Renovated Mixed-Use
For Sale
$1,900,000
1224 Decatur Street, New Orleans, LA 70116
Two residential units sit above an open-concept commercial storefront with a private courtyard and wrought-iron balconies.
Property Size4,700 SF
Price / SF$404.26
Days on Market346
Property Features for 1224 Decatur Street
General Information
Standard status
Active
Size
4,700 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Amenities
private wrought-iron balconies
lush courtyard
Central Air
Central
4
6
1
inside unit
5
Slate
Balcony
Slab: Traditional
Brick
Building Details
Year Built
1921
Buildings
1
Tenancy
Single
Listing Agency:
REVE, REALTORS
(504) 333-2645
Listed By:
Becky Ray Giroir · License #000015274
(504) 333-2645
Source:
Compass
Added: Sep 21, 2025
Changed: Aug 30
Last Checked: Aug 31 at 9:38PM
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 REVE, REALTORS
Investment Insights
Based on property information with market context.
Built in 1921 and measuring 4,700 square feet, this mixed-use building combines a ground-floor commercial storefront with two residential units above. The shop has an open layout and a dedicated restroom, while the upper residences are each configured with 3 bedrooms and 2 bathrooms. Renovated interiors retain exposed brick and hardwood floors, and each residence includes a private wrought-iron balcony.
A secluded courtyard extends behind the storefront and offers additional outdoor space. The property is located at 1224 Decatur Street in New Orleans’ French Quarter, with balcony views toward the historic district and the Mississippi River.
A secluded courtyard extends behind the storefront and offers additional outdoor space. The property is located at 1224 Decatur Street in New Orleans’ French Quarter, with balcony views toward the historic district and the Mississippi River.
Key Highlights
- 4,700‑square‑foot mixed‑use building built in 1921
- Two residential units, each with 3 bedrooms and 2 bathrooms
- Ground‑floor open‑concept storefront with dedicated restroom
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
$63,450
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
3.34%
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%
$1,269,000
$1.3M
Cap Rate 7%
$906,429
$906.4K
Cap Rate 9%
$705,000
$705.0K
Market Conditions
NOI Build-Up for 4,700 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
$112.8K $24.00/SF
− Vacancy
−$11.3K −$2.40/SF
EGI
$101.5K $21.60/SF
− OpEx
−$38.1K −$8.10/SF
NOI
$63.5K $13.50/SF
Area
New Orleans, LA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,269,000
Cap Rate 7%
$906,429
Cap Rate 9%
$705,000
Alternative Uses
Best Use
Mixed Use
$906.4K
$793.1K – $1.06M
NOI $63,450 @ 7.0% cap · market cap 3.34%
Second Best
Multifamily LT 5
$850.2K
$743.9K – $991.9K
NOI $59,514 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$1.19M
$1.05M – $1.39M
NOI $83,621 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,823
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two residential units sit above an open-concept commercial storefront with a private courtyard and wrought-iron balconies.
Where is this mixed-use property located?
The property is located at 1224 Decatur Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 4,700‑square‑foot mixed‑use building built in 1921; Two residential units, each with 3 bedrooms and 2 bathrooms; Ground‑floor open‑concept storefront with dedicated restroom
