Historic Courtyard Apartment
For Sale
$2,100,000
1212 ROYAL Street, New Orleans, LA 70116
The property combines residential units, restaurant spaces, and a shared interior brick courtyard.
Property Size7,370 SF
Days on Market10
Property Features for 1212 ROYAL Street
General Information
Standard status
Active
Size
7,370 SF
Building Details
Building Size
7,370 SF
Year Built
1830
Listing Agency:
FQR Realtors
Listed By:
George Jeansonne · License #995687377
(504) 616-0990
Source:
Talbot-realty
Added: Sep 15
Changed: Sep 19
Last Checked: Sep 22 at 1:05PM
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.
Built in 1830, this Royal Street property contains 10 total units, including eight residential units and two restaurant spaces. A central carriageway leads into a large interior brick courtyard, with the residential units arranged around the shared outdoor area. The property also includes shared laundry facilities and a roof installed in 2023.
Located at 1212 Royal Street in New Orleans, the property is near Jackson Square and Frenchmen Street, with access to the French Quarter’s galleries, restaurants, music venues, nightlife, and historic landmarks. The site is within the X flood zone.
Located at 1212 Royal Street in New Orleans, the property is near Jackson Square and Frenchmen Street, with access to the French Quarter’s galleries, restaurants, music venues, nightlife, and historic landmarks. The site is within the X flood zone.
Key Highlights
- 10 total units: eight residential units and two restaurant spaces
- Central carriageway opens to an expansive interior brick courtyard
- Royal Street location in New Orleans’ French Quarter
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
$104,005
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
4.95%
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%
$2,080,100
$2.1M
Cap Rate 7%
$1,485,786
$1.5M
Cap Rate 9%
$1,155,611
$1.2M
Market Conditions
NOI Build-Up for 7,370 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
$141.5K $19.20/SF
− Vacancy
−$2.8K −$0.38/SF
EGI
$138.7K $18.82/SF
− OpEx
−$34.7K −$4.70/SF
NOI
$104.0K $14.11/SF
Area
New Orleans, LA
Vacancy
2.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$2,080,100
Cap Rate 7%
$1,485,786
Cap Rate 9%
$1,155,611
Alternative Uses
Best Use
Specialty Retail
$1.49M
$1.30M – $1.73M
NOI $104,005 @ 7.0% cap · market cap 4.95%
Second Best
Mixed Use
$1.42M
$1.24M – $1.66M
NOI $99,495 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$1.87M
$1.64M – $2.19M
NOI $131,125 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,185
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - The property combines residential units, restaurant spaces, and a shared interior brick courtyard.
Where is this apartment building located?
The property is located at 1212 ROYAL Street New Orleans, LA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 10 total units: eight residential units and two restaurant spaces; Central carriageway opens to an expansive interior brick courtyard; Royal Street location in New Orleans’ French Quarter
