Redeveloped Historic Office Building | 401 Saint Joseph St
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Redeveloped Historic Office Building 401 Saint Joseph St
21,142 SF 100% Leased Office Building New Orleans, LA 70130 $4,995,000 ($236/SF) 5.71% Cap Rate
Investment Highlights
- Redeveloped in 2017
- High quality Tenants leasing two floors in the building
- Accessible to Highway 90 and surrounded by stores.
Executive Summary
Lease Details: Both the 3rd and 2nd floors are 10 year leases.
Rooftop engineered to support a +/- 4,000 sf addition
3rd Floor current rate is $22.00 sf triple net; 3 years remaining with escalations to $22.66 sf for years 9-10.
2nd Floor current rate $21.60 sf triple net; 5 years remaining with escalations to $23.00 for years 9-10.
1st floor 4,614 SF vacant
2023 Net charges average ~$4.00 sf which include tenants electricity, water, waste management, common area maintenance & repairs,
taxes and insurance.
General Comments: Impressive triple-net historic corner office asset for sale in the Warehouse District. This c. 1905 site was once the
location for the Gulf Shot Tower Company and later became several meatpacking and cold storage facilities prior to turning into top
notch commercial headquarters. Redeveloped in 2017, high quality tenants occupy this Class A low-rise building with both old world
charm and functional, innovative, open work space. The top floor is leased to Barefield Workspace Solutions, Inc., a premiere office
furniture and supply headquarters and Steelcase distributor. The second floor is leased to WBEC South, the regional non-profit for
WBENC that certifies women-owned businesses and its WB Collective, a pro-women owned co-working office suite. This is an excellent
corner location opposite of the Woodward Wright Apartments, St. Joseph Lofts, and the Marriott Sonesta ES Suites and is a short walk
to the Convention Center, Gallery Row, Lafayette Square Park and many other attractions. Contract parking options available at the
adjacent lot fronting on St. Joseph and the Magazine & St. Joseph large lot. The building is serviced by three phase power, is fully
sprinkled and has a single-ply 50 mil Durolast Inc system with a 15 yr manufacturer warranty from 2007. Approximately 15' ceiling
heights for both 2nd & 3rd floor; 7'6" ceiling height for 1st floor. The interior is 2007 new steel and concrete framing .
*Upon receipt of a signed Non-Disclosure Agreement, sufficient financials, survey, floor plans, etc will be provided. Tenants are not to
be disturbed.
Rooftop engineered to support a +/- 4,000 sf addition
3rd Floor current rate is $22.00 sf triple net; 3 years remaining with escalations to $22.66 sf for years 9-10.
2nd Floor current rate $21.60 sf triple net; 5 years remaining with escalations to $23.00 for years 9-10.
1st floor 4,614 SF vacant
2023 Net charges average ~$4.00 sf which include tenants electricity, water, waste management, common area maintenance & repairs,
taxes and insurance.
General Comments: Impressive triple-net historic corner office asset for sale in the Warehouse District. This c. 1905 site was once the
location for the Gulf Shot Tower Company and later became several meatpacking and cold storage facilities prior to turning into top
notch commercial headquarters. Redeveloped in 2017, high quality tenants occupy this Class A low-rise building with both old world
charm and functional, innovative, open work space. The top floor is leased to Barefield Workspace Solutions, Inc., a premiere office
furniture and supply headquarters and Steelcase distributor. The second floor is leased to WBEC South, the regional non-profit for
WBENC that certifies women-owned businesses and its WB Collective, a pro-women owned co-working office suite. This is an excellent
corner location opposite of the Woodward Wright Apartments, St. Joseph Lofts, and the Marriott Sonesta ES Suites and is a short walk
to the Convention Center, Gallery Row, Lafayette Square Park and many other attractions. Contract parking options available at the
adjacent lot fronting on St. Joseph and the Magazine & St. Joseph large lot. The building is serviced by three phase power, is fully
sprinkled and has a single-ply 50 mil Durolast Inc system with a 15 yr manufacturer warranty from 2007. Approximately 15' ceiling
heights for both 2nd & 3rd floor; 7'6" ceiling height for 1st floor. The interior is 2007 new steel and concrete framing .
*Upon receipt of a signed Non-Disclosure Agreement, sufficient financials, survey, floor plans, etc will be provided. Tenants are not to
be disturbed.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
21,142 SF
Building Class
B
Year Built/Renovated
1905/2015
Price
$4,995,000
Price Per SF
$236
Cap Rate
5.71%
NOI
$285,204
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
7,047 SF
Building FAR
2.86
Lot Size
0.17 AC
Opportunity Zone
Yes
Zoning
CBD-6 - The CBD-6 Urban Core Neighborhood Intensity Mixed-Use District: Link Below:
https://czo.nola.gov/article-17/
Amenities
- 24 Hour Access
- Security System
- Automatic Blinds
- Basement
- Central Heating
- High Ceilings
- Natural Light
- Open-Plan
- Partitioned Offices
- Air Conditioning
- Fiber Optic Internet
- Smoke Detector
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Walk Score ®
Walker's Paradise (96)
Transit Score ®
Excellent Transit (78)
Bike Score ®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Number | 1-03-1-029-01 | Improvements Assessment | $56,880 |
| Land Assessment | $48,830 | Total Assessment | $105,710 |
PROPERTY TAXES
Parcel Number
1-03-1-029-01
Land Assessment
$48,830
Improvements Assessment
$56,880
Total Assessment
$105,710
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Redeveloped Historic Office Building | 401 Saint Joseph St
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