Six-Unit Apartment
For Sale
$650,000
1905 FRANCE Street, New Orleans, LA 70117
Multi-Family, New Orleans, LA
Property Size3,100 SF
Price / SF$209.68
Days on Market216
Property Features for 1905 FRANCE Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Parking features
Assigned, Off Street
Exterior features
Fence
Fencing
Fenced
Lot features
Regular
Standard status
Active
APN
701171905FRANCESTC
Size
3,100 SF
Taxes and HOA fees
Tax Description
QS 941 OR 940 LOT C-1 56.86X109 1905 FRANCE ST
Legal Description
QS 941 OR 940 LOT C-1 56.86X109 1905 FRANCE ST
Utilities
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
2022
Floors in Building
1
Number of units
6
Roof type
Shingle
Listing Agency:
Forte Realty, LLC
(504) 276-2668
Listed By:
Blaine Tatje · License #995712484
(504) 293-2460
Added: Jan 30
Changed: Aug 26
Last Checked: Sep 3 at 4:06PM
MLS# 2540785
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.
Investment Insights
Based on property information with market context.
This 3,100-square-foot apartment property contains six one-bedroom, one-bathroom units and was renovated in 2022. Improvements included updated electrical, plumbing, roofing, siding, and interior finishes, along with added fire walls. The building has shingle roofing, fenced grounds, public water, and window-unit cooling.
Located at 1905 France Street in New Orleans, the property provides one assigned off-street parking space per unit. Each apartment has its own electric and water meter, while the property has no gas service. The asset is fully leased and reports a 9.97% cash-on-cash return, with a 2022 year built designation also provided.
Located at 1905 France Street in New Orleans, the property provides one assigned off-street parking space per unit. Each apartment has its own electric and water meter, while the property has no gas service. The asset is fully leased and reports a 9.97% cash-on-cash return, with a 2022 year built designation also provided.
Key Highlights
- Six‑unit property with six 1BD/1BA apartments
- 3,100 Square Feet of apartment space
- Renovated in 2022 with updated electrical, plumbing, roofing, siding, and interiors
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
$36,080
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
5.55%
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%
$721,600
$721.6K
Cap Rate 7%
$515,429
$515.4K
Cap Rate 9%
$400,889
$400.9K
Market Conditions
NOI Build-Up for 3,100 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
$72.2K $23.28/SF
− Vacancy
−$6.6K −$2.12/SF
EGI
$65.6K $21.16/SF
− OpEx
−$29.5K −$9.52/SF
NOI
$36.1K $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%
$721,600
Cap Rate 7%
$515,429
Cap Rate 9%
$400,889
Alternative Uses
Best Use
Apartment 5plus
$515.4K
$451.0K – $601.3K
NOI $36,080 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$787.9K
$689.4K – $919.2K
NOI $55,154 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
590
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
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 leased multifamily property with individually assigned parking and separately metered electric and water service.
Where is this apartment building located?
The property is located at 1905 FRANCE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Six‑unit property with six 1BD/1BA apartments; 3,100 Square Feet of apartment space; Renovated in 2022 with updated electrical, plumbing, roofing, siding, and interiors
