Two-Unit Hotel
New
For Sale
$249,000
1005 Marigny St, New Orleans, LA 70117
Two suites support an operating lodging use with guest-oriented infrastructure already in place.
Property Size1,400 SF
Price / SF$177.86
Days on Market7
Property Features for 1005 Marigny St
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Hospitality
Zoning
HMC-2
Additional Details
Multifamily Units
2
Building Details
Buildings
1
Listing Agency:
Parish Realty of Louisiana
Listed By:
Gerard Bourgeois · License #995708368
(504) 236-3311
Source:
Lacdb.resimplifi
Added: Sep 8
Changed: Sep 14
Last Checked: Sep 14 at 2:32PM
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 Parish Realty of Louisiana
Investment Insights
Based on property information with market context.
This 1,400-square-foot double is configured as two suites and currently operates as a two-unit lodging property. Existing infrastructure supports the present guest-use operation, while the building form provides a basis for evaluating additional improvements.
The mid-block property is located at 1005 Marigny St in New Orleans, across from Robért Fresh Market and near the Elysian Fields and St. Claude corridor. The French Quarter, Frenchmen Street, and Bywater are within walking distance. The site is zoned HMC-2, the Historic Marigny/Tremé/Bywater Commercial District. Potential future concepts identified for the property include rearranging rear bathrooms to create courtyard and pool space or adding a rear camelback to expand conditioned area. Any zoning, permitting, entitlement, tax-credit, or incentive matters require independent buyer verification.
The mid-block property is located at 1005 Marigny St in New Orleans, across from Robért Fresh Market and near the Elysian Fields and St. Claude corridor. The French Quarter, Frenchmen Street, and Bywater are within walking distance. The site is zoned HMC-2, the Historic Marigny/Tremé/Bywater Commercial District. Potential future concepts identified for the property include rearranging rear bathrooms to create courtyard and pool space or adding a rear camelback to expand conditioned area. Any zoning, permitting, entitlement, tax-credit, or incentive matters require independent buyer verification.
Key Highlights
- 1,400‑square‑foot double configured as two suites
- Operating two‑unit lodging property with existing guest‑use infrastructure
- Zoned HMC‑2: Historic Marigny/Tremé/Bywater Commercial District
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
$16,294
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
6.54%
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%
$325,880
$325.9K
Cap Rate 7%
$232,771
$232.8K
Cap Rate 9%
$181,044
$181.0K
Market Conditions
NOI Build-Up for 1,400 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
$32.6K $23.28/SF
− Vacancy
−$3.0K −$2.12/SF
EGI
$29.6K $21.16/SF
− OpEx
−$13.3K −$9.52/SF
NOI
$16.3K $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%
$325,880
Cap Rate 7%
$232,771
Cap Rate 9%
$181,044
Alternative Uses
Best Use
Apartment 5plus
$232.8K
$203.7K – $271.6K
NOI $16,294 @ 7.0% cap · market cap 6.54%
Second Best
Hotel Hospitality
$75.2K
$65.8K – $87.8K
NOI $5,267 @ 7.0% cap · market cap 2.12%
Theoretical Best
Office A
$355.8K
$311.4K – $415.1K
NOI $24,908 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,240
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Hotel - Two suites support an operating lodging use with guest-oriented infrastructure already in place.
Where is this hotel located?
The property is located at 1005 Marigny St New Orleans, LA.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: 1,400‑square‑foot double configured as two suites; Operating two‑unit lodging property with existing guest‑use infrastructure; Zoned HMC‑2: Historic Marigny/Tremé/Bywater Commercial District
