Leased Single Tenant Restaurant

Retail-Commercial for Sale
Catylist Listing ID: 30867777
Property Subtypes: Free-Standing Building, Restaurant, Street Retail
Building Size (RSF): 1,200 SF
Sale Price: $550,000
Unit Price: $458.33 PSF
Property Use Type: Net Leased Investment (NNN)
Building Name: Leased Single Tenant Restaurant
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/3/2024

Overview / Comments

We are pleased to present a tenant occupied investment property located along the vibrant Maple Street corridor. This property was renovated in 2013 and is occupied by a stable, highly popular tenant that services both nearby university students, as well as Uptown residents.

The 1,200 square foot commercial property has operated as a Jimmy John’s since 2013. The current lease term expires 12/31/2024 that is followed by a 5-year renewal option with rental increases each year of the option period. The Maple Street location of the property paired with the strength of the tenant make this a highly appealing investment opportunity.

THE CURRENT LEASE IS WELL BELOW MARKET. As a result, this is an opportunity to collect limited risk rental income in the interim with future upside of increasing rental income to align with existing Maple Street rates.

Current Tenants

Tenant Business Name Jimmy John's
Is Renting? Yes
Options The tenant presently pays $2,050 per month, or $24,600 annually, triple net. Following the 12/31/2024 expiration of the current term, the tenant has (1) 5-year renewal option as follows: 2025- $2,500/month 2026- $2,550/month 2027- $2,601/month 2028- $2,653/month 2029- $2,706/month

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Uptown-Garden District
Taxing Authority: City of New Orleans
Tax ID/APN: 716107003
Property Visibility: Excellent
Largest Nearby Street: Maple Street
Feet of Frontage: 30
Site Description: The site is a rectangular parcel 30.00' of frontage along the northeast side of Maple Street, by depths of 120.00'. The total site area is 3,600 square feet, or 0.08 acres.
Tenancy: Single Tenant
Number of Stories: 1
Typical SF / Floor: 1,200 SF
Property Condition: Excellent
Year Renovated: 2013
Zoning Description: HU-B1, Historic Urban Neighborhood Business District
Lot Frontage: 30' along Maple Street
Lot Depth: Equal and parallel depths of 120'
Legal Description: Lot 5, Square 98, Seventh District, Orleans Parish, State of Louisiana

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,896 154,054 394,082
Median Age: 31.46 36.06 38.16
Households: 9,333 65,913 170,415

Contact

Photograph of Listing Agent

Rick L Murphy

Murphy Appraisal Mandeville, LA 70471
LACDB Member
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