16-Unit Historic Apartment
New
For Sale
Contact for pricing
2331-33 Magazine St, New Orleans, LA 70130
Two connected historic buildings offer one-bedroom apartments along the Magazine Street corridor.
Property Size9,440 SF
Lot Size0.21 Acres
Price / SF$266.95
Days on Market4
Property Features for 2331-33 Magazine St
General Information
Standard status
Active
Size
9,440 SF
Lot size
0.21 Acres
Property subtype
Multifamily
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
16 x 1BR
Multifamily Units
16
Amenities
rear parking area
Building Details
Buildings
2
Stories
3
Construction
wood-frame
Listing Agency:
Bridgewater Realty Advisors
Listed By:
Mason Mccullough · License #LA9705
(504) 274-2701
Source:
Crexi
Added: Sep 7
Changed: Sep 9
Last Checked: Sep 9 at 3:34PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bridgewater Realty Advisors
Investment Insights
Based on property information with market context.
Located at 2331-33 Magazine Street in New Orleans, this multifamily property comprises 16 one-bedroom apartments within two connected three-story historic wood-frame buildings. The improvements contain approximately 9,440 square feet and occupy an approximately 9,148-square-foot lot. A rear parking area is included, and utilities are paid by tenants.
The property fronts the Magazine Street corridor in the Garden District, with restaurants, retail, entertainment, and cultural amenities nearby. The St. Charles Avenue streetcar line is within walking distance, providing access to a major transit route. The combination of unit count, historic construction, central corridor location, rear parking, and tenant-paid utilities defines the property’s operating profile.
The property fronts the Magazine Street corridor in the Garden District, with restaurants, retail, entertainment, and cultural amenities nearby. The St. Charles Avenue streetcar line is within walking distance, providing access to a major transit route. The combination of unit count, historic construction, central corridor location, rear parking, and tenant-paid utilities defines the property’s operating profile.
Key Highlights
- 16 one‑bedroom apartment units
- Approximately 9,440 square feet across two connected three‑story buildings
- Approximately 9,148 SF lot
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$109,871
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.36%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,197,420
$2.2M
Cap Rate 7%
$1,569,586
$1.6M
Cap Rate 9%
$1,220,789
$1.2M
Market Conditions
NOI Build-Up for 9,440 SF
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.
Gross rent
$219.8K $23.28/SF
− Vacancy
−$20.0K −$2.12/SF
EGI
$199.8K $21.16/SF
− OpEx
−$89.9K −$9.52/SF
NOI
$109.9K $11.64/SF
Area
New Orleans, LA
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,197,420
Cap Rate 7%
$1,569,586
Cap Rate 9%
$1,220,789
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.37M – $1.83M
NOI $109,871 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $167,953 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,223
Businesses Nearby
Explore this area
Business Placement
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two connected historic buildings offer one-bedroom apartments along the Magazine Street corridor.
Where is this apartment building located?
The property is located at 2331-33 Magazine St New Orleans, LA.
What is the asking price?
The asking price for this property is $2,520,000.
What are key features of this property?
This property features: 16 one‑bedroom apartment units; Approximately 9,440 square feet across two connected three‑story buildings; Approximately 9,148 SF lot
