans, LA 70130-3244
      View Details
    • Value Estimation
      $195,000
      3,332 SF

      706 Carondelet St

      OFFICE BUILDING • 3,332 SF
      706 Carondelet St, New Orleans, LA 70130
      View Details
    • Value Estimation
      $255,000
      2,101 SF

      319 Diamond St

      OFFICE BUILDING • 2,101 SF
      319 Diamond St, New Orleans, LA 70130-3807
      View Details
    • Value Estimation
      $180,000
      11,603 SF

      140 Carondelet St

      OFFICE BUILDING • 11,603 SF
      140 Carondelet St, New Orleans, LA 70130-2502
      View Details
    • Value Estimation
      $235,000
      1,265 SF

      1536 Terpsichore St

      OFFICE BUILDING • 1,265 SF
      1536 Terpsichore St, New Orleans, LA 70130
      View Details
    • Value Estimation
      $235,000
      2,820 SF

      1618 Saint Charles Ave

      OFFICE BUILDING • 2,820 SF
      1618 Saint Charles Ave, New Orleans, LA 70130-4436
      View Details

    Similar Nearby for Sale

    • $2,430,000
      10,300 SF

      New Orleans Office Building

      Office building available for sale in New Orleans, Louisiana.
      610 Girod St, New Orleans, LA 70130
      View Details
    • $4,415,000
      26,055 SF

      New Orleans Office Building

      Office building for sale in New Orleans, Louisiana.
      2609 Canal St, New Orleans, LA 70130
      View Details
    • $1,750,000
      6,083 SF

      Julia Street Restaurant Opportunity

      Prime New Orleans Warehouse District Retail Space
      527 Julia St, New Orleans, LA 70130
      View Details
    • $1,650,000
      6,083 SF

      Warehouse District Multi-Use Building

      Multi-use building in the vibrant Warehouse Arts District.
      527 Julia St, New Orleans, LA 70130
      View Details
    • New
      $2,750,000
      13,622 SF

      Historic Mixed-Use Building, New Orleans

      Historic 13,622 SF mixed-use building in the Warehouse District.
      717 Camp St, New Orleans, LA 70130
      View Details
    • $2,375,000
      7,850 SF

      Lower Garden District Retail/Office Buildings

      Three contiguous retail/office buildings in a high-traffic shopping area.
      2109 Magazine St, New Orleans, LA 70130
      View Details

    Similar Nearby for Lease

    • $5,900,000
      38,729 SF

      Camp Street Office Space

      Office building available for rent in New Orleans, LA.
      318 Camp St, New Orleans, LA 70130
      View Details
    • $25 SF/Yr
      1,745 SF

      Warehouse District Retail Condo

      1,745 sq ft, prime location, high visibility
      400 Julia St, New Orleans, LA 70130
      View Details
    • $19 SF/Yr
      11,440 SF

      New Orleans CBD Commercial Space

      11,440 SF Creative Office, Prime Location
      230 Carondelet St, New Orleans, LA 70130
      View Details
    • $20 SF/Yr
      2,860 SF

      Office Space in New Orleans

      Office space available for rent in New Orleans, LA.
      300 Lafayette St, New Orleans, LA 70130
      View Details
    • $3,000 /Mo
      925 SF

      St. Charles Avenue Office Space

      Office space on St. Charles Avenue, all utilities included.
      1522 Saint Charles Ave, New Orleans, LA 70130
      View Details
    • $16 SF/Yr
      10,200 SF

      New Orleans Office Building

      Prime CBD location, 10,200 sq ft.
      223 Magazine St, New Orleans, LA 70130
      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.
    651 Richard St
    New Orleans, LA 70130-4556
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.