Six-Unit Apartment
For Sale
$1,249,000
1217 19 MAGAZINE Street, New Orleans, LA 70130
Occupied apartments feature high ceilings, hardwood floors, private balconies, updated kitchens and baths, plus shared laundry facilities.
Property Size3,788 SF
Days on Market305
Property Features for 1217 19 MAGAZINE Street
General Information
Standard status
Active
Size
3,788 SF
Property subtype
Apartment
Occupancy
100%
Additional Details
Multifamily Units
6
Amenities
Private balconies
Community courtyard
Laundry room
Building Details
Building Size
3,788 SF
Year Built
1889
Listing Agency:
RE/MAX N.O. Properties
Listed By:
John Rareshide · License #000015172
(504) 343-1698
Source:
Ewbank.kw
Added: Nov 4, 2025
Changed: Aug 31
Last Checked: Sep 4 at 2:09AM
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 RE/MAX N.O. Properties
Investment Insights
Based on property information with market context.
Built in 1889, this six-unit apartment property includes residences with high ceilings, original hardwood flooring, updated kitchens and bathrooms, and private balconies. A rear community courtyard and on-site laundry room add shared amenities for residents. All apartments are currently occupied.
The property is located on Magazine Street in New Orleans’ Lower Garden District, surrounded by restaurants, bars, shops, salons, and museums. Its central setting places residents near a broad range of neighborhood retail, dining, and cultural destinations.
The property is located on Magazine Street in New Orleans’ Lower Garden District, surrounded by restaurants, bars, shops, salons, and museums. Its central setting places residents near a broad range of neighborhood retail, dining, and cultural destinations.
Key Highlights
- Six‑unit apartment property built in 1889
- All units are occupied
- Apartments include high ceilings and original hardwood floors
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
$44,088
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
3.53%
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%
$881,760
$881.8K
Cap Rate 7%
$629,829
$629.8K
Cap Rate 9%
$489,867
$489.9K
Market Conditions
NOI Build-Up for 3,788 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
$88.2K $23.28/SF
− Vacancy
−$8.0K −$2.12/SF
EGI
$80.2K $21.16/SF
− OpEx
−$36.1K −$9.52/SF
NOI
$44.1K $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%
$881,760
Cap Rate 7%
$629,829
Cap Rate 9%
$489,867
Alternative Uses
Best Use
Apartment 5plus
$629.8K
$551.1K – $734.8K
NOI $44,088 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$962.8K
$842.4K – $1.12M
NOI $67,395 @ 7.0% cap · market cap 5.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,585
Businesses Nearby
Explore this area
Business Placement
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
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 - Occupied apartments feature high ceilings, hardwood floors, private balconies, updated kitchens and baths, plus shared laundry facilities.
Where is this apartment building located?
The property is located at 1217 19 MAGAZINE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Six‑unit apartment property built in 1889; All units are occupied; Apartments include high ceilings and original hardwood floors
