Six-Unit Cottage Apartment
For Sale
$1,300,000
3400 DAUPHINE Street, New Orleans, LA 70117
Multi-Family, Creole Cottage, New Orleans, LA
Property Size5,275 SF
Lot Size0.14 Acres
Price / SF$246.45
Days on Market550
Property Features for 3400 DAUPHINE Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Parking features
Off Street
Security features
Security
Exterior features
Balcony, Courtyard, Fence, Security Cameras
Fencing
Fenced
Lot features
Corner
Subdivision
Bywater
Standard status
Active
APN
39W107901
Size
5,275 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
SQ 174 LOTS 1 2 DAUPHINE AND DESIRE 60 X 100; 3404 DAUPHINE ST, APT. A 2/SGLES 2/STORY 12/RMS S/R
Legal Description
SQ 174 LOTS 1 2 DAUPHINE AND DESIRE 60 X 100; 3404 DAUPHINE ST, APT. A 2/SGLES 2/STORY 12/RMS S/R
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2019
Floors in Building
2
Number of units
6
Roof type
Asphalt
Architectural style
Cottage
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Phillipa Bowers
(504) 884-3893
Added: Mar 2, 2025
Changed: Aug 19
Last Checked: Sep 3 at 11:06AM
MLS# 2488068
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 multifamily property comprises three cottage-style buildings containing six apartments across 5,275 square feet. The improvements were gutted and remodeled in 2019, with central heating and central air serving the buildings. Exterior features include balconies, a courtyard, fencing, and security cameras, while off-street parking supports the property. Public water service and asphalt roofing are in place.
The property is located in New Orleans’ Bywater neighborhood, with stated proximity to the French Quarter, Marigny, CBD, retailers, schools, and workplaces. The asset is offered as a package with 725-27 Desire St., which is separately listed for sale. HMR3 zoning applies.
The property is located in New Orleans’ Bywater neighborhood, with stated proximity to the French Quarter, Marigny, CBD, retailers, schools, and workplaces. The asset is offered as a package with 725-27 Desire St., which is separately listed for sale. HMR3 zoning applies.
Key Highlights
- Three buildings with six apartments totaling 5,275 square feet
- Gutted and remodeled in 2019
- Cottage‑style multifamily improvements
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
$61,395
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
4.72%
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%
$1,227,900
$1.2M
Cap Rate 7%
$877,071
$877.1K
Cap Rate 9%
$682,167
$682.2K
Market Conditions
NOI Build-Up for 5,275 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
$122.8K $23.28/SF
− Vacancy
−$11.2K −$2.12/SF
EGI
$111.6K $21.16/SF
− OpEx
−$50.2K −$9.52/SF
NOI
$61.4K $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%
$1,227,900
Cap Rate 7%
$877,071
Cap Rate 9%
$682,167
Alternative Uses
Best Use
Apartment 5plus
$877.1K
$767.4K – $1.02M
NOI $61,395 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,851 @ 7.0% cap · market cap 7.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,274
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?
Apartment building - Three remodeled cottage-style buildings offer apartment income potential with fenced outdoor areas and off-street parking.
Where is this apartment building located?
The property is located at 3400 DAUPHINE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Three buildings with six apartments totaling 5,275 square feet; Gutted and remodeled in 2019; Cottage‑style multifamily improvements
