Historic Triplex with
For Sale
$599,000
1015 Saint Louis St, New Orleans, LA 70112
Three residences include a main apartment, one-bedroom unit, and private studio with access to a shared courtyard.
Property Size2,160 SF
Price / SF$277.31
Days on Market52
Property Features for 1015 Saint Louis St
General Information
Standard status
Active
Size
2,160 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR, 1 x studio
Multifamily Units
3
Additional Details
Public Transit
Yes
Building Details
Year Built
1840
Buildings
1
Stories
2
Listing Agency:
FQR Realtors
(504) 616-0990
Listed By:
George Jeansonne · License #995687377
Source:
Fiorellaavenue
Added: Jul 11
Changed: Aug 29
Last Checked: Aug 30 at 7:36PM
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 FQR Realtors
Investment Insights
Based on property information with market context.
This historic triplex at 1015 Saint Louis Street presents a three-residence layout in the French Quarter. Built in 1840, the property combines period details with distinct living spaces across two levels. The first-floor apartment includes soaring ceilings, exposed brick, abundant natural light, and an open kitchen and living area. French doors connect the residence to a shared courtyard. The upper floor contains a one-bedroom apartment at the front and a private studio at the rear.
The property is positioned near the Rampart Street streetcar line and within the French Quarter’s restaurants, galleries, live music venues, and nightlife. The three-unit configuration supports leasing all residences or occupying the main apartment while renting the two upper units. A 2023 roof adds a recent capital improvement to the historic property.
The property is positioned near the Rampart Street streetcar line and within the French Quarter’s restaurants, galleries, live music venues, and nightlife. The three-unit configuration supports leasing all residences or occupying the main apartment while renting the two upper units. A 2023 roof adds a recent capital improvement to the historic property.
Key Highlights
- Three‑unit layout with a first‑floor main apartment, upper‑level one‑bedroom, and rear studio
- Built in 1840 with exposed brick, soaring ceilings, and abundant natural light
- French doors from the main apartment open to a shared 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
$27,351
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
4.57%
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%
$547,020
$547.0K
Cap Rate 7%
$390,729
$390.7K
Cap Rate 9%
$303,900
$303.9K
Market Conditions
NOI Build-Up for 2,160 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
$42.8K $19.80/SF
− Vacancy
−$3.7K −$1.71/SF
EGI
$39.1K $18.09/SF
− OpEx
−$11.7K −$5.43/SF
NOI
$27.4K $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%
$547,020
Cap Rate 7%
$390,729
Cap Rate 9%
$303,900
Alternative Uses
Best Use
Multifamily LT 5
$390.7K
$341.9K – $455.9K
NOI $27,351 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$359.1K
$314.3K – $419.0K
NOI $25,140 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$549.0K
$480.4K – $640.5K
NOI $38,430 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
8,463
Businesses Nearby
Explore this area
Business Placement
Demographics for 70112, LA
4,988
Population
3,711
Households
1.3
Avg Household Size
35
Median Age
44%
College-Educated
91%
High-School Grad
1.0 sq mi
ZIP Area
4,988
Density / Sq Mi
$23,052
Median Household Income
$36,029
Median Earnings
$1,063
Median Rent
$398,400
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?
Triplex - Three residences include a main apartment, one-bedroom unit, and private studio with access to a shared courtyard.
Where is this triplex located?
The property is located at 1015 Saint Louis St New Orleans, LA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Three‑unit layout with a first‑floor main apartment, upper‑level one‑bedroom, and rear studio; Built in 1840 with exposed brick, soaring ceilings, and abundant natural light; French doors from the main apartment open to a shared courtyard
