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651 Richard Street, New Orleans, LA
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651 Richard Street
New Orleans, LA 70130 - Uptown/Garden District Submarket
.55 AC (24,028 SF)
Total Space Avail:
Free Surface spaces are available; Free Covered spaces; Ratio of 1.37/1,000 SF
Located near Tchoupitoulas, the convention center, and the new River Gardens development.
When you first see this building, you'll think that it's a 100+ year old warehouse because of the charming old brick work. Actually, it's two nice office buildings in an "L" shape with a parking lot in the middle. It's located near Tchoupitoulas, the convention center, and the new River Gardens development.
- The 1st building is leased, month to month, for $1700.00 (+) by Professional Security Training, Paul Graffeo and is 5,000 square feet.
- The 2nd building, 4 units, is 11,000 sq ft and is leased as follows:
- The largest, 4,000 square feet, is leased by Adam Vtonovich for $2000.00 a month, until April 2008. This is the only extant lease. All else are month to month.
- The 2nd, 3,000 square feet, (a small portion of which is upstairs) is leased by Rusty Burkerding and Dick Kammer of Admiral Security, for $750.00 a month.
- 2,000 square feet is leased by Tim Kilbride of Sound Source, for $750.00 a month.
- 2,000 square feet is leased at $800.00/ month to a firm that restores old English sportscars..
Total income = $6,000 month, gross
- There has been $7,000 of asphalt work completed since Katrina.
- There has been $7,000 of sidewalk work completed.
- There was work completed on the bricks (pointed up) after a little hurricane damage.
- Terminix is the current termite contractor and there is no active termite activity. Centricon system in place.
- The roof has been repaired, but one section may need to be repaired or replaced.
- There are $3500.00 of new wooden doors which were built to the 100 year old specifications on the Richard St side.
- $80,000.00 was paid for brick and roof repairs after Katrina.
Estimated yearly expenses:
$4,000 taxes (These may go up to $5,600 in 2008, but we're not sure yet.)
$2,400 electric for common area
$14,200 total typical yearly expenses
Thus, one may anticipate income and expenses of:
$57,800 Net Operating Income
CLICK HERE TO CONTACT THE LEASING BROKER
FOR LEASE CONTACTS
Talbot Realty Group
Bobby E Talbot
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