Apartment Building with Condo Conversion
For Sale
$2,850,000
3135 DAUPHINE Street, New Orleans, LA 70117
Multi-Family, New Orleans, LA
Property Size15,054 SF
Price / SF$189.32
Days on Market579
Property Features for 3135 DAUPHINE Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Parking features
Off Street
Lot features
Irregular
Standard status
Active
APN
3135-DAUPHINEST
Size
15,054 SF
Utilities
Heating system
Other (Heating), Ductless (Heating)
Cooling system
Ductless, Wall Unit(s)
Water source
Public
Building Details
Year built
1975
Floors in Building
2
Number of units
27
Roof type
Flat, Membrane
Listing Agency:
REMAX ALLIANCE · RE/MAX International
(985) 626-1561
Listed By:
DOUGLAS BERNARD
(504) 915-0698
Added: Jan 27, 2025
Changed: Aug 19
Last Checked: Aug 29 at 5:06AM
MLS# 2495514
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 apartment building at 3135 Dauphine Street in New Orleans contains 15,054 square feet and was constructed in 1975. The property includes 26 on-site parking spaces, off-street parking, ductless heating and cooling, public water service, and a flat membrane roof.
A condominium regime is in place, allowing the units to be converted to condominiums at the purchaser’s option. The property is located in Orleans Parish within ZIP code 70117.
A condominium regime is in place, allowing the units to be converted to condominiums at the purchaser’s option. The property is located in Orleans Parish within ZIP code 70117.
Key Highlights
- 15,054‑square‑foot apartment building constructed in 1975
- 26 on‑site parking spaces with off‑street parking
- Condominium regime established with purchaser conversion option
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
$175,211
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
6.15%
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%
$3,504,220
$3.5M
Cap Rate 7%
$2,503,014
$2.5M
Cap Rate 9%
$1,946,789
$1.9M
Market Conditions
NOI Build-Up for 15,054 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
$350.5K $23.28/SF
− Vacancy
−$31.9K −$2.12/SF
EGI
$318.6K $21.16/SF
− OpEx
−$143.4K −$9.52/SF
NOI
$175.2K $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%
$3,504,220
Cap Rate 7%
$2,503,014
Cap Rate 9%
$1,946,789
Alternative Uses
Best Use
Apartment 5plus
$2.50M
$2.19M – $2.92M
NOI $175,211 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.83M
$3.35M – $4.46M
NOI $267,836 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,347
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Apartment property with off-street parking, ductless climate systems, public water service, and condominium conversion flexibility.
Where is this apartment building located?
The property is located at 3135 DAUPHINE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 15,054‑square‑foot apartment building constructed in 1975; 26 on‑site parking spaces with off‑street parking; Condominium regime established with purchaser conversion option
