Fairgrounds Income-Producing Multifamily
1516 GENTILLY Boulevard, New Orleans, LA 70119
New
MULTI_FAMILY - New Orleans, LA
Property size:
1,904 SFLot size:
0.07 AcresPrice / SF:
$157/SF- Added:
- May 28, 2026
- Days on Market:
- 6
- Last Refresh:
- Jun 2 at 2:06 am
Property Features for 1516 GENTILLY Boulevard
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Patio and Porch features
- Porch
- Exterior features
- Fence, Porch Screened In
- Fencing
- Fenced
- Standard status
- Active
- APN
- 37W300802
- Size
- 1,904 SF
- Lot size
- 0.07 Acres
Taxes and HOA fees
- Tax Description
- SQ 1530 LOT Q GENTILLY BD 38 OVER 34 X 79 OVER 95
Utilities
- Heating system
- Central
- Cooling system
- Central Air, Window Unit(s)
- Water source
- Public
Building Details
- Year built
- 1946
- Floors in Building
- 2
- Number of units
- 2
- Roof type
- Shingle
- Architectural style
- Cottage
Listing agent Louis Williams License #73679 (985) 727-7000
Listing office Keller Williams Realty Services 1522 W. Causeway Approach, Mandeville, LA (985) 727-7000
Listing date May 28, 2026
MLS# 2560296
Listing URL
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.
HighLights
- Prime location near Fairgrounds, Bayou St. John, City Park, restaurants, and markets. High‑demand rental zone.
- Two separate units provide flexible income potential: a 3 bed/2 bath unit and a 1 bed/1 bath apartment.
- Upstairs unit is currently leased for $1,100 per month, offering immediate income.
- Downstairs unit offers flexible use for long‑term tenants, short‑term rentals, or owner‑occupancy.
- Features classic New Orleans character with original wood floors, tall ceilings, and natural light.
- Fenced yard and screened front porch provide enjoyable outdoor space.
Overview
This Fairgrounds investment opportunity features two dedicated units, totaling 4 bedrooms and 3 baths, within 1,904 square feet of flexible, income-producing space. The downstairs unit includes 3 bedrooms and 2 full baths, while the upstairs flat is a private 1 bedroom, 1 bath apartment with its own rear entrance, currently leased for $1,100 per month. The income potential is already built in, whether holding both units as rentals or living downstairs while the upper flat offsets the mortgage. The main level blends classic New Orleans character with comfortable living, featuring original wood floors, tall ceilings, and natural light as you step into a large living room that flows into the dining space. The kitchen offers solid wood cabinetry and a layout ready for personal upgrades. Three bedrooms make the downstairs unit ideal for long-term tenants, short-term uses, or an owner-occupant setup. Two full baths and a convenient laundry area complete the main level. The upper unit adds true investment value with a separate exterior staircase leading to a bright studio-style apartment with its own kitchen, living and sleeping area, and a full bath featuring a clawfoot tub. Outside, the fenced yard and the screened front porch give both units enjoyable outdoor space. Located just steps from the Fairgrounds and minutes from Bayou St. John, City Park, coffee shops, restaurants, and local markets, this property sits in a high-demand rental zone. The lot size is 0.0719 acres.
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 | $37.7k | $19.80 |
| − Vacancy | −$3.3k | −$1.71 |
| EGI | $34.4k | $18.09 |
| − OpEx | −$10.3k | −$5.43 |
| NOI | $24.1k | $12.66 |
1,904 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$344.4K
$301.4K – $401.8K
NOI $24,109 @ 7.0% cap · market cap 8.04%
Second Best
Apartment 5plus
$316.6K
$277.0K – $369.3K
NOI $22,160 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$498.2K
$435.9K – $581.3K
NOI $34,875 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- New Orleans
- County
- Jefferson
- State
- Louisiana
- Longitude
- -90.077578
- Latitude
- 29.978849
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Two-unit property near Fairgrounds with flexible income potential.
Where is this duplex located?
The property is located at 1516 GENTILLY Boulevard New Orleans, LA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Prime location near Fairgrounds, Bayou St. John, City Park, restaurants, and markets. High‑demand rental zone.; Two separate units provide flexible income potential: a 3 bed/2 bath unit and a 1 bed/1 bath apartment.; Upstairs unit is currently leased for $1,100 per month, offering immediate income.
