Renovated Multi-Family Building,
For Sale
$999,000
728 DESIRE Street, New Orleans, LA 70117
MULTI_FAMILY - New Orleans, LA
Property Size4,480 SF
Lot Size0.19 Acres
Price / SF$222.99
Days on Market516
Property Features for 728 DESIRE Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Parking features
Off Street
Security features
Security
Exterior features
Security Cameras
Subdivision
Bywater
Lot features
Oversized
Standard status
Active
APN
39W107816
Size
4,480 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
SQ 173 LOT X OR 7 DESIRE 70X120 2/STORY BRICK/V 8/APTS C/R
Legal Description
SQ 173 LOT X OR 7 DESIRE 70X120 2/STORY BRICK/V 8/APTS C/R
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2019
Floors in Building
1
Number of units
6
Roof type
Shingle, Asphalt
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Phillipa Bowers
(504) 300-0700
Added: Mar 1, 2025
Changed: Jul 30
Last Checked: Jul 30 at 9:06PM
MLS# 2488071
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 multi-family apartment building is located in the Bywater Neighborhood of New Orleans. The building offers 4,495 square feet of rentable space, comprising a total of 6 apartments, and includes off-street parking. The building was completely renovated in 2019. It is well-maintained and has stabilized in-place cash flow. The location offers proximity to surrounding neighborhoods, multiple retailers, schools, and places of work, which provides stability and rent appreciation. The lot size is 0.1928 acres and the property size is 4,480 square feet.
Key Highlights
- Completely renovated in 2019.
- High occupancy multi‑family apartment building with stabilized in‑place cash flow.
- Six apartments totaling 4,495 SF of rentable space.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $104.3k | $23.28 |
| − Vacancy | −$9.5k | −$2.12 |
| EGI | $94.8k | $21.16 |
| − OpEx | −$42.7k | −$9.52 |
| NOI | $52.1k | $11.64 |
4,480 SF · lease $23.28/SF/yr · vacancy 9.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$744.9K
$651.8K – $869.0K
NOI $52,142 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$996.3K – $1.33M
NOI $79,707 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,274
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - High occupancy, renovated multi-family building in New Orleans' Bywater neighborhood.
Where is this apartment building located?
The property is located at 728 DESIRE Street 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: Completely renovated in 2019.; High occupancy multi‑family apartment building with stabilized in‑place cash flow.; Six apartments totaling 4,495 SF of rentable space.
