Cafe with Upstairs Apartment
For Sale
$695,000
4223 ST CLAUDE Avenue, New Orleans, LA 70117
MULTI_FAMILY - New Orleans, LA
Property Size2,828 SF
Price / SF$245.76
Days on Market314
Property Features for 4223 ST CLAUDE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Exterior features
Courtyard, Fence
Fencing
Fenced
Lot features
Regular
Subdivision
Bywater
Standard status
Active
APN
SQ 413 LOT 1 OR 7
Size
2,828 SF
Taxes and HOA fees
Tax Description
SQ 413 LOT 1 OR 7 ST CLAUDE 27X120 GEN BUS.1380 SF FT 4. RES 1380 SQ FT 5. 2/STORY FR STORE
Legal Description
SQ 413 LOT 1 OR 7 ST CLAUDE 27X120 GEN BUS.1380 SF FT 4. RES 1380 SQ FT 5. 2/STORY FR STORE
Utilities
Heating system
Ductless (Heating), Other (Heating)
Cooling system
Central Air
Water source
Public
Amenities
covered porches
central HVAC
natural light
exterior storage
Building Details
Year built
1926
Floors in Building
2
Number of units
2
Architectural style
Craftsman
Listing Agency:
Witry Collective, L.L.C.
(504) 291-2022
Listed By:
Katie Witry · License #995710150
(504) 453-2277
Added: Oct 13, 2025
Changed: Jul 30
Last Checked: Aug 22 at 9:06PM
MLS# 2526228
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 historic duplex is set up for an owner-operator with a smart separation between business and living space. The first floor operates as a cafe with a storefront glass front, large windows, 11 ft ceilings, built-in counter service, and a dedicated seating area. There are two half baths, including one ADA accessible half bath, plus a large pantry/storage. The cafe includes natural gas cooking equipment with a 60" range with 6 burners, a 24" griddle, and two ovens.
Upstairs, the apartment offers three independent bedrooms, a large bathroom, 9 ft ceilings, an open kitchen with an original chimney separating kitchen and dining, and two covered porches. The building also includes natural wood throughout, natural light, exterior storage measuring 78 sq. ft, and outdoor plumbing. Two central systems support the space.
The property sits in Flood Zone X and includes a termite contract. It is also associated with the St. Claude Main Street Program and qualifies for state and federal historic tax credits. Zoning is listed as HMC-2 in the Historic Marigny/Treme/Bywater Commercial District, with fenced perimeter and courtyard features, and public water service.
Upstairs, the apartment offers three independent bedrooms, a large bathroom, 9 ft ceilings, an open kitchen with an original chimney separating kitchen and dining, and two covered porches. The building also includes natural wood throughout, natural light, exterior storage measuring 78 sq. ft, and outdoor plumbing. Two central systems support the space.
The property sits in Flood Zone X and includes a termite contract. It is also associated with the St. Claude Main Street Program and qualifies for state and federal historic tax credits. Zoning is listed as HMC-2 in the Historic Marigny/Treme/Bywater Commercial District, with fenced perimeter and courtyard features, and public water service.
Key Highlights
- Owner‑operator layout with first‑floor cafe and upstairs apartment
- Cafe amenities include storefront glass, large windows, and 11 ft ceilings
- Natural gas kitchen: 60" range with 6 burners, 24" griddle, and 2 ovens
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
$39,909
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
5.74%
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%
$798,180
$798.2K
Cap Rate 7%
$570,129
$570.1K
Cap Rate 9%
$443,433
$443.4K
Market Conditions
NOI Build-Up for 2,828 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
$54.3K $19.20/SF
− Vacancy
−$1.1K −$0.38/SF
EGI
$53.2K $18.82/SF
− OpEx
−$13.3K −$4.70/SF
NOI
$39.9K $14.11/SF
Area
New Orleans, LA
Vacancy
2.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$798,180
Cap Rate 7%
$570,129
Cap Rate 9%
$443,433
Alternative Uses
Best Use
Specialty Retail
$570.1K
$498.9K – $665.2K
NOI $39,909 @ 7.0% cap · market cap 5.74%
Second Best
Multifamily LT 5
$511.6K
$447.6K – $596.8K
NOI $35,810 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$718.8K
$628.9K – $838.6K
NOI $50,315 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
801
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?
Duplex - Historic duplex featuring a first-floor cafe and an upstairs apartment with three bedrooms, central air, and ADA-accessible half bath.
Where is this duplex located?
The property is located at 4223 ST CLAUDE Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Owner‑operator layout with first‑floor cafe and upstairs apartment; Cafe amenities include storefront glass, large windows, and 11 ft ceilings; Natural gas kitchen: 60" range with 6 burners, 24" griddle, and 2 ovens
