Target
1731 Manhattan
Big-box · ~300′ from subject · daily trips.
Rev J valuation · ~$3.5M all-in · ~$254.0k core gross / ~$151k NOI stabilization
Full P&L: Rev J P&L → · ARV lender letter → · Concept #1 archive below
Corridor context · Manhattan Blvd · Harvey · one check · turnkey · land under contract
National anchors on the strip.
Recorded comps prove value.
Prime West Bank arterial: ~45,000 cars every day on Manhattan Blvd. Recorded sales: 1020 Manhattan @ $166/SF on 31,115 SF ($5.17M) · 1650 Manhattan @ $217/SF ($1.4M · Jan 2025) · 1901 Manhattan mixed-use list $14.7M. Rev J reconciles to ~$9.35M @ CO on 55,000 SF GBA (~$170/SF) · $8M+ stabilized. Not USPAP · not an offer.
Manhattan Blvd anchor map · corridor research
Chili's
1741 Manhattan
Brinker national · next to Target · ~300′ from subject.
IHOP
Target node
24-hour corridor draw · breakfast → late night.
Zea
1121 Manhattan
Full-service rotisserie + bar · same blvd.
Copeland's
2333 Manhattan
Full-service LA dining · events · premium checks.
Sam's Club
1527 Manhattan
National wholesale · est. 1988.
Lowe's
1351 Manhattan
Home improvement · regional draw.
Walmart N.M.
3265 Manhattan
Grocery anchor · daily trips.
Holiday Inn Exp.
2433 Manhattan
~0.8 mi · public ADR ~$120–$200 band.
1705 Mirage
Subject · mixed-use
~45k cars/day · 55,000 SF GBA · 56 residence keys.
~37%LTC @ CO · ~$3.5M ÷ ~$9.35M
~$9.35MSales comp @ CO
~$170/SFOn 55,000 GBA
~+$5.85MSpread vs cost
~$8M+Stabilized · income
Loan-to-value · Rev J · three clocks
Bulk comps support ~$9.35M @ CO.
Lenders underwrite against recorded sales first. 1020 Manhattan @ $166/SF on 31,115 SF is the bulk-scale anchor on the same street — 55,000 × $166 = ~$9.13M before use adjustments. Reconciled midpoint ~$170/SF → ~$9.35M. Against ~$3.5M all-in, that is roughly +$5.85M day-one equity spread. Stabilized income ($8M+) is a separate clock.
~37%LTC @ CO~$3.5M all-in ÷ ~$9.35M comp
~$166/SF1020 bulk floor$5.17M ÷ 31,115 SF · same street
~$170/SFReconciled1020 floor + 1650 strip bracket
~23%LTV @ stabilized~$3.5M ÷ ~$8M+ income cap
Clock 2 · CO sales comp
55,000 SF GBA × ~$170/SF reconciled = ~$9.35M · bracketed by 1020 Manhattan bulk sale and 1650 strip ceiling.
Clock 3 · NOI refi
60% LTV on ~$8M stabilized = ~$4.8M+ loan capacity vs ~$3.5M outstanding — refi headroom after rent roll proves out.
Equity cushion
~$3.5M all-in vs ~$9.35M comp = ~+$5.85M day-one spread · cost is floor only · bulk corridor comps set market.
Rev J · operating lock · pnl-2d.html
| Tier | Gross/mo | Opex/mo | NET/mo |
|---|---|---|---|
| Stress | ~$210k | ~$100k | ~$110k |
| Likely | ~$254.0k | ~$102.6k | ~$151k |
| Strong | ~$297k | ~$105k | ~$192k |
Revenue lanes · residences + CRAVE + bar + court · residence rents $2,400 / $3,400 @ 90% · full P&L →
External validation · cited sources
Not broker opinions alone — recorded sales, published OMs, market rent listings, and lender math you can verify before wire.
| Fact | Number | Third-party source | Investor use |
|---|---|---|---|
| Comp B · 1020 Manhattan · bulk | $166/SF | ELIFIN Pulse · $5.17M · 31,115 SF | Primary scale comp · 55,000 × $166 ≈ ~$9.13M |
| Comp A · 1650 Manhattan · strip | $217/SF | ELIFIN Pulse · VO PLAZA · Jan 2025 | Strip ceiling · moderate size adj only |
| Subject @ CO · reconciled | ~$170/SF | 55,000 SF GBA · Rev J · ARV letter 2D | ~$9.35M @ CO |
| Manhattan Blvd VPD | ~47k | McEnery Co OM · confirm LADOTD | Corridor demand · not greenfield |
| Subject land · closed sold comps | $1.0M – $1.25M | S1 RaceTrac + M1 IHOP + M2 1650 · scaled to 2.2 ac · ELIFIN Pulse · verify Clerk deed | As-is vacant · deed-verified only |
| Executive suite rent · NOLA | $175–350/wk | Pearl · SalonRenter | $225/wk → ~$43k/mo @ 48 wellness spaces |
| Harvey / ZIP 70058 pop. | 20,915 · 39,578 | ACS 2020–24 · trade-area exhibit | Built-in trade area · drive-time map pending |
| LTV @ CO · DSCR | ~60% · ~7× | Lender §14 · 184-line GC ROM | Collateral + debt self-pay thesis |
| NOLA visitor spend · 2024 | $10.0B | New Orleans & Company | F&B top-3 category · food capital thesis |
| Food & accommodation LQ | 1.45 | BLS QCEW 2024 | 45% above U.S. F&B concentration |
| LA per-capita food services · BEA 2024 | $3,894 | U.S. BEA | $21 Likely ticket vs $18 national generic |
| Bar & food comp lane | US ~$27.5k/mo | Mirage ~$78k bar · ~$27k override · NOLA comp exhibit | Upside · NOLA-calibrated |
| Independent ARV | — | MAI appraisal · order at DD | Gap · flagged |
Full verified-facts exhibit · close-the-gap checklist
Rev J · valuation snapshot · 55,000 SF GBA
| Clock | Indicated value | Method · when it applies |
|---|---|---|
| 1 · Cost @ CO | ~$3.5M | Land $435k + locked lean · steel GATE ≤$1.0M · see bid checkoff |
| 2 · Sales comp @ CO | ~$9.2–9.5M | 1020 @ $166/SF bulk + 1650 strip bracket · reconciled ~$170/SF × 55,000 |
| Day-one spread @ CO | ~+$5.85M | ~$9.35M comp minus ~$3.5M all-in |
| 3 · Stabilized Y3–5 | $8M – $12M | Income + 56 residence keys · separate clock · MAI required |
Concept #1 archive below · 12,300 SF · $1.8M raise — not Rev J
Concept #1 archive · valuation snapshot · three clocks
| Clock | Indicated range | Method · when it applies |
|---|---|---|
| 1 · Vacant land · closed sold comps | $1.0M – $1.25M | S1 RaceTrac + M1 IHOP + M2 1650 · scaled to 2.2 ac · deed-verified |
| 1a · Entitled / HBU vacant | $1.1M – $1.4M | MU-CD + pre-app + conceptual site plan · push MAI · not final approvals |
| 2 · Improved RE @ CO (Concept #1 only) | ~$3.0M | 12,300 SF · 1650 Manhattan $217/SF · ~$243/SF reconciled |
| 3 · Stabilized platform (24–36 mo proven rent roll) | ~$8.0M | Income approach · property NOI ~$653k ÷ 8.0% cap · station + vendor rent |
| Day-one spread @ CO (Concept #1) | ~+$800k | ~$2.2M total cost vs ~$3.0M sales comp |
| LTV @ stabilized (Concept #1) | ~23% | $1.8M ÷ ~$8M rent roll · refi headroom ~$6M+ at 75% LTV |
Executive-suite economics vs inline retail
Inline retail model: one tenant leases 750 SF at $1,900–2,500/mo all-in. Mirage model: Mirage operates every suite and rents individual stations inside — higher revenue per SF, diversified occupancy, network traffic between suites · kitchen · bar · events.
| Model | Who runs the suite | Typical check | 10-unit gross (illustrative) |
|---|---|---|---|
| Strip inline (Manhattan comps) | Outside tenant · whole pad | $1,900–2,500/mo · 820–1,020 SF | ~$19k–25k/mo |
| Mirage executive suite | Mirage · wellness space rent | $175–350/wk per station · ~$250/wk market | ~$48k–65k/mo @ 48 wellness spaces |
Area wellness space rent research · NOLA metro · PROGRAM KILLED — archive only
| Source | Rate | Notes |
|---|---|---|
| Pearl Salon Suites · NOLA East | $175–350/wk | Private suite · utilities/Wi-Fi · by size |
| Neauxla Luxury · Bullard Ave | $195–255/wk | 65–113 SF suites · pre-leasing tiers |
| SalonRenter · NOLA market | ~$250/wk avg | Aggregated listing data · ~$1,083/mo |
| 3024 Gentilly Blvd · MLS #2546234 | $250/wk | 100 SF suite · utilities incl. · 2026 new |
| Mirage founding station (plan lock) | $1,150/mo | Year 1 partner tier · ~$266/wk |
| Mirage T8 micro-bay (plan lock) | $500–750/mo | ~110 SF · Mirage Shops · 6–8 bays |
| Manhattan Blvd inline strip (1118 / 1818 comps) | $1,900–2,500/mo | Whole pad 820–1,020 SF · different product |
1 · Real estate value · income approach (property income)
What a lender is most likely to capitalize after a proven rent roll: recurring station licenses · vendor base rent · micro-bay rent. Mirage is suite master — entrepreneurs pay Mirage directly.
| Line | Assumption | Monthly | Annual |
|---|---|---|---|
| Wellness space rent | 48 wellness spaces · 10 suites × ~6 ea · $250/wk · 92% occ. | ~$59,800 | ~$718,000 |
| Vendor base | 6 × $1,500/mo · P1–P6 | $9,000 | $108,000 |
| Mirage Shops T8 | 6 bays × ~$625 avg | ~$3,750 | ~$45,000 |
| Property gross | — | ~$72,550 | ~$871,000 |
| Less · property opex | Tax · insurance · common utilities · suite ops · reserves | −~$18,300 | −~$220,000 |
| Property NOI | — | ~$54,250 | ~$651,000 |
| Cap rate | Indicated RE value | Comment |
|---|---|---|
| 8.0% (conservative · Westbank retail band) | ~$8.2M | Headline ~$8M · requires 24–36 mo occupancy history |
| 7.5% | ~$8.7M | Stabilized executive-suite · mixed-use |
| 7.0% | ~$9.3M | Strong tenant mix · Manhattan corridor premium |
Appraisal discipline: Wellness space rent on long-term license/lease agreements supports real estate value. The 15% food override is typically classified as business / management income unless market proves it is capitalized like rent. Vendor base $1,500 clearly supports RE; override does not until POS history exists.
2 · Business enterprise value · operating lines
What a buyer acquiring the whole Mirage operation pays for beyond fee-simple real estate.
| Revenue line | Owner | Typical treatment |
|---|---|---|
| Wellness space rent · T1–T10 | Mirage | Real estate income |
| Vendor base · 6 × $1,500 | Mirage | Real estate income |
| 15% food sales override | Mirage | Business income · platform fee |
| Bar sales · 100% margin to Mirage | Mirage | Business income |
| Event hall · private parties · courtyard | Mirage | Business income |
| wellness T7 · sponsorships | Mirage | KILLED · not in program |
Bar & food · comp lanes · canonical source
Unit benchmarks, bar thesis, and 15% three-channel food override are documented once on the investor deck — not duplicated here. This worksheet focuses on land, RE clocks, and enterprise value.
Unit benchmark · Exhibit 4 Bar · courtyard screen thesis Pro forma · 15% channels Acronym glossary
Bar business value (operating asset · not the building)
| Scenario | Bar sales/yr | EBITDA | Multiple | Business value |
|---|---|---|---|---|
| Average neighborhood bar | ~$600k | $90–120k | 2–3× | $145k – $290k |
| Mirage destination · Likely | ~$2.0M | ~$340k (17%) | 3.5–4× | $1.2M – $1.4M |
| Exceptional · Strong tier | ~$3.2M | ~$700k (22%) | 4–5× | $2.8M – $3.5M |
Built-in demand: suite entrepreneurs + kitchen staff + vendor customers + event guests + watch-party crowd — not a standalone bar fighting for foot traffic.
3 · Combined enterprise · ecosystem
Daily on-site population at stabilization (coordination estimate): ~48 wellness space entrepreneurs + staff · 6 kitchen vendors + staff · Mirage bar/hall team · clients in salon/barber/wellness · lunch from vendors · evening bar and event guests. Businesses feed each other — salon client buys lunch · barber brings repeat traffic · event guest returns for brunch.
| Component | Stabilized indication |
|---|---|
| Real estate (property NOI @ 8.0% cap) | ~$8.0M – $8.7M |
| Bar operating business | ~$1.2M – $3.5M |
| Food override + events + Glow (discounted) | +$0.8M – $2.0M |
| Whole-Mirage acquisition (Year 3–5 · proven ops) | ~$10.5M – $13M |
| Strong tier only (higher visits/bar · labeled outperform · not underwritten) | ~$475k/mo gross · see three-scenario table below |
Rev J Day 1 CO: lenders weight Clock 2 — sales comp ~$9.35M on 55,000 SF GBA (~$170/SF · 1020 bulk @ $166/SF floor). Stabilized Clock 3 — income + keys · $8M+ · separate from sales comp. Operating Likely: ~$254.0k core gross → ~$151k NOI. See P&L · lender memo.
Archive · Concept #1 only (~$1.8M · 12,300 SF · no hotel)
Tables below this banner use Concept #1 economics (~$212k gross / ~$58k NET · ~$3M @ CO on 12,300 SF). Do not mix with Rev J numbers above.
Concept #1 · three scenarios · monthly gross (archive)
| Source | Conservative | Likely | Strong |
|---|---|---|---|
| Wellness space rent (48 licenses) | $45k | $60k | $72k |
| Vendor base + 15% override + T8 | $24k | $36k | $53k |
| Bar gross + Glow + events + attach | ~$120k | ~$142k | ~$345k |
| Total gross to Mirage | ~$158k | ~$212k | ~$475k |
| NET operator cash | ~$14k | ~$58k | ~$118k+ |
Request the full 10-year model under NDA via the investor portal.
Subject property (when built)
| Item | Spec |
|---|---|
| Address | 1705 Manhattan Blvd, Harvey, LA 70058 · Tax ID 0300008355 · PLS #8387 |
| Land | 2.2 ac (95,795 SF · P-2-A1Y4) · MU-CD · flag lot · ~45,000 VPD corridor |
| Improvements @ CO | Mirage hall 100×48 (4,800 SF) + retail strip 150×50 (7,500 SF) = 12,300 SF commercial · slab-on-grade · parking/court/site |
| Land status | Under contract @ 1705 Manhattan · not closed · pre-app complete |
| Land status | Under contract @ 1705 Manhattan · not closed · pre-app complete |
| All-in development cost @ open | ~$2.2M (land close + $1.8M investor build · GC bid ROM) |
Land appraisal — as-is vacant (today)
Target MAI: $1.0M–$1.25M on 2.2 ac. Sold comps support this band.
Sales comparison on land only. No buildings · no business · no FF&E. Tax ID 0300008355 · PLS #8387 · Jefferson Parish MU-CD.
| Land fact | Record |
|---|---|
| Gross parcel | 2.2 ac · 95,795 SF · Lot P-2-A1Y4 bowl + neck · PLS #8387 |
| Buildable bowl (plan lock) | ~1.89 ac (~82,000 SF) · Zone X · structures south of wetland line |
| Non-buildable / constrained | AE neck · NWI wetland band · no structures · no parking in neck per civil lock |
| Zoning | MU-CD · commercial corridor · by-right uses subject to parish approval |
| Traffic (listing claim) | ~45,000 VPD Manhattan Blvd · unverified in deed |
| Contract status | Under contract · not closed · fee simple at capital event |
| Pre-application | Jefferson Parish MU-CD · complete · ready to permit after land close |
| Contract status | Under contract · not closed · fee simple at capital event |
| JP assessor land value | On assessor card · Tax ID 0300008355 · pull from Jefferson Parish Assessor |
Closed land comps — sold only · sold $/acre
Read SOLD $/ACRE (price ÷ acres) and Miles to 1705. RaceTrac $472,222/ac · School Board $330,870/ac. Westbank only — Harvey · Gretna · Marrero · Westwego · Terrytown. Do not use Kenner (different submarket · north shore JP). Primary sold vacant: RaceTrac + 608 Westbank. Manhattan corridor: 7 Brew pad + IHOP land extract (M1). Pull Jefferson Parish Clerk deed on every comp.
| ID | Property · CLOSED | Miles to 1705 | Sold for | Acres | SOLD $/ACRE | Math | × 2.2 ac | Date | Source |
|---|---|---|---|---|---|---|---|---|---|
| S1 | RaceTrac pad · Segnette & Westbank Expy · Westwego | ~5 mi Westwego · Westbank |
$1,700,000 | 3.60 | $472,222/ac | $1.7M ÷ 3.60 | $1,039,000 | Mar 2025 | ELIFIN Pulse · vacant land · retail/QSR pad |
| S2 | 608 Westbank Expy · Westwego (has office · weight light) | ~5 mi Westwego |
$1,104,435 | 1.60 | $690,272/ac | $1.104M ÷ 1.60 | $1,518,000 | Nov 2024 | ELIFIN Pulse · Type: Land · w/ office structure |
| S3 | JP School Board · Westbank Expy · Westwego | ~5 mi Westwego |
$9,400,000 | 28.41 | $330,870/ac | $9.4M ÷ 28.41 | $728,000 | Q4 2025 | ELIFIN Pulse · institutional bulk |
| W5 | 2200 Hancock St · Gretna · Chick-fil-A site | ~3.5 mi Gretna |
Deed withheld | ~1.2 | Pull deed | — | — | 2024–25 | ELIFIN Pulse · deed price required |
Closed Manhattan corridor · land extraction (Harvey · sold improved)
Recorded arm's-length sales on same arterial — extract land component (35–50% typical retail pad).
| ID | Improved sale · CLOSED | Sale | Land % | Extracted land | Est. ac | $/ac implied | Source |
|---|---|---|---|---|---|---|---|
| M1 | 1719 Manhattan · IHOP · ~0.1 mi / adjacent east | $1,550,000 | 40–50% | $620k–$775k | ~0.8–1.2 | $620k–$775k | ELIFIN Pulse |
| M2 | 1650 Manhattan · retail strip | $1,400,000 | 35–45% | $490k–$630k | ~1.0–1.5 | $490k–$630k | ELIFIN Pulse · Jan 2025 |
| M3 | 2140 Manhattan · retail | $830,000 | 40–50% | $332k–$415k | ~0.5–0.8 | $415k–$830k | ELIFIN Pulse |
| M4 | 1544 Manhattan · Walgreens | $3,398,000 | 30–40% | $1.02M–$1.36M | ~2.0–2.5 | $510k–$680k | ELIFIN Pulse |
Manhattan / Harvey commercial listings — market exposure
Broker marketing / long-term exposure · not closed sales. Pair with sold comps S1 + M1 only as corridor bracket. None of these have recorded closes at ask.
Land BPO worksheet · print / PDF →
Land steal · 1705 vs live corridor ask:
1901 Manhattan (LACDB)
/ NAI Rampart
lists 22.5 ac @ $14,701,500 = ~$653,400/ac (MU-CD · Fountain Park rear · Waters apartments adjacent).
Same corridor band on LoopNet · Manhattan & Harvey Blvd (~20.86 ac track · same ~$653k/ac marketing history).
1705 land locked $435k on 2.2 ac (P-2-A1Y4 · 95,795 SF) ≈ $198k/ac — list ask on Compass was ~$500k (~$227k/ac).
If 1705 (2.2 ac) were priced at the live 1901 $/ac, land alone would indicate ~$1.44M — about ~$1.0M above the contract basis.
Listings are not closed sales — still the best public proof that Manhattan MU-CD dirt is marketing far above what Mirage locked.
| ID | Property | Miles to 1705 | Status | Size | Price | $/ac | × 2.2 ac raw | Source |
|---|---|---|---|---|---|---|---|---|
| X1 | 1901 Manhattan Blvd · Fountain Park rear · MU-CD | ~0.5 mi Same street · north |
Active list · Jul 2026 | 22.5 ac | $14,701,500 | ~$653,400 | ~$1.44M | LACDB · NAI Rampart · LoopNet 4009534 |
| Bracket · scaled to 2.2 ac | $/ac | Raw × 2.2 | Use in appraisal | Adjusted to 1705 |
|---|---|---|---|---|
| X1 · 1901 Manhattan ~$653k/ac listing (bulk) | $653,000 | $1,437,000 | Ceiling exposure · −30% to −40% bulk discount on 2.2 ac flag lot | $862k–$1,006k |
| S1 RaceTrac · SOLD | $472,000 | $1,039,000 | Primary sold vacant comp | $1,029,000 |
| M1 IHOP 1719 · SOLD extract | $620k–$775k | — | Primary corridor sold · adjacent | $1.0M–$1.25M |
| Reconciled | — | — | Weight S1 + M1 · X1 (1901 Manhattan) as commercial listing bracket only | $1,000,000–$1,250,000 |
Local land comps — legacy active
Land comps — duplicate secondary
*Sub-1 ac sales inflate $/ac · use $/land SF or gross adjustment · do not apply Metairie $944k/ac linearly to 2.2 ac.
Land extraction — duplicate
Reconciliation · sold comps only
| Comp / method | Raw $/ac (sold) | Adjustments to 1705 | On 2.2 ac |
|---|---|---|---|
| S1 · RaceTrac Westbank pad (closed land) | $472,222 | −10% bulk · +10% Manhattan retail node · −5% flag | $1,029,000 |
| M1 · IHOP 1719 (closed · adjacent) | $620k–$775k/ac extract | Same mouth of Manhattan · +15% larger pad · −10% flag/wetland | $1.0M–$1.25M |
| S3 · JP School Board Westbank (closed) | $330,900 | +35% retail corridor · −5% flag · bulk discount | $951,000 |
| M2 · 1650 Manhattan strip (closed) | $490k–$630k extract | Same arterial · scale to 2.2 ac · −10% flag | $970k–$1.25M |
| Reconciled · sold only | Weight S1 + M1 + M2 · deed-verified | $1,000,000–$1,250,000 | |
For MAI: Primary sold vacant land = S1 RaceTrac $1.7M / 3.6 ac. Primary corridor sold = M1 IHOP $1.55M next door (land extract). Backup = S3 School Board, M2 1650 strip. Order deed from Jefferson Parish Clerk for each sold comp.
Land comps (legacy table)
| ID | Property | Price | Acres | $/ac | Status | Weight for 1705 |
|---|---|---|---|---|---|---|
| L3 | 1901 Manhattan Blvd | $14,701,500 ask | 22.5 | $653,400 | Listed Jan 2026 · NAI Rampart | Same corridor · 10× acreage · bulk pricing · not closed · not same flag-lot product |
| L4 | REMAX comparable listing (70058) | $469,000 ask | — | — | Active listing | Off-corridor / different frontage · weak comp |
| L5 | 531 S Derbigny, New Orleans | $360,000 sold | 0.16 | $2.25M/ac* | ELIFIN Pulse · land | Urban infill · wrong market · do not use |
*Small-parcel land sales inflate $/ac · not applicable to 2.2 ac Harvey corridor.
Land adjustment grid
| Element | Subject | Adj. | Effect on value |
|---|---|---|---|
| Location | Manhattan Blvd · Harvey · national retail node | 0% | Corridor premium vs JP median land |
| Shape / access | Flag lot · single mouth · AE neck | −10% to −15% | Inferior vs rectangular pad · egress constraint |
| Usable area | ~1.89 ac buildable bowl of 2.2 ac gross (verify wetland on ALTA) | −5% to −10% | Wetland/neck removes developable SF |
| Utilities | Off-site extensions required for pads | −5% | Carry cost not in raw land ask |
| Market exposure | 84+ DOM at $500k without closing | −5% | Market has not cleared $500k |
| Net land adjustment | — | −15% to −25% | Applied to list or paid basis |
Land equity @ close · urgent memo · June 2026
Can 1705 land support $1M+ equity?
Land read: Closed sold evidence on the West Bank and Manhattan corridor scales to $1.0M–$1.25M on 2.2 ac (S1 RaceTrac + M1 IHOP). Push MAI to the high end of sold comps. Land equity toward a $1.0M–$1.25M+ contribution credit in a development close uses (1) corridor closed sales, (2) entitled-land premium, and (3) residual land math below — with seller + investor agreement and MAI at DD.
| Manhattan Blvd · recorded / active | Price | $/SF or $/ac | Use for 1705 |
|---|---|---|---|
| 1719 Manhattan · IHOP (next door east) | $1,550,000 | ~$316/SF improved | ELIFIN Pulse · shows this mouth of Manhattan trades seven figures for commercial |
| 1650 Manhattan · retail strip (~550′ north) | $1,400,000 | $217/SF | ELIFIN Pulse · Jan 2025 · VO PLAZA LLC |
| 1544 Manhattan · former Walgreens | $3,398,000 | ~$235/SF | ELIFIN Pulse · same arterial · institutional buyer |
| 1020 Manhattan · healthcare | $5,170,967 | ~$166/SF | ELIFIN Pulse · corridor ceiling |
| 1901 Manhattan · vacant land (listed) | $14,701,500 ask | ~$653k/ac · 22.5 ac | NAI Rampart · bulk corridor ask · not closed |
| JP School Board · Westbank Expressway | $9,400,000 closed | ~$331k/ac · 28.4 ac | ELIFIN 2025 land report · institutional land comp · Jefferson Parish |
| Method | Indicated land value | When it works |
|---|---|---|
| A · Vacant land sales (as-is) | $1.0M–$1.25M | Closed sold comps · S1 + M1 + M2 · scaled to 2.2 ac |
| B · Entitled land premium | $600k–$850k | MU-CD + complete pre-app + locked site plan · buyer pays for shovel-ready time savings |
| C · Residual land (development) | ~$1.0M–$1.25M+ | Sold vacant + IHOP extract · push MAI · residual can support higher with entitled HBU |
| D · Corridor $/ac scale (support only) | ~$454k/ac → ~$1.0M on 2.2 ac | S1 RaceTrac $472k/ac + corridor improved sales · verify on deed |
To close using land equity: (1) Assign land at contract into project SPV at close. (2) Credit sponsor contribution at agreed value — typically Method B or C in term sheet. (3) Order MAI with “as-is vacant” and “as-complete” scenarios. (4) Use 1719 IHOP $1.55M + 1650 $1.4M as corridor closed-sale proof. Pull Jefferson Parish Clerk deed on 1650 + 1719 + 1544 before wire.
| Method | Indicated land value | Basis |
|---|---|---|
| Under contract (L1) | Contract | 1705 Manhattan · not closed · terms under NDA |
| Reconciled land value (as-is) | $1,000,000 – $1,250,000 | Closed sold comps S1 + M1 + M2 · scaled to 2.2 ac |
Land diligence: Subject is under contract @ 1705 Manhattan — not fee simple today. Reconciled vacant land indication from closed sales only: $1.0M–$1.25M.
Comp A — adjustment grid (appraisal worksheet)
Standard sales-comparison elements an MAI appraiser adjusts from 1650 Manhattan Blvd ($1,400,000 · 6,445 SF · $217.22/SF · VO PLAZA LLC · ELIFIN Pulse Jan 2025) to subject 1705 Manhattan (12,300 SF improved @ CO).
| Element | Subject vs comp | Typical adj. | Rationale |
|---|---|---|---|
| Location | Same street · Harvey · Manhattan corridor | 0% | 550′ north on same arterial · ~45k VPD |
| Property rights | Fee simple improved | 0% | Same as strip sale |
| Physical condition | New commercial @ CO | +10% | Comp likely older strip construction |
| Building size | 12,300 SF vs 6,445 SF | −5% | Larger building · lower marginal $/SF |
| Use / layout | A-2 hall + 10 retail suites | +10% | Destination assembly · not pure strip |
| Site / parking | 70 stalls · flag lot · palm court | +5% | Superior parking vs small strip pad |
| Net · Comp A path | — | +20% | $217 × 1.20 = $260/SF → ~$3.20M on 12,300 SF |
Best comps — same market, ranked
All sales from ELIFIN® Pulse NOLA recorded commercial sales (Jefferson/Orleans metro) unless noted. ELIFIN filters: arm's-length · price ≥$300k (where stated).
| Rank | Property | Sale / list | SF | $/SF | Use | Why it matters |
|---|---|---|---|---|---|---|
| A | 1650 Manhattan Blvd, Harvey | $1,400,000 | ~6,445 | $217 | Retail strip | Best comp. Same street · same city · strip retail · recorded sale to VO PLAZA LLC (ELIFIN Pulse, Jan 2025). |
| B | 1720 Gretna Blvd, Harvey | $1,100,000 | 4,544 | $242 | Bar / restaurant | Closest use comp (F&B going concern + building). LoopNet listing · Harvey · 2010 · single tenant. |
| C | 1020 Manhattan Blvd, Harvey | $5,170,967 | ~31,115 | $166 | Healthcare | Same corridor · large-format · lower $/SF at scale · ceiling reference, not primary retail comp. |
| D | 6,400 SF retail (Kenner cluster) | $1,100,000 | 6,400 | $172 | 3-unit retail | Regional Jefferson Parish retail sale · Marullo/Jongbloed team (ELIFIN Pulse Esplanade week). |
| E | 2,920 SF restaurant (Kenner) | $560,000 | 2,920 | $192 | Restaurant | Small-format restaurant $/SF premium · adjust down for size on subject. |
| F | Jefferson Parish median (2024–25) | — | — | $114–122 | Retail/office/industrial | ELIFIN Jefferson market report · Westbank avg transaction ~$652k · floor reference. |
| H | 1901 Manhattan Blvd (land · listed) | $14.7M list | 22.5 ac | ~$653k/ac | MU-CD development land | Same corridor · large-format land ask · not improved comp · sets ceiling for raw land at scale. |
| I | 4400 Peters Rd, Harvey | $421,053 | ~16,000 | $26 | Industrial · 7+ ac | Same city · land-heavy industrial · floor for non-corridor uses (ELIFIN Pulse). |
Sales comparison — indicated value @ CO
Apply comp $/SF to subject 12,300 SF improved area, then adjust like an appraiser (qualitative % shown — MAI would use paired sales or regression).
| Comp basis | Raw $/SF | × 12,300 SF | Typical adjustments to subject | Indicated value |
|---|---|---|---|---|
| A · 1650 Manhattan strip | $217 | $2,669,100 | Same street (+0%) · new construction (+10%) · larger SF (−5%) · adds A-2 hall (+10% destination) | ~$3.05M |
| B · 1720 Gretna bar | $242 | $2,976,600 | Small-property premium (−12%) · going-concern noise (−8%) · new build (+10%) | ~$2.75M |
| D · Kenner 6,400 SF retail | $172 | $2,115,600 | Off-corridor (−5%) · new mixed-use (+15%) | ~$2.33M |
| F · JP median floor | $114 | $1,402,200 | Does not capture Manhattan corridor premium | ~$1.40M (floor) |
Concept #1 sales comparison (archive · 12,300 SF only):
~$3.0M
reconciled @ CO · $243/SF on 12,300 SF · Harvey / Manhattan corridor comps A + B
Rev J @ CO (use this): 55,000 SF GBA × ~$170/SF reconciled = ~$9.35M · 1020 Manhattan @ $166/SF bulk floor · vs ~$3.5M all-in.
Concept #1 archive only below: Unadjusted floor (~$2.67M): 1650 Manhattan @ $217/SF × 12,300 SF.
Reconciled anchor (~$3.0M): +12% net adjustment on Comp A (new build · A-2 hall · parking · size) ≈ $243/SF · cross-check 1720 Gretna @ $242/SF on full building SF.
Upper band (~$3.2M): +20% net on Comp A → ~$260/SF — still within Harvey recorded sale logic.
Income clock (separate): ~$8M stabilized RE requires 24–36 mo rent roll at ~$653k property NOI ÷ 8% cap — not a Day 1 sales-comp number. See income approach above.
Cost approach (cross-check)
| Line | $ |
|---|---|
| Land (under contract) | Closed comp indication ~$1.0M – $1.25M |
| Reproduction cost — buildings + site + CO (excl. FF&E) | $1,440,000 GC construction to CO · incl. slabs · concrete grounds · parking bowl |
| Equipment / FF&E (personal property · not real estate) | $360,000 (Mirage Hall $192k + T1–T10 salon turnkey $168k · insurable contents) |
| Cost approach @ CO (real estate only) | ~$1.95M (land + hard to CO) · ~$2.2M total project incl. FF&E |
| Less accrued depreciation @ new CO | Minimal (new) |
Cost approach sets the floor for a licensed GC build. It does not capture corridor premium until market sales prove it — which the 1650 Manhattan comp does at roughly 1.5×+ cost on an improved strip basis.
Concept #1 reconciliation — archive
| Scenario | Indicated range | Method |
|---|---|---|
| Vacant land (as-is today) | $1.0M – $1.25M | Closed sold comps · S1 + M1 + M2 |
| At CO — cost | ~$2.2M | Cost approach · land close + $1.8M GC bid |
| Rev J @ CO — sales comps | ~$9.35M | 55,000 SF GBA · ~$170/SF · 1020 bulk anchor · lender memo |
| Concept #1 @ CO — sales comps (archive) | ~$3.0M | 12,300 SF only · ~$2.67M unadjusted floor · do not apply to 2D |
| Stabilized — income (station platform) | ~$8.0M | Income approach · 48 wellness spaces · vendor base · 8% cap · Year 3–5 · needs rent roll |
| Whole Mirage enterprise | ~$10.5M – $13M | RE income + NOLA F&B platform · proven ops · comp lane |
| Rev J day-one spread @ CO | ~+$5.85M | ~$9.35M comp vs ~$3.5M all-in |
| Concept #1 spread (archive) | ~+$800k | ~$2.2M cost vs ~$3.0M sales comp · 12,300 SF program only |
What to order for a bank-ready number
- MAI land appraisal — vacant as-is · cite L1 (under contract · terms under NDA) + L2 (listing) · flag-lot and wetland deductions · Jefferson Parish Clerk deed at close.
- MAI improved appraisal @ CO — Sales Comparison + Cost · cite Comps A & B · separate FF&E line.
- Jefferson Parish Clerk deed verification on 1650 Manhattan + 1020 Manhattan sales (buyer VO PLAZA LLC · 1020 MANHATTAN LLC).
- JP Assessor card — 0300008355 · confirm acreage, MU-CD, assessment history.
- After 12 months operation — update with rent roll + actual sales if any tenant sales occur in corridor.
Sources: Pearl Salon Suites · Neauxla Luxury · SalonRenter · Weichert MLS #2546234 · ELIFIN® Pulse NOLA commercial sales · LoopNet 1720 Gretna Blvd · plan lock capital and station model · Jefferson Parish cap rate band 6.5–8.5% (regional retail/mixed-use). Dual valuation worksheet — not USPAP appraisal.