Renovated 5-Unit Apartment
For Sale
$849,000
115 David St, New Orleans, LA 70119
HUMU-zoned property near restaurants, groceries, drugstores, bars, City Park, and other Mid-City conveniences.
Property Size3,200 SF
Price / SF$265.31
Days on Market10
Property Features for 115 David St
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Residential Income
Zoning
HUMU
Additional Details
Multifamily Units
5
Building Details
Tenancy
Multi
Listing Agency:
Garner & Co. Real Estate, LLC
(504) 515-0062
Listed By:
Greta Garner · License #995683127
(504) 344-7203
Source:
Exprealty
Added: Aug 25
Changed: Sep 3
Last Checked: Sep 3 at 1:56AM
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 Garner & Co. Real Estate, LLC
Investment Insights
Based on property information with market context.
This renovated five-unit apartment property at 115 David St. includes a 3,200-square-foot configuration with four rented units and a separate 2bd/2bath house currently available. The property has also operated as a short-term rental, with the main unit associated with that use.
Set in New Orleans’ Mid-City area, the property is adjacent to restaurants and close to groceries, drugstores, bars, and City Park. HUMU zoning supports the existing multifamily classification, while the owner is pursuing renewal of the CSTR license.
The combination of apartment units, a separate house, and an established short-term-rental operating history creates a varied property profile within a walkable, amenity-oriented setting.
Set in New Orleans’ Mid-City area, the property is adjacent to restaurants and close to groceries, drugstores, bars, and City Park. HUMU zoning supports the existing multifamily classification, while the owner is pursuing renewal of the CSTR license.
The combination of apartment units, a separate house, and an established short-term-rental operating history creates a varied property profile within a walkable, amenity-oriented setting.
Key Highlights
- Renovated 5‑unit apartment property
- 3,200 square feet at 115 David St., New Orleans, LA
- Four units rented; separate 2bd/2bath house currently available
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
$37,244
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
4.39%
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%
$744,880
$744.9K
Cap Rate 7%
$532,057
$532.1K
Cap Rate 9%
$413,822
$413.8K
Market Conditions
NOI Build-Up for 3,200 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
$74.5K $23.28/SF
− Vacancy
−$6.8K −$2.12/SF
EGI
$67.7K $21.16/SF
− OpEx
−$30.5K −$9.52/SF
NOI
$37.2K $11.64/SF
Area
ZIP 70119
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%
$744,880
Cap Rate 7%
$532,057
Cap Rate 9%
$413,822
Alternative Uses
Best Use
Apartment 5plus
$532.1K
$465.6K – $620.7K
NOI $37,244 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$837.3K
$732.7K – $976.9K
NOI $58,614 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,070
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
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 - HUMU-zoned property near restaurants, groceries, drugstores, bars, City Park, and other Mid-City conveniences.
Where is this apartment building located?
The property is located at 115 David St New Orleans, LA.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Renovated 5‑unit apartment property; 3,200 square feet at 115 David St., New Orleans, LA; Four units rented; separate 2bd/2bath house currently available
