Brick Multifamily
For Sale
$2,200,000
522 Madison St, New Orleans, LA 70116
Ten-unit, three-story brick apartment building with a central passageway dating to 1827 and newly installed slate roof.
Property Size7,260 SF
Days on Market196
Property Features for 522 Madison St
General Information
Standard status
Active
Size
7,260 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
10
Building Details
Building Size
7,260 SF
Year Built
1827
Stories
3
Tenancy
Multi
Listing Agency:
Elifin Realty - New Orleans, LA
Listed By:
Benji Azar
(504) 289-7750
Source:
Elifinrealty
Added: Apr 11
Changed: Oct 3
Last Checked: Oct 20 at 6:50PM
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 Elifin Realty - New Orleans, LA
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Investment Insights
Based on property information with market context.
This 10-unit, three-story brick apartment building features a central passageway constructed in 1827, with a configuration designed in the style of the surrounding in-row mirror buildings. The property includes a newly installed slate roof, seven renovated apartments, and an owners penthouse unit. Two units offer street-view balconies.
Madison Street is described as one of three French Quarter streets that is only one block long, positioned about one block from the Quarter’s restaurants, bars, and shops and within walking distance of Jackson Square, St. Louis Cathedral, Café du Monde, and the Mississippi River. The building is noted as zoned residential and provides ample parking for residential tenants and owners.
Set within the French Quarter’s quiet, residential-character streetscape, the property is presented as a cohesive historic multifamily offering with a mix of renovated units and balcony-equipped apartments.
Madison Street is described as one of three French Quarter streets that is only one block long, positioned about one block from the Quarter’s restaurants, bars, and shops and within walking distance of Jackson Square, St. Louis Cathedral, Café du Monde, and the Mississippi River. The building is noted as zoned residential and provides ample parking for residential tenants and owners.
Set within the French Quarter’s quiet, residential-character streetscape, the property is presented as a cohesive historic multifamily offering with a mix of renovated units and balcony-equipped apartments.
Key Highlights
- 10‑unit, three‑story brick apartment building on Madison Street in the French Quarter
- Central passageway constructed in 1827 for Louis Mc Carthy, with the building in a row of mirror buildings
- Brand new slate roof plus 7 renovated apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$84,498
Cap Rate
3.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,689,960
$1.7M
Cap Rate 7%
$1,207,114
$1.2M
Cap Rate 9%
$938,867
$938.9K
Market Conditions
NOI Build-Up for 7,260 SF
Gross rent
$169.0K $23.28/SF
− Vacancy
−$15.4K −$2.12/SF
EGI
$153.6K $21.16/SF
− OpEx
−$69.1K −$9.52/SF
NOI
$84.5K $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%
$1,689,960
Cap Rate 7%
$1,207,114
Cap Rate 9%
$938,867
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,498 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.85M
$1.61M – $2.15M
NOI $129,168 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
10
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,186
Businesses Nearby
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Business Placement
Demographics for 70116, LA
10,676
Population
9,620
Households
1.1
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
8,212
Density / Sq Mi
$45,580
Median Household Income
$34,849
Median Earnings
$1,190
Median Rent
$385,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Ten-unit, three-story brick apartment building with a central passageway dating to 1827 and newly installed slate roof.
Where is this apartment building located?
The property is located at 522 Madison St New Orleans, LA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 10‑unit, three‑story brick apartment building on Madison Street in the French Quarter; Central passageway constructed in 1827 for Louis Mc Carthy, with the building in a row of mirror buildings; Brand new slate roof plus 7 renovated apartments
