For Sale or Ground Lease: 3529 - 3545 N. I-10 Service Rd.
Once in a Generation Redevelopment Opportunity - Metairie (New Orleans), LA
Marketing description
A once in a generational opportunity to Purchase or Ground Lease a combined 4.37 acre site in the heart of Metairie, Louisiana. Direct Interstate 10 visibility!
The owners will consider offers on the entire site or Parcels A and B separately. The 3 story office building situated on Parcel A is currently known as the Crutcher–Tufts Building and contains 30,114 square feet of leasable space. The 1st floor is leased to 2 tenants (Stanley Security and State Farm). The 2nd and 3rd floors are currently vacant. The building on Parcel B is 100% leased to Enterprise for their car rental and sales facility. The leases in both buildings have provisions allowing the owner to cancel the leases with either a 6-month or 12-month notice.
This is a perfect redevelopment opportunity with income in place. The zoning will allow for multi-family, hotel, office, retail or medical uses.
Copies of leases, surveys, income statements, tax records, floor plans, Phase I environmental reports, etc. are available for review upon signing a Confidentiality Agreement.
Pricing Guidance of $12,400,000 for both properties or $6,200,000 for either parcel separately.
Owner will consider a Ground Lease Option at $820,000/Yr (Both Properties) or $410,000/Yr for either property individually, with an option to purchase at a TBD later date.
Investment highlights
- Once in a Generation redevelopment opportunity in an area where there are few, if any, large parcels available
- EXTREMELY VALUABLE VISIBILITY as property faces the busy Interstate 10 with high volumes of daily cars passing by
- Two existing office buildings with leases in place, but cancelable by owner, for income support while new development takes shape
- ZONED BC-2 which allows for full development potential as MULTI-FAMILY, HOTEL, OFFICE, RETAIL, or MEDICAL
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