Renovated Six-Unit Apartment
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 Market551
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
Asphalt, Shingle
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Phillipa Bowers
(504) 884-3893
Added: Mar 1, 2025
Changed: Aug 26
Last Checked: Sep 3 at 3:06PM
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 apartment building contains six apartments and was comprehensively renovated in 2019. The property includes off-street parking, security cameras, central heating, central air conditioning, public water service, and an asphalt shingle roof. The lot encompasses 0.1928 acres, while the source data reports conflicting rentable and property size figures that are not included here.
The property is located at 728 Desire Street in New Orleans, within the Bywater neighborhood. Retailers, schools, and places of employment are described as being in the surrounding area. The building may also be sold as part of a package with properties at 3400 Dauphine and 725-27 Desire.
The property is located at 728 Desire Street in New Orleans, within the Bywater neighborhood. Retailers, schools, and places of employment are described as being in the surrounding area. The building may also be sold as part of a package with properties at 3400 Dauphine and 725-27 Desire.
Key Highlights
- Six apartments in a renovated multifamily building
- Comprehensive renovation completed in 2019
- 0.1928‑acre lot
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
$52,142
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
5.22%
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%
$1,042,840
$1.0M
Cap Rate 7%
$744,886
$744.9K
Cap Rate 9%
$579,356
$579.4K
Market Conditions
NOI Build-Up for 4,480 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
$104.3K $23.28/SF
− Vacancy
−$9.5K −$2.12/SF
EGI
$94.8K $21.16/SF
− OpEx
−$42.7K −$9.52/SF
NOI
$52.1K $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%
$1,042,840
Cap Rate 7%
$744,886
Cap Rate 9%
$579,356
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
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Six-apartment property with off-street parking, central HVAC, and security cameras 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: Six apartments in a renovated multifamily building; Comprehensive renovation completed in 2019; 0.1928‑acre lot
