16-Unit Apartment
New
For Sale
$999,000
2808-22 Josephine St, New Orleans, LA 70113
Four residential structures offer studio and one-bedroom layouts, with rental subsidies serving the affordable-housing market.
Property Size6,600 SF
Price / SF$151.36
Days on Market6
Property Features for 2808-22 Josephine St
General Information
Standard status
Active
Size
6,600 SF
Property subtype
Multifamily
Zoning
HU-RD2
Site & Location
Neighborhood
Central City
Additional Details
Multifamily Units
16
Tenant in Place
Yes
Amenities
Power
Water
Sewer
Building Details
Year Built
1973
Buildings
4
Listing Agency:
Bridgewater Realty Advisors
Listed By:
Mason McCullough · License #LA9705
(504) 298-5547
Source:
Lacdb.resimplifi
Added: Oct 22
Changed: Oct 26
Last Checked: Oct 26 at 3:09PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 16-unit apartment property in New Orleans comprises four separate buildings, each with four residential units. The unit mix includes studios and one-bedroom apartments. Built in 1973, the property is zoned HU-RD2.
Twelve units are occupied, while the other four are vacant and rent-ready. Rental subsidies contribute to the property’s role in the affordable-housing market.
Twelve units are occupied, while the other four are vacant and rent-ready. Rental subsidies contribute to the property’s role in the affordable-housing market.
Key Highlights
- 16 residential units across four buildings, with four units in each
- Studio and one‑bedroom layouts
- 12 of 16 units occupied; four vacant units are rent‑ready
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$76,816
Cap Rate
7.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,536,320
$1.5M
Cap Rate 7%
$1,097,371
$1.1M
Cap Rate 9%
$853,511
$853.5K
Market Conditions
NOI Build-Up for 6,600 SF
Gross rent
$153.6K $23.28/SF
− Vacancy
−$14.0K −$2.12/SF
EGI
$139.7K $21.16/SF
− OpEx
−$62.8K −$9.52/SF
NOI
$76.8K $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%
$1,536,320
Cap Rate 7%
$1,097,371
Cap Rate 9%
$853,511
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$960.2K – $1.28M
NOI $76,816 @ 7.0% cap · market cap 7.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,425 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
2,251
Businesses Nearby
Explore this area
Business Placement
Demographics for 70113, LA
8,569
Population
5,512
Households
1.6
Avg Household Size
37
Median Age
27%
College-Educated
74%
High-School Grad
0.9 sq mi
ZIP Area
9,521
Density / Sq Mi
$36,897
Median Household Income
$31,126
Median Earnings
$960
Median Rent
$258,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Four residential structures offer studio and one-bedroom layouts, with rental subsidies serving the affordable-housing market.
Where is this apartment building located?
The property is located at 2808-22 Josephine St New Orleans, LA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 16 residential units across four buildings, with four units in each; Studio and one‑bedroom layouts; 12 of 16 units occupied; four vacant units are rent‑ready
