Historic Greek Revival
For Sale
$889,000
1411 TERPSICHORE Street, New Orleans, LA 70130
Multi-Family, New Orleans, LA
Property Size4,990 SF
Price / SF$178.16
Days on Market140
Property Features for 1411 TERPSICHORE Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Patio and Porch features
Porch
Exterior features
Balcony, Courtyard, Porch
Lot features
Regular
Subdivision
Lower Garden Distric
Standard status
Active
APN
101105512
Size
4,990 SF
Taxes and HOA fees
Tax Description
1. SQ 193 LOT 9 TERPSICHORE ST 2. 36X128 3. 1411 TERPISCHORE ST
Legal Description
1. SQ 193 LOT 9 TERPSICHORE ST 2. 36X128 3. 1411 TERPISCHORE ST
Utilities
Heating system
Ductless (Heating), Other (Heating), Central
Cooling system
Central Air, Window Unit(s), Wall Unit(s), Ductless
Water source
Public
Building Details
Year built
1850
Floors in Building
2
Number of units
4
Roof type
Shingle
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Lara Schultz · License #000075293
(504) 338-2587
Added: Apr 18
Changed: Aug 23
Last Checked: Sep 4 at 12:06AM
MLS# 2553725
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 circa 1850, this 4-plex contains four residences totaling 4,990 square feet, with individual entrances and private outdoor areas. The unit mix includes two 2BR/1.1BA residences, one 1BR/2BA residence, and one 2BR/2BA residence, providing seven bedrooms across layouts ranging from 995 to 1,500 square feet. Architectural details include soaring ceilings, heart-pine floors, exposed beams, cypress millwork, transom windows, and ceiling medallions.
Two residences have updated kitchens with quartz countertops, contemporary cabinetry, and stainless appliances, while the remaining two offer renovation potential. All four units are occupied, and separate electric meters serve the residences. The property also includes a courtyard, porch, and balcony, with public water service, shingle roofing, and a combination of central, window, wall, and ductless cooling systems.
Two residences have updated kitchens with quartz countertops, contemporary cabinetry, and stainless appliances, while the remaining two offer renovation potential. All four units are occupied, and separate electric meters serve the residences. The property also includes a courtyard, porch, and balcony, with public water service, shingle roofing, and a combination of central, window, wall, and ductless cooling systems.
Key Highlights
- 4‑unit property totaling 4,990 square feet
- Unit mix includes two 2BR/1.1BA, one 1BR/2BA, and one 2BR/2BA residence
- Seven bedrooms across four layouts ranging from 995 to 1,500 square feet
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
$63,186
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
7.11%
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%
$1,263,720
$1.3M
Cap Rate 7%
$902,657
$902.7K
Cap Rate 9%
$702,067
$702.1K
Market Conditions
NOI Build-Up for 4,990 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
$98.8K $19.80/SF
− Vacancy
−$8.5K −$1.71/SF
EGI
$90.3K $18.09/SF
− OpEx
−$27.1K −$5.43/SF
NOI
$63.2K $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%
$1,263,720
Cap Rate 7%
$902,657
Cap Rate 9%
$702,067
Alternative Uses
Best Use
Multifamily LT 5
$902.7K
$789.8K – $1.05M
NOI $63,186 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$829.7K
$726.0K – $968.0K
NOI $58,078 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,780 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,044
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 independently entered residences offer private outdoor areas, varied layouts, and two units with renovated kitchens.
Where is this quadplex located?
The property is located at 1411 TERPSICHORE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $889,000.
What are key features of this property?
This property features: 4‑unit property totaling 4,990 square feet; Unit mix includes two 2BR/1.1BA, one 1BR/2BA, and one 2BR/2BA residence; Seven bedrooms across four layouts ranging from 995 to 1,500 square feet
