Historic Five-Unit Apartment
For Sale
$849,000
2232 Esplanade Ave, New Orleans, LA 70116
Historic district property with separately metered utilities and potential for apartment or condominium redevelopment.
Property Size4,245 SF
Price / SF$200
Days on Market112
Property Features for 2232 Esplanade Ave
General Information
Standard status
Active
Size
4,245 SF
Property subtype
Residential Income
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
5
Listing Agency:
McEnery Residential, LLC
(504) 982-1115
Listed By:
Neil Maki · License #995701923
(504) 982-1115
Source:
Exprealty
Added: Apr 20
Changed: Aug 8
Last Checked: Aug 9 at 12:00PM
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 McEnery Residential, LLC
Investment Insights
Based on property information with market context.
This historic multifamily property includes five residential units and separately metered utilities. The improvements are positioned for a comprehensive remodel, with the existing structure offering flexibility for apartment or condominium use. The property is located within a historic district and may support the use of state and federal historic tax credit programs for a restoration project.
The offering also includes an adjacent lot with the ability to construct up to two additional units. The property is along Esplanade Avenue in New Orleans, minutes from the French Quarter, Bayou St. John, and City Park. Its setting provides walkability and proximity to cultural and recreational amenities.
The offering also includes an adjacent lot with the ability to construct up to two additional units. The property is along Esplanade Avenue in New Orleans, minutes from the French Quarter, Bayou St. John, and City Park. Its setting provides walkability and proximity to cultural and recreational amenities.
Key Highlights
- Five residential units with separately metered utilities
- Historic district location with architectural character
- Adjacent lot provides the ability to construct up to 2 additional units
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
$49,407
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
5.82%
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%
$988,140
$988.1K
Cap Rate 7%
$705,814
$705.8K
Cap Rate 9%
$548,967
$549.0K
Market Conditions
NOI Build-Up for 4,245 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
$98.8K $23.28/SF
− Vacancy
−$9.0K −$2.12/SF
EGI
$89.8K $21.16/SF
− OpEx
−$40.4K −$9.52/SF
NOI
$49.4K $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%
$988,140
Cap Rate 7%
$705,814
Cap Rate 9%
$548,967
Alternative Uses
Best Use
Apartment 5plus
$705.8K
$617.6K – $823.5K
NOI $49,407 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$944.1K – $1.26M
NOI $75,526 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,529
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 - Historic district property with separately metered utilities and potential for apartment or condominium redevelopment.
Where is this apartment building located?
The property is located at 2232 Esplanade Ave New Orleans, LA.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Five residential units with separately metered utilities; Historic district location with architectural character; Adjacent lot provides the ability to construct up to 2 additional units
