Apartment Building on Double
For Sale
$849,000
2232 ESPLANADE Avenue, New Orleans, LA 70119
Multifamily, New Orleans, LA
Property Size4,245 SF
Price / SF$200
Days on Market189
Property Features for 2232 ESPLANADE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 5, Bedroom 4, Bathroom 5, Bathroom 6, Bathroom 1, Bathroom 4, Bedroom 6
Parking
3
Parking features
Off Street, Parking Lot
Standard status
Active
APN
20
Size
4,245 SF
Additional Details
Individually Metered Utilities
unspecified utilities
Taxes and HOA fees
Tax Description
SQ 290 LOT 5 ESPLANADE 30X119 LOT 6 ESPLANADE 45X119
Legal Description
SQ 290 LOT 5 ESPLANADE 30X119 LOT 6 ESPLANADE 45X119
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1895
Number of units
5
Building materials
Wood Siding
Architectural style
Other
Listing Agency:
McEnery Residential, LLC (MCEN02)
(504) 605-4400
Listed By:
Neil J Maki · License #995701923
(504) 982-1115
Added: Apr 20
Changed: Oct 24
Last Checked: Oct 25 at 4:06PM
MLS# 2553993
Copyright © 2026 ROAM MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 4,245-square-foot apartment property dates to 1895 and contains five residential units with separately metered utilities. The building requires a complete remodel. An adjoining lot is included, with capacity for up to two additional units. Existing features include central air, a parking lot and off-street parking; natural gas is available, and public water and sewer serve the property.
The property is on Esplanade Avenue in New Orleans, within a historic district. The French Quarter, Bayou St. John and City Park are identified as nearby destinations.
The property is on Esplanade Avenue in New Orleans, within a historic district. The French Quarter, Bayou St. John and City Park are identified as nearby destinations.
Key Highlights
- Five residential units with separately metered utilities
- 4,245‑square‑foot building constructed in 1895
- Adjacent lot included; site can accommodate up to two 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.
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Property Analytics
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Lease Details
5
Residential units
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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Five residential units and an adjoining parcel create a redevelopment property in a designated historic district.
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 $849,000.
What are key features of this property?
This property features: Five residential units with separately metered utilities; 4,245‑square‑foot building constructed in 1895; Adjacent lot included; site can accommodate up to two additional units
