Two-Unit Creole
For Sale
$249,000
1201 ST PHILIP, New Orleans, LA 70116
Multi-Family, Traditional, New Orleans, LA
Property Size1,964 SF
Price / SF$126.78
Days on Market22
Property Features for 1201 ST PHILIP
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Patio
Exterior features
Balcony, Courtyard, Fence, Outdoor Entertainment Area Beyond Your Average Patio
Fencing
Fenced
Lot features
Regular
Subdivision
Treme / Lafitte
Standard status
Active
APN
1201-STPHILIPSTB
Size
1,964 SF
Taxes and HOA fees
Tax Description
SQ 139 LOT 1 ST PHILIP AND ST CLAUDE 31X75
Legal Description
SQ 139 LOT 1 ST PHILIP AND ST CLAUDE 31X75
Utilities
Heating system
Central
Cooling system
Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1880
Floors in Building
3
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Chris Smith · License #09641
(504) 231-2004
Added: Aug 12
Changed: Aug 28
Last Checked: Sep 2 at 7:06AM
MLS# 2571978
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.
This two-unit Creole cottage contains 1,964 square feet arranged as a 2-bedroom, 2-bath residence and a separate 2-bedroom, 1-bath residence. The property includes a courtyard, balcony, patio, fencing, shingle roofing, public water, central heating, central air, and window-unit cooling. Built in 1880, it is being offered as an as-is restoration project, with no repairs planned by the seller.
The property occupies the corner of St. Philip Street and Henriette Delille Street at 1201 St. Philip in New Orleans. It is across from Louis Armstrong Park and Congo Square, with the French Quarter located two blocks away. The two-residence layout provides a defined residential configuration within a historic New Orleans setting.
The property occupies the corner of St. Philip Street and Henriette Delille Street at 1201 St. Philip in New Orleans. It is across from Louis Armstrong Park and Congo Square, with the French Quarter located two blocks away. The two-residence layout provides a defined residential configuration within a historic New Orleans setting.
Key Highlights
- 1,964‑square‑foot duplex with two separate residential units
- Unit mix includes one 2‑bedroom, 2‑bath residence and one 2‑bedroom, 1‑bath residence
- Corner location at St. Philip Street and Henriette Delille Street
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
$22,859
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
9.18%
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%
$457,180
$457.2K
Cap Rate 7%
$326,557
$326.6K
Cap Rate 9%
$253,989
$254.0K
Market Conditions
NOI Build-Up for 1,964 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
$45.7K $23.28/SF
− Vacancy
−$4.2K −$2.12/SF
EGI
$41.6K $21.16/SF
− OpEx
−$18.7K −$9.52/SF
NOI
$22.9K $11.64/SF
Area
New Orleans, LA
Vacancy
9.10%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$457,180
Cap Rate 7%
$326,557
Cap Rate 9%
$253,989
Alternative Uses
Best Use
Multifamily LT 5
$355.3K
$310.9K – $414.5K
NOI $24,869 @ 7.0% cap · market cap 9.99%
Second Best
Apartment 5plus
$326.6K
$285.7K – $381.0K
NOI $22,859 @ 7.0% cap · market cap 9.18%
Theoretical Best
Office A
$499.2K
$436.8K – $582.4K
NOI $34,943 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,536
Businesses Nearby
Explore this area
Business Placement
Demographics for 70116, LA
10,676
Population
9,620
Households
1.1
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
8,212
Density / Sq Mi
$45,580
Median Household Income
$34,849
Median Earnings
$1,190
Median Rent
$385,100
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?
Duplex - Corner property with separate residences, a fenced courtyard, and public water service.
Where is this duplex located?
The property is located at 1201 ST PHILIP New Orleans, LA.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: 1,964‑square‑foot duplex with two separate residential units; Unit mix includes one 2‑bedroom, 2‑bath residence and one 2‑bedroom, 1‑bath residence; Corner location at St. Philip Street and Henriette Delille Street
