Description
Sold 2020.
5033 Freret Street offers 125’ of frontage on bustling Freret Street with a total of 7 commercially zoned units. The property is home to Good Bird, Liberty Cheesesteaks, Spomenik Supply, The Other Bar, Iacovone kitchen, and two apartments/office spaces on the second floor. The property currently sits at ~84% occupancy, but offers a proforma cap rate of >7.5% at market rents. Ownership operates The Other Bar and would deliver the space as vacant, making this an ideal opportunity for a bar operator to take over an existing operation with significant additional rental income. One of the two upstairs 3 bedroom apartments is utilized as office space, with the other leased to a STR operator with license in place.
The property is in close proximity to a host of destination restaurants, bars, venues, and retailers. Tulane and Loyola Universities are less than a mile away boasting a combined 18,500 students. Sacred Heart, Lusher, and Newman are also less than a mile from this opportunity.
Inquire within for current and proforma financials.
ZoningHU-MU
Property Size5820 SqFt
Property TypeCommercial
Address
Address: 5031-41 Freret Street
City: New Orleans
Parish: Orleans
Zip Code: 70115
Neighborhood: Freret
