Shopping Center Investment Opportunity in New Orleans

Shopping Center for Sale
Catylist Listing ID: 30739334
Property Subtypes: Mixed Use, Neighborhood Center, Strip Center
Building Size (RSF): 31,852 SF
Gross Land Area: 4.37 Acres
Sale Price: $4,200,000
Unit Price: $131.86 PSF
Property Use Type: Investment
Building Name: Crowder Retail Center
Sale Terms: Cash to Seller
Cap Rate: 7.75%
Average Occupancy Rate: 96
Last Updated: 1/19/2022

Overview / Comments

The Crowder Retail Center, anchored by Planet Fitness, is an excellent investment opportunity with national retail tenancy. It is located directly off I-10 along Crowder Blvd, a major thoroughfare in New Orleans East, and is the premier retail shopping center in the area. Vehicle count is more than 125,000 per day along I-10, and pylon signage provides additional visibility. The adjacent pad site along I-10 Service Rd offers a strong value-add potential with the ability to add GLA to the center.

Of note, a recently announced $10M STEM Innovation Hub will break ground in 2022, one mile away.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Northshore / N.O. East
Tax ID/APN: 41221978
Zoning: C-3
Retail Clientele: General, Family, Business, Traveler, Tourist
Property Located Between: Crowder Blvd and I-10
Property Visibility: Excellent
Largest Nearby Street: I-10
Traffic/Vehicle Count: 125,815
Highway Access: I-10 (accessed via I-10 Service Rd)
Airports: MSY
Site Description: Crowder Retail Center is the premier shopping center in New Orleans East. With only one current vacancy, new tenant demand for available space will remain strong. Strong national tenancy and excellent visibility from 1-10. Tremendous value-add potential with the adjacent 31,299 SF land directly north of the center, available at below market value.
Area Description: New Orleans East is a suburban area that consists of residential subdivisions, offices, restaurants, and stores as well as Michoud Assembly Facility, Folgers coffee-roasting facility, and Faubourg Brewing Company. The population exceeds 80,000, which would be the state’s sixth largest if it was an independent city. It is located east of the Industrial Canal and north of the Mississippi River.
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Excellent
Year Renovated: 2014
Roof Type: Flat
Parking Type: Surface
Parking Description: Abundant - large surface lots in front and to side of retail center.
Zoning Description: Heavy commercial

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,048 59,482 144,364
Median Age: 30.33 33.14 35.44
Households: 6,876 21,453 56,987

Contact

Photograph of Listing Agent

William Sadler

Corporate Realty
New Orleans, LA
LACDB Member
Photograph of Listing Agent

Richard F Weber, Jr

Corporate Realty - Main Office
New Orleans, LA
LACDB Member
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