Historic Multifamily
New
For Sale
$589,000
138-40 S Gayoso St, New Orleans, LA 70119
1930 property with preserved architectural features, a covered porch, rear garden, and one tenant-occupied side.
Property Size4,164 SF
Price / SF$141.45
Days on Market6
Property Features for 138-40 S Gayoso St
General Information
Standard status
Active
Size
4,164 SF
Property subtype
Multi-Family
Amenities
covered front porch
rear garden
Building Details
Year Built
1930
Listing Agency:
Bennette Dukes Realty LLC
(504) 321-1014
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 7:18AM
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 Bennette Dukes Realty LLC
Investment Insights
Based on property information with market context.
Built in 1930, this 4,164-square-foot multifamily property retains extensive period detailing, including wood floors, high ceilings, millwork, transoms, tall windows, decorative fireplaces, and original tile surrounds. The interior includes large bedrooms, spacious kitchens with cabinetry and tile flooring, multiple bathrooms with tub and shower combinations, grand staircases, and broad openings between living areas. One side is currently tenant occupied. The fireplaces are non-functional and conveyed as-is without warranty.
A covered front porch extends across the facade, while the rear garden provides additional outdoor space and may be opened for rear parking access. The property is positioned just off Canal Street between Lakeview and Mid-City in New Orleans.
A covered front porch extends across the facade, while the rear garden provides additional outdoor space and may be opened for rear parking access. The property is positioned just off Canal Street between Lakeview and Mid-City in New Orleans.
Key Highlights
- 4,164 SF multifamily property built in 1930
- One side is currently tenant occupied
- Original wood floors, millwork, transoms, tile surrounds, and decorative fireplaces
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
$48,464
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
8.23%
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%
$969,280
$969.3K
Cap Rate 7%
$692,343
$692.3K
Cap Rate 9%
$538,489
$538.5K
Market Conditions
NOI Build-Up for 4,164 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
$96.9K $23.28/SF
− Vacancy
−$8.8K −$2.12/SF
EGI
$88.1K $21.16/SF
− OpEx
−$39.7K −$9.52/SF
NOI
$48.5K $11.64/SF
Area
ZIP 70119
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%
$969,280
Cap Rate 7%
$692,343
Cap Rate 9%
$538,489
Alternative Uses
Best Use
Apartment 5plus
$692.3K
$605.8K – $807.7K
NOI $48,464 @ 7.0% cap · market cap 8.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$953.4K – $1.27M
NOI $76,271 @ 7.0% cap · market cap 12.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,704
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - 1930 property with preserved architectural features, a covered porch, rear garden, and one tenant-occupied side.
Where is this multifamily property located?
The property is located at 138-40 S Gayoso St New Orleans, LA.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 4,164 SF multifamily property built in 1930; One side is currently tenant occupied; Original wood floors, millwork, transoms, tile surrounds, and decorative fireplaces
