Greek Revival Apartment
For Sale
$750,000
2501 DAUPHINE Street, New Orleans, LA 70117
Commercial, New Orleans, LA
Property Size3,686 SF
Lot Size0.08 Acres
Price / SF$203.47
Days on Market191
Property Features for 2501 DAUPHINE Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HMR-3
Parking features
Off Street, Driveway
Lot features
Corner
Subdivision
Marigny
Standard status
Active
APN
38W101701
Size
3,686 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
SQ 256 LOT 1 DAUPHINE AND ST ROCH 29X118 SGLE 3/STORY 12/RM S/R (5 APTS)
Legal Description
SQ 256 LOT 1 DAUPHINE AND ST ROCH 29X118 SGLE 3/STORY 12/RM S/R (5 APTS)
Utilities
Water source
Public
Building Details
Year built
1850
Floors in Building
3
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Ryan Wentworth · License #000071657
(504) 302-0300
Added: Feb 24
Changed: Aug 19
Last Checked: Sep 3 at 3:06PM
MLS# 2542543
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1850s Greek Revival apartment building contains five individually metered apartments, with one owner-occupied unit, one vacant unit, and three leased units. The unit sizes range from 412 square feet to 776 square feet; the building includes 3,686 square feet of property area, while total area including porches and rear storage is 4,747 square feet. Tall ceilings, original floors and molding, exposed fireplaces, and substantial interior and exterior detailing contribute to the property's historic character. Front and rear balconies, a rear yard, and driveway parking serve the corner lot. Public water is available, and the property is zoned HMR-3.
The building stands at Dauphine Street and St. Roch Avenue in New Orleans' Marigny neighborhood. Restaurants, bars, music venues, and shops are minutes away, with Crescent Park nearby and the French Quarter within walking distance. The property also has views toward the downtown skyline and river traffic.
The building stands at Dauphine Street and St. Roch Avenue in New Orleans' Marigny neighborhood. Restaurants, bars, music venues, and shops are minutes away, with Crescent Park nearby and the French Quarter within walking distance. The property also has views toward the downtown skyline and river traffic.
Key Highlights
- Five individually metered apartments with one owner‑occupied, one vacant, and three leased units
- 3,686 SF of property area; 4,747 SF total area including porches and rear storage
- 1850 construction with Greek Revival architecture, original floors and molding, and exposed fireplaces
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
$42,901
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
5.72%
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%
$858,020
$858.0K
Cap Rate 7%
$612,871
$612.9K
Cap Rate 9%
$476,678
$476.7K
Market Conditions
NOI Build-Up for 3,686 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
$85.8K $23.28/SF
− Vacancy
−$7.8K −$2.12/SF
EGI
$78.0K $21.16/SF
− OpEx
−$35.1K −$9.52/SF
NOI
$42.9K $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%
$858,020
Cap Rate 7%
$612,871
Cap Rate 9%
$476,678
Alternative Uses
Best Use
Apartment 5plus
$612.9K
$536.3K – $715.0K
NOI $42,901 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$936.9K
$819.8K – $1.09M
NOI $65,580 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
80%
Occupancy
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Five individually metered apartments in an 1850s corner property with balconies, off-street parking, and original architectural details.
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 with one owner‑occupied, one vacant, and three leased units; 3,686 SF of property area; 4,747 SF total area including porches and rear storage; 1850 construction with Greek Revival architecture, original floors and molding, and exposed fireplaces
