Catylist ID:
#30720920
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: | 9/21/2021 |
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 Sept 2024. 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. |
Attachments & Media
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 |
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 |
Contact
Jack EgleFelicity Property Co., LLCNew Orleans, LA LACDB Member |
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