Esplanade Ridge Arts & Crafts
1517 Crete Street, New Orleans, LA 70119
Charming fourplex in historic district with income potential.
Type:MULTI FAMILY FOR SALE / Townhouse
Property size:
3,280 SFPrice / SF:
$213/SF- Added:
- Aug 16, 2025
- Days on Market:
- 291
- Last Refresh:
- Mar 13 at 6:47 pm
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 agent Carla Jewell License #995700358 (504) 251-8279
Listing office Freret Realty (504) 251-8279
Listing date Aug 16, 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 Freret Realty
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.
- Renovated Units with Historic Charm: Features four renovated 1bed/1bath units with preserved historic details and modern updates.
- Flexible Layout: Easily convertible to a double or triplex, offering options for owner occupancy and investment.
- Off‑Street Parking & Large Lot: Includes a driveway for off‑street parking and a spacious backyard.
Overview
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.
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 5.94%
Second Best
Apartment 5plus
$545.4K
$477.2K – $636.3K
NOI $38,175 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$858.3K
$751.0K – $1.00M
NOI $60,079 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
The Treehouse
Apartment Building
Location Insight
- Map
- Local Demand
- City
- New Orleans
- County
- Jefferson
- State
- Louisiana
- Longitude
- -90.0790027
- Latitude
- 29.9784686
Nearby Similar for Sale
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 $699,000.
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.
