Five-Unit Historic Apartment
New
For Sale
$1,700,000
2007-11 ESPLANADE Avenue, New Orleans, LA 70116
Multi-Family, Center Hall, New Orleans, LA
Property Size7,700 SF
Lot Size0.24 Acres
Price / SF$220.78
Days on Market5
Property Features for 2007-11 ESPLANADE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Parking features
Garage
Security features
Security
Patio and Porch features
Porch
Exterior features
Balcony, Courtyard, Fence, Porch, Security Cameras
Fencing
Fenced
Lot features
Corner, Regular
Subdivision
Esplanade Ridge
Standard status
Active
APN
37W201701
Size
7,700 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
. SQ 1041 LOT PT 1 ESPLANADE 2. AND N JOHNSON 80 X 133; 2011 ESPLANADE AV;, APTS. ABCD 3. 2/STORY 5/APTS 25/RM &C/PORT; 2007 ESPLANADE AVE
Legal Description
. SQ 1041 LOT PT 1 ESPLANADE 2. AND N JOHNSON 80 X 133; 2011 ESPLANADE AV;, APTS. ABCD 3. 2/STORY 5/APTS 25/RM &C/PORT; 2007 ESPLANADE AVE
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1883
Floors in Building
2
Number of units
5
Roof type
Shingle
Architectural style
Other
Listing Agency:
Berkshire Hathaway HomeServices Preferred, REALTOR
(504) 799-1702
Listed By:
Jessica Bordelon · License #995699315
(504) 535-4353
Added: Oct 1
Changed: Oct 4
Last Checked: Oct 5 at 12:06PM
MLS# 2579814
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 7,700-square-foot Italianate residence, built in 1883, is arranged as a five-unit property with an owner’s residence and four additional units. An octagonal wing contains a separate, self-contained suite. Architectural details include high ceilings, upper and lower galleries, original unpainted millwork, double parlors, and a marble-floored foyer. The property also features a courtyard, balcony, porch, perimeter fencing, garage, central heating and air conditioning, and a shingle roof.
Set on a 0.24-acre corner lot along Esplanade Avenue, the property has a fenced perimeter and gated entry. Its existing configuration offers multiple residential spaces within a historic building.
Set on a 0.24-acre corner lot along Esplanade Avenue, the property has a fenced perimeter and gated entry. Its existing configuration offers multiple residential spaces within a historic building.
Key Highlights
- 7,700 square feet on a 0.24‑acre corner lot
- Five‑unit layout includes an owner’s residence and four additional units
- Octagonal wing contains a private, self‑contained suite
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
$89,619
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
5.27%
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%
$1,792,380
$1.8M
Cap Rate 7%
$1,280,271
$1.3M
Cap Rate 9%
$995,767
$995.8K
Market Conditions
NOI Build-Up for 7,700 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
$179.3K $23.28/SF
− Vacancy
−$16.3K −$2.12/SF
EGI
$162.9K $21.16/SF
− OpEx
−$73.3K −$9.52/SF
NOI
$89.6K $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%
$1,792,380
Cap Rate 7%
$1,280,271
Cap Rate 9%
$995,767
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.49M
NOI $89,619 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $136,996 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,454
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - An 1883 Italianate property combines a flexible residential layout with a private, self-contained suite.
Where is this apartment building located?
The property is located at 2007-11 ESPLANADE Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 7,700 square feet on a 0.24‑acre corner lot; Five‑unit layout includes an owner’s residence and four additional units; Octagonal wing contains a private, self‑contained suite
