Historic Seven-Unit Apartment
New
For Sale
$2,249,000
1309 DAUPHINE Street, New Orleans, LA 70116
Three-story apartment property with updated electrical, plumbing, HVAC, and fire sprinkler systems.
Property Size6,069 SF
Price / SF$370.57
Days on Market5
Property Features for 1309 DAUPHINE Street
General Information
Standard status
Active
Size
6,069 SF
Property subtype
COMMERCIAL
Additional Details
Road Access
Yes
Sprinkler System
Yes
Multifamily Units
7
Building Details
Building Size
6,069 SF
Year Built
1883
Stories
3
Construction
French Second Empire Victorian
Listing Agency:
Keller Williams Realty Services
Listed By:
Justin Warren · License #S53843
(985) 727-7000
Source:
Burkbrokerage
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 13 at 1:45PM
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.
Constructed in 1883, this three-story apartment property contains approximately 6,069 square feet and seven residential units in a French Second Empire Victorian building. The unit mix includes one-, two-, and three-bedroom layouts totaling 13 bedrooms and 13 full baths. Interiors retain Heart Pine flooring and crystal chandeliers, while apartments include stainless steel appliances, Carrera marble countertops, gas ranges, dishwashers, and in-unit washers and dryers.
Major building improvements include electrical, plumbing, and HVAC updates, together with a fire sprinkler system. The property also features a Mansard roof, original cypress siding, and preserved architectural details. Six units are rented, and the owner occupies the remaining unit with plans to continue as a rent-paying tenant after closing.
The building is located on Dauphine Street in the Vieux Carré, next to Cabrini Park, Port of Call, and the Esplanade Avenue corridor. Restaurants, entertainment, architecture, and cultural destinations surround the property within the French Quarter.
Major building improvements include electrical, plumbing, and HVAC updates, together with a fire sprinkler system. The property also features a Mansard roof, original cypress siding, and preserved architectural details. Six units are rented, and the owner occupies the remaining unit with plans to continue as a rent-paying tenant after closing.
The building is located on Dauphine Street in the Vieux Carré, next to Cabrini Park, Port of Call, and the Esplanade Avenue corridor. Restaurants, entertainment, architecture, and cultural destinations surround the property within the French Quarter.
Key Highlights
- Seven residential units with 13 bedrooms and 13 full baths
- Approximately 6,069 square feet across a three‑story building constructed in 1883
- One-, two-, and three‑bedroom unit mix
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
3.14%
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 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $107,978 @ 7.0% cap · market cap 4.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Yes
Sprinkler system
Yes
Paved road access
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-story apartment property with updated electrical, plumbing, HVAC, and fire sprinkler systems.
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 $2,249,000.
What are key features of this property?
This property features: Seven residential units with 13 bedrooms and 13 full baths; Approximately 6,069 square feet across a three‑story building constructed in 1883; One-, two-, and three‑bedroom unit mix
