6-Unit Apartment Building with
For Sale
$1,299,000
1117-19 BOURBON Street, New Orleans, LA 70116
Historic 6-unit French Quarter property with a shared brick courtyard, private in-unit laundry, and full-size kitchens.
Property Size3,753 SF
Days on Market42
Property Features for 1117-19 BOURBON Street
General Information
Standard status
Active
Size
3,753 SF
Property subtype
Apartment
Additional Details
Multifamily Units
6
Amenities
private laundry
shared courtyard
landscaping
water fountain
Building Details
Building Size
3,753 SF
Year Built
1718
Year Renovated
2016
Buildings
1
Listing Agency:
Jon Huffman Real Estate
Listed By:
Mimi Dimassa · License #995702675
(504) 235-6777
Source:
Burkbrokerage
Added: Jul 24
Changed: Aug 13
Last Checked: Sep 1 at 11:07PM
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 Jon Huffman Real Estate
Investment Insights
Based on property information with market context.
Apartment building offering six units at 1117-19 Bourbon Street in New Orleans’ French Quarter residential area. The building dates to 1718 and is described as having survived the Great New Orleans Fire of 1788 and 1794.
Exterior features an architecturally significant Green rating with the Vieux Carre Commission. Interiors were gutted to the studs and meticulously renovated in 2016. Each apartment includes a full-sized kitchen and private laundry, and the second-floor loft includes a private balcony.
Tenants also share an outdoor sanctuary with a large brick courtyard, manicured landscaping, and a tranquil water fountain.
Exterior features an architecturally significant Green rating with the Vieux Carre Commission. Interiors were gutted to the studs and meticulously renovated in 2016. Each apartment includes a full-sized kitchen and private laundry, and the second-floor loft includes a private balcony.
Tenants also share an outdoor sanctuary with a large brick courtyard, manicured landscaping, and a tranquil water fountain.
Key Highlights
- 6‑unit apartment building
- Built in 1718 and described as surviving the Great New Orleans Fire of 1788 and 1794
- Gut to the studs and renovated in 2016
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
$43,681
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
3.36%
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%
$873,620
$873.6K
Cap Rate 7%
$624,014
$624.0K
Cap Rate 9%
$485,344
$485.3K
Market Conditions
NOI Build-Up for 3,753 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
$87.4K $23.28/SF
− Vacancy
−$8.0K −$2.12/SF
EGI
$79.4K $21.16/SF
− OpEx
−$35.7K −$9.52/SF
NOI
$43.7K $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%
$873,620
Cap Rate 7%
$624,014
Cap Rate 9%
$485,344
Alternative Uses
Best Use
Apartment 5plus
$624.0K
$546.0K – $728.0K
NOI $43,681 @ 7.0% cap · market cap 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$953.9K
$834.7K – $1.11M
NOI $66,772 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
4,743
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?
Apartment building - Historic 6-unit French Quarter property with a shared brick courtyard, private in-unit laundry, and full-size kitchens.
Where is this apartment building located?
The property is located at 1117-19 BOURBON Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: 6‑unit apartment building; Built in 1718 and described as surviving the Great New Orleans Fire of 1788 and 1794; Gut to the studs and renovated in 2016
