Historic Five-Unit Apartment
For Sale
$849,000
2232 ESPLANADE Avenue, New Orleans, LA 70119
Commercial, New Orleans, LA
Property Size4,245 SF
Price / SF$200
Days on Market163
Property Features for 2232 ESPLANADE Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HU-RD1
Parking features
Off Street
Lot features
Oversized, Regular
Subdivision
Esplanade
Standard status
Active
APN
20
Size
4,245 SF
Taxes and HOA fees
Tax Description
SQ 290 LOT 5 ESPLANADE 30X119 LOT 6 ESPLANADE 45X119
Legal Description
SQ 290 LOT 5 ESPLANADE 30X119 LOT 6 ESPLANADE 45X119
Utilities
Water source
Public
Building Details
Year built
1859
Floors in Building
2
Listing Agency:
McEnery Residential, LLC
(504) 605-4400
Listed By:
Neil Maki · License #995701923
(504) 982-1115
Added: Mar 24
Changed: Aug 19
Last Checked: Sep 2 at 7:06PM
MLS# 2549295
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 1859, this 4245-square-foot apartment property contains five residential units and requires a complete remodel. Separately metered utilities support individual unit operations, while off-street parking and public water service are already in place. The property also includes an adjacent lot, creating the potential for up to two additional units subject to applicable approvals.
Located at 2232 Esplanade Avenue in New Orleans, the property sits within a historic district along the Esplanade Avenue corridor. The French Quarter, Bayou St. John, and City Park are identified as nearby destinations. State and federal historic tax credit programs are noted as potentially applicable to a comprehensive restoration project. Zoning is HU-RD1.
Located at 2232 Esplanade Avenue in New Orleans, the property sits within a historic district along the Esplanade Avenue corridor. The French Quarter, Bayou St. John, and City Park are identified as nearby destinations. State and federal historic tax credit programs are noted as potentially applicable to a comprehensive restoration project. Zoning is HU-RD1.
Key Highlights
- Five residential units within a 4245‑square‑foot apartment property
- Built in 1859 and requiring a complete remodel
- Adjacent lot with potential for up to two additional units
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
$49,407
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
5.82%
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%
$988,140
$988.1K
Cap Rate 7%
$705,814
$705.8K
Cap Rate 9%
$548,967
$549.0K
Market Conditions
NOI Build-Up for 4,245 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 $23.28/SF
− Vacancy
−$9.0K −$2.12/SF
EGI
$89.8K $21.16/SF
− OpEx
−$40.4K −$9.52/SF
NOI
$49.4K $11.64/SF
Area
ZIP 70119
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%
$988,140
Cap Rate 7%
$705,814
Cap Rate 9%
$548,967
Alternative Uses
Best Use
Apartment 5plus
$705.8K
$617.6K – $823.5K
NOI $49,407 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$971.9K – $1.30M
NOI $77,755 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,529
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Historic-district property with separately metered utilities and an adjacent lot.
Where is this apartment building located?
The property is located at 2232 ESPLANADE Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Five residential units within a 4245‑square‑foot apartment property; Built in 1859 and requiring a complete remodel; Adjacent lot with potential for up to two additional units
