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$999,000
Est. payment /mo
5,112 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 5,112 sqft
Price per Sqft $195
MLS Listing ID 2561865
HOA Y/N No
Year Built 1980
Lot Size 1,163 Sqft
Acres 0.0267
Property Description
2231 Saint Claude Avenue presents the opportunity to acquire a stabilized, income-producing commercial asset in one of New Orleans' most active entertainment and redevelopment corridors. The property is fully leased to Emporium Arcade Bar under a Triple NNN lease currently in Year 5 of an initial 10-year term, offering investors durable cash flow with limited landlord obligations.
The tenant occupies 100% of the building and operates under an active bar and live entertainment permit, creating a highly specialized hospitality asset with significant operational value already in place. Extensive capital improvements and tenant buildout were completed between 2021–2022, substantially modernizing the property and reducing near-term capital expenditure exposure for future ownership.
The asset is currently delivering a 6.34% cap rate with built-in rental escalations increasing returns to a projected 7.14% cap rate. This offering is ideally suited for investors seeking a passive, single-tenant net lease asset with an established operator in place and immediate in-place income.
Tenant to remain in place. Business operations are not included in the sale.
Full 3D virtual tours available
The tenant occupies 100% of the building and operates under an active bar and live entertainment permit, creating a highly specialized hospitality asset with significant operational value already in place. Extensive capital improvements and tenant buildout were completed between 2021–2022, substantially modernizing the property and reducing near-term capital expenditure exposure for future ownership.
The asset is currently delivering a 6.34% cap rate with built-in rental escalations increasing returns to a projected 7.14% cap rate. This offering is ideally suited for investors seeking a passive, single-tenant net lease asset with an established operator in place and immediate in-place income.
Tenant to remain in place. Business operations are not included in the sale.
Full 3D virtual tours available
Location
State LA
County Orleans
Zoning HMC-2
Interior
Fireplace No
Exterior
Parking Features Garage, Off Street
Water Access Desc Public
Accessibility Accessibility Features
Building
Lot Description Corner Lot, City Lot
Dwelling Type Mixed Use,Warehouse
Entry Level One
Sewer Public Sewer
Water Public
Level or Stories One
Others
Tax ID 701172231SaintClaudeAV
Special Listing Condition None
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Listed by FQR Realtors
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Celeste Marshall
Rêve | Realtor License ID: 0995686000
Rêve | Realtor License ID: 0995686000
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