Historic Creole Cottage in
For Sale
$525,000
2473 N RAMPART Street, New Orleans, LA 70117
MULTI_FAMILY - New Orleans, LA
Property Size2,303 SF
Price / SF$227.96
Days on Market134
Property Features for 2473 N RAMPART Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Patio and Porch features
Porch
Exterior features
Fence, Porch
Fencing
Fenced
Lot features
Regular
Subdivision
Marigny
Standard status
Active
APN
38W103018
Size
2,303 SF
Taxes and HOA fees
Tax Description
SQ 370 LOT 2 OR PT 21 N RAMPART
Legal Description
SQ 370 LOT 2 OR PT 21 N RAMPART
Utilities
Heating system
Central
Cooling system
Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
1875
Floors in Building
2
Number of units
2
Architectural style
Cottage
Listing Agency:
eXp Realty, LLC
(337) 522-7554
Listed By:
Adrienne LaBauve
(337) 522-7554
Added: Apr 2
Changed: Aug 8
Last Checked: Aug 13 at 7:06AM
MLS# 2547909
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 historic Creole Cottage is located in the Faubourg Marigny neighborhood. Configured as a double, the property features two units with separate electric meters and one water meter. Each side includes its own kitchen and living space, while an interior doorway connects the units. The property offers a total of four bedrooms and two full bathrooms and showcases details including hardwood floors, exposed fireplace mantels, high ceilings, and pocket doors. Recent updates include siding, exterior paint, windows, and central HVAC (owner's unit) completed in 2022-2023. The owner's unit features a double parlor that flows into a renovated kitchen (2023) with granite countertops, white cabinetry, and stainless steel appliances, along with an upstairs bedroom. The second unit offers a shotgun-style layout with generously sized rooms and a kitchen featuring wood cabinetry and tiled countertops. The backyard provides a private outdoor retreat, complete with a composite wood deck. The property is located steps from the Healing Center and a short stroll to Franklin, Pepp's, Robert's, Baldwin & Co., and live music venues, restaurants, and bars. The property offers potential for rental income or owner-occupancy and flexibility for use as a single-family home. The property size is 2303 square feet. This property presents an opportunity for investors or owner-occupants seeking rental income in the Marigny.
Key Highlights
- Historic 1875 Creole cottage in Faubourg Marigny with cottage‑style architecture
- Currently configured as a double with 2 units, separate electric meters, and one shared water meter
- 4 bedrooms and 2 full bathrooms; each unit has its own kitchen and living space with an interior connecting doorway
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
$29,162
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
5.55%
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%
$583,240
$583.2K
Cap Rate 7%
$416,600
$416.6K
Cap Rate 9%
$324,022
$324.0K
Market Conditions
NOI Build-Up for 2,303 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
$45.6K $19.80/SF
− Vacancy
−$3.9K −$1.71/SF
EGI
$41.7K $18.09/SF
− OpEx
−$12.5K −$5.43/SF
NOI
$29.2K $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%
$583,240
Cap Rate 7%
$416,600
Cap Rate 9%
$324,022
Alternative Uses
Best Use
Multifamily LT 5
$416.6K
$364.5K – $486.0K
NOI $29,162 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$382.9K
$335.1K – $446.7K
NOI $26,804 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$585.3K
$512.2K – $682.9K
NOI $40,974 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
10,854
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
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 - Charming double in vibrant Faubourg Marigny, steps from attractions.
Where is this duplex located?
The property is located at 2473 N RAMPART Street New Orleans, LA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Historic 1875 Creole cottage in Faubourg Marigny with cottage‑style architecture; Currently configured as a double with 2 units, separate electric meters, and one shared water meter; 4 bedrooms and 2 full bathrooms; each unit has its own kitchen and living space with an interior connecting doorway
