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    Historic Multi-Family Redevelopment Opportunity Title is generated by Realmo AI

    2232 ESPLANADE Avenue, New Orleans, LA 70119

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    Claim this Listing
    For Sale
    $865,000

    COMMERCIAL - New Orleans, LA

    Property size:
    4,245 SF
    Price / SF:
    $203/SF
    Added:
    Mar 24, 2026
    Days on Market:
    81
    Last Refresh:
    Jun 12 at 1:06 am

    Property Features for 2232 ESPLANADE Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    HU-RD1
    Parking features
    Off Street
    Standard status
    Active
    APN
    20
    Size
    4,245 SF

    Taxes and HOA fees

    Tax Description
    SQ 290 LOT 5 ESPLANADE 30X119 LOT 6 ESPLANADE 45X119

    Utilities

    Water source
    Public

    Building Details

    Year built
    1859
    Floors in Building
    2

    We can help!

    Listing Contact
    Neil Maki
    Neil Maki

    Listing agent Neil Maki License #995701923

    Listing office McEnery Residential, LLC 4901 Magazine Street, New Orleans, LA

    Listing date Mar 24, 2026

    MLS# 2549295

    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 on Esplanade Avenue, near French Quarter, Bayou St. John, and City Park.
    • Multi‑family property with five separately metered units.
    • Includes adjacent lot allowing construction of up to two additional units.
    • Eligible for state and federal historic tax credit programs.
    • Value‑add opportunity for restoration and redevelopment.
    • Rich in architectural character within a historic district.

    Overview

    Located along Esplanade Avenue, 2232 Esplanade Avenue offers a multi-family redevelopment opportunity in a desirable New Orleans neighborhood. The property includes five residential units with separately metered utilities. The asset, rich in architectural character and located within a historic district, is suited for a comprehensive restoration that can capitalize on state and federal historic tax credit programs. An adjacent lot provides the ability to construct up to two additional units. Situated minutes from the French Quarter, Bayou St. John, and City Park, the location benefits from rental demand due to its walkability and proximity to cultural and recreational amenities. The property represents a value-add opportunity for investors and developers seeking to execute a transformative project in a New Orleans submarket. The property size is 4245 square feet.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    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.

    Component $ $/SF
    Gross rent $98.8k $23.28
    − Vacancy −$9.0k −$2.12
    EGI $89.8k $21.16
    − OpEx −$40.4k −$9.52
    NOI $49.4k $11.64
    4,245 SF · lease $23.28/SF/yr · vacancy 9.10% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $705.8K
    $617.6K – $823.5K (±1% cap)
    NOI $49,407 @ 7.0% cap · market cap 5.71%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.11M
    $971.9K – $1.30M (±1% cap)
    NOI $77,755 @ 7.0% cap · market cap 8.99%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Jefferson
    State
    Louisiana
    Longitude
    -90.074731
    Latitude
    29.9732505

    FAQs

    What type of property is this?
    Apartment building - Historic multi-family redevelopment opportunity in desirable New Orleans neighborhood.
    Where is this apartment building located?
    The property is located at 2232 ESPLANADE Avenue New Orleans, LA.
    What is the asking price?
    The asking price for this property is $865,000.
    What are key features of this property?
    This property features: Prime location on Esplanade Avenue, near French Quarter, Bayou St. John, and City Park.; Multi‑family property with five separately metered units.; Includes adjacent lot allowing construction of up to two additional units.
    More about this property
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