Building Details

Buildings 2

Listing Agency: Bridgewater Realty Advisors

Listed By: Mason McCullough · License #LA9705 Show Phone

Source: Lacdb.resimplifi

Added: Apr 8, 2025 Changed: Oct 5 Last Checked: Oct 16 at 5:47AM

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Investment Insights

Based on property information with market context.

This multifamily property includes 14 apartments across two separate buildings, configured with 12 units in one building and 2 units in the other. The unit mix includes studios, one-bedroom apartments, and two-bedroom apartments, providing varied residential layouts within the same complex. The property is zoned HU-RM1.

Located one block from St. Charles Avenue, the complex sits behind the Pontchartrain Hotel and Avenue Plaza Hotel at 2123–2127 Carondelet Street in New Orleans. Its position places the property within an established urban residential setting with direct proximity to recognizable hospitality destinations and a major avenue.

Key Highlights

• 14 apartments distributed between two buildings: one with 12 units and one with 2 units
• Unit mix includes studios, one‑bedroom apartments, and two‑bedroom apartments
• HU‑RM1 zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$87,419

Cap Rate

6.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,748,380 $1.7M

Cap Rate 7%

$1,248,843 $1.2M

Cap Rate 9%

$971,322 $971.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,511 SF

Gross rent

$174.9K $23.28/SF

− Vacancy

−$15.9K −$2.12/SF

EGI

$158.9K $21.16/SF

− OpEx

−$71.5K −$9.52/SF

NOI

$87.4K $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%

$1,748,380

Cap Rate 7%

$1,248,843

Cap Rate 9%

$971,322

Alternative Uses

Best Use

Apartment 5plus

$1.25M

$1.09M – $1.46M (±1% cap)

NOI $87,419 @ 7.0% cap · market cap 6.60%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.91M

$1.67M – $2.23M (±1% cap)

NOI $133,633 @ 7.0% cap · market cap 10.09%

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

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Electrical Service Locksmith Tanning Salon Acupuncture Kitchen & Bath Showroom

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

Lease Details

14

Residential units

Location Intelligence

Trade Area within ½ mile

2,688

Businesses Nearby

Explore this area Business Placement

Demographics for 70130, LA

14,521

Population

10,927

Households

1.3

Avg Household Size

38

Median Age

64%

College-Educated

92%

High-School Grad

2.1 sq mi

ZIP Area

6,915

Density / Sq Mi

$82,758

Median Household Income

$52,492

Median Earnings

$1,410

Median Rent

$529,300

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Two-building multifamily asset offering studios, one-bedroom units, and two-bedroom units near St. Charles Avenue.

Where is this apartment building located?

The property is located at 2123 2127 Carondelet Street New Orleans, LA.

What is the asking price?

The asking price for this property is $1,325,000.

What are key features of this property?

This property features: 14 apartments distributed between two buildings: one with 12 units and one with 2 units; Unit mix includes studios, one‑bedroom apartments, and two‑bedroom apartments; HU‑RM1 zoning