6-Unit Apartment
For Sale
$850,000
Pending
1110 12 Third St, New Orleans, LA 70130
Multifamily property with a refurbished exterior, shared laundry, and dedicated residential outdoor space.
Property Size4,765 SF
Days on Market40
Property Features for 1110 12 Third St
General Information
Standard status
Pending
Size
4,765 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$87,600
Multifamily Units
6
Amenities
shared laundry
Building Details
Year Built
1914
Buildings
1
Listing Agency:
Fine Southern Properties, LLC
(985) 273-7986
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Jul 28
Changed: Sep 4
Last Checked: Sep 5 at 7:00AM
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 Fine Southern Properties, LLC
Investment Insights
Based on property information with market context.
Built in 1914, this 4,765-square-foot multifamily property contains six rental apartments, including a two-bedroom, two-bath residence on the ground floor. That residence has exclusive use of the driveway parking area and rear yard. The building offers varied interior details, a low-maintenance yard, and shared laundry equipped with a new washer and dryer.
Recent improvements include a roof installed 2 years ago and comprehensive exterior refurbishment with new paint. The property is located near Magazine St in New Orleans’ Garden District and falls within the Garden District Security Patrol District. It is also situated in an X flood zone. Two apartments are temporarily vacant for showing access, while occupied units require a minimum of 48 hours’ notice for tours.
Recent improvements include a roof installed 2 years ago and comprehensive exterior refurbishment with new paint. The property is located near Magazine St in New Orleans’ Garden District and falls within the Garden District Security Patrol District. It is also situated in an X flood zone. Two apartments are temporarily vacant for showing access, while occupied units require a minimum of 48 hours’ notice for tours.
Key Highlights
- Six rental units within a 4,765‑square‑foot multifamily building
- Ground‑floor 2 bed/2 bath residence with exclusive driveway parking and rear yard
- Roof is 2 years old
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
$55,459
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
6.52%
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%
$1,109,180
$1.1M
Cap Rate 7%
$792,271
$792.3K
Cap Rate 9%
$616,211
$616.2K
Market Conditions
NOI Build-Up for 4,765 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
$110.9K $23.28/SF
− Vacancy
−$10.1K −$2.12/SF
EGI
$100.8K $21.16/SF
− OpEx
−$45.4K −$9.52/SF
NOI
$55.5K $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%
$1,109,180
Cap Rate 7%
$792,271
Cap Rate 9%
$616,211
Alternative Uses
Best Use
Apartment 5plus
$792.3K
$693.2K – $924.3K
NOI $55,459 @ 7.0% cap · market cap 6.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,777 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,353
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?
Apartment building - Multifamily property with a refurbished exterior, shared laundry, and dedicated residential outdoor space.
Where is this apartment building located?
The property is located at 1110 12 Third St New Orleans, LA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Six rental units within a 4,765‑square‑foot multifamily building; Ground‑floor 2 bed/2 bath residence with exclusive driveway parking and rear yard; Roof is 2 years old
