Licensed Hotel with Efficiency
For Sale
$625,000
2624 Ursulines Avenue, New Orleans, LA 70119
Licensed, 100% occupied property features a main 11-room house and four efficiency apartments in a rear building.
Property Size4,874 SF
Price / SF$128.23
Days on Market522
Property Features for 2624 Ursulines Avenue
General Information
Standard status
Active
Size
4,874 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Occupancy
100%
Additional Details
Multifamily Units
4
Amenities
Central Air, Window Unit(s)
Central, Other Heat
2
7
15
Metal
1
Pillar/Post/Pier
Wood Siding
Building Details
Year Built
1920
Listing Agency:
Dempsey Rogers, Inc.
Listed By:
Stacey Rogers · License #000013109
(504) 782-9188
Source:
Compass
Added: Apr 2, 2025
Changed: Aug 24
Last Checked: Aug 14 at 7:46AM
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 Dempsey Rogers, Inc.
Investment Insights
Based on property information with market context.
This licensed, 100% occupied hotel/rooming house includes a main house with 11 rooms, a large kitchen, a large common area, and three full baths. A rear building adds four efficiency apartments, providing an additional residential income component.
The property is located at 2624 Ursulines Avenue in New Orleans, Louisiana.
Reported total monthly income is $10,423, and the property was recently appraised for $800,000. The main house totals 3,707 square feet, while the rear building totals 1,167 square feet.
The property is located at 2624 Ursulines Avenue in New Orleans, Louisiana.
Reported total monthly income is $10,423, and the property was recently appraised for $800,000. The main house totals 3,707 square feet, while the rear building totals 1,167 square feet.
Key Highlights
- Licensed hotel/rooming house with 100% occupancy
- Main house: 3,707 SF, 11 rooms, large kitchen and large common area
- Rear building: 1,167 SF with 4 efficiency apartments
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
$27,087
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
4.33%
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%
$541,740
$541.7K
Cap Rate 7%
$386,957
$387.0K
Cap Rate 9%
$300,967
$301.0K
Market Conditions
NOI Build-Up for 4,874 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
$87.7K $18.00/SF
− Vacancy
−$30.7K −$6.30/SF
EGI
$57.0K $11.70/SF
− OpEx
−$29.9K −$6.14/SF
NOI
$27.1K $5.56/SF
Area
ZIP 70119
Vacancy
35.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
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%
$541,740
Cap Rate 7%
$386,957
Cap Rate 9%
$300,967
Alternative Uses
Best Use
Hotel Hospitality
$387.0K
$338.6K – $451.5K
NOI $27,087 @ 7.0% cap · market cap 4.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,276 @ 7.0% cap · market cap 14.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,568
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Hotel - Licensed, 100% occupied property features a main 11-room house and four efficiency apartments in a rear building.
Where is this hotel located?
The property is located at 2624 Ursulines Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Licensed hotel/rooming house with 100% occupancy; Main house: 3,707 SF, 11 rooms, large kitchen and large common area; Rear building: 1,167 SF with 4 efficiency apartments
