Fully Leased Warehouse + Office Investment Property for Sale

Industrial for Sale
Catylist Listing ID: 30720920
Property Subtypes: Flex Space, Net Leased, Self Storage, Warehouse/Distribution, Other
Building Size (RSF): 23,396 SF
Gross Building Area: See Agent
Gross Land Area: 22,480 SF
Sale Price: $3,171,430
Unit Price: $135.55 PSF
Docks/Doors: 3 Doors
Office SF: 4,273 SF
Property Use Type: Net Leased Investment (NNN), Investment
Sale Terms: Cash to Seller
Cap Rate: 7.0%
Last Updated: 1/17/2022

Overview / Comments

440 Josephine St. is a fully leased, two-story warehouse + office building in the Lower Garden District located just 1/2 block off Tchoupitoulas St. The building was meticulously renovated in 2019 and is currently leased on a NNN basis to Sonder, who recently announced a merger that will bring the company public.

Over the past few years, the LGD has witnessed a redevelopment or renovation of many of its industrial properties to more flex/office/commissary/retail uses, and this block is no different. While the condition of the building and current lease make this an attractive investment property today, the upside from a future redevelopment makes this a great future investment as well.

Cap Rate: 7%
Leased to Sonder (office and back-of-house operations) through March 31, 2025.

Building highlights
- 23,396 sf (19,123 sf - ground floor warehouse; 4,273 sf - second floor office)
- New roof (15-yr warranty) and gutters
- 16'-18' clear height
- Exterior tuck-pointing
- New paint
- New LED lights
- New electrical service - 800 amp, 3 phase
- New overhead and personnel doors
- New storefront glass entry
- New exterior and interior stairs
- New restrooms
- Newly built out 2nd floor office space with HVAC, break room with kitchenette
- Fully restored historic steel windows

Zoning: HU-MU (Property currently holds legal non-conforming use as a warehouse)

Excellent location: direct access to CBD/Port of New Orleans/I-10/Convention Center/Mardi Gras World/Crescent City Connection. Close proximity to numerous breweries/restaurants/shops along Tchoupitoulas corridor and quick drive to the CBD/French Quarter.

Contact agent for more details.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Uptown-Garden District
Tax ID/APN: 41041098
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 2
Property Condition: Excellent
Year Renovated: 2019
Roof Type: Flat
Construction/Siding: Block, Metal Siding
Parking Type: Surface
Sprinklers: Wet
Lighting: LED
Zoning Description: HU-MU
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,693 184,846 401,084
Median Age: 36.31 36.06 36.65
Households: 11,500 77,780 164,125


Photograph of Listing Agent

Jack Egle

Felicity Property Co., LLC
New Orleans, LA
LACDB Member
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