Building Details

Year Built 1970

Listing Agency: REMAX Commercial Brokers, Inc

Listed By: Cameron Lombardo · License #SALE.0995695512-ACT Show Phone

Source: Lacdb.resimplifi

Added: Aug 11 Changed: Oct 15 Last Checked: Oct 19 at 3:29AM

Report an Issue

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 REMAX Commercial Brokers, Inc

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

Located at 1917 Leonidas Street in New Orleans, this apartment building contains six residential units, each configured with one bedroom and one bathroom. The property provides approximately 2,400 square feet of total building area, with individual units measuring about 400 square feet.

Built in 1970, the property is fully occupied and includes a combination of cash-paying residents and Section 8/HANO tenants. Its HU-RD2 zoning supports the existing multifamily configuration. The property is offered individually and may also be packaged with properties at 2210 Bienville Street and 2853 Dryades Street.

Key Highlights

• Six‑unit apartment building with 1‑bedroom, 1‑bathroom units
• Approximately 2,400 square feet of total building area
• Each unit measures approximately 400 square feet

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,933

Cap Rate

5.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$558,660 $558.7K

Cap Rate 7%

$399,043 $399.0K

Cap Rate 9%

$310,367 $310.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,400 SF

Gross rent

$55.9K $23.28/SF

− Vacancy

−$5.1K −$2.12/SF

EGI

$50.8K $21.16/SF

− OpEx

−$22.9K −$9.52/SF

NOI

$27.9K $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 Rate 5%

$558,660

Cap Rate 7%

$399,043

Cap Rate 9%

$310,367

Alternative Uses

Best Use

Apartment 5plus

$399.0K

$349.2K – $465.6K (±1% cap)

NOI $27,933 @ 7.0% cap · market cap 5.60%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$610.0K

$533.8K – $711.7K (±1% cap)

NOI $42,700 @ 7.0% cap · market cap 8.56%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Dental Office Electrical Service Computer & Electronic Repair HVAC Service Parking Lot & Garage Home Appliance Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

901

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 Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Similar For Sale Nearby

See more

5-Unit Apartment Building

3508 Cleveland Ave, New Orleans, LA 70119

$657,000

2,730 SF

View details

Six-Unit Multifamily Property

1905 France St, New Orleans, LA 70117

$625,000

3,100 SF

View details

Renovated 5-Unit Apartment Building

115 David St, New Orleans, LA 70119

$849,000

3,200 SF

View details

Six-Unit Apartment Building

318 20 N Olympia St, New Orleans, LA 70119

$475,000

4,930 SF

View details

Greek Revival Apartment Building

2501 Dauphine St, New Orleans, LA 70117

$750,000

3,686 SF

View details

10-Unit Apartment Building

4300 N PRIEUR Street, New Orleans, LA 70117

$795,000

4,398 SF

View details

Historic Five-Unit Apartment Building

2232 ESPLANADE Avenue, New Orleans, LA 70119

$849,000

4,245 SF

View details

Six-Unit Apartment Building

1039 MARAIS Street, New Orleans, LA 70116

$899,000

4,460 SF

View details

9-Unit Apartment Building

606 EGANIA Street, New Orleans, LA 70117

$569,000

6,792 SF

View details

Renovated 5-Unit Apartment Building

2001 Laharpe St, New Orleans, LA 70116

$740,000

5,157 SF

View details

8-Unit Apartment Portfolio

8626-28 28 Belfast St, New Orleans, LA 70118

$675,000

6,110 SF

View details

Fully Renovated 6-Unit Apartment Complex

4237 Fontainebleau, New Orleans, LA 70125

$699,000

5,952 SF

View details

Frequently Asked Questions

What type of property is this?

Apartment building - HU-RD2-zoned multifamily property with fully occupied residential units and a mix of conventional and Section 8/HANO tenancy.

Where is this apartment building located?

The property is located at 1917 Leonidas St New Orleans, LA.

What is the asking price?

The asking price for this property is $499,000.

What are key features of this property?

This property features: Six‑unit apartment building with 1‑bedroom, 1‑bathroom units; Approximately 2,400 square feet of total building area; Each unit measures approximately 400 square feet