New Orleans Multifamily Income
516 S HENNESSEY Street, New Orleans, LA 70119
MULTI_FAMILY - New Orleans, LA
Property size:
2,067 SFLot size:
0.15 AcresPrice / SF:
$181/SF- Added:
- Nov 26, 2025
- Days on Market:
- 181
- Last Refresh:
- May 26 at 5:06 pm
Property Features for 516 S HENNESSEY Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking features
- Off Street
- Standard status
- Active
- APN
- 105306206
- Size
- 2,067 SF
- Lot size
- 0.15 Acres
Taxes and HOA fees
- Tax Description
- SQ 788 LOT 6 S. HENNESSEY 39' 10" X 159' 10" 516-18 S. HENNESSEY
Utilities
- Heating system
- Central
- Cooling system
- Central Air, Window Unit(s)
- Water source
- Public
Building Details
- Year built
- 1910
- Floors in Building
- 1
- Number of units
- 2
- Roof type
- Shingle
- Architectural style
- Other
Listing agent Louis Williams License #73679 (985) 727-7000
Listing office Keller Williams Realty Services 1522 W. Causeway Approach, Mandeville, LA (985) 727-7000
Listing date Nov 26, 2025
MLS# 2532378
Listing URL
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.
HighLights
- Appraised at $355,000 in September 2023 with anticipated value increase.
- Two units: a 4‑bedroom/2‑bath owner's unit and a 2‑bedroom/1‑bath rental unit with a long‑term tenant.
- Additional 790 sq ft structure in the backyard with potential for a third rental unit or workspace.
- No carpet throughout both units.
- Washer and dryer hookups in both units.
- Central heating and cooling (plus window units).
Overview
This New Orleans property presents an opportunity for either residential use or investment. Appraised at $355,000 on September 21, 2023, the property's value is projected to increase. The building includes 6 bedrooms and 3 bathrooms, offering flexibility for living, rental income, or home offices. The owner's unit features four bedrooms and two baths, while the second unit has two bedrooms and one bath and is currently occupied by a long-term tenant, providing a steady income stream. Both units are equipped with washer and dryer hookups designed for stackable units. The layout is designed with an open flow between the living, kitchen, and dining areas, and there is no carpet throughout the property. The property includes a spacious backyard, along with a 790 square foot structure at the rear, which could be converted into an additional rental unit or workspace. The property, situated on a 0.1461-acre lot, offers 2,067 square feet of living space. The configuration allows for living in one unit while renting out the other, or maximizing revenue by renting both.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$290.8K
NOI $26,173 @ 9.00% cap · cautious / downside scenario
Moderate
$373.9K
NOI $26,173 @ 7.00% cap · market / base-case scenario
Aggressive
$523.5K
NOI $26,173 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.9k | $19.80 |
| − Vacancy | −$3.5k | −$1.71 |
| EGI | $37.4k | $18.09 |
| − OpEx | −$11.2k | −$5.43 |
| NOI | $26.2k | $12.66 |
2,067 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$373.9K
$327.2K – $436.2K
NOI $26,173 @ 7.0% cap · market cap 6.98%
Second Best
Apartment 5plus
$343.7K
$300.7K – $401.0K
NOI $24,057 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$540.9K
$473.3K – $631.0K
NOI $37,861 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Esprit Counseling
Counselor
Iris Counseling Collective
Medical Clinic
Bloom In Nola, LLC
Crisis Center
Adrianne Frischhertz PhD, ...
Counselor
Location Insight
- Map
- Local Demand
- City
- New Orleans
- County
- Jefferson
- State
- Louisiana
- Longitude
- -90.106439
- Latitude
- 29.972283
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Spacious duplex with income potential in New Orleans.
Where is this duplex located?
The property is located at 516 S HENNESSEY Street New Orleans, LA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Appraised at $355,000 in September 2023 with anticipated value increase.; Two units: **a 4‑bedroom/2‑bath owner's unit and a 2‑bedroom/1‑bath rental unit** with a long‑term tenant.; **Additional 790 sq ft structure** in the backyard with potential for a third rental unit or workspace.
