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    Audubon Park Multifamily Investment Opportunity Title is generated by Realmo AI

    209-211 AUDUBON Street, New Orleans, LA 70118

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    For Sale
    $565,000

    MULTI_FAMILY - New Orleans, LA

    Property size:
    3,055 SF
    Lot size:
    0.08 Acres
    Price / SF:
    $184/SF
    Added:
    May 20, 2026
    Days on Market:
    4
    Last Refresh:
    May 23 at 7:06 am

    Property Features for 209-211 AUDUBON Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking features
    Garage
    Standard status
    Active
    APN
    615301605
    Size
    3,055 SF
    Lot size
    0.08 Acres

    Taxes and HOA fees

    Tax Description
    GREENVILLE SQ 18 LOT 5 30X120 DU-W/APT 209-11-11HF AUDUBON ST FILE #95550 5/09 FAM

    Utilities

    Heating system
    Central
    Cooling system
    Central Air, Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1940
    Floors in Building
    2
    Number of units
    3
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Michael Kennedy

    Listing agent Michael Kennedy

    Listing office KELLER WILLIAMS REALTY 455-0100 3500 N Causeway Blvd Suite 350, Metairie, LA

    Listing date May 20, 2026

    MLS# 2558643 Listing URL

    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.

    HighLights

    • Prime location: Steps from Audubon Park and Magazine Street.
    • Investment opportunity: Potential for four separate units or owner‑occupied with rental income.
    • Off‑street parking: Includes two separate garages.
    • Elevated decks: Private outdoor retreats with Audubon Park views.
    • Flexible layout: Downstairs can be separated into two units, or combined with the upstairs.
    • Vacant units: Freshly painted units are easily accessible for showings.

    Overview

    Located in a desirable New Orleans neighborhood near Audubon Park and Magazine Street, this multifamily property presents an investment or owner-occupied opportunity. The property is in close proximity to the zoo, farmer's market, and the Mississippi River. The property offers off-street parking and two separate garages. The building's first floor can be optionally separated into two apartments, creating a total of four separate units. Alternatively, the upstairs unit on the right side could be combined with the downstairs side to create a large two-story unit with 4 bedrooms and 2 baths. Each upstairs unit features its own elevated deck facing Audubon Park. The upstairs unit on the 211 side is currently occupied by a long-term tenant, providing immediate income. The 209 upstairs unit and the entire downstairs area are vacant and freshly painted. The property size is 3055 square feet, situated on a lot of 0.0826 acres.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $429.8K
    NOI $38,684 @ 9.00% cap · cautious / downside scenario
    Moderate
    $552.6K
    NOI $38,684 @ 7.00% cap · market / base-case scenario
    Aggressive
    $773.7K
    NOI $38,684 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $60.5k $19.80
    − Vacancy −$5.2k −$1.71
    EGI $55.3k $18.09
    − OpEx −$16.6k −$5.43
    NOI $38.7k $12.66
    3,055 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $552.6K
    $483.6K – $644.7K (±1% cap)
    NOI $38,684 @ 7.0% cap · market cap 6.85%
    Second Best
    Apartment 5plus
    $508.0K
    $444.5K – $592.6K (±1% cap)
    NOI $35,557 @ 7.0% cap · market cap 6.29%
    Theoretical Best
    Office A
    $776.5K
    $679.4K – $905.9K (±1% cap)
    NOI $54,354 @ 7.0% cap · market cap 9.62%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Jefferson
    State
    Louisiana
    Longitude
    -90.132814
    Latitude
    29.92782

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    FAQs

    What type of property is this?
    Triplex - Multifamily property near Audubon Park, offering investment or owner-occupied potential.
    Where is this triplex located?
    The property is located at 209-211 AUDUBON Street New Orleans, LA.
    What is the asking price?
    The asking price for this property is $565,000.
    What are key features of this property?
    This property features: Prime location: Steps from Audubon Park and Magazine Street.; Investment opportunity: Potential for four separate units or owner‑occupied with rental income.; Off‑street parking: Includes two separate garages.
    (504) 669-8822
    We can help!
    Listing Contact
    Michael Kennedy
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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