Two-Building
For Sale
$498,000
1213-15 North Johnson Street, New Orleans, LA 70116
Four tenant-occupied units include laundry rooms, separate buildings, and backyard green space near the French Quarter.
Property Size2,814 SF
Price / SF$176.97
Days on Market244
Property Features for 1213-15 North Johnson Street
General Information
Standard status
Active
Size
2,814 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Occupancy
100%
Units
Unit Mix
2 x shotgun (1,038 sq ft), 2 x efficiency (369 sq ft)
Multifamily Units
4
Additional Details
Highway Access
Yes
Amenities
interior laundry rooms
green space
2
5
6
1
Asphalt
Other
Pillar/Post/Pier
Vinyl Siding
Building Details
Year Built
1920
Buildings
2
Stories
2
Tenancy
Multi
Listing Agency:
Compass
(504) 462-0044
Listed By:
Wendy Tynes · License #000004628
(504) 462-0044
Source:
Compass
Added: Dec 30, 2025
Changed: Aug 31
Last Checked: Aug 31 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 Compass
Investment Insights
Based on property information with market context.
This tenant-occupied quadplex contains four fully rented units across two separate buildings. The front structure is a two-story shotgun building with two 1,038-square-foot units, each offering an interior laundry room. A separate rear building provides two two-story efficiency units measuring 369 square feet each. Combined property size is 2,814 square feet, and the improvements date to 1920.
The property is located at 1213-15 North Johnson Street in New Orleans, between Esplanade Ave. and I-10. The French Quarter and downtown are minutes away, while Old Road Coffee Shop is located one-half block from the property. A backyard with green space adds outdoor area to the site.
The property is located at 1213-15 North Johnson Street in New Orleans, between Esplanade Ave. and I-10. The French Quarter and downtown are minutes away, while Old Road Coffee Shop is located one-half block from the property. A backyard with green space adds outdoor area to the site.
Key Highlights
- Four fully rented units in two separate buildings
- Front building includes two 1,038‑square‑foot two‑story shotgun units
- Rear building contains two 369‑square‑foot two‑story efficiency units
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
$35,632
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
7.16%
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%
$712,640
$712.6K
Cap Rate 7%
$509,029
$509.0K
Cap Rate 9%
$395,911
$395.9K
Market Conditions
NOI Build-Up for 2,814 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
$55.7K $19.80/SF
− Vacancy
−$4.8K −$1.71/SF
EGI
$50.9K $18.09/SF
− OpEx
−$15.3K −$5.43/SF
NOI
$35.6K $12.66/SF
Area
New Orleans, LA
Vacancy
8.64%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$712,640
Cap Rate 7%
$509,029
Cap Rate 9%
$395,911
Alternative Uses
Best Use
Multifamily LT 5
$509.0K
$445.4K – $593.9K
NOI $35,632 @ 7.0% cap · market cap 7.16%
Second Best
Apartment 5plus
$467.9K
$409.4K – $545.9K
NOI $32,752 @ 7.0% cap · market cap 6.58%
Theoretical Best
Office A
$715.2K
$625.8K – $834.4K
NOI $50,066 @ 7.0% cap · market cap 10.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,583
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?
Quadplex - Four tenant-occupied units include laundry rooms, separate buildings, and backyard green space near the French Quarter.
Where is this quadplex located?
The property is located at 1213-15 North Johnson Street New Orleans, LA.
What is the asking price?
The asking price for this property is $498,000.
What are key features of this property?
This property features: Four fully rented units in two separate buildings; Front building includes two 1,038‑square‑foot two‑story shotgun units; Rear building contains two 369‑square‑foot two‑story efficiency units
