Historic Duplex with Redevelopment
For Sale
$1,160,000
1009 RAMPART Street, New Orleans, LA 70116
Historic, commercially zoned duplex building with two units, 9 bedrooms and 4 bathrooms, plus a large interior footprint.
Property Size4,977 SF
Price / SF$233.07
Days on Market307
Property Features for 1009 RAMPART Street
General Information
Standard status
Active
Size
4,977 SF
Property subtype
General Commercial
Amenities
3
HMC-2
No Parking.
Rectangular
31X127
Rectangular.
Building Details
Year Built
1870
Listing Agency:
eXp Realty, LLC
(504) 723-1010
Listed By:
Kim Carnegie · License #995681108
(504) 723-1010
Source:
Xome
Added: Oct 9, 2025
Changed: Aug 8
Last Checked: Aug 11 at 5:08AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Historic, commercially zoned building offering income-producing flexibility and redevelopment upside. The property has been separated into two units and includes a total of 9 bedrooms and 4 bathrooms, supported by a very large interior footprint with multiple redevelopment possibilities. With thoughtful renovations, the building can be refreshed for long-term use.
The property is located on North Rampart Street and is adjacent to Louis Armstrong Park, placing it within the heart of Treme just outside the French Quarter. A Matterport virtual tour is available and attached.
The building’s two-unit configuration and sizable layout provide room for reconfiguration, allowing buyers to evaluate multiple path options based on their renovation and operating plans.
The property is located on North Rampart Street and is adjacent to Louis Armstrong Park, placing it within the heart of Treme just outside the French Quarter. A Matterport virtual tour is available and attached.
The building’s two-unit configuration and sizable layout provide room for reconfiguration, allowing buyers to evaluate multiple path options based on their renovation and operating plans.
Key Highlights
- Historic commercially zoned duplex building on North Rampart Street with Matterport virtual tour available
- Approximately 4,900 sq ft building converted into 2 units with a total of 9 bedrooms and 4 bathrooms
- Located adjacent to Louis Armstrong Park and near the French Quarter in the Treme area
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
$63,021
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
5.43%
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%
$1,260,420
$1.3M
Cap Rate 7%
$900,300
$900.3K
Cap Rate 9%
$700,233
$700.2K
Market Conditions
NOI Build-Up for 4,977 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
$98.5K $19.80/SF
− Vacancy
−$8.5K −$1.71/SF
EGI
$90.0K $18.09/SF
− OpEx
−$27.0K −$5.43/SF
NOI
$63.0K $12.66/SF
Area
New Orleans, LA
Vacancy
8.64%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,260,420
Cap Rate 7%
$900,300
Cap Rate 9%
$700,233
Alternative Uses
Best Use
Multifamily LT 5
$900.3K
$787.8K – $1.05M
NOI $63,021 @ 7.0% cap · market cap 5.43%
Second Best
Apartment 5plus
$827.5K
$724.1K – $965.4K
NOI $57,926 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$1.26M
$1.11M – $1.48M
NOI $88,549 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,536
Businesses Nearby
Explore this area
Business Placement
Demographics for 70116, LA
10,676
Population
9,620
Households
1.1
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
8,212
Density / Sq Mi
$45,580
Median Household Income
$34,849
Median Earnings
$1,190
Median Rent
$385,100
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?
Duplex - Historic, commercially zoned duplex building with two units, 9 bedrooms and 4 bathrooms, plus a large interior footprint.
Where is this duplex located?
The property is located at 1009 RAMPART Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,160,000.
What are key features of this property?
This property features: Historic commercially zoned duplex building on North Rampart Street with Matterport virtual tour available; Approximately 4,900 sq ft building converted into 2 units with a total of 9 bedrooms and 4 bathrooms; Located adjacent to Louis Armstrong Park and near the French Quarter in the Treme area
