Multifamily Property with
For Sale
$2,850,000
3135 Dauphine St, New Orleans, LA 70117
1970 multifamily asset with condominium conversion flexibility and on-site parking.
Property Size15,054 SF
Price / SF$189.32
Days on Market768
Property Features for 3135 Dauphine St
General Information
Standard status
Active
Size
15,054 SF
Total Parking Spaces
26
Property subtype
Multifamily
Zoning
HMR-1
Building Details
Year Built
1970
Listing Agency:
REMAX Alliance
Listed By:
Douglas Bernard, CCIM
(985) 626-1561
Source:
Lacdb.resimplifi
Added: Jul 28, 2024
Changed: Sep 2
Last Checked: Sep 2 at 1:07PM
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 REMAX Alliance
Investment Insights
Based on property information with market context.
Located at 3135 Dauphine St in New Orleans, this 15,054-square-foot multifamily property was built in 1970 and is zoned HMR-1. The asset includes 26 on-site parking spaces and operates within an established condominium regime.
The existing condominium structure allows individual units to be converted to condominiums at the purchaser’s option. The property also includes an assumable non-recourse loan with a maturity date of March 1, 2029. Together, the building’s multifamily configuration, parking component, zoning, and condominium framework provide a clearly defined physical and ownership structure.
The existing condominium structure allows individual units to be converted to condominiums at the purchaser’s option. The property also includes an assumable non-recourse loan with a maturity date of March 1, 2029. Together, the building’s multifamily configuration, parking component, zoning, and condominium framework provide a clearly defined physical and ownership structure.
Key Highlights
- 15,054‑square‑foot multifamily property built in 1970
- Zoned HMR‑1
- 26 on‑site parking spaces
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
$175,211
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
6.15%
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%
$3,504,220
$3.5M
Cap Rate 7%
$2,503,014
$2.5M
Cap Rate 9%
$1,946,789
$1.9M
Market Conditions
NOI Build-Up for 15,054 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
$350.5K $23.28/SF
− Vacancy
−$31.9K −$2.12/SF
EGI
$318.6K $21.16/SF
− OpEx
−$143.4K −$9.52/SF
NOI
$175.2K $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%
$3,504,220
Cap Rate 7%
$2,503,014
Cap Rate 9%
$1,946,789
Alternative Uses
Best Use
Apartment 5plus
$2.50M
$2.19M – $2.92M
NOI $175,211 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.83M
$3.35M – $4.46M
NOI $267,836 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,347
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?
Multifamily property - 1970 multifamily asset with condominium conversion flexibility and on-site parking.
Where is this multifamily property located?
The property is located at 3135 Dauphine St New Orleans, LA.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 15,054‑square‑foot multifamily property built in 1970; Zoned HMR‑1; 26 on‑site parking spaces
