Four-Unit Building with Historic
For Sale
$975,000
1010 Philip Street, New Orleans, LA 70130
Multifamily, New Orleans, LA
Property Size6,000 SF
Price / SF$162.50
Days on Market142
Property Features for 1010 Philip Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 8, Bedroom 6, Bedroom 5, Bedroom 3, Bedroom 1, Bedroom 2, Bedroom 7, Bathroom 3, Bathroom 4, Bedroom 4, Bathroom 1
Standard status
Active
APN
1010-PHILIPST
Size
6,000 SF
Additional Details
Individually Metered Utilities
unspecified utilities
Taxes and HOA fees
Tax Description
1. SQ 133 LOT E-1 PHILIP ST 2. 53 X 127 1010/12 3. 1010 PHILIP ST
Legal Description
1. SQ 133 LOT E-1 PHILIP ST 2. 53 X 127 1010/12 3. 1010 PHILIP ST
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1863
Number of units
4
Building materials
Vinyl Siding, Wood Siding
Architectural style
Victorian
Listing Agency:
Berkshire Hathaway HS - Garden District/Uptown · Berkshire Hathaway HomeServices
(504) 799-1702
Listed By:
Nathalie J Dubois · License #995703042
(504) 610-0679
Added: Jun 11
Changed: Oct 27
Last Checked: Oct 30 at 1:06AM
MLS# 2562595
Copyright © 2026 ROAM MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This four-unit property contains approximately 6,000 square feet, with each residence measuring about 1,500 square feet. The units share a similar layout and include high ceilings, private laundry rooms, and separate utility meters. Original wood flooring, mantels, ceiling medallions, and light fixtures remain. Central heating and air conditioning serve the building.
The property is located half a block from Magazine Street at 1010 Philip Street in New Orleans. Paving is already in place at the road, and the site has space for a driveway. Public water and sewer are available, along with natural gas service. The building was constructed in 1863 and could be reconfigured as condominiums or a single-family residence.
The property is located half a block from Magazine Street at 1010 Philip Street in New Orleans. Paving is already in place at the road, and the site has space for a driveway. Public water and sewer are available, along with natural gas service. The building was constructed in 1863 and could be reconfigured as condominiums or a single-family residence.
Key Highlights
- Four residences of approximately 1,500 square feet each; 6,000 square feet total
- Separate meters and private laundry rooms in each unit
- Original wood floors, mantels, medallions, and light fixtures
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$75,975
Cap Rate
7.79%
Suggested Prices Based on Cap Rates
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
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 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 7.79%
Second Best
Apartment 5plus
$997.6K
$872.9K – $1.16M
NOI $69,833 @ 7.0% cap · market cap 7.16%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,750 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,968
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Four similarly arranged residences feature separate meters, private laundry rooms, and central heating and air conditioning.
Where is this quadplex located?
The property is located at 1010 Philip Street New Orleans, LA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Four residences of approximately 1,500 square feet each; 6,000 square feet total; Separate meters and private laundry rooms in each unit; Original wood floors, mantels, medallions, and light fixtures
