Mixed-Use Property with
For Sale
$3,300,000
824 Royal St, New Orleans, LA 70116
Eight residences accompany a street-facing commercial suite in a two-building configuration.
Property Size8,283 SF
Price / SF$398.41
Days on Market57
Property Features for 824 Royal St
General Information
Standard status
Active
Size
8,283 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA, 2 x 1BR/1BA, 4 x studio/1BA
Multifamily Units
8
Additional Details
Road Access
Yes
Amenities
courtyard
Building Details
Year Built
1813
Buildings
2
Listing Agency:
FQR Realtors
Listed By:
Michael Wilkinson · License #000001640
(504) 491-0484
Source:
Fiorellaavenue
Added: Jul 12
Changed: Sep 5
Last Checked: Sep 5 at 11:06AM
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 FQR Realtors
Investment Insights
Based on property information with market context.
This mixed-use property combines a Royal Street commercial suite with eight residential units across a front house and a rear house. The three-story front structure places the commercial space at street level and includes two two-bedroom, two-bath residences, each with a balcony overlooking Royal Street. The rear structure contains two one-bedroom, one-bath units and four studio, one-bath units. A courtyard separates the buildings and is served by both interior and exterior stairs.
The property is located in the French Quarter, within walking distance of St. Louis Cathedral, Jackson Square, and the French Market. The commercial space has direct Royal Street exposure, and its tenant has occupied the space for many years. The site also includes a carriage-way entry with an existing curb cut and space that may accommodate parking conversion. Built in 1813, the property has been held by the same market presence for more than 70 years.
The property is located in the French Quarter, within walking distance of St. Louis Cathedral, Jackson Square, and the French Market. The commercial space has direct Royal Street exposure, and its tenant has occupied the space for many years. The site also includes a carriage-way entry with an existing curb cut and space that may accommodate parking conversion. Built in 1813, the property has been held by the same market presence for more than 70 years.
Key Highlights
- Eight residential units: two 2BR/2BATH, two 1BR/1BATH, and four studio/1BATH units
- Street‑facing commercial suite opening onto Royal Street
- Three‑story front house with two balcony‑equipped 2BR/2BATH residences
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
$111,821
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
3.39%
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%
$2,236,420
$2.2M
Cap Rate 7%
$1,597,443
$1.6M
Cap Rate 9%
$1,242,456
$1.2M
Market Conditions
NOI Build-Up for 8,283 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
$198.8K $24.00/SF
− Vacancy
−$19.9K −$2.40/SF
EGI
$178.9K $21.60/SF
− OpEx
−$67.1K −$8.10/SF
NOI
$111.8K $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%
$2,236,420
Cap Rate 7%
$1,597,443
Cap Rate 9%
$1,242,456
Alternative Uses
Best Use
Mixed Use
$1.60M
$1.40M – $1.86M
NOI $111,821 @ 7.0% cap · market cap 3.39%
Second Best
Retail
$1.46M
$1.28M – $1.70M
NOI $102,278 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$2.11M
$1.84M – $2.46M
NOI $147,368 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
6,171
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Eight residences accompany a street-facing commercial suite in a two-building configuration.
Where is this mixed-use property located?
The property is located at 824 Royal St New Orleans, LA.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: Eight residential units: two 2BR/2BATH, two 1BR/1BATH, and four studio/1BATH units; Street‑facing commercial suite opening onto Royal Street; Three‑story front house with two balcony‑equipped 2BR/2BATH residences
