16-Unit Historic Apartment
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 Market50
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
Neighborhood
Lower Garden District
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) 298-8631
Source:
Crexi
Added: Sep 7
Changed: Oct 25
Last Checked: Oct 24 at 5:40PM
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
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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 / Yr
$109,871
Cap Rate
4.36%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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
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
