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    Historic Esplanade Ridge Duplex Title is generated by Realmo AI

    1438-40 Marais Street, New Orleans, LA 70116

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    For Sale
    $349,750

    Renovated duplex near French Quarter, ideal for rental income.

    Type:MULTI FAMILY FOR SALE / Townhouse
    Property size:
    1,800 SF
    Price / SF:
    $194/SF
    Added:
    Apr 8, 2025
    Days on Market:
    421
    Last Refresh:
    May 13 at 10:11 pm

    Property Features for 1438-40 Marais Street

    General Information

    Standard status
    Active
    Size
    1,800 SF
    Property subtype
    MULTI FAMILY FOR SALE / Townhouse

    Building Details

    Year Built
    1853

    We can help!

    Listing Contact
    Benjamin Harwood

    Listing agent Benjamin Harwood License #995695989

    Listing office NOLA HOMES CO., LLC

    Listing date Apr 8, 2025

    Source Compass

    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 NOLA HOMES CO., LLC

    HighLights

    • Prime location: One block from Esplanade Avenue and three blocks from the French Quarter.
    • Income‑generating property: Currently used as a furnished monthly rental, earning approximately $2,000 per unit per month.
    • Recently renovated unit: The 1440 side was fully renovated in 2024 with new central air, appliances, plumbing, and updated electric.
    • Duplex offers flexibility: The 1438 unit can be used as a 2‑bedroom unit.
    • Historic Charm: Gorgeous historic duplex in Esplanade Ridge/Historic Treme, built in 1853, with restored exterior siding and slate roof.
    • Washer/Dryer in each unit.

    Overview

    This historic duplex is located in Esplanade Ridge/Historic Treme. One unit, numbered 1440, was fully renovated in 2024 with new central air, appliances, plumbing, and updated electric. The hardwood floors have been refinished. This unit is plumbed for an ensuite half bathroom connected to the principal bedroom, but is currently used as a walk-in closet. The 1440 unit also features a second large closet inside the bedroom. The exterior siding has been recently restored. The other unit, numbered 1438, was renovated/updated by the previous owner in 2020. The property is currently used as a furnished monthly rental, generating approximately $2000 per unit monthly. The 1438 unit is often rented as a 2-bedroom, as the dining room/parlor can be used as a walk-through second bedroom. Both principal bedrooms of each unit have private access. Each unit includes a washer and dryer. The property is located one block from Esplanade Avenue and three blocks from the French Quarter. The property size is 1800 square feet.

    Local Financial Insights For Multifamily LT 5

    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 $35.6k $19.80
    − Vacancy −$3.1k −$1.71
    EGI $32.6k $18.09
    − OpEx −$9.8k −$5.43
    NOI $22.8k $12.66
    1,800 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $325.6K
    $284.9K – $379.9K (±1% cap)
    NOI $22,792 @ 7.0% cap · market cap 6.52%
    Second Best
    Apartment 5plus
    $299.3K
    $261.9K – $349.2K (±1% cap)
    NOI $20,950 @ 7.0% cap · market cap 5.99%
    Theoretical Best
    Office A
    $457.5K
    $400.3K – $533.8K (±1% cap)
    NOI $32,025 @ 7.0% cap · market cap 9.16%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Jefferson
    State
    Louisiana
    Longitude
    -90.0650325
    Latitude
    29.9681196

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    FAQs

    What type of property is this?
    Duplex - Renovated duplex near French Quarter, ideal for rental income.
    Where is this duplex located?
    The property is located at 1438-40 Marais Street New Orleans, LA.
    What is the asking price?
    The asking price for this property is $349,750.
    What are key features of this property?
    This property features: Prime location: One block from Esplanade Avenue and three blocks from the French Quarter.; Income‑generating property: Currently used as a furnished monthly rental, earning approximately $2,000 per unit per month.; Recently renovated unit: The 1440 side was fully renovated in 2024 with new central air, appliances, plumbing, and updated electric.
    (504) 233-8276
    We can help!
    Listing Contact
    Benjamin Harwood
    Real Estate License ID: 995695989
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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