Six-Unit Apartment
For Sale
$1,150,000
1005 JOSEPHINE Street, New Orleans, LA 70130
Renovated two-story property with a courtyard, shared patio, laundry room, and individually metered utilities.
Property Size5,882 SF
Lot Size0.08 Acres
Price / SF$195.51
Days on Market10
Property Features for 1005 JOSEPHINE Street
General Information
Standard status
Active
Size
5,882 SF
Lot size
0.08 Acres
Property subtype
Apartment
Financials
Asking Price
$1,150,000
Cap Rate
5.59%
Gross Income
$103,800
Gross Rent Multiplier
11.08
Additional Details
Utilities to Site
Yes
Amenities
wraparound balcony
courtyard
private balconies
large patio
on site laundry room
Building Details
Building Size
5,882 SF
Year Built
1992
Year Renovated
2007
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Bridgewater Realty Advisors, LLC
Listed By:
Cameron Griffin · License #995696437
(504) 535-5680
Source:
Burkbrokerage
Added: Sep 18
Changed: Sep 27
Last Checked: Sep 26 at 12:51PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bridgewater Realty Advisors, LLC
Investment Insights
Based on property information with market context.
Located at 1005 Josephine Street, this two-story multifamily property contains six apartments totaling about 5,882 square feet on a roughly 33 by 108 foot lot. The building was fully renovated in 2007 while retaining its wood siding, wraparound balcony, and courtyard. The unit mix includes three one-bedroom apartments, two two-bedroom apartments, and one three-bedroom apartment, with units averaging about 980 square feet. Several apartments have private balconies, and residents share a large patio and on-site laundry room.
Each apartment has separate electric and gas meters paid by the tenant, while ownership pays water. The property is one block from Magazine Street, between Constance and Magazine, and near St. Mary's Assumption and the St. Alphonsus Art and Cultural Center. Jackson Avenue, the Lower Garden District, and the St. Charles streetcar are within a short walk, with the Central Business District a few minutes downriver.
Each apartment has separate electric and gas meters paid by the tenant, while ownership pays water. The property is one block from Magazine Street, between Constance and Magazine, and near St. Mary's Assumption and the St. Alphonsus Art and Cultural Center. Jackson Avenue, the Lower Garden District, and the St. Charles streetcar are within a short walk, with the Central Business District a few minutes downriver.
Key Highlights
- Six apartments totaling about 5,882 square feet
- Unit mix includes three one‑bedroom, two two‑bedroom, and one three‑bedroom apartments
- Fully renovated in 2007 with wood siding, wraparound balcony, and courtyard
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
$68,460
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
5.95%
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%
$1,369,200
$1.4M
Cap Rate 7%
$978,000
$978.0K
Cap Rate 9%
$760,667
$760.7K
Market Conditions
NOI Build-Up for 5,882 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
$136.9K $23.28/SF
− Vacancy
−$12.5K −$2.12/SF
EGI
$124.5K $21.16/SF
− OpEx
−$56.0K −$9.52/SF
NOI
$68.5K $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%
$1,369,200
Cap Rate 7%
$978,000
Cap Rate 9%
$760,667
Alternative Uses
Best Use
Apartment 5plus
$978.0K
$855.8K – $1.14M
NOI $68,460 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.74M
NOI $104,651 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,945
Businesses Nearby
Explore this area
Business Placement
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
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 - Renovated two-story property with a courtyard, shared patio, laundry room, and individually metered utilities.
Where is this apartment building located?
The property is located at 1005 JOSEPHINE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Six apartments totaling about 5,882 square feet; Unit mix includes three one‑bedroom, two two‑bedroom, and one three‑bedroom apartments; Fully renovated in 2007 with wood siding, wraparound balcony, and courtyard
