Mid-City Office Building with Value Add Opportunity

Office for Sale
Catylist Listing ID: 30835067
Property Subtypes: Office Building
Building Size (RSF): 103,903 SF
Gross Building Area: See Agent
Sale Price: $8,450,000
Unit Price: $81.33 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN)
Building Name: Tulane Tower
Class of Space: Class B
Usable Size (USF): 83,153 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/25/2023

Overview / Comments

Tulane Tower is a 10-story, 111,000 +/- gross square foot multi-tenant office building with an attached 3-level parking garage and two additional parking lots. It is located on Tulane Avenue, a major corridor connecting Mid-City with Downtown New Orleans. The only office tower of its size in Mid-City, it boasts a convenient central location and provides quick access to I-10 and US-90 as well as throughout the city.

This area has seen transformative redevelopment over the past decade. It is within a few blocks of what is known as the BioMedical District, a hub of research, teaching, and important healthcare initiatives and care. Healthcare anchors include the University Medical Center, Tulane Hospital, Veterans Affairs Hospital, and Tulane Schools of Medicine and Tropical Medicine. Recent food and entertainment options include Whole Foods Mid-City, The Broad Theater, Lafitte Greenway, and more.

This property is eligible for state and federal rehabilitation credits and lies within the federal and state Opportunity Zone (Zone 60). These credits, in addition to a permissive zoning, makes this building an exciting investment property with in-place income and opportunity for redevelopment.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Greater New Orleans
Tax ID/APN: 105202312
Zoning: MU-1
Property Located Between: S Broad St. & S Dorgenois St.
Property Visibility: Excellent
Number of Stories: 10
Parking Type: Structure, Surface
Parking Description: Attached garage w/ 205 spaces and two additional surface lots.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 26,428 207,880 409,014
Median Age: 32.17 36.34 37.24
Households: 9,286 91,560 174,648


Photograph of Listing Agent

Keith Adler

Corporate Realty - Main Office New Orleans, LA 70170-0000
LACDB Member
Photograph of Listing Agent

Michael J Siegel, SIOR

Corporate Realty - Main Office New Orleans, LA 70170-0000
LACDB Member
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