Four-Unit Property with
For Sale
$1,000,000
1010 PHILIP Street, New Orleans, LA 70130
Multi-Family, Victorian, New Orleans, LA
Property Size6,000 SF
Price / SF$166.67
Days on Market89
Property Features for 1010 PHILIP Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Exterior features
Balcony, Courtyard, Fence
Fencing
Fenced
Lot features
Regular
Standard status
Active
APN
1010-PHILIPST
Size
6,000 SF
Taxes and HOA fees
Tax Description
1. SQ 133 LOT E-1 PHILIP ST 2. 53 X 127 1010/12 3. 1010 PHILIP ST
Legal Description
1. SQ 133 LOT E-1 PHILIP ST 2. 53 X 127 1010/12 3. 1010 PHILIP ST
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
private laundry rooms
Building Details
Year built
1863
Floors in Building
2
Number of units
4
Roof type
Shingle
Architectural style
Victorian
Listing Agency:
Berkshire Hathaway HomeServices Preferred, REALTOR
(504) 799-1702
Listed By:
Nathalie Dubois · License #995703042
(504) 610-0679
Added: Jun 11
Changed: Aug 20
Last Checked: Sep 7 at 6:06PM
MLS# 2562595
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1863, this four-unit residential income property contains approximately 6,000 square feet, with each residence measuring 1,500 square feet. The units feature comparable layouts, high ceilings, spacious rooms, private laundry areas, and separately metered utilities. Original interior details include wood flooring, mantels, medallions, and light fixtures, complemented by modern updates. Exterior features include a balcony, enclosed courtyard, fencing, shingle roofing, and public water service.
The property is located at 1010 Philip Street in New Orleans, approximately half a block from Magazine Street. Paving is already in place at the road, with room on the property for a driveway. Central heating and central air conditioning serve the building.
The property is located at 1010 Philip Street in New Orleans, approximately half a block from Magazine Street. Paving is already in place at the road, with room on the property for a driveway. Central heating and central air conditioning serve the building.
Key Highlights
- Four‑unit property totaling 6,000 square feet
- Each unit measures 1,500 square feet
- Private laundry rooms and separately metered utilities
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$75,975
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.60%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,519,500
$1.5M
Cap Rate 7%
$1,085,357
$1.1M
Cap Rate 9%
$844,167
$844.2K
Market Conditions
NOI Build-Up for 6,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$118.8K $19.80/SF
− Vacancy
−$10.3K −$1.71/SF
EGI
$108.5K $18.09/SF
− OpEx
−$32.6K −$5.43/SF
NOI
$76.0K $12.66/SF
Area
New Orleans, LA
Vacancy
8.64%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,519,500
Cap Rate 7%
$1,085,357
Cap Rate 9%
$844,167
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$949.7K – $1.27M
NOI $75,975 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$997.6K
$872.9K – $1.16M
NOI $69,833 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,750 @ 7.0% cap · market cap 10.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,968
Businesses Nearby
Explore this area
Business Placement
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residences offer private laundry rooms, individual meters, central heating, and central air conditioning.
Where is this quadplex located?
The property is located at 1010 PHILIP Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Four‑unit property totaling 6,000 square feet; Each unit measures 1,500 square feet; Private laundry rooms and separately metered utilities
