Esplanade Ridge Arts & Crafts
1517 Crete Street New Orleans, LA 70119
1517 Crete Street, New Orleans, LA, 70119
$649,000
For Sale
$649,000
Charming fourplex in historic district with income potential.
Property Size3,280 SF
Price / SF$197.87
Days on Market127
Property Features for 1517 Crete Street
General Information
- Standard status
- Active
- Size
- 3,280 SF
- Property subtype
- MULTI FAMILY FOR SALE / Townhouse
Building Details
- Year Built
- 1918
Listing Agency
Freret Realty
(504) 251-8279
Listed by
Carla Jewell · License #995700358
(504) 251-8279
Source
Compass
Added: Mar 13 Checked: Jul 16 at 6:24 am
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 Freret Realty
Investment Insights
Based on property information with market context.
Located in the Esplanade Ridge Historic District, this Arts and Crafts-style fourplex features four 1-bed/1-bath units. The property offers income potential, generating approximately $6,550 per month. Three units are tenant occupied, and one lower unit is furnished and used as a midterm rental. The property has new electrical, fresh paint, new window units, and other updates. Situated on a quiet, one-way street near Bayou St. John, the property is located two blocks from the New Orleans Fairgrounds, home of the New Orleans Jazz and Heritage Festival, and a few blocks from restaurants, grocery stores, coffee shops, wine shops, the New Orleans Museum of Art, and scenic Bayou St. John. Each of the four renovated units features preserved historic details. The building sits on a large lot with a spacious backyard and a driveway for off-street parking. The layout allows for conversion to a double or triplex. The property has a new roof installed in 2022 and is located in an X Flood Zone. The property size is 3280 square feet.
Key Highlights
- High Income Potential: Generates approximately $6,550 per month from four units.
- Prime Location: Situated in the Esplanade Ridge Historic District, near Bayou St. John, the New Orleans Fairgrounds, restaurants, and shops.
- X Flood Zone & New Roof: Provides peace of mind with a new roof (2022) and location in a low‑risk flood zone.
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 | $64.9k | $19.80 |
| − Vacancy | −$5.6k | −$1.71 |
| EGI | $59.3k | $18.09 |
| − OpEx | −$17.8k | −$5.43 |
| NOI | $41.5k | $12.66 |
3,280 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$593.3K
$519.2K – $692.2K
NOI $41,533 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$545.4K
$477.2K – $636.3K
NOI $38,175 @ 7.0% cap · market cap 5.88%
Theoretical Best
Office A
$858.3K
$751.0K – $1.00M
NOI $60,079 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
The Treehouse
Apartment Building
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Charming fourplex in historic district with income potential.
Where is this quadplex located?
The property is located at 1517 Crete Street New Orleans, LA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: High Income Potential: Generates approximately $6,550 per month from four units.; Prime Location: Situated in the Esplanade Ridge Historic District, near Bayou St. John, the New Orleans Fairgrounds, restaurants, and shops.; X Flood Zone & New Roof: Provides peace of mind with a new roof (2022) and location in a low‑risk flood zone.
