Nine-Unit Apartment
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For Sale
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1734-36 2nd Street, New Orleans, LA 70113
Fully occupied multifamily property with one-bedroom layouts, fenced yards, off-street parking, and HU-RM1 zoning.
Property Size7,494 SF
Lot Size0.14 Acres
Price / SF$166.80
Days on Market7
Property Features for 1734-36 2nd Street
General Information
Standard status
Active
Size
7,494 SF
Lot size
0.14 Acres
Property subtype
Multifamily
Zoning
HU-RM1
Occupancy
100%
Financials
Asking Price
$1,250,000
Gross Rent Multiplier
10
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
9 x 1BR/1BA
Multifamily Units
9
Amenities
fenced yards
off street parking
coin operated laundry
Listing Agency:
Bridgewater Realty Advisors
Listed By:
Mason Mccullough · License #LA9705
(504) 274-2701
Source:
Crexi
Added: Sep 8
Changed: Sep 11
Last Checked: Sep 13 at 7:16AM
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 Bridgewater Realty Advisors
Investment Insights
Based on property information with market context.
This nine-unit apartment property comprises two adjoining addresses on a single tax parcel at 1734–1736 Second Street. The improvements contain approximately 7,494 square feet on an approximately 6,000-square-foot corner lot. Each residence offers one bedroom and one bath, with layouts averaging approximately 1,000 square feet. Fenced yards, off-street parking, and coin-operated laundry add to the property’s existing features. The asset is 100% occupied and includes conforming HU-RM1 zoning. The five apartments at 1736 achieve approximately 6% higher rents than the four units at 1734 despite identical sizes.
The property is positioned two blocks from Oretha Castle Haley Boulevard in Central City. Nearby destinations include the Southern Food and Beverage Museum, Ashé Cultural Arts Center, Café Reconcile, and Central City BBQ. The St. Charles streetcar, Magazine Street, the Lower Garden District, the Central Business District, the Superdome, and the downtown medical corridor are also close by. The in-place income reflects a 10.0x gross rent multiplier, with coin-operated laundry providing an additional revenue source.
The property is positioned two blocks from Oretha Castle Haley Boulevard in Central City. Nearby destinations include the Southern Food and Beverage Museum, Ashé Cultural Arts Center, Café Reconcile, and Central City BBQ. The St. Charles streetcar, Magazine Street, the Lower Garden District, the Central Business District, the Superdome, and the downtown medical corridor are also close by. The in-place income reflects a 10.0x gross rent multiplier, with coin-operated laundry providing an additional revenue source.
Key Highlights
- Nine apartment units across 1734–1736 Second Street
- Approximately 7,494 SF building on an approximately 6,000 SF corner lot
- All units are one bedroom and one bath; average unit size is approximately 1,000 SF
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
$87,221
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
6.98%
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%
$1,744,420
$1.7M
Cap Rate 7%
$1,246,014
$1.2M
Cap Rate 9%
$969,122
$969.1K
Market Conditions
NOI Build-Up for 7,494 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
$174.5K $23.28/SF
− Vacancy
−$15.9K −$2.12/SF
EGI
$158.6K $21.16/SF
− OpEx
−$71.4K −$9.52/SF
NOI
$87.2K $11.64/SF
Area
New Orleans, LA
Vacancy
9.10%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,744,420
Cap Rate 7%
$1,246,014
Cap Rate 9%
$969,122
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.09M – $1.45M
NOI $87,221 @ 7.0% cap · market cap 6.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.67M – $2.22M
NOI $133,331 @ 7.0% cap · market cap 10.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,734
Businesses Nearby
Explore this area
Business Placement
Demographics for 70113, LA
8,569
Population
5,512
Households
1.6
Avg Household Size
37
Median Age
27%
College-Educated
74%
High-School Grad
0.9 sq mi
ZIP Area
9,521
Density / Sq Mi
$36,897
Median Household Income
$31,126
Median Earnings
$960
Median Rent
$258,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with one-bedroom layouts, fenced yards, off-street parking, and HU-RM1 zoning.
Where is this apartment building located?
The property is located at 1734-36 2nd Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Nine apartment units across 1734–1736 Second Street; Approximately 7,494 SF building on an approximately 6,000 SF corner lot; All units are one bedroom and one bath; average unit size is approximately 1,000 SF
