Historic Multi-Family Redevelopment
2232 ESPLANADE Avenue New Orleans, LA 70119
For Sale
$865,000
COMMERCIAL - New Orleans, LA
Property Size4,245 SF
Price / SF$203.77
Days on Market126
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
Listing Agency:
McEnery Residential, LLC
(504) 605-4400
Listed By:
Neil Maki · License #995701923
(504) 605-4400
Added: Mar 24
Changed: May 13
Last Checked: Jul 27 at 4:06AM
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.
Investment Insights
Based on property information with market context.
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.
Key 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.
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
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
NOI $77,755 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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.
