Mid-City Double with Short-Term
114-116 South Hennessey Street New Orleans, LA 70119
114-116 South Hennessey Street, New Orleans, LA, 70119
$674,900
For Sale
$674,900
Two adjacent units on one lot in HU-MU zoning, with one unit operating as a short-term rental and a December 2023 roof.
Property Size3,584 SF
Price / SF$188.31
Days on Market152
Property Features for 114-116 South Hennessey Street
General Information
- Standard status
- Active
- Size
- 3,584 SF
- Property subtype
- MULTI FAMILY FOR SALE / Townhouse
Building Details
- Year Built
- 1913
Listing agency
Talbot Realty Group
(504) 319-1452
Listed by
Christopher Talbot · License #000075986
(504) 319-1452
Source
Compass
Added: Feb 21 Updated: Jul 21 at 5:47AM Checked: Jul 22 at 11:24AM
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 Talbot Realty Group
Investment Insights
Based on property information with market context.
114–116 South Hennessey Street is a Mid-City double with two adjacent sides, offered for sale with flexible living and income options. The 116 side is currently operating as a short-term rental, while the 114 side is recently vacant following a long-term tenant move-out, creating an opportunity to set new rents, occupy the unit, or adjust operations (buyer to verify STR eligibility). The property is zoned HU-MU (Historic Urban Mixed-Use) and is located in Flood Zone X.
The home conveys with furnishings and appliances, with tenant personal items excluded. A new roof was installed in December 2023.
With both sides under one ownership structure, the property may be suited for an owner-occupant looking to live in one unit while generating income from the other, or for continued short-term rental operations on the existing side. Buyer should confirm all use and eligibility requirements during due diligence.
The home conveys with furnishings and appliances, with tenant personal items excluded. A new roof was installed in December 2023.
With both sides under one ownership structure, the property may be suited for an owner-occupant looking to live in one unit while generating income from the other, or for continued short-term rental operations on the existing side. Buyer should confirm all use and eligibility requirements during due diligence.
Key Highlights
- ±3,584 SF two‑story double on one lot (114–116 S Hennessey St) with flexible income and occupancy options
- HU‑MU (Historic Urban Mixed‑Use) zoning and located in Flood Zone X
- 116 side currently operating as a short‑term rental; 114 side is vacant after a long‑term tenant moved out
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $71.0k | $19.80 |
| − Vacancy | −$6.1k | −$1.71 |
| EGI | $64.8k | $18.09 |
| − OpEx | −$19.4k | −$5.43 |
| NOI | $45.4k | $12.66 |
3,584 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$648.3K
$567.3K – $756.4K
NOI $45,382 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$595.9K
$521.4K – $695.2K
NOI $41,714 @ 7.0% cap · market cap 6.18%
Theoretical Best
Office A
$937.8K
$820.6K – $1.09M
NOI $65,647 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two adjacent units on one lot in HU-MU zoning, with one unit operating as a short-term rental and a December 2023 roof.
Where is this duplex located?
The property is located at 114-116 South Hennessey Street New Orleans, LA.
What is the asking price?
The asking price for this property is $674,900.
What are key features of this property?
This property features: ±3,584 SF two‑story double on one lot (114–116 S Hennessey St) with flexible income and occupancy options; HU‑MU (Historic Urban Mixed‑Use) zoning and located in Flood Zone X; 116 side currently operating as a short‑term rental; 114 side is vacant after a long‑term tenant moved out
