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. |
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 |
|
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