Historic Two-Story Mixed-Use
For Sale
$549,000
1516 S Carrollton Ave, New Orleans, LA 70118
HU-RD2-zoned property combines residential units with commercial-use flexibility.
Property Size3,713 SF
Lot Size0.09 Acres
Price / SF$147.86
Days on Market161
Property Features for 1516 S Carrollton Ave
General Information
Standard status
Active
Size
3,713 SF
Lot size
0.09 Acres
Property subtype
Office
Zoning
HU-RD2
Property Condition
Severity
Repairs Needed
Evidence
cosmetic updates
Amenities
balconies
covered porches
Building Details
Year Built
1910
Buildings
1
Stories
2
Listing Agency:
The McEnery Company Inc
(504) 236-9542
Listed By:
S. McEnery
(504) 236-9542
Source:
Lacdb.resimplifi
Added: Mar 24
Changed: Aug 29
Last Checked: Aug 30 at 2:01PM
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 The McEnery Company Inc
Investment Insights
Based on property information with market context.
This historic two-story double on South Carrollton Avenue contains approximately 3,713 square feet on a 30' x 130' lot. Built circa 1910, the property includes two residential units and features balconies, covered porches, and off-street driveway parking.
A commercial zoning variance applies to unit 1516, supporting potential office, retail, or live-work use alongside the underlying HU-RD2 Historic Urban Two-Family Residential zoning. The property is positioned in Uptown New Orleans near Tulane University, Loyola University, Audubon Park, and the South Carrollton commercial corridor, placing residential and commercial functions within an established neighborhood setting.
A commercial zoning variance applies to unit 1516, supporting potential office, retail, or live-work use alongside the underlying HU-RD2 Historic Urban Two-Family Residential zoning. The property is positioned in Uptown New Orleans near Tulane University, Loyola University, Audubon Park, and the South Carrollton commercial corridor, placing residential and commercial functions within an established neighborhood setting.
Key Highlights
- Approximately 3,713 square feet on a 30' x 130' lot
- Historic two‑story double built circa 1910
- Two residential units
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
$50,126
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
9.13%
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%
$1,002,520
$1.0M
Cap Rate 7%
$716,086
$716.1K
Cap Rate 9%
$556,956
$557.0K
Market Conditions
NOI Build-Up for 3,713 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
$89.1K $24.00/SF
− Vacancy
−$8.9K −$2.40/SF
EGI
$80.2K $21.60/SF
− OpEx
−$30.1K −$8.10/SF
NOI
$50.1K $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%
$1,002,520
Cap Rate 7%
$716,086
Cap Rate 9%
$556,956
Alternative Uses
Best Use
Office B
$781.9K
$684.1K – $912.2K
NOI $54,730 @ 7.0% cap · market cap 9.97%
Second Best
Mixed Use
$716.1K
$626.6K – $835.4K
NOI $50,126 @ 7.0% cap · market cap 9.13%
Theoretical Best
Office A
$943.7K
$825.8K – $1.10M
NOI $66,061 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,515
Businesses Nearby
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
Median Home Value
Market
Vacancy Rate% for Office in New Orleans, LA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - HU-RD2-zoned property combines residential units with commercial-use flexibility.
Where is this mixed-use property located?
The property is located at 1516 S Carrollton Ave New Orleans, LA.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Approximately 3,713 square feet on a 30' x 130' lot; Historic two‑story double built circa 1910; Two residential units
