Five-Unit Greek Revival Apartment
For Sale
$750,000
2501 Dauphine Street, New Orleans, LA 70117
Historic corner property with separately metered apartments, balconies, rear access, parking, and HMR-3 zoning.
Property Size3,686 SF
Price / SF$157.99
Days on Market179
Property Features for 2501 Dauphine Street
General Information
Standard status
Active
Size
3,686 SF
Property subtype
Commercial
Zoning
HMR-3
Property Condition
Severity
Repairs Needed
Evidence
tons of potential to renovate
Additional Details
Multifamily Units
5
Amenities
balconies
fireplaces
Building Details
Building Size
3,686 SF
Year Built
1850
Buildings
1
Stories
3
Construction
Greek Revival
Listing Agency:
Reve, Realtors
(504) 302-0300
Listed By:
Ryan Wentworth · License #000071657
(504) 302-0300
Source:
Nolalivingrealty
Added: Feb 24
Changed: Aug 20
Last Checked: Aug 21 at 2:58PM
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 Reve, Realtors
Investment Insights
Based on property information with market context.
Built in 1850, this Greek Revival Double Gallery property is configured as five individually metered apartments totaling 4,747 square feet, including porches and rear storage. The unit mix includes 667 square feet plus a 130-square-foot loft area, 613 square feet, 412 square feet, 776 square feet, and 577 square feet. Common stairways account for 641 square feet. One apartment is owner-occupied, one is vacant, and three are leased.
The corner parcel at Dauphine Street and St. Roch Avenue provides rear-yard access and parking for multiple vehicles. Large front and rear balconies, tall ceilings, original floors and molding, exposed fireplaces, and other interior and exterior architectural details remain. The property also offers views toward the downtown skyline and river traffic, with restaurants, bars, music venues, shops, Crescent Park, and the French Quarter nearby. Zoning is HMR-3.
The corner parcel at Dauphine Street and St. Roch Avenue provides rear-yard access and parking for multiple vehicles. Large front and rear balconies, tall ceilings, original floors and molding, exposed fireplaces, and other interior and exterior architectural details remain. The property also offers views toward the downtown skyline and river traffic, with restaurants, bars, music venues, shops, Crescent Park, and the French Quarter nearby. Zoning is HMR-3.
Key Highlights
- Five individually metered apartments totaling 4,747 SF
- Unit sizes include 667 SF plus a 130 SF loft area, 613 SF, 412 SF, 776 SF, and 577 SF
- 641 SF of common stairways; total area includes porches and rear storage
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
$55,250
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
7.37%
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%
$1,105,000
$1.1M
Cap Rate 7%
$789,286
$789.3K
Cap Rate 9%
$613,889
$613.9K
Market Conditions
NOI Build-Up for 4,747 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
$110.5K $23.28/SF
− Vacancy
−$10.1K −$2.12/SF
EGI
$100.5K $21.16/SF
− OpEx
−$45.2K −$9.52/SF
NOI
$55.2K $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%
$1,105,000
Cap Rate 7%
$789,286
Cap Rate 9%
$613,889
Alternative Uses
Best Use
Apartment 5plus
$789.3K
$690.6K – $920.8K
NOI $55,250 @ 7.0% cap · market cap 7.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,457 @ 7.0% cap · market cap 11.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,196
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Historic corner property with separately metered apartments, balconies, rear access, parking, and HMR-3 zoning.
Where is this apartment building located?
The property is located at 2501 Dauphine Street New Orleans, LA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Five individually metered apartments totaling 4,747 SF; Unit sizes include 667 SF plus a 130 SF loft area, 613 SF, 412 SF, 776 SF, and 577 SF; 641 SF of common stairways; total area includes porches and rear storage
