Six-Unit Apartment
For Sale
$499,000
1917 Leonidas St, New Orleans, LA 70118
HU-RD2-zoned multifamily property with fully occupied residential units and a mix of conventional and Section 8/HANO tenancy.
Property Size2,400 SF
Price / SF$207.92
Days on Market24
Property Features for 1917 Leonidas St
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Investment
Zoning
HU-RD2
Amenities
Power
Water
Sewer
Natural Gas
Building Details
Year Built
1970
Listing Agency:
REMAX Commercial Brokers, Inc
Listed By:
Cameron Lombardo · License #SALE.0995695512-ACT
(504) 838-0001
Source:
Lacdb.resimplifi
Added: Aug 11
Changed: Aug 31
Last Checked: Sep 2 at 2:08PM
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
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.
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 = 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
$27,933
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
5.60%
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%
$558,660
$558.7K
Cap Rate 7%
$399,043
$399.0K
Cap Rate 9%
$310,367
$310.4K
Market Conditions
NOI Build-Up for 2,400 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
$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 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%
$558,660
Cap Rate 7%
$399,043
Cap Rate 9%
$310,367
Alternative Uses
Best Use
Apartment 5plus
$399.0K
$349.2K – $465.6K
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
NOI $42,700 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
