Mixed-Use Building with White-Box
For Sale
$1,979,000
1825 SOPHIE WRIGHT Place, New Orleans, LA 70130
Multi-Family, Traditional, New Orleans, LA
Property Size3,987 SF
Price / SF$496.36
Days on Market93
Property Features for 1825 SOPHIE WRIGHT Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Parking features
Garage
Patio and Porch features
Porch
Exterior features
Balcony, Courtyard, Driveway Permeable Surface, Porch, Sprinkler System, Window Screens
Lot features
Oversized, Regular
Subdivision
Lower Gardn District
Standard status
Active
APN
1825-SOPHIEWRIGHTPL
Size
3,987 SF
Taxes and HOA fees
Tax Description
SQ 141 LOT 8 SOPHIE WRIGHT 30/24X91/105 1825-27 SOPHIE
Legal Description
SQ 141 LOT 8 SOPHIE WRIGHT 30/24X91/105 1825-27 SOPHIE
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
private inside unit laundry
covered terraces
Building Details
Year built
2026
Floors in Building
3
Number of units
3
Roof type
Shingle, Metal
Architectural style
Other
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Chris Smith · License #000009641
(504) 231-2004
Added: Jun 10
Changed: Sep 10
Last Checked: Sep 10 at 8:06PM
MLS# 2562293
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 three-level mixed-use property contains approximately 3,987 square feet, with a 1,205-square-foot white-box commercial area on the ground floor and one residential residence on each upper level. The commercial space is configured for future customization, while each residence includes two separated bedroom suites, two full bathrooms, one half bathroom, private interior laundry, natural light, and a covered terrace. Each residential unit also has a dedicated covered garage parking space. The building was constructed in 2026 and includes a sprinkler system, central heating, central air, public water, and low-maintenance metal and shingle roofing.
The property is located half a block from Magazine Street along Sophie Wright Place, with Coliseum Square Park nearby. The Warehouse District, CBD, French Quarter, St. Charles Avenue Streetcar Line, restaurants, boutiques, galleries, and entertainment venues are identified in the surrounding area. Exterior features include a courtyard, porch, balcony, permeable-surface driveway, and window screens.
The property is located half a block from Magazine Street along Sophie Wright Place, with Coliseum Square Park nearby. The Warehouse District, CBD, French Quarter, St. Charles Avenue Streetcar Line, restaurants, boutiques, galleries, and entertainment venues are identified in the surrounding area. Exterior features include a courtyard, porch, balcony, permeable-surface driveway, and window screens.
Key Highlights
- Approximately 3,987 square feet across three levels
- 1,205‑square‑foot ground‑floor white‑box commercial space
- Two upper‑level residences, each with 2 bedroom suites, 2 full baths, and 1 half bath
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
$58,769
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
2.97%
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%
$1,175,380
$1.2M
Cap Rate 7%
$839,557
$839.6K
Cap Rate 9%
$652,989
$653.0K
Market Conditions
NOI Build-Up for 3,987 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
$90.9K $22.80/SF
− Vacancy
−$12.5K −$3.15/SF
EGI
$78.4K $19.65/SF
− OpEx
−$19.6K −$4.91/SF
NOI
$58.8K $14.74/SF
Area
New Orleans, LA
Vacancy
13.80%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$1,175,380
Cap Rate 7%
$839,557
Cap Rate 9%
$652,989
Alternative Uses
Best Use
Office B
$839.6K
$734.6K – $979.5K
NOI $58,769 @ 7.0% cap · market cap 2.97%
Second Best
Mixed Use
$768.9K
$672.8K – $897.1K
NOI $53,825 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$1.01M
$886.7K – $1.18M
NOI $70,935 @ 7.0% cap · market cap 3.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
2,342
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in New Orleans, LA
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-level property combines customizable commercial space with two residential units and covered garage parking.
Where is this mixed-use property located?
The property is located at 1825 SOPHIE WRIGHT Place New Orleans, LA.
What is the asking price?
The asking price for this property is $1,979,000.
What are key features of this property?
This property features: Approximately 3,987 square feet across three levels; 1,205‑square‑foot ground‑floor white‑box commercial space; Two upper‑level residences, each with 2 bedroom suites, 2 full baths, and 1 half bath
