New Orleans Downtown Office Building
Office
for Sale
| Catylist Listing ID: |
30799646 |
| Property Subtypes: |
Office Building
|
| Building Size (RSF): |
25,700 SF
|
| Gross Building Area: |
See Agent |
| Gross Land Area: |
12,413 SF
|
| Sale Price: |
$3,300,000 |
| Unit Price: |
$128.40 PSF |
| In Opportunity Zone? |
Yes |
| Property Use Type: |
Investment, Vacant/Owner-User |
| Class of Space: |
Class B |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
Undisclosed |
| Last Updated: |
4/8/2024 |
Overview / Comments
615 Baronne is a three-story, multi-tenant office building at the intersection of the New Orleans Arts, Sports, and Warehouse districts. The building improvements contain 25,700 rsf with a current occupancy of 72%. The property features a non contiguous parking lot at 641 Baronne Street, on the corner of Girod Street (same block as improvements), containing a total of 3,885 sf.
615 Baronne was built in 1910 and then renovated in 1999. This Class B office building is in good condition and is located in a desirable office area with great access to I-10. The surrounding area has seen some significant new development such as the South Market District, The Julia and Garage apartments, the new Virgin Hotel, and more. 615 Baronne could be renovated and transformed into a high-quality office building or redeveloped into apartments or a hotel. Historic tax credits, both state and federal, are available. The building is also located in an Opportunity Zone.
|
Additional Details
| Nearest MSA: |
New Orleans-Metairie |
| County: |
Orleans |
| Submarket/Township: |
Uptown-Garden District |
| Tax ID/APN: |
41033010 |
| Zoning: |
CBD-5 |
| Property Located Between: |
Lafayette and Girod |
| Property Visibility: |
Good |
| Highway Access: |
I-10 and Pontchartrain Expressway |
| Airports: |
MSY |
| Site Description: |
Modernized office building one block away from Poydras. Adjacent to South Market district with condos, apartments, pharmacies, shops, restaurants, Rouses supermarket. |
| Area Description: |
The Lafayette Square Historic District region was a 19th-century industrial area that also included public buildings. It has morphed over the past three decades into a mixture of apartment/condominium units, arts destinations such as museums and “Gallery Row” on Julia Street, small office buildings, and a number of boutique hotels including the Ace Hotel New Orleans, the Maison de la Luz, the Renaissance Hotel, and the Old No. 77 Hotel and Chandlery. Close adjacency to the CBD, a vital area for office towers and governmental buildings, affords easy walkability to courthouses, law firms, City Hall, banks, sports facilities, theaters, and more. It is also next to the Warehouse/Arts District, another vibrant mix of residential, arts, and commercial properties. |
| Total Number of Buildings: |
1 |
| Number of Stories: |
3 |
| Year Built: |
1910 |
| Year Renovated: |
1999 |
| Parking Type: |
Surface |
| Parking Description: |
14 spaces in non-adjacent surface lot |
| Total Parking Spaces: |
14 |
| Passenger Elevators: |
1 |
| Sprinklers: |
Other |
| Zoning Description: |
Permitted uses include office, government offices, multi-family dwelling, retail goods establishment, community center, etc. |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
20,176 |
197,057 |
404,973 |
| Median Age: |
37.07 |
35.85 |
37.02 |
| Households: |
10,379 |
85,388 |
169,880 |
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The information presented herein is provided as is, without warranty of any kind.
Neither Louisiana Commercial Database, LLC nor
Moody's assume any liability for errors or omissions.
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