Renovated 5-Unit Apartment
For Sale
$799,000
2001 Laharpe St, New Orleans, LA 70116
Two structures offer updated kitchens, refreshed bathrooms, and a detached one-car garage.
Property Size5,157 SF
Price / SF$154.94
Days on Market28
Property Features for 2001 Laharpe St
General Information
Standard status
Active
Size
5,157 SF
Property subtype
Multi-Family
Building Details
Year Built
1855
Listing Agency:
Bridgewater Realty Advisors, LLC
(504) 535-5680
Listed By:
Cameron Griffin · License #995696437
Source:
Dominionplace
Added: Aug 5
Changed: Aug 30
Last Checked: Aug 31 at 6:55PM
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, LLC
Investment Insights
Based on property information with market context.
Built in 1855 and substantially renovated during 2015–2016, this five-unit apartment property comprises a primary residence and a detached cottage on a 7,682-square-foot corner lot. The main structure contains four units totaling 5,157 square feet, while the separate cottage provides one bedroom and one bathroom as a standalone residence. Improvements include contemporary kitchens, updated bathrooms, and finishes designed to complement the property's historic character.
The property is located at 2001 Laharpe Street and 1549 N. Johnson Street, with the cottage at 2007 Laharpe Street. It sits on a high topographical ridge in Esplanade Ridge, near Esplanade Avenue, Jazz Fest, Pagoda Cafe, Mid-City, and the Marigny. Flood Zone X classification and a detached one-car garage are additional site features.
The property is located at 2001 Laharpe Street and 1549 N. Johnson Street, with the cottage at 2007 Laharpe Street. It sits on a high topographical ridge in Esplanade Ridge, near Esplanade Avenue, Jazz Fest, Pagoda Cafe, Mid-City, and the Marigny. Flood Zone X classification and a detached one-car garage are additional site features.
Key Highlights
- Five‑unit apartment property with four units in the main structure and a detached one‑bedroom, one‑bath cottage
- Main structure contains 5,157 square feet across four units
- Substantial renovation completed during 2015–2016
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
$60,021
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
7.51%
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%
$1,200,420
$1.2M
Cap Rate 7%
$857,443
$857.4K
Cap Rate 9%
$666,900
$666.9K
Market Conditions
NOI Build-Up for 5,157 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
$120.1K $23.28/SF
− Vacancy
−$10.9K −$2.12/SF
EGI
$109.1K $21.16/SF
− OpEx
−$49.1K −$9.52/SF
NOI
$60.0K $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%
$1,200,420
Cap Rate 7%
$857,443
Cap Rate 9%
$666,900
Alternative Uses
Best Use
Apartment 5plus
$857.4K
$750.3K – $1.00M
NOI $60,021 @ 7.0% cap · market cap 7.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,752 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,287
Businesses Nearby
Explore this area
Business Placement
Demographics for 70116, LA
10,676
Population
9,620
Households
1.1
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
8,212
Density / Sq Mi
$45,580
Median Household Income
$34,849
Median Earnings
$1,190
Median Rent
$385,100
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 - Two structures offer updated kitchens, refreshed bathrooms, and a detached one-car garage.
Where is this apartment building located?
The property is located at 2001 Laharpe St New Orleans, LA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Five‑unit apartment property with four units in the main structure and a detached one‑bedroom, one‑bath cottage; Main structure contains 5,157 square feet across four units; Substantial renovation completed during 2015–2016
