6-Unit Multifamily
2477 Royal Street New Orleans, LA 70117
2477 Royal Street, New Orleans, LA, 70117
$1,195,000
For Sale
$1,195,000
Six-unit building with front and rear balconies and a courtyard area leased to a neighboring restaurant.
Property Size4,340 SF
Price / SF$275.35
Days on Market131
Property Features for 2477 Royal Street
General Information
- Standard status
- Active
- Size
- 4,340 SF
- Property subtype
- MULTI FAMILY FOR SALE / Townhouse
Building Details
- Year Built
- 1880
Listing agency
Jon Huffman Real Estate
(504) 616-6516
Listed by
Jon Huffman · License #995682666
(504) 616-6516
Source
Compass
Added: Mar 13 Updated: Jul 20 at 5:42PM Checked: Jul 21 at 6:34AM
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 is a majestic 6-unit multifamily building featuring a front balcony overlooking Royal Street and a rear balcony overlooking an interior courtyard. The property is currently leased with all units fully furnished to long-term and mid-term tenants.
The rear courtyard is leased to the restaurant next door for $600 monthly, creating additional income beyond the unit rents. The building is located in the heart of the Marigny entertainment district, within easy walking distance to restaurants, music clubs, and the French Quarter.
The seller would prefer to sell as a package with the restaurant/licensed B&B next door (MLS #2547659, 2483 Royal). Please do not speak directly to tenants at the property.
The rear courtyard is leased to the restaurant next door for $600 monthly, creating additional income beyond the unit rents. The building is located in the heart of the Marigny entertainment district, within easy walking distance to restaurants, music clubs, and the French Quarter.
The seller would prefer to sell as a package with the restaurant/licensed B&B next door (MLS #2547659, 2483 Royal). Please do not speak directly to tenants at the property.
Key Highlights
- 6‑unit building with front and rear balconies, plus a courtyard area
- Front balcony overlooks Royal Street; rear balcony overlooks the courtyard
- Courtyard area is leased to a neighboring restaurant for $600 monthly, adding income beyond unit rents
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $101.0k | $23.28 |
| − Vacancy | −$9.2k | −$2.12 |
| EGI | $91.8k | $21.16 |
| − OpEx | −$41.3k | −$9.52 |
| NOI | $50.5k | $11.64 |
4,340 SF · lease $23.28/SF/yr · vacancy 9.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$721.6K
$631.4K – $841.9K
NOI $50,513 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$965.2K – $1.29M
NOI $77,216 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Six-unit building with front and rear balconies and a courtyard area leased to a neighboring restaurant.
Where is this apartment building located?
The property is located at 2477 Royal Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 6‑unit building with front and rear balconies, plus a courtyard area; Front balcony overlooks Royal Street; rear balcony overlooks the courtyard; Courtyard area is leased to a neighboring restaurant for $600 monthly, adding income beyond unit rents
