French Quarter Development Opportunity, Three story property for Sale or Lease

This property offers very attractive financing. The Owner has purchased this property on a Bond for Deed and the new owner can assume the outstanding loan at a very attractive interest rate of 3.25%. 425 Decatur Street is a three story, ±19,946 SF, mixed use building. The building is listed for sale at $5,000,000, but may also be leased for $30,000/mo NNN. This is a significant development opportunity to transform a historic building in a bustling section of Decatur Street. The first floor of the building contains 7,404 SF and consists of a retail area containing ±3,634 SF and a rear storage area containing ±3,770 SF. The second and third floors are currently in an non-renovated shell state. This area contains ±12,542 SF. The overall condition of the building is considered average/good. The improvements are situated on a ±7,374 SF site. 425 Decatur is located within the historic Vieux Carre (French Quarter). The property is currently under lease to separate tenants, both are month to month. The property is zoned VCC-2, Vieux Carre Commercial District. The French Quarter or "Vieux Carré" (old square in French) stretches along the Mississippi River from Canal Street to Esplanade Avenue (13 blocks long) and from the Mississippi River to Rampart Street (10 blocks wide). The French Quarter, created by the City of New Orleans, is internationally known for its architecture, food, and entertainment. The French Quarter is wider (from Canal to Esplanade) than it is deep (from the River to Rampart). Decatur, Bourbon and Royal Streets are the primary streets running parallel to the River through the width of the French Quarter; sections are often closed off to motor vehicles. The main entrance to the Quarter is anchored by Canal Place at Canal and N. Peters with N. Peters turning into Decatur, the only two- lane street in and out of the Quarter. This property is in a prime block of Decatur at it’s widest point and directly across the street from 90% of the FQ parking lots and all of the national retail including but not limited to H&M Clothing and Home Store, Sephora, Urban Outfitters, Vans, etc. In addition, this property is one of only a few large footprints in the Quarter. The typical mixed use property in the Quarter are typically 1200-3000SF, this footprint is extremely large lending itself to multiple uses: large retail, multiple retail uses, restaurant/bar/event space etc. This area known as the Upper Quarter is best known for it’s commercial occupancy, larger hotels, retail properties and restaurants like The Monteleone, The Omni Royal Orleans, The Royal Sonesta, the three phases of Jax Brewery, Galatoires, Brennan’s, Antoinne’s, Arnaud’s etc. while the Lower Quarter has commercial, it’s primarily residential with a combination of single family homes, Bed and Breakfast spots, smaller hotels and smaller multi family structures. Photo Tour: https://www.tourbuzz.net/public/vtour/display/2295811#!/