Uptown Commercial/Residential Income Producing Property

Retail-Commercial for Sale
Catylist Listing ID: 30556584
Property Subtypes: Restaurant, Other
Building Size (RSF): 5,091 SF
Gross Building Area: 5,128 SF
Gross Land Area: 3,720 SF
Sale Price: $1,650,000
Unit Price: $324.10 PSF
Property Use Type: Net Leased Investment (NNN)
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/16/2020

Overview / Comments

Uptown New Orleans NNN leased Restaurant with three residential apartments. Situated blocks away from Tulane & Loyola Universities off of Claiborne Avenue.

Busy location on Calhoun Street with a corridor of commercial businesses. High traffic count, busy with a combination of students from colleges and schools in the area, and high-income surrounding residential properties in a popular area of New Orleans.

Current Tenants

Tenant Business Name Moe's BBQ
Is Renting? Yes
Annual Revenue $57,600 (Annual)
Lease Expiration 8/2020
Escalations Current lease ends on 8/6/2020 with 2 Five Year Options. Ist Five Year Option on 8/6/2020 - rent increase to $5400/month. 2nd Five Year Option on 8/6/2025 - rentincese to $6300/month.
Tenant Notes Tenant renovated the restaurant prior to opening the business. Very nice upgrade to the space. The business is very successful, and the business has opened two more locations in the Metro New Orleans region.
Tenant Business Name Residential Apartment
Is Renting? Yes
Annual Revenue $12,000 (Annual)
Tenant Business Name Residential Apartment - Leased
Is Renting? Yes
Tenant Business Name Residential Apartment
Annual Revenue $30,000 (Annual)
Tenant Notes Apartment is listed for lease at $2500/month. Has been used as Short Term Rental, which is permitted for the property.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Uptown-Garden District
Taxing Authority: Orleans Parish
Tax ID/APN: 41054698
Zoning: HU-B1
Retail Clientele: General, Family, Business, Tourist, Other
Property Located Between: South Rocheblave & South Miro Street
Property Visibility: Excellent
Largest Nearby Street: Claiborne Avenue
Feet of Frontage: 31
Site Description: Commercial/Residential Building located on a corner with ample street parking.
Area Description: Location is in the historic Uptown area of New Orleans with a mix of residential and commercial properties.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 2
Property Condition: Excellent
Year Built: 1940
Year Renovated: 2018
Construction/Siding: Brick/Aluminum Siding, HardiePlank Siding
Exterior Description: Traditional New Orleans Commercial Storefront for the restaurant with three attached residential apartments.
Total Parking Spaces: 2
Parking Type: Surface
Parking Description: Two parking places at the rear of the property are part of the lease for the Restaurant.
Zoning Description: HU-B1
Lot Frontage: 31
Lot Depth: 102
Water Service: Municipal
Sewer Type: Municipal
Easements Description: None noted.
Land Ownership: Sold with property.
Legal Description: BRTHVLE SQ 137 Lot X 31 X 120 3148-50 Calhoun & S. Tonti

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 35,165 181,441 410,731
Median Age: 31.11 36.38 37.75
Households: 13,055 79,609 177,359

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