5-Unit Apartment Building with Double
For Sale
$849,000
2232 ESPLANADE Avenue, New Orleans, LA 70119
Commercial Sale, New Orleans, LA
Property Size4,245 SF
Price / SF$200
Days on Market216
Property Features for 2232 ESPLANADE Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HU-RD1
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
Water source
Public
Building Details
Year built
1859
Floors in Building
2
Building materials
Wood Siding
Listing Agency:
McEnery Residential, LLC (MCEN02)
(504) 605-4400
Listed By:
Neil J Maki · License #995701923
(504) 982-1115
Added: Mar 24
Changed: Oct 24
Last Checked: Oct 25 at 8:06PM
MLS# 2549295
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 4,245-square-foot apartment property contains five residential units and dates to 1859. The existing building requires a complete renovation. Utilities are separately metered, and the property includes a parking lot with off-street parking. It is zoned HU-RD1.
An adjacent lot is included, with capacity for up to two additional units. Public water and sewer serve the property, and natural gas is available. The address is on Esplanade Avenue in New Orleans.
An adjacent lot is included, with capacity for up to two additional units. Public water and sewer serve the property, and natural gas is available. The address is on Esplanade Avenue in New Orleans.
Key Highlights
- Five residential units in a 4,245‑square‑foot building
- Adjacent lot offers capacity for up to two additional units
- Built in 1859; complete renovation needed
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
Contact the owner directly
Get the owner's phone numbers and email
Open Analytics
Lease Details
5
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - The residential property requires a full renovation and includes separately metered utilities.
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 in a 4,245‑square‑foot building; Adjacent lot offers capacity for up to two additional units; Built in 1859; complete renovation needed
