14-Unit Apartment
For Sale
$1,325,000
2127 Carondelet Street, New Orleans, LA 70130
Two separate buildings offer a varied apartment mix within New Orleans’ historic Uptown-area setting.
Property Size7,511 SF
Days on Market180
Property Features for 2127 Carondelet Street
General Information
Standard status
Active
Size
7,511 SF
Property subtype
Commercial
Zoning
HU-RM1
Additional Details
Multifamily Units
14
Building Details
Building Size
7,511 SF
Year Built
1920
Buildings
2
Stories
3
Listing Agency:
Bridgewater Realty Advisors, LLC
(504) 298-8631
Listed By:
Mason McCullough · License #LA9705
(504) 298-8631
Source:
Nolalivingrealty
Added: Feb 13
Changed: Aug 3
Last Checked: Aug 12 at 1:31PM
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.
This multifamily property comprises two separate apartment buildings totaling 14 units. The larger building contains 12 units, while the second includes 2 units. The unit mix includes studios, one-bedroom apartments, and two-bedroom apartments, providing multiple residential configurations within the property. Built in 1920, the complex is zoned HU-RM1.
The property is located at 2127 Carondelet Street in New Orleans, one block from St. Charles Avenue and directly behind the Pontchartrain Hotel and Avenue Plaza Hotel. Its location also places the complex within a walkable urban setting. The existing configuration supports a range of renovation approaches, from cosmetic improvements to more extensive work, and the property may also be repositioned for individual condominium sales.
The property is located at 2127 Carondelet Street in New Orleans, one block from St. Charles Avenue and directly behind the Pontchartrain Hotel and Avenue Plaza Hotel. Its location also places the complex within a walkable urban setting. The existing configuration supports a range of renovation approaches, from cosmetic improvements to more extensive work, and the property may also be repositioned for individual condominium sales.
Key Highlights
- 14 total apartment units across two separate buildings
- Unit distribution includes 12 apartments in one building and 2 in the other
- Mix of studio, one‑bedroom, and two‑bedroom apartments
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
$87,419
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
6.60%
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%
$1,748,380
$1.7M
Cap Rate 7%
$1,248,843
$1.2M
Cap Rate 9%
$971,322
$971.3K
Market Conditions
NOI Build-Up for 7,511 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
$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 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%
$1,748,380
Cap Rate 7%
$1,248,843
Cap Rate 9%
$971,322
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.09M – $1.46M
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
NOI $133,633 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two separate buildings offer a varied apartment mix within New Orleans’ historic Uptown-area setting.
Where is this apartment building located?
The property is located at 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 total apartment units across two separate buildings; Unit distribution includes 12 apartments in one building and 2 in the other; Mix of studio, one‑bedroom, and two‑bedroom apartments
