Prominent New Orleans LGD Building For Sale at Highly Trafficked Intersection; Now Priced at $1,650,000

Description:

Recently adjusted in price, 2001 Magazine St is a prominent, two-story Lower Garden District building for sale, listed exclusively with SVN Urban Properties. Now offered for sale at $1,650,000 this is a rare opportunity to acquire and secure a long-term investment in a part of Magazine Street with high growth potential. The building has not been available for purchase in nearly 30 years, and with two solid tenants - second floor tenant recently extended its lease - a new owner can enjoy an architecturally significant building with stable income.

The two-tenant building showcases impressive architectural features and has an eye catching presence at the intersection of Magazine Street, Sophie Wright Pl and St Andrew Street. Built around 1910 and last purchased in 1995, the building is a focal point of the LGD neighborhood and is highly active with both pedestrian and vehicle traffic.

The first floor of the building measures 1,871 gross sf and is home to Free People Movement (a tenant since 2012), while the second floor is occupied by MADE Architects (recently extended lease) and measures 1,967 gross sf. The total lot size is 2,144sf and zoning is HU-B1.

The current owners fully renovated the building in 1995, and other renovations have since been completed - more details available upon request. The first floor tenant invested significant dollars in its initial build out in 2012, and also recently upgraded and rebranded the space.

Square Footage Breakdown:

Building Gross: 3,838sf
1st floor: 1,871sf
2nd floor: 1,967sf

Building Leasable: 3,354sf
1st floor tenant: 1,305sf
2nd floor tenant: 1,849sf

Proportionate Share Breakdown:
1st floor tenant: 41.4%
2nd floor tenant: 52.6%
Building owner storage: 6% (Building owner uses a small storage room on the first floor and there is also a janitors room on the first floor which make up 6% of the total building area)

Please do not disturb either tenant. Financials are available upon request, and please note the building is offered as-is.

2001 Magazine Street is a prominent building located at the intersection of Magazine Street, St. Andrew Street and Sophie Wright Pl, in New Orleans' Lower Garden District (LGD) neighborhood.