Historic Seven-Unit Apartment
For Sale
$2,299,000
1309 DAUPHINE Street, New Orleans, LA 70116
Updated building systems and in-unit laundry support a renovated historic apartment property.
Property Size6,069 SF
Days on Market321
Property Features for 1309 DAUPHINE Street
General Information
Standard status
Active
Size
6,069 SF
Property subtype
Apartment
Occupancy
100%
Additional Details
Utilities to Site
Yes
Sprinkler System
Yes
Multifamily Units
7
Amenities
courtyard
communal patio
in-unit washer/dryers
stainless steel appliances
gas ranges
Carrera marble countertops
Building Details
Building Size
6,069 SF
Year Built
1883
Stories
3
Construction
French Second Empire Victorian
Listing Agency:
Keller Williams Realty Services
(985) 727-7000
Listed By:
Justin Warren · License #995710345
Source:
Burkbrokerage
Added: Sep 26, 2025
Changed: Aug 2
Last Checked: Aug 12 at 3:24PM
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 Keller Williams Realty Services
Investment Insights
Based on property information with market context.
Built in 1883, this three-story apartment property retains its French Second Empire Victorian character while incorporating substantial modern improvements. The building features an original Mansard roof, cypress siding, Heart Pine floors, historic crystal chandeliers, and a detached rear unit. Renovated electrical, plumbing, HVAC, and fire sprinkler systems complement updated interior finishes. Each of the seven units includes stainless steel appliances, Carrera marble countertops, gas ranges, and an in-unit washer and dryer.
The property includes an oversized courtyard and communal patio, with professional management in place. It is fully occupied and located at 1309 Dauphine Street in New Orleans’ French Quarter, near Cabrini Park, Port of Call, and the Esplanade Corridor.
The property includes an oversized courtyard and communal patio, with professional management in place. It is fully occupied and located at 1309 Dauphine Street in New Orleans’ French Quarter, near Cabrini Park, Port of Call, and the Esplanade Corridor.
Key Highlights
- Seven income‑producing apartment units in a three‑story 1883 building
- Original Mansard roof and cypress siding
- Updated electrical, plumbing, HVAC, and fire sprinkler systems
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
$70,636
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
3.07%
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%
$1,412,720
$1.4M
Cap Rate 7%
$1,009,086
$1.0M
Cap Rate 9%
$784,844
$784.8K
Market Conditions
NOI Build-Up for 6,069 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
$141.3K $23.28/SF
− Vacancy
−$12.9K −$2.12/SF
EGI
$128.4K $21.16/SF
− OpEx
−$57.8K −$9.52/SF
NOI
$70.6K $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%
$1,412,720
Cap Rate 7%
$1,009,086
Cap Rate 9%
$784,844
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$883.0K – $1.18M
NOI $70,636 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $107,978 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,585
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?
Apartment building - Updated building systems and in-unit laundry support a renovated historic apartment property.
Where is this apartment building located?
The property is located at 1309 DAUPHINE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $2,299,000.
What are key features of this property?
This property features: Seven income‑producing apartment units in a three‑story 1883 building; Original Mansard roof and cypress siding; Updated electrical, plumbing, HVAC, and fire sprinkler systems
