Historic Apartment Building
For Sale
$849,000
2232 ESPLANADE Avenue, New Orleans, LA 70119
Multi-Family, Traditional, New Orleans, LA
Property Size4,245 SF
Price / SF$200
Days on Market188
Property Features for 2232 ESPLANADE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Parking features
Off Street
Lot features
Oversized, Regular
Subdivision
Esplanade
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
Legal Description
SQ 290 LOT 5 ESPLANADE 30X119 LOT 6 ESPLANADE 45X119
Utilities
Cooling system
Central Air
Water source
Public
Building Details
Year built
1895
Floors in Building
2
Number of units
5
Roof type
Slate
Architectural style
Other
Listing Agency:
McEnery Residential, LLC
(504) 605-4400
Listed By:
Neil Maki
(504) 982-1115
Added: Apr 20
Changed: Sep 16
Last Checked: Oct 24 at 9:06AM
MLS# 2553993
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.
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Investment Insights
Based on property information with market context.
Built in 1895, this 4,245-square-foot apartment property contains five residential units and requires a complete remodel. The improvements include central air, a slate roof, public water service, off-street parking, and separately metered utilities. An adjacent lot is included, with the source information indicating capacity for up to two additional units. The property is located within a historic district and may qualify for state and federal historic tax credit programs.
The address is along Esplanade Avenue in New Orleans, with proximity to the French Quarter, Bayou St. John, and City Park. Its setting provides access to established cultural and recreational destinations while retaining a residential apartment-building format. The existing structure and adjoining lot create a combined redevelopment offering for an apartment or condominium renovation plan.
The address is along Esplanade Avenue in New Orleans, with proximity to the French Quarter, Bayou St. John, and City Park. Its setting provides access to established cultural and recreational destinations while retaining a residential apartment-building format. The existing structure and adjoining lot create a combined redevelopment offering for an apartment or condominium renovation plan.
Key Highlights
- Five residential units within a 4,245‑square‑foot apartment property
- Adjacent lot included with capacity for up to two additional units
- Built in 1895 and located within a historic district
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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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit property with an adjacent lot offers a full renovation project along Esplanade Avenue.
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 within a 4,245‑square‑foot apartment property; Adjacent lot included with capacity for up to two additional units; Built in 1895 and located within a historic district
