Historic Seven-Unit Apartment
New
For Sale
$2,249,000
1309 DAUPHINE Street, New Orleans, LA 70116
Commercial, New Orleans, LA
Property Size6,069 SF
Lot Size0.10 Acres
Price / SF$370.57
Days on Market4
Property Features for 1309 DAUPHINE Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
VCR-1
Lot features
Regular
Subdivision
French Quarter, VC
Standard status
Active
APN
208101902
Size
6,069 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
SQ 81 LOT B OR 15 DAUPHINE ST 32-2/34X26-100/63-63
Legal Description
SQ 81 LOT B OR 15 DAUPHINE ST 32-2/34X26-100/63-63
Utilities
Water source
Public
Amenities
Heart Pine hardwood floors
crystal chandeliers
stainless steel appliances
Carrera marble countertops
gas ranges
dishwashers
in-unit washers and dryers
Building Details
Year built
1883
Floors in Building
3
Listing Agency:
Keller Williams Realty Services
(985) 727-7000
Listed By:
Justin Warren · License #S53843
(601) 297-9909
Added: Sep 10
Last Checked: Sep 13 at 9:06PM
MLS# 2576653
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Constructed in 1883, this three-story apartment property contains seven residential units totaling approximately 6,069 square feet. The unit mix includes one-, two-, and three-bedroom apartments, with 13 bedrooms and 13 full baths overall. Interior features include Heart Pine flooring, crystal chandeliers, stainless steel appliances, Carrera marble countertops, gas ranges, dishwashers, and in-unit washers and dryers. The building retains historic design elements such as its Mansard roof, cypress siding, and other period detailing. Renovations have addressed the electrical, plumbing, and HVAC systems, and a fire sprinkler system has been installed.
The property occupies 0.0972 acres on Dauphine Street in New Orleans’ Vieux Carré, next to Cabrini Park and near Port of Call and the Esplanade Avenue corridor. Six of the seven apartments are rented, while the remaining unit is occupied by the owner, who plans to continue as a rent-paying tenant after closing. Public water serves the property, which is zoned VCR-1.
The property occupies 0.0972 acres on Dauphine Street in New Orleans’ Vieux Carré, next to Cabrini Park and near Port of Call and the Esplanade Avenue corridor. Six of the seven apartments are rented, while the remaining unit is occupied by the owner, who plans to continue as a rent-paying tenant after closing. Public water serves the property, which is zoned VCR-1.
Key Highlights
- Seven residential units with 13 bedrooms and 13 full baths
- Approximately 6,069 square feet on 0.0972 acres
- 1883 construction with Mansard roof and original cypress siding
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 property with updated electrical, plumbing, and HVAC 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 on 0.0972 acres; 1883 construction with Mansard roof and original cypress siding
