Historic Condo with Gated
For Sale
$354,000
2331 North Rampart Street, New Orleans, LA 70117
First-floor residential property with updated kitchen, private laundry, central HVAC, and access to a maintained courtyard.
Property Size1,124 SF
Price / SF$314.95
Days on Market134
Property Features for 2331 North Rampart Street
General Information
Standard status
Active
Size
1,124 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Additional Details
Multifamily Units
1
Amenities
walk-in cedar-lined primary closet
in-unit washer and dryer
central air and heat
dishwasher
range with oven
courtyard
security cameras
Central Air
Central
1
2
Security System
Other
Courtyard, Sprinkler System
Slab: Traditional
Stucco
Building Details
Year Built
1900
Listing Agency:
Jon Huffman Real Estate
Listed By:
Katherine Harrell · License #995681658
(504) 235-5389
Source:
Compass
Added: Apr 25
Changed: Sep 2
Last Checked: Aug 30 at 5:45PM
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 Jon Huffman Real Estate
Investment Insights
Based on property information with market context.
This first-floor condominium combines historic character with practical residential features. The open layout includes hardwood flooring, architectural columns, and an original stained-glass window. The kitchen has been renovated with modern appliances, while the bathroom has been updated. A cedar-lined walk-in primary closet, in-unit washer and dryer, dishwasher, and range with oven add everyday functionality. Central air and heat serve the unit, which is located in a building constructed in 1900.
The property is positioned in New Orleans’ Historic Faubourg Marigny, a short distance from the French Quarter and Frenchmen Street. Roberts Fresh Market is 1 1/2 blocks away, with neighborhood boutiques and dining nearby. Assigned gated off-street parking, a maintained courtyard, and security cameras are also included.
The property is positioned in New Orleans’ Historic Faubourg Marigny, a short distance from the French Quarter and Frenchmen Street. Roberts Fresh Market is 1 1/2 blocks away, with neighborhood boutiques and dining nearby. Assigned gated off-street parking, a maintained courtyard, and security cameras are also included.
Key Highlights
- First‑floor condominium in New Orleans’ Historic Faubourg Marigny
- Assigned gated off‑street parking
- Building constructed in 1900
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
$13,082
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
3.70%
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%
$261,640
$261.6K
Cap Rate 7%
$186,886
$186.9K
Cap Rate 9%
$145,356
$145.4K
Market Conditions
NOI Build-Up for 1,124 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
$26.2K $23.28/SF
− Vacancy
−$2.4K −$2.12/SF
EGI
$23.8K $21.16/SF
− OpEx
−$10.7K −$9.52/SF
NOI
$13.1K $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%
$261,640
Cap Rate 7%
$186,886
Cap Rate 9%
$145,356
Alternative Uses
Best Use
Apartment 5plus
$186.9K
$163.5K – $218.0K
NOI $13,082 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$285.7K
$250.0K – $333.3K
NOI $19,998 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,240
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - First-floor residential property with updated kitchen, private laundry, central HVAC, and access to a maintained courtyard.
Where is this residential income property located?
The property is located at 2331 North Rampart Street New Orleans, LA.
What is the asking price?
The asking price for this property is $354,000.
What are key features of this property?
This property features: First‑floor condominium in New Orleans’ Historic Faubourg Marigny; Assigned gated off‑street parking; Building constructed in 1900
