ENTIRE MID-CITY BLOCK FOR SALE

Retail-Commercial for Sale
Catylist Listing ID: 30857932
Property Subtypes: Free-Standing Building, Mixed Use, Movie Theatre, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 104,141 SF
Gross Building Area: See Agent
Gross Land Area: 98,432 SF
Sale Price: $2,275,000
Unit Price: $21.85 PSF
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User
Building Name: Sacred Heart of Jesus Catholic Church & Rectory
Usable Size (USF): 31,531 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 2/29/2024

Overview / Comments

Prominently located in the heart of Mid-City, nestled between City Park and the French Quarter, the former Sacred Heart of Jesus Catholic Church campus occupies the entire 3200 block of Canal Street. The 2.25-acre site consists of six (6) historic masonry buildings, boasting a collective gross square footage in excess of 100,000 square feet. The property is perfectly suited for dense development, which is exceedingly rare in the city-center. The property is eligible for the Federal Opportunity Zone Incentive Program, as well as both Federal and State Historic Tax Credit Programs.

The former 13,351 square foot sanctuary and the 3-story 18,180 square foot rectory buildings are immediately available for redevelopment. The former school buildings currently contain 109 senior housing units operated by Unity of Greater New Orleans. This portion of the property is subject to a long-term absolute net lease running through 2052, at which time the improvements revert back to the property owner, providing immense upside for future redevelopment. This opportunity represents a generational acquisition option for the patient investor, as well as investors seeking to place capital into an opportunity zone with interim returns in historic tax credit equity generated by the redevelopment of the sanctuary and rectory.

The walkable and bikeable neighborhood, right in the middle of New Orleans, provides easy access to the Lafitte Greenway and the Canal streetcar line, as well as I-10, and U.S. 90, affording residents easy commutes with only a 5–10-minute drive to the entire New Orleans MSA. The neighborhood also offers a great quality of life with numerous eclectic restaurants and bars throughout the neighborhood.

Sanctuary:~13,351 SF
Rectory:~18,180 SF
School: ~69,090 SF
Total: ~104,141 SF

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Greater New Orleans
Tax ID/APN: 105205318
Zoning: HU-MU
Retail Clientele: General, Business, Traveler, Tourist, Recreation, Other
Property Located Between: S. Rendon & S. Lopez
Property Visibility: Excellent
Largest Nearby Street: Canal St
Total Number of Buildings: 3
Number of Stories: 2
Property Condition: Good
Year Built: 1923
Parking Type: Surface
Zoning Description: Historic Urban Neighborhood Mixed-Use District
Lot Frontage: 308' on Canal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 28,653 203,146 391,531
Median Age: 32.93 36.58 37.2
Households: 10,868 89,071 168,670

Contact

Photograph of Listing Agent

Gordon McLeod

The McEnery Company Inc New Orleans, LA 70112
LACDB Member
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