Greek Revival
For Sale
$1,200,000
Pending
1010 12 PHILIP Street, New Orleans, LA 70130
Four similarly laid-out units with private laundry rooms, separated meters, and original historic interior features.
Property Size6,000 SF
Days on Market508
Property Features for 1010 12 PHILIP Street
General Information
Standard status
Pending
Size
6,000 SF
Property subtype
Multi Family
Building Details
Year Built
1863
Listing Agency:
Berkshire Hathaway HomeServices Preferred, REALTOR
(504) 799-1702
Listed By:
Nathalie Dubois · License #995703042
(504) 610-0679
Source:
Exitrealty
Added: Apr 18, 2025
Changed: Aug 8
Last Checked: Jul 23 at 11:58AM
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 Berkshire Hathaway HomeServices Preferred, REALTOR
Investment Insights
Based on property information with market context.
Located just half a block from Magazine Street, this Greek Revival 4-plex offers four similarly laid-out units. Each unit features generous rooms and high ceilings, along with large private laundry rooms and separated meters. Historic character is highlighted by original wood floors, mantles, medallions, and light fixtures, while modern updates support day-to-day comfort and function.
A driveway is possible, with paving already at the road, providing an added convenience for off-street access. The property is offered for sale at 1010 12 PHILIP Street in New Orleans, Louisiana.
The building’s configuration is also described as convertible, with potential to be turned into condos or single-family homes, depending on the desired redevelopment plan.
A driveway is possible, with paving already at the road, providing an added convenience for off-street access. The property is offered for sale at 1010 12 PHILIP Street in New Orleans, Louisiana.
The building’s configuration is also described as convertible, with potential to be turned into condos or single-family homes, depending on the desired redevelopment plan.
Key Highlights
- Greek Revival 4‑plex built in 1863, located half a block from Magazine Street
- Four 1,500 sqft units with similar layouts and generous room sizes
- Each unit includes a large private laundry room
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
$75,975
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
6.33%
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%
$1,519,500
$1.5M
Cap Rate 7%
$1,085,357
$1.1M
Cap Rate 9%
$844,167
$844.2K
Market Conditions
NOI Build-Up for 6,000 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
$118.8K $19.80/SF
− Vacancy
−$10.3K −$1.71/SF
EGI
$108.5K $18.09/SF
− OpEx
−$32.6K −$5.43/SF
NOI
$76.0K $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%
$1,519,500
Cap Rate 7%
$1,085,357
Cap Rate 9%
$844,167
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$949.7K – $1.27M
NOI $75,975 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$997.6K
$872.9K – $1.16M
NOI $69,833 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,750 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,968
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?
Quadplex - Four similarly laid-out units with private laundry rooms, separated meters, and original historic interior features.
Where is this quadplex located?
The property is located at 1010 12 PHILIP Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Greek Revival 4‑plex built in 1863, located half a block from Magazine Street; Four 1,500 sqft units with similar layouts and generous room sizes; Each unit includes a large private laundry room
