Corner Stucco 6-Plex with
1400 Governor Nicholls Street New Orleans, LA 70116
1400 Governor Nicholls Street, New Orleans, LA, 70116
$799,000
For Sale
$799,000
Six-unit stucco corner building with gated shared courtyard and separate water and electric meters.
Property Size4,914 SF
Price / SF$162.60
Days on Market236
Property Features for 1400 Governor Nicholls Street
General Information
- Standard status
- Active
- Size
- 4,914 SF
- Property subtype
- MULTI FAMILY FOR SALE / Townhouse
Building Details
- Year Built
- 1910
Listing agency
Demand Realty
(504) 319-0443
Listed by
Aimee Ashe · License #995705647
(504) 319-0443
Source
Compass
Added: Nov 28, 2025 Updated: Jul 21 at 4:02AM Checked: Jul 22 at 6:21AM
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 Demand Realty
Investment Insights
Based on property information with market context.
This corner stucco six-plex offers a gated shared courtyard and separate water and electric meters for the units. The property is currently income-producing at $6,702 per month, with projected rents exceeding $8,000 at full occupancy, and seller notes that measurements are approximate and should be verified by the buyer and/or their agent.
Located in Historic Treme, the building is described as being one block from Esplanade Avenue and steps from the French Quarter, with walkable access to shops, restaurants, bars and pubs, coffee houses, and area tours and attractions.
The sale is structured to help buyers avoid standard financing, with bond for deed terms noted as 15% down, first through third year at 6% interest, and fourth and fifth year at 7% interest, alongside a 15-year amortization schedule. The seller also offers creative financing for up to five years with negotiable terms, and requires all buyers to view the property prior to submitting an offer.
Located in Historic Treme, the building is described as being one block from Esplanade Avenue and steps from the French Quarter, with walkable access to shops, restaurants, bars and pubs, coffee houses, and area tours and attractions.
The sale is structured to help buyers avoid standard financing, with bond for deed terms noted as 15% down, first through third year at 6% interest, and fourth and fifth year at 7% interest, alongside a 15-year amortization schedule. The seller also offers creative financing for up to five years with negotiable terms, and requires all buyers to view the property prior to submitting an offer.
Key Highlights
- Corner 2‑story stucco 6‑plex built in 1910 with brick and stucco exterior and asphalt roof
- Central air and central heating
- 6 full bathrooms and 12 total bedrooms across the 6 units
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $114.4k | $23.28 |
| − Vacancy | −$10.4k | −$2.12 |
| EGI | $104.0k | $21.16 |
| − OpEx | −$46.8k | −$9.52 |
| NOI | $57.2k | $11.64 |
4,914 SF · lease $23.28/SF/yr · vacancy 9.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$817.0K
$714.9K – $953.2K
NOI $57,193 @ 7.0% cap · market cap 7.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,428 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Six-unit stucco corner building with gated shared courtyard and separate water and electric meters.
Where is this apartment building located?
The property is located at 1400 Governor Nicholls Street New Orleans, LA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Corner 2‑story stucco 6‑plex built in 1910 with brick and stucco exterior and asphalt roof; Central air and central heating; 6 full bathrooms and 12 total bedrooms across the 6 units
