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 Market597
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: Sep 16
Last Checked: Oct 19 at 8:06AM
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.
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Investment Insights
Based on property information with market context.
This six-apartment multifamily property at 728 Desire Street in New Orleans was gutted and renovated in 2019. The building is described as well maintained and includes off-street parking, security cameras, central heating, central air, public water service, and an asphalt shingle roof.
The property is located in the Bywater neighborhood, near retailers, schools, workplaces, and surrounding residential areas. Its New Orleans location places the building within a neighborhood setting supported by nearby day-to-day services and employment destinations.
The property is located in the Bywater neighborhood, near retailers, schools, workplaces, and surrounding residential areas. Its New Orleans location places the building within a neighborhood setting supported by nearby day-to-day services and employment destinations.
Key Highlights
- Six apartments in a single multifamily building
- Gutted and fully renovated in 2019
- Off‑street parking included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,142
Cap Rate
5.22%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Six apartments with off-street parking 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 single multifamily building; Gutted and fully renovated in 2019; Off‑street parking included
