Historic Five-Unit Apartment
For Sale
$849,000
2232 Esplanade Ave, New Orleans, LA 70119
Historic district property with separately metered utilities and potential for apartment or condominium redevelopment.
Property Size4,245 SF
Price / SF$200
Days on Market217
Property Features for 2232 Esplanade Ave
General Information
Standard status
Active
Size
4,245 SF
Property subtype
Multifamily
Zoning
HU-RD1
Site & Location
Neighborhood
St. Roch
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
5
Listing Agency:
The McEnery Company Inc
Listed By:
S. McEnery
(504) 236-9542
Source:
Lacdb.resimplifi
Added: Mar 24
Changed: Oct 25
Last Checked: Oct 24 at 1:40PM
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 The McEnery Company Inc
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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 / Yr
$49,407
Cap Rate
5.82%
Suggested Prices Based on Cap Rates
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
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
ZIP 70119
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%
$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
$1.11M
$971.9K – $1.30M
NOI $77,755 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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
