Catylist ID:
#30801780
Magazine Street NNN Investment For Sale
Retail-Commercial
for Sale
Catylist Listing ID: | 30801780 |
Property Subtypes: | Free-Standing Building, Retail-Pad, Street Retail, Other |
Building Size (RSF): | 1,230 SF |
Sale Price: | $1,275,000 |
Unit Price: | $1,036 PSF |
Property Use Type: | Net Leased Investment (NNN), Investment |
Sale Terms: | Cash to Seller |
Cap Rate: | 5.8% |
Last Updated: | 3/20/2024 |
Overview / Comments
3947 Magazine Street was recently leased out to Rowan, Inc. as their first store in the New Orleans market. Rowan Piercing Studio performs ear piercings using licensed nurses. The corporately guaranteed lease term expires in January of 2030 and follows annual rental increases of 3%. The property is offered at $1,300,000, for a 5.8% capitalization rate. The property is on the same block as Indochino, Warby Parker, Billy Reid, Marine Layer, UnTuckit, and J. McLaughlin and is within a few blocks of high-end boutique Pilot and Powell, Tasc Performance Apparel, Lululemon, Shaya, La Petite Grocery, Lilette, Leontine Linens, Weinstein’s, and Mac Maison Antiques, as well as many other home décor, restaurants, and antique stores. This stretch of Magazine Street is centrally located, and easily accessible for Uptown and Garden District Residents alike. Due to its location on Magazine Street, as well as its unique mix of co-tenancy, this specific area of Magazine Street also attracts many tourists. |
Attachments & Media
Current Tenants
Tenant Business Name | Rowan Inc |
SF of Space Occupied | 1,230 SF |
Escalations | 3% annually. |
Options | None. |
Tenant Notes | Brand new lease. Corporate guarantee. |
Additional Details
Nearest MSA: | New Orleans-Metairie |
County: | Orleans |
Submarket/Township: | Uptown-Garden District |
Tax ID/APN: | 41047415 |
Zoning: | HU-B1 |
Demographic Statistics
Proximity: | 1 mile | 3 miles | 5 miles |
---|---|---|---|
Total Population: | 26,150 | 172,173 | 388,801 |
Median Age: | 37.1 | 36.41 | 36.86 |
Households: | 13,110 | 73,773 | 159,568 |
Contact
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